mohd izzuan Amgen ( NASDAQ: AMGN ) has slightly narrowed its outlook range for its full-year EPS and revenue. The biotech giant now sees adjusted EPS of $19.10-$20.
10, from $19-$20.20 prior. Consensus is $19.
50. The company is now projecting revenue for the year of $32.8B-$33.
8B, from $32.5B to $33.8B before.
Consensus is $33.06B. In addition, Amgen said that share repurchases will not exceed $500M for 2024.
In Q2, the company beat on the top line but missed on the bottom . Amgen was helped in the quarter by year-over-year growth in its osteoporosis franchise, Prolia (denosumab) and Xgeva (denosumab), which respectively brought in $1.2B and $562M.
Other bright spots included Repatha (evolocumab) sales growth of 25% to $532M, Tezspire (tezepelumab) up 76% year-over-year to $234M, and Tepezza (teprotumumab) revenue of $479M. Amgen gained Tepezza through its October 2023 acquisition of Horizon Therapeutics . Otezla (apremilast) brought in $544M in revenue, though the figure was a 9% YoY decline.
Enbrel (etanercept) sales declined 15% compared to the year-ago period, earning $909M. Amgen generated $2.2B of free cash flow in the quarter compared to $3.
8B in Q2 2023. More on Amgen Amgen: Biotech Leader Riding High On Obesity Drug Euphoria (Downgrade) Amgen: An Emerging GLP-1 Play, Modest Mid-Teens P/E With Strong Momentum Amgen: You Haven't Seen Anything Yet Amgen Non-GAAP EPS of $4.97 misses by $0.
03, revenue of $8.39B beats by $40M Amgen Q2 Earnings Preview: Focus on weight-loss drug updates, Horizon integration.
