Amgen, the world’s biggest biotechnology company, saw its share price rise by more than 8% during after-hours trading on the Nasdaq Stock Exchange after raising its full-year outlook on the back of a better-than-expected second quarter performance.
Second quarter net income jumped 38% over the corresponding three months of last year to $1 billion dollars, on the back of a 23% revenue increase to $3.2 billion [[23/07/04d]]. Total product sales were up 26% to $3.1 billion, comprising a 26% hike in US sales to $2.5 billion, with international sales contributing $540 million, up 27%. One of the key growth drivers during the three months continued to be the company’s anaemia drug, Aranesp (darbepoetin alfa), with sales climbing 36% to $837 million. Neupogen (filgrastim), which is used to decrease the incidence of infection linked to chemotherapy, and the follow-up Neulasta (pegfilgrastim), collectively increased 25% to $899 million, while the anti-inflammatory drug, Enbrel (etanercept), was up 45% to $639 million.
For the full-year, Amgen is now forecasting mid- to high-teens revenue growth, versus earlier estimates of low double-digits to mid-teens growth. Earnings per share look set to rise by 29% to 33% to between $3.10 and $3.20, compared to earlier forecasts of $2.80 to $2.90.