Slipping patents erode Amgen sales

31 July 2019

Total revenues at Amgen (Nasdaq: AMGN) were 3% lower in the second quarter of 2019 compared to the same period in 2018, at $5.87 billion.

The US biotech major said that increasing competition due to patent expirations, including for the white blood cell boosters Neulasta (pegfilgrastim) and Neupogen (filgrastim), was responsible for the decline, though in fact the total topped analysts’ estimates of $5.66 billion.

Net income was also down on a year ago but Amgen said second-quarter adjusted earnings per share (EPS) rose 4% to $3.97, topping analysts' average expectations by $0.41, according to IBES data from Refinitiv.

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