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Amgen 3Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Amgen

3Q Revenues: $3.6 billion (flat)

3Q Earnings: $201 million (-81%)

YTD Revenues: $11.0 billion (+6%)

YTD Earnings: $2.3 billion (+10%)

Comments: Overall U.S. sales diminished 2% as Medicare reimbursement for Aranesp was lowered, while dosing questions impaired EU sales of the drug. Enbrel sales were up 16% to $821 million. Earnings took a $590 million hit to write off in-process R&D from a pair of acquisitions, as well as a $293 million charge as part of the company’s restructuring program, and a $90 million inventory writeoff. Total restructuring charges are expected to reach $775-$850 million.

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