Amgen's 2Q Profit Drops on Acquisition Write-off, Revenue Growth Beats Wall Street Target
August 03 2021 - 4:19PM
Dow Jones News
By Maria Armental
Amgen Inc. reported a better-than-expected 5% revenue increase
in the latest quarter, but profit dropped driven by a $1.51 billion
write-off tied to the Five Prime Therapeutics Inc. acquisition.
Second-quarter profit dropped to $464 million from $1.80 billion
a year earlier. On a per-share basis, profit was 81 cents, or $4.38
as adjusted.
Total revenue rose to $6.53 billion from $6.21 billion a year
earlier.
Analysts surveyed by FactSet expected a profit of $3.03 a share,
or $4.09 a share as adjusted, on $6.46 billion in revenue.
Amgen said it had seen gradual recovery from the first quarter
in terms of patient visits and lab test procedures, though still
below pre-pandemic levels.
"The cumulative decrease in diagnoses over the course of the
pandemic has suppressed the volume of new patients starting
treatment, which we expect to continue to impact our business
during the second half of the year," the company said in a
statement.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 03, 2021 16:16 ET (20:16 GMT)
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