Amgen reports flat 2nd-qtr sales growth, but strong earnings

5 August 2022

US biotech major Amgen (Nasdaq: AMGN) yesterday announced financial results for the second quarter of 2022.

Total revenues increased 1% to $6.6 billion in comparison to the second quarter of 2021, 1% above consensus expectations, resulting from 3% growth in global product sales partially offset by lower

Generally accepted accounting principles (GAAP) earnings per share (EPS) increased from $0.81 to $2.45driven by a decrease in operating expenses due to the write-off of $1.5 billion in acquired in-process research and development (Acquired IPR&D) associated with Amgen’s acquisition of Five Prime Therapeutics in second-quarter 2021 and lower weighted-average shares outstanding in second-quarter 2022, partially offset by an impairment charge related to the divestiture of Gensenta, a generics subsidiary in Turkey.

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