![]() AMGN also sees adjusted EPS for the full year of $17.80 to $18.80, with capital expenditures of approximately $925 million and share repurchases not to exceed $500 million. For the full year, excluding any contribution from Horizon, the company now looks for total revenue in the range of $26.6 billion to $27.4 billion. “Positive data being shared today illustrates the rapid progress we are making in advancing our pipeline of potential first-in-class medicines.”Īmgen expects the acquisition of Horizon Therapeutics to close by mid-December 2023. “We had a very strong quarter, serving more patients across all geographies and therapeutic categories and delivering record revenues and non-GAAP earnings per share,” said CEO Robert A. ![]() Amgen also announced that it generated $3.8 billion of free cash flow in the second quarter versus $1.7 billion in the year-ago period, driven by timing of tax payments, higher interest income and higher operating income. These offset modest sales growth for blockbuster drugs Enbrel (up 2%) and Otezla (up 1%). Sales growth was noteworthy in certain general medicine drugs, Evenity (up 47% year-over-year) and Repatha (up 30%), but also in oncology/hematology medicines Blincyto (up 48%) and Vectibix (up 20%. Adjusted EPS came in at $5.00, versus the average Wall Street forecast of $4.48. The biopharma leader turned in revenue of $6.99 billion, more than 4% above the consensus analyst estimate. Shares of Amgen are still down on the year even after the company reported Q2 financial results that were much better than investors were expecting. That includes higher full year expectations for adjusted operating profit margin and free cash flow, which again reflects that continuing healthy customer demand in our performance.” Umpleby concluded, “Based on our strong operating performance, due to the strong results that we achieved in the second quarter, we now believe that 2023 will be even better than we previously anticipated during our last earnings call. There’s still an opportunity, to answer your question.” But with work to do, he added, “You still have some shortages that you have to deal with, and it has not allowed us to operate our factories as lean as we have in the past, and as lean as I would like them…I do expect that as supply chain conditions ease in the future, we should be able to get back to running our factories with more just in time manufacturing, leaner, which should help us reduce - increase inventory returns, and reduce the amount of absolute inventory we hold based on a current level of sale.
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