Amgen Posts $10B+ Q2 Revenue, Raises Full-Year Outlook

Amgen reported second-quarter revenue of over $10 billion, up 10% from last year. The biotechnology company saw growth across several key medicines, offsetting competitive pressure on its bone-health franchise.

CEO Bob Bradway said 22 products posted double-digit sales growth during the quarter, while 17 products generated annualized sales of more than $1 billion based on second-quarter performance.

The company's six identified growth drivers increased at a combined 26% year over year and represented nearly 70% of product sales. Key products that drove sales growth included Repatha, EVENITY, TEZSPIRE, its rare-disease portfolio, innovative oncology products, and biosimilars.

Repatha saw a 37% increase in sales to $953 million, driven by use in secondary prevention and high-risk primary prevention. EVENITY sales rose 38% to $714 million, while TEZSPIRE grew 42% to $486 million, primarily due to demand in severe uncontrolled asthma.

Amgen raised its full-year revenue and adjusted earnings outlook, with a non-GAAP operating margin of approximately 45% to 46%. The company expects share repurchases not to exceed $3 billion and increased its quarterly dividend by 6% from the prior year period.