Strong sales of Amgen's blockbuster rheumatoid arthritis medication Enbrel helped drive the company's 7% profit hike during the second quarter and also offset a 1% decline in combined sales of its best-selling cancer drugs Neupogen and Neulasta.
The Thousand Oaks, Calif.-based biotechnology giant Thursday reported net income of $1.65 billion, or $2.15 earnings per share, for the quarter, with total revenue of $5.3 billion.
The bulk of Amgen's sales were once again driven by its longtime blockbuster medications, which accounted for 47% of total revenue for the quarter. Global sales of Enbrel rose by 8% to $1.3 billion during the quarter while combined sales of Neulasta and Neupogen reached $1.4 billion despite a 1% drop in 2014 that was driven by a 14% decrease in Neupogen.
On the strength of its performance, the company raised the lower end of its full-year revenue outlook from $20.9 billion to $21.1 billion.
A host of Amgen's newer medications experienced large gains that contributed to a 6% increase in total product sales. Sales of its osteoporosis treatment Prolia increased by 19% to $671 million. Sales of the injectable myeloma medication Kyprolis, which Amgen obtained with its acquisition of Onyx Pharmaceuticals for $10.4 billion in 2013, saw a 53% boost over the second quarter of 2014 to $119 million.
“Focused execution with our growth products drove record revenues in the second quarter, and expense discipline further leveraged earnings and our ability to invest in new and forthcoming launches,” said Robert Bradway, chairman and CEO of Amgen in a statement. “Our pipeline continues to deliver, with Repatha approval in the European Union and Kyprolis approval for relapsed multiple myeloma in the United States. We are on track to deliver on our long-term objectives for patients and shareholders.”
Amgen is conducting a 27,500-patient study to determine whether Repatha reduces heart attacks, but the results aren't expected before 2017. The Food and Drug Administration's experts will vote on whether Repatha should be approved despite the lack of cardiovascular data. The FDA is not required to follow the experts' recommendation, though it often does.
A decision on Amgen's drug is due by Aug. 27.