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Amgen Stock Dips On Guidance Trim Despite Second-Quarter Beat

Amgen stock inched down late Tuesday after the biotech company topped Wall Street’s second-quarter expectations, but mostly reiterated its outlook for 2021.




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Sales of the company’s biggest moneymaker, an arthritis drug called Enbrel, declined on lower sales price and volumes. But osteoporosis treatment Prolia and cholesterol med Repatha enjoyed double-digit growth, up a respective 24% and 43% year over year.

In response, Amgen kept its full-year adjusted profit and sales guidance, but trimmed its strict as-reported earnings outlook. Now, it expects to earn $8.84-$9.90 per share vs. its prior guidance for $9.11-$10.71 a share.

Late Tuesday, Amgen stock fell 0.7% near 242.30. During the regular session on today’s stock market, shares rose 1.8% to 244.08. Amgen stock is currently forming a flat base with a buy point at 261.10, according to MarketSmith.com.

Amgen Stock: Earnings, Sales Beat

During the second quarter, Amgen earned $4.38 per share, minus some items, on $6.53 billion in sales. Earnings rose 4% year over year and beat Amgen stock analysts’ forecast for $4.09 per share. Sales topped expectations for $6.46 billion and increased 5%.

Across all medicines, volumes grew 8% while sales prices declined 5%.

In addition to strong sales growth for Prolia and Repatha, Amgen noted 30% sales growth for Evenity, a postmenopausal treatment for osteoporosis. Evenity volumes grew 32% and sales hit $131 million.

Among other big products, sales of migraine medicine Aimovig and psoriasis drug Otezla fell a respective 16% and 5% year over year. For Aimovig, unit volume growth of 11% was offset by a lower sales price. Otezla fell on a lower sales price, which was partially offset by a 5% increase in volume.

For the year, the giant biotech company predicts adjusted earnings of $16-$17 per share and $25.8 billion to $26.6 billion in sales. Amgen stock analysts projected $16.36 earnings per share and $26 billion in sales.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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