Amgen Reports Higher Profit and Revenue in Q2

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Amgen, the California-based biopharmaceutical company, announced a strong performance in the second quarter, with increased product sales across various therapeutic categories. The company reported a profit of $1.38 billion, or $2.57 per share, for the quarter ended June 30, compared to $1.32 billion, or $2.45 per share, in the same period last year.

After adjusting for one-time items, Amgen’s earnings stood at $5 per share, surpassing analysts’ expectations of $4.49 per share. Meanwhile, total revenue rose by 6% to $6.99 billion, exceeding estimates of $6.66 billion. The growth in product sales was driven by an 11% increase in volume, partially offset by slightly lower net selling prices and inventory levels.

Amgen attributed its higher profit to increased revenue and reduced operating expenses resulting from an impairment charge related to the divestiture of Gensenta, a genetics business in Turkey, in the same quarter last year.

Furthermore, Amgen’s CEO, Robert Bradway, highlighted the company’s global reach and its dedication to serving patients worldwide. He also emphasized the positive impact of their pipeline of potential first-in-class medicines.

It is evident that Amgen’s strong performance in the second quarter has positioned it well for future growth and innovation.

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