- Wednesday, October 16, 2024
Shares of Amgen Inc. (AMGN, +0.13%) experienced a significant surge of 1.5% in after-hours trading on Thursday, following the release of the biotechnology giant's outstanding second-quarter earnings report. Amgen's net income climbed to an impressive $1.38 billion, equivalent to $2.57 per share, up from $1.32 billion, or $2.45 per share, in the same period last year.
The company's adjusted earnings per share also surpassed expectations, reaching $5.00 compared to the FactSet consensus of $4.49. Revenue displayed healthy growth of 5.9% to reach $5.99 billion, exceeding the FactSet consensus of $6.66 billion.
While Amgen encountered a slight decline in net selling prices by 2%, this was offset by an 11% increase in sales volume and a 1% decrease in inventory levels. Notable sales performances were observed for Amjevita/Amgevita, which saw a 2% rise to $1.0 billion, and Prolia, which experienced an impressive 11% increase to $1.03 billion.
Amgen's Chief Executive, Robert Bradway, expressed his satisfaction with the company's achievements during the quarter, stating, "We had a very strong quarter, serving more patients across all geographies and therapeutic categories and delivering record revenues and non-GAAP earnings per share."
Looking ahead, Amgen has raised its guidance ranges for adjusted EPS in 2023 to $17.80 to $18.80 from the previous range of $17.60 to $18.70. Additionally, the company has raised its revenue expectations to $26.6 billion to $27.4 billion from the previous range of $26.2 billion to $27.3 billion.
Despite experiencing a year-to-date loss of 12.2%, Amgen's stock displayed resilience, closing the regular-session with a 0.1% increase at $230.70. In comparison, the Dow Jones Industrial Average (DJIA, -0.19%) has recorded a 6.2% gain over the same period.
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