Amgen's 1Q Dominated By Weak Enbrel Volumes; Maintaining Our FVE on Pipeline and Strong Margins
Amgen’s revenue declined by 1% in the first quarter, and we have lowered our Enbrel sales assumptions after unexpectedly dramatic volume declines in the quarter. However, partly due to the expiration of the Enbrel royalty to Pfizer, Amgen was able to boost non-GAAP operating income by 5% and operating margin by 3 percentage points to 57.6%; we now expect margins could approach 56% for the full year, exceeding the 52%-54% operating margin guidance Amgen set for 2018. Amgen does face potential Neu...Amgen is a biotechnology company that discovers, develops, manufactures and delivers human therapeutics. The company's products include: Enbrel? (etanercept), which is used in indications for the treatment of adult patients with moderately to severely active rheumatoid arthritis, patients with chronic moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy and patients with active psoriatic arthritis; and Prolia? (denosumab), which is used for the treatment of postmenopausal women with osteoporosis at high risk of fracture or multiple risk factors for fracture, or patients who have failed or are intolerant to other available osteoporosis therapy.
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