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Amgen recenues drop 3% in Q3 2019

Amgen said Tuesday it’s total revenues decreased 3% to $5.7 billion compared with the same period last year, reflecting the impact of biosimilar and generic competition against key products.

The company further said that, although product sales declined 1% globally, units grew double digits or better for Prolia (denosumab), Repatha (evolocumab), Aimovig (erenumab-aooe), Parsabiv (etelcalcetide), KYPROLIS (carfilzomib) and BLINCYTO (blinatumomab).

GAAP operating income increased 7% to $2.5 billion and GAAP operating margin increased 3.1 percentage points to 45.3%, while non-GAAP EPS decreased 1% to $3.66 as a result of lower revenue, offset partially by lower weighted-average shares outstanding, Amgen said.

Non-GAAP operating income decreased 6% to $2.8 billion and non-GAAP operating margin decreased 2.8 percentage points to 51.1%, as the company generated $3.2 billion of free cash flow in the third quarter of 2019 versus $3.1 billion in the third quarter of 2018.

Amgen also said it expects the Otezla acquisition to close before the end of the fourth quarter.

Robert A. Bradway, chairman and chief executive officer, said: “Amgen continues to execute well in a dynamic environment, with many of our innovative medicines delivering double-digit, volume-driven growth, complemented by the strong performance of our recently launched biosimilar products. We continue to advance numerous first-in-class medicines in our pipeline, while also pursuing external opportunities that will contribute to our long-term growth, such as our pending acquisition of Otezla.”

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