Amgen Surpasses Expectations with Strong Second-Quarter Results

Amgen reported its second-quarter sales rose 9% year-over-year, driven by strong demand for several key products. The biotech company's adjusted earnings per share increased 4% to $6.29, surpassing analysts' expectations of $5.62. Repatha, a cholesterol-lowering medication, saw sales rise 37% to $953 million, beating estimates.

The company attributed the growth to its six key drivers, which grew 26% year-over-year and account for nearly 70% of second-quarter product sales. Sales of Evenity, a bone drug, increased 38% to $714 million, while older bone drug Prolia saw a decline of 32% due to patent expirations.

Amgen also announced the discontinuation of its obesity candidate AMG 513, which was in early-stage clinical testing. The company has raised its full-year outlook for adjusted earnings per share to $22.30-$23.50 and revenue to $38.2 billion-$39.4 billion.