THOUSAND OAKS, Calif., July 27, 2016 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the second quarter of 2016. Key results include:
- Revenues increased 6 percent versus the second quarter of 2015 to $5.7 billion.
- Product sales grew 5 percent driven by Enbrel® (etanercept), Prolia® (denosumab), KYPROLIS® (carfilzomib) and XGEVA® (denosumab).
- GAAP earnings per share (EPS) increased 15 percent to $2.47 driven by higher revenues and higher operating margins.
- GAAP operating income increased 15 percent to $2,380 million and GAAP operating margin improved by 3.8 percentage points to 43.5 percent.
- Non-GAAP EPS increased 11 percent to $2.84 driven by higher revenues and higher operating margins.
- Non-GAAP operating income increased 10 percent to $2,812 million and non-GAAP operating margin improved by 2.6 percentage points to 51.4 percent.
- 2016 total revenues guidance increased to $22.5-$22.8 billion; EPS guidance increased to $9.55-$9.90 on a GAAP basis and $11.10-$11.40 on a non-GAAP basis.
- The Company generated $2.5 billion of free cash flow.
“We delivered another strong quarter and are on track to meet or exceed our long-term objectives,” said Robert A. Bradway, chairman and chief executive officer. “We are in the early stages of a new product launch cycle and have several additional pipeline opportunities rapidly nearing regulatory milestones.”
$Millions, except EPS and percentages | Q2'16 | Q2'15 | YOY | |||
Total Revenues | $ 5,688 | $ 5,370 | 6% | |||
GAAP Operating Income | $ 2,380 | $ 2,076 | 15% | |||
GAAP Net Income | $ 1,870 | $ 1,653 | 13% | |||
GAAP EPS | $ 2.47 | $ 2.15 | 15% | |||
Non-GAAP Operating Income | $ 2,812 | $ 2,551 | 10% | |||
Non-GAAP Net Income | $ 2,146 | $ 1,977 | 9% | |||
Non-GAAP EPS | $ 2.84 | $ 2.57 | 11% | |||
References in this release to “non-GAAP” measures, measures presented “on a non-GAAP basis” and to “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. |
Product Sales Performance
- Total product sales increased 5 percent for the second quarter of 2016 versus the second quarter of 2015. The increase was driven by ENBREL, Prolia, KYPROLIS and XGEVA.
- ENBREL sales increased 10 percent driven by net selling price, offset partially by the impact of competition.
- Neulasta® (pegfilgrastim) sales decreased 1 percent driven by lower unit demand, offset partially by net selling price in the United States (U.S.).
- Aranesp® (darbepoetin alfa) sales increased 5 percent. Unit demand grew due to a shift by some U.S. dialysis customers from EPOGEN® (epoetin alfa) to Aranesp. Unit demand growth was offset partially by unfavorable changes in inventory and net selling price.
- Prolia sales increased 30 percent driven by higher unit demand.
- Sensipar/Mimpara® (cinacalcet) sales increased 13 percent driven by net selling price and higher unit demand.
- XGEVA sales increased 15 percent driven mainly by higher unit demand and, to a lesser extent, net selling price.
- EPOGEN sales decreased 33 percent driven by the impact of competition and, to a lesser extent, a shift by some U.S. dialysis customers to Aranesp.
To read full press release, please click here.
