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Amgen reports Q2 results

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THOUSAND OAKS, Calif. Profits at Amgen were $1.27 billion for second quarter 2009, compared with $906 million for second quarter 2008, the company announced in an earnings release Tuesday, driven in part by increased sales of such drugs as the rheumatoid arthritis and psoriasis treatment Enbrel.

At the same time, adjusted earnings per share increased from $1.14 in second quarter 2008 to $1.29 this year, a 13% increase, while adjusted net income saw an increase of 6%, from $1.24 billion to $1.3 billion.

“We are optimistic about our financial performance in 2009 and are focused on making denosumab a success,” chairman and CEO Kevin Sharer said in a statement, referring to an investigational drug for treating postmenopausal osteoporosis in late-stage clinical trials.

Global product sales decreased by 2%, from $3.7 billion to $3.63 billion, while sales in the United States remained relative unchanged. This included a 16% decline in worldwide sales of the anemia drug Aranesp (darbepoetin alfa), from $825 million to $693 million, and a 3% increase in sales for Epogen (epoetin alfa), also used to treat anemia, from $622 million to $638 million. Meanwhile, combined worldwide sales of the immune-cell boosters Neupogen (filgrastim) and Neulasta (pegfilgrastim) decreased by 4%, from $1.2 billion to $1.16 billion. The arthritis and psoriasis drug Enbrel (etanercept) had a 7% increase in sales, from $841 million to $899 million. Recent European launches of the cancer drug Vectibix (panitumumab) drove sales of that drug from $32 million to $56 million.

In other news, Amgen announced that it would collaborate with British drug maker GlaxoSmithKline to commercialize denosumab as a treatment for postmenopausal osteoporosis in Europe, Australia, New Zealand and Mexico when it is approved. Amgen will commercialize the drug for PMO in the United States and Canada and for cancer in Europe.

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