Amgen has booked a 51% hike in profit to $1.62 billion for the first quarter of 2015, on the back of strong sales growth and lower operating expenses.
Total revenues jumped 11% to $5.03 billion with 12% product sales growth despite a 2% drag from unfavourable currency effects, while total operating expenses dipped 3% to $2.66 billion.
Products faring particularly well during the period were: by Enbrel (etanercept), up 13% to $1.12 billion; Prolia (denosumab), up 39% to $272 million; Epogen (epoetin alfa), up 16% to $534 million; Sensipar (cinacalcet), up 24% to $334 million; and Xgeva (denosumab), up 22% at $340 million.
“With solid execution in the first quarter, Amgen achieved strong sales and earnings growth and demonstrated substantial progress in achieving our long-term objectives," said Amgen chief executive Robert Bradway, commenting on the firm’s performance.
The solid results prompted the biotech giant to raise its expectations for the full year, now forecasting total revenues in the range of $20.9 billion to $21.3 billion and adjusted earnings per share of $9.35 to $9.65, compared to $20.8 billion-$21.3 billion and $9.05-$9.40, respectively.