Amgen Beats Earnings Expectations with Strong Sales Growth

Amgen's second-quarter sales increased by 9% compared to the same period last year, driven by strong demand for several key products. The company reported adjusted earnings of $6.29 per share, exceeding analysts' expectations of $5.62. Quarterly revenue rose 10% from a year earlier to $10.1 billion, surpassing the average Wall Street estimate of $9.42 billion.

The growth was led by Repatha, a cholesterol-lowering drug that saw sales rise 37% to $953 million, beating analyst expectations of $916 million. Evenity, a bone drug, also performed well with sales increasing 38% to $714 million, ahead of estimates of $645 million.

However, the company's older bone drug Prolia suffered due to patent expirations, leading to a 32% decline in sales to $759 million. Amgen raised its full-year outlook, expecting adjusted earnings between $22.30 and $23.50 per share on revenue of $38.2 billion to $39.4 billion.

The company is also developing MariTide, an experimental weight-loss drug that has shown promising results in early-stage clinical trials. Amgen has discontinued the development of another obesity candidate known as AMG 513, citing reasons related to its effectiveness.