THOUSAND OAKS, Calif., Oct. 27, 2014 /PRNewswire/ -- Amgen (AMGN) today announced financial results for the third quarter of 2014. Key results include:
- Total revenues increased 6 percent to $5,031 million, with 4 percent product sales growth driven by strong performance across the portfolio, particularly Kyprolis® (carfilzomib), Prolia® (denosumab), Neulasta® (pegfilgrastim) and XGEVA® (denosumab). The third quarter of 2013 included a $155 million order for NEUPOGEN® (filgrastim) from the U.S. government.
- International sales grew 14 percent driven by unit demand across the portfolio.
- Adjusted EPS grew 19 percent to $2.30, driven by higher revenues and a significant increase in the profitability of Enbrel® (etanercept). Adjusted net income increased 19 percent to $1,769 million.
- The Company generated $2.6 billion of free cash flow compared with $1.6 billion in the third quarter of 2013.
- GAAP EPS were $1.61 compared to $1.79 a year ago and GAAP net income was $1,244 million compared to $1,368 million. The third quarter of 2014 was negatively impacted by pre-tax charges of $376 million for the restructuring plan announced earlier in the quarter.
“Our 22 percent adjusted operating income growth reflects strong performance across our business in the third quarter,” said Robert A. Bradway, chairman and chief executive officer. “With regulatory submissions for four new products during the quarter, we are at the beginning of an exciting new product cycle. We look forward to describing progress in our long-term growth strategy and opportunities to build additional shareholder value during our Business Review meeting tomorrow.”
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