Amgen Announces Quarterly Results, Exec Retirements

Amgen Inc. beat Wall Street estimates on second-quarter earnings and revenue. The Thousand Oaks-based pharmaceutical firm reported adjusted net earnings of $2.29 billion, or $3.83 a share. Analysts on average had expected earnings of $3.54 a share, according to Thomson Financial. Revenue for the quarter was $6.06 billion, a 4 percent increase compared to the same quarter last year. Total product sales increased 2 percent year over year, led by a 78 percent spike in sales of cholesterol-lowering drug Repatha. Wall Street projections for revenue were $5.73 billion. Separately, Amgen announced two major leadership successions. Executive Vice President of Research and Development Dr. Sean Harper has retired and is succeeded by Dr. David Reese – previously senior vice president of translational sciences and oncology – effective immediately. Additionally, Executive Senior Vice President of Global Commercial Operations Anthony Hopper will retire in September. His position will be taken by Murdo Gordon, chief commercial officer of Bristol-Myers Squibb Co., effective Sept. 3. Amgen announced the results after trading ended on Thursday, when its stock closed up $1.01, or less than 1 percent, to $194.05 on the Nasdaq. Shares at press time had increased $2.11 (1 percent) in after-hours trading, hovering around $196.16.