The results were driven primarily by increased sales of drugs including Enbrel for arthritis, Prolia for osteoporosis and Epogen for anemia. Lower operating costs, including a 13 percent reduction in research and development expenses, also contributed to earnings, Amgen said.
The drugmaker began a major restructuring last year, cutting back on staff and facilities to achieve as much as $1.5 billion in annual savings and a 15 percentage point increase in adjusted operating margin by 2018.
The Thousand Oaks,
The shares rose 2.4 percent to $172.50 in late trading at 4:56 p.m. New York time after gaining 1.5 percent at the close. They have surged 44 percent in the past year, compared with 61 percent for the Nasdaq Biotechnology Index.
Amgen is entering the cardiovascular arena with a
Amgen terminated a midstage study of brodalumab, an experimental drug for asthma, according to the statement. The trial was stopped for lack of efficacy, not for safety reasons, spokeswoman Kristen Davis said in an
The drugmaker also has invested in developing biosimilars, drugs that mimic other biologic medicines, creating one of the most ambitious pipelines in the industry. It plans to have as many as five biosimilars on the market by 2019. At the same time, Amgen itself is under threat from other copycat makers. Novartis AG’s version of Neupogen was approved in the U.S. in March, becoming the first biosimilar to clear that hurdle.