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Home Industry News Amgen announces second-quarter financials

Amgen announces second-quarter financials

27th July 2007

Amgen has announced its figures for the second quarter of the 2007 financial year, with the firm reporting a three per cent increase in revenue on the same period in 2006 to $3,728 million (1,819 million pounds).

In the quarter, the company saw an adjusted net income – excluding stock option expenses and other charges – of $1,265 million, an increase of two per cent over the second quarter last year.

Reported adjusted earnings per share rose seven per cent for the period to $1.12, while stock option-expense per share fell one cent per share to three cents.

Amgen notes that the sales and expense figures are in line with its previous adjusted earnings per share-target for the year of $4.30, but that the acquisitions of Alantos and Illypsa will reduce this forecast by two cents.

Kevin Sharer, chairman and chief executive officer of Amgen, said: “This has been a difficult period and this quarter’s low growth is a reflection of that reality.”

He added that despite these difficulties the firm was progressing in its efforts in a number of areas to reverse these problems and improve the future performance of the company.

Amgen finalised its purchase of Alantos earlier this month, acquiring the company for the sum of $300 million.

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