Amgen stock tumbled Wednesday after the biotech company topped Wall Street’s second-quarter expectations, but mostly reiterated its outlook for 2021.
The company said late Tuesday that sales of its biggest moneymaker, an arthritis drug called Enbrel, declined on lower sales price and volumes. But osteoporosis treatment Prolia and cholesterol med Repatha enjoyed double-digit growth, up a respective 24% and 43% year over year.
In response, Amgen kept its full-year adjusted profit and sales guidance, but trimmed its strict as-reported earnings outlook. Now, it expects to earn $8.84-$9.90 per share vs. its prior guidance for $9.11-$10.71 a share.
Amgen stock fell 6.5% to 228.31 on today’s stock market. During the regular session Tuesday, shares rose 1.8% to 244.08. Amgen stock is currently forming a flat base with a buy point at 261.10, according to MarketSmith.com.
Amgen Stock: Earnings, Sales Beat
During the second quarter, Amgen earned $4.38 per share, minus some items, on $6.53 billion in sales. Earnings rose 4% year over year and beat Amgen stock analysts’ forecast for $4.09 per share. Sales topped expectations for $6.46 billion and increased 5%.
Across all medicines, volumes grew 8% while sales prices declined 5%.
In addition to strong sales growth for Prolia and Repatha, Amgen noted 30% sales growth for Evenity, a postmenopausal treatment for osteoporosis. Evenity volumes grew 32% and sales hit $131 million.
Among other big products, sales of migraine medicine Aimovig and psoriasis drug Otezla fell a respective 16% and 5% year over year. For Aimovig, unit volume growth of 11% was offset by a lower sales price. Otezla fell on a lower sales price, which was partially offset by a 5% increase in volume.
For the year, the giant biotech company predicts adjusted earnings of $16-$17 per share and $25.8 billion to $26.6 billion in sales. Amgen stock analysts projected $16.36 earnings per share and $26 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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