Amgen on the Hot Tamale Train
That title probably lets out my dirty little So You think You Can Dance secret out of the bag.
I’m not sure what Mary imbibes, inhales or ingests before the show, but I’d sure like some.
Amgen Inc. (AMGN) Q2 2009 Results
Amgen knocked the socks off analysts estimates. Consensus eps estimate was $1.16 within a range of $1.11-1.25. Amgen reported adjusted eps of $1.29 and GAAP eps of $1.25 on $3.7B.
On top of the good figures and growth in key drugs like Enbrel the highlight of the release is the forward guidance. Amgen raised its 2009 earnings guidance to $4.80 to $4.95 a share from $4.55 to $4.75 a share.
Product Sales Performance
Edited notes from release
Worldwide sales of Aranesp (darbepoetin alfa) decreased 16 percent to $693 million, excluding foreign exchange they were down 11%. The decrease was principally driven by a decline in demand reflecting the negative impact, primarily in the supportive cancer care setting, of additional product label changes which occurred in August 2008, and, to a lesser extent, loss of segment share.
Sales of EPOGEN (Epoetin alfa) increased 3 percent to $638 million in the second quarter of 2009. The increase in demand is principally due to patient population growth and, to a lesser extent, an increase in average net sales price.
Combined worldwide sales of Neulasta (pegfilgrastim) and NEUPOGEN (Filgrastim) decreased 4 percent to $1,158 million. The decrease in demand was driven by a mid single digit decline in units sold, partially offset by an increase in average net sales price. Excluding the impact of foreign exchange, combined worldwide product sales of Neulasta and NEUPOGEN remained relatively unchanged and international product sales increased 5 percent.
Sales of Enbrel (etanercept) increased 7 percent in the second quarter of 2009 to $899 million, driven primarily by favorable changes in wholesaler inventories and an increase in demand. The increase in demand was principally due to a high single digit increase in the average net sales price partially offset by a decrease in units sold due to share declines as a result of increased competitive activity. ENBREL continues to maintain a leading position in both the rheumatology and dermatology segments.
Worldwide sales of Sensipar (cinacalcet) increased 11 percent to $167 million in the second quarter of 2009 versus $150 million during the second quarter of 2008, primarily as a result of increased demand.
Vectibix (panitumumab) sales for the second quarter of 2009 were $56 million as compared to $32 million in the second quarter of 2008. Sales growth for the second quarter was driven by international demand as a result of recent launches of Vectibix in Europe.
With Denosumab sales to start contributing soon, Amgen is looking very strong.
Conference Call Transcript
Accompanying presentation
Disclosure: My partner used to work for Amgen and we own Amgen shares.
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