Amgen, Inc. (AMGN) Tops Q2 EPS by 30c

Amgen, Inc. (NASDAQ: AMGN) reported Q2 EPS of $2.37, $0.30 better than the analyst estimate of $2.07. Revenue for the quarter came in at $5.18 billion versus the consensus estimate of $4.9 billion.

Highlights:

• Total revenues increased 11 percent to $5,180 million, with 8 percent product sales growth driven by strong performance across the portfolio, particularly Enbrel® (etanercept), Kyprolis® (carfilzomib), Prolia® (denosumab) and XGEVA® (denosumab).
• Adjusted EPS grew 25 percent to $2.37, driven by higher revenues and a significant increase in the profitability of ENBREL. Adjusted net income increased 26 percent to $1,823 million.
• The Company generated $2.1 billion of free cash flow compared with $1.4 billion in the second quarter of 2013.
• GAAP EPS were $2.01 compared to $1.65 a year ago and GAAP net income was $1,547 million compared to $1,258 million.

"Robust growth through the first half of 2014 affirms the underlying strength of our business," said Robert A. Bradway, chairman & chief executive officer. "We are making excellent progress in advancing our pipeline as we prepare to launch a number of promising new innovative medicines. From a position of strength, we have announced today restructuring initiatives that will allow us to reallocate resources to invest in our upcoming launches and drive growth."

Product Sales Detail by Product and Geographic Region

For earnings history and earnings-related data on Amgen, Inc. (AMGN) click here.

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