Business & Investment

Amgen says there are few doctor visits and lab tests in a pandemic are still impacting the business.

Amgen Inc. reported higher-than-expected quarterly profits and sales late Tuesday, but said the pandemic was still damaging its business, leading to fewer doctor visits and laboratory tests.

Amgen
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It said it generated $ 464 million (81 cents per share) in the second quarter, compared to $ 1.8 billion ($ 3.05 per share) in the year-ago quarter. GAAP results included a $ 1.5 billion amortization associated with the acquisition.

Adjusted for temporary items, the drug acquired a share of $ 4.38 from $ 4.20 a year ago.

Sales increased 5% to $ 6.5 billion due to increased demand per unit, partially offset by lower net selling prices.

Analysts polled by FactSet expected adjusted EPS of $ 4.09 per share for $ 6.46 billion in sales.

“We achieved strong volume-driven growth in the quarter as our business recovered from the effects of the pandemic,” Robert A. Bradway, CEO, said in a statement.

The company is “gradually recovering from the effects of the COVID-19 pandemic,” and although the number of patient consultations and testing procedures is increasing, it is still below pre-pandemic levels, the company said.

“The cumulative reduction in diagnostics during the pandemic has curtailed the number of new patients starting treatment, which is expected to continue to impact our business in the second half of the year,” the company said. increase.

Amgen reaffirmed its guidance that 2021 sales will be between $ 25.8 billion and $ 26.6 billion and has adjusted its annual EPS between $ 16 and $ 17.

Amgen’s share price fell 0.4% in the extended session after a 1.8% rise in regular trading days.

Amgen says there are few doctor visits and lab tests in a pandemic are still impacting the business.

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7584-C5C56C851105%7D&siteid=rss&rss=1 Amgen says there are few doctor visits and lab tests in a pandemic are still impacting the business.

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