Amgen Posts 9% Revenue, 21% Earnings Increase in Q2

Amgen reported strong second-quarter financial results, with revenue rising 9% to $9.18 billion and adjusted earnings per share increasing 21% to $6.02, both surpassing Wall Street expectations. The company attributed revenue growth to a 13% increase in product sales volume, driven by 15 products achieving at least double-digit sales growth, including cholesterol-lowering drug Repatha, which saw sales rise 31%. Despite this, sales of bone drug Prolia declined 4% due to biosimilar competition. Operating expenses increased, notably research and development costs by 18%, as Amgen advances its experimental weight-loss drug MariTide, with key clinical data expected in the fourth quarter. The company raised its full-year revenue outlook to $35 billion to $36 billion and adjusted earnings per share guidance to $20.20 to $21.30, reflecting optimism about its product pipeline and market position. Analyst consensus remains positive, with many rating Amgen's stock as an outperform and projecting potential upside from current levels.