Amgen Inc on Tuesday said its second-quarter revenue fell 3% due to more competi...
) on Tuesday said its second-quarter revenue fell 3% due to more competition for its older off-patent drugs, but rising sales of newer medicines helped its results exceed Wall Street forecasts.
Amgen also said its experimental cancer drug AMG510 has shown activity in patients with colorectal cancer, helping to boost the company’s shares by nearly 3% to $181 in extended trading. Amgen said second-quarter adjusted earnings per share rose 4% to $3.97, topping analysts’ average expectations by 41 cents, according to IBES data from Refinitiv. A lower number of outstanding shares contributed to the earnings beat.
“Amgen had a good quarter all around,” said Jefferies analyst Michael Yee. “They tightened up guidance to the higher end of the range, which is where the Street is at.”
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