Amgen’s Q2 Revenue Rises 20% Despite Higher Expenses

Amgen’s Q2 Revenue Rises 20% Despite Higher Expenses

Amgen, the biotechnology powerhouse, announced a 1% decline in second-quarter profit as increased expenses offset a 20% rise in revenue. This revenue boost was largely driven by its October acquisition of rare disease drugmaker Horizon Therapeutics. The adjusted earnings came in at $4.97 per share, slightly missing the average analyst prediction of $5.00 per share, according to LSEG data. However, the quarterly revenue of $8.39 billion marginally outperformed the analyst forecast of $8.37 billion. Amgen’s stock closed up 1% at $328.95 but was down 1.5% in after-hours trading.