Amgen Inc on Tuesday reported second-quarter revenue rose 6per cent as higher sales of newer drugs, including recently-added psoriasis treatment Otezla, offset declining sales of older medicines.
The biotechnology company also posted much higher-than-expected adjusted profit, but acquisition-related costs pushed net earnings lower.Amgen said sales of drugs such as osteoporosis treatment Prolia fell during the quarter as people, especially older women who use the physician-administered drug, put off going to the doctor due to the coronavirus pandemic. Sales rose for newer products including Otezla and cholesterol drug Repatha.
Otezla, acquired from Celgene in November, had sales of US$561 million for the quarter, beating analyst expectations of US$540 million. Adjusted earnings rose 4per cent to US$2.52 billion, or US$4.25 per share. Wall Street analysts on average, expected US$3.84 per share.
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