THOUSAND OAKS, Calif., April 28, 2016 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the first quarter of 2016. Key results include:
- Total revenues increased 10 percent versus the first quarter of 2015 to $5,527 million, with 7 percent product sales growth driven by Enbrel® (etanercept), Prolia® (denosumab), Aranesp® (darbepoetin alfa), Neulasta® (pegfilgrastim), Kyprolis® (carfilzomib) and XGEVA® (denosumab).
- Adjusted EPS grew 17 percent versus the first quarter of 2015 to $2.90 driven by higher revenues and higher operating margins.
- Adjusted operating income increased 17 percent to $2,859 million and adjusted operating margin improved by 4.4 percentage points to 54.6 percent.
- GAAP EPS were $2.50 compared to $2.11 and GAAP operating income was $2,402 million compared to $2,022 million.
- Free cash flow was $1.8 billion compared to $1.4 billion in the first quarter of 2015 driven by higher revenues and higher operating income.
“We are off to a strong start in 2016 delivering results for the year and laying groundwork for our long-term growth with innovative new product launches globally,” said Robert A. Bradway, chairman and chief executive officer.
$Millions, except EPS and percentages | Q1'16 | Q1'15 | YOY | |||
Total Revenues | $ 5,527 | $ 5,033 | 10% | |||
Adjusted Operating Income | $ 2,859 | $ 2,449 | 17% | |||
Adjusted Net Income | $ 2,203 | $ 1,911 | 15% | |||
Adjusted EPS | $ 2.90 | $ 2.48 | 17% | |||
GAAP Operating Income | $ 2,402 | $ 2,022 | 19% | |||
GAAP Net Income | $ 1,900 | $ 1,623 | 17% | |||
GAAP EPS | $ 2.50 | $ 2.11 | 18% |
References in this release to “adjusted” measures, measures presented “on an adjusted basis” and to free cash flow refer to non-GAAP financial measures. These adjustments and other items are presented on the attached reconciliations. |
Product Sales Performance
- Total product sales increased 7 percent for the first quarter of 2016 versus the first quarter of 2015. The increase was driven by ENBREL, Prolia, Aranesp, Neulasta, Kyprolis and XGEVA.
- ENBREL sales increased 24 percent driven by net selling price and declining inventory levels in the prior year period, offset partially by the impact of competition.
- Neulasta sales increased 4 percent driven by both higher unit demand and net selling price in the United States (U.S.).
- Aranesp sales increased 11 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 net selling price.
- XGEVA sales increased 11 percent driven by higher unit demand.
- Sensipar/Mimpara® (cinacalcet) sales increased 10 percent driven by net selling price and higher unit demand, offset partially by unfavorable changes in inventory levels.
- Prolia sales increased 29 percent driven by higher unit demand.
- EPOGEN sales decreased 44 percent driven by the impact of competition and, to a lesser extent, a shift by some U.S. dialysis customers to Aranesp.
- NEUPOGEN® (filgrastim) sales decreased 13 percent driven by the impact of competition in the U.S.
- Kyprolis sales increased 43 percent driven by higher unit demand.
- Vectibix®(panitumumab) sales increased 18 percent driven by higher unit demand.
- Nplate® (romiplostim) sales increased 12 percent driven by higher unit demand.
- BLINCYTO® (blinatumomab) sales increased 80 percent driven by higher unit demand.
Product Sales Detail by Product and Geographic Region | ||||||||
