By Brenda León


Amgen posted higher profit and revenue in the second quarter, helped by an increase in product sales across most therapeutic categories.

The Thousand Oaks, Calif.-based biopharmaceutical company on Thursday reported profit of $1.38 billion, or $2.57 a share, for the quarter ended June 30, compared with a profit of $1.32 billion, or $2.45 a share, in the same quarter a year earlier.

Adjusted for one-time items, Amgen said earnings were $5 a share. Analysts polled by FactSet expected $4.49 cents a share.

Total revenue rose 6% to $6.99 billion from $6.59 billion in the year-ago quarter, beating analysts' estimates of $6.66 billion. Product sales growth was boosted by 11% volume growth, partially offset by 2% lower net selling prices and 1% lower inventory levels.

Amgen said that profit rose due to higher revenue and decreased operating expense following an impairment charge in the year-ago quarter tied to its divestiture of Gensenta, a genetics business in Turkey.

Chief Executive Robert Bradway said the company is also serving more patients globally.

"Positive data being shared today illustrates the rapid progress we are making in advancing our pipeline of potential first-in-class medicines," he added.


Write to Brenda León at brenda.leon@wsj.com


(END) Dow Jones Newswires

08-03-23 1615ET