27 Jul 2012, BioSpectrum Bureau , BioSpectrum
Singapore: Amgen reported its financial results for the second quarter of 2012. the firm's total revenues increased 13 percent to $4,477 million, with eight percent product sales fueled by strong performance across the portfolio. Adjusted EPS grew 34 percent to $1.83 due to 23 percent adjusted operating income growth and lower shares outstanding.
Adjusted net income increased 12 percent to $1,433 million and GAAP EPS increased 29 percent to $1.61. GAAP net income increased eight percent to $1,266 million. Amgen generated approximately $2.2 billion of free cash flow.
Four AMG 145 phase II studies were successfully completed and the company plans to initiate phase III development in early 2013. Furthermore, Amgen modified its agreement with Takeda to grant exclusive worldwide development rights for motesanib, recognizing income of $206 million in other revenues.
Mr Bob Bradway, CEO, Amgen, said that, "I am very pleased with the performance of the business in the first half. I am excited about the growth opportunities in our R&D pipeline, particularly our biologic AMG 145 for hypercholesterolemia."