Amgen Reports Big Second Quarter Numbers

Amgen reported adjusted net earnings of $1.1 billion for the second quarter of 2005, which is a 36 percent increase over $809 million during the same period last year. The company also raised its guidance for full-year revenue growth from the low double digits to mid-teens to mid-to-high teens. The company’s adjusted earnings per share were 88 cent, an increase of 42 percent compared to 62 cents last year. It raised its guidance for adjusted EPS to a range of $3.10 to $3.20. Total product sales increased 26 percent to $3.1 billion from $2.4 billion during the second quarter. Sales of Aranesp, used to treat anemia, and Enbrel, a drug for rheumatoid arthritis and psoriasis, both rose 36 percent and 45 percent respectively over last year. “Our strong business momentum continued well into the second quarter, which has enabled us to raise revenue and earnings guidance for the year,” said Kevin Sharer, Amgen chairman and CEO, in a statement. “Our pipeline continues to advance, which will be key to driving long-term growth,”