Amgen's 2Q Profit Drops on Acquisition Write-off, Revenue Growth Beats Wall Street Target

   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 [e-mail]

(END) Dow Jones Newswires

August 03, 2021 16:16 ET (20:16 GMT)

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