AMGEN INC Reports Earnings Results for Second Quarter of FY2023

🌥️Earnings Overview

On August 3 2023, AMGEN INC ($NASDAQ:AMGN) reported its earning results for the second quarter of FY2023 (ending June 30 2023). The total revenue reached USD 7.0 billion, showing a 6.1% growth compared to the same period in the prior year, while net income was USD 1.4 billion, representing a 4.5% increase year over year.

Stock Price

The stock opened at $230.8 and closed the same day at $230.7, a minimal 0.1% increase from the prior closing price of 230.4. Analysts are cautiously optimistic that AMGEN INC will be able to sustain their positive performance for the duration of the year, as the company has already exceeded expectations for this quarter’s earnings report. AMGEN INC stated that their biopharmaceutical products have been performing well, particularly their new cancer treatments and anti-inflammatory medications. They also reported an increase in sales of their other products such as Enbrel, Neulasta, and Neupogen. This was attributed to increased demand in the market for these medications.

The company also noted that they have been focusing on research and development, as they are looking to expand their product portfolio and add more treatments for diseases such as diabetes and heart disease. AMGEN INC also stated that they are looking into new technologies and products to further their capabilities in the healthcare industry. Overall, AMGEN INC’s second quarter earnings report was positive, with the stock increasing slightly from its prior closing price. Analysts expect that with their focus on research and development, AMGEN INC will be able to maintain positive results for the remainder of the fiscal year. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Amgen Inc. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Amgen Inc. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Amgen Inc. More…

Key Ratios Snapshot

Some of the financial key ratios for Amgen Inc are shown below. More…

Analysis

At GoodWhale, we recently completed an analysis of AMGEN INC‘s wellbeing. After studying the financial and business aspects of AMGEN INC, our Risk Rating has concluded that the company is a medium risk investment. During our analysis, we detected two risk warnings in AMGEN INC’s income sheet and balance sheet. If you would like to learn more about these risk warnings, please register on goodwhale.com for more in-depth information and analytics. More…

Peers

The competition between Amgen Inc and its competitors is fierce. Amgen Inc is the largest biotechnology company in the world, with a market capitalization of over $100 billion. Its competitors, Gilead Sciences Inc, Eli Lilly and Co, and Biogen Inc, are all large, well-established companies with significant resources. each company is striving to develop the best products and to gain market share. The competition is intense, and each company is working hard to win.

– Gilead Sciences Inc ($NASDAQ:GILD)

Gilead Sciences Inc is a biopharmaceutical company that focuses on the discovery, development, and commercialization of drugs. The company was founded in 1987 and is headquartered in Foster City, California. Gilead Sciences Inc has a market cap of 83.2B as of 2022, a Return on Equity of 24.03%. The company’s key products include HIV/AIDS treatment, hepatitis C treatment, and oncology products. Gilead Sciences Inc also has a pipeline of products in development for various indications, including HIV, hepatitis B, non-alcoholic steatohepatitis, and respiratory syncytial virus.

– Eli Lilly and Co ($NYSE:LLY)

Eli Lilly and Co is a pharmaceutical company headquartered in Indianapolis, Indiana. The company was founded in 1876 by Colonel Eli Lilly. The company develops and markets products in the areas of diabetes, oncology, immunology, neuroscience, and other areas. Lilly has operations in more than 60 countries and sells products in more than 125 countries. Lilly has been one of the world’s leading innovators in the pharmaceutical industry, with products such as Prozac, Zyprexa, and Cialis. The company has a market cap of 316.18B as of 2022 and a Return on Equity of 45.88%.

– Biogen Inc ($NASDAQ:BIIB)

Biogen Inc. is a global biotechnology company. The company is engaged in the discovery, development, manufacturing and commercialization of therapies for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune diseases. Biogen has a market cap of $39.12B as of 2022 and a return on equity of 14.98%. The company’s products include aducanumab, a monoclonal antibody for the treatment of Alzheimer’s disease; SPINRAZA, a therapeutic agent for the treatment of spinal muscular atrophy; and TYSABRI, a monoclonal antibody for the treatment of multiple sclerosis.

Summary

AMGEN INC’s second quarter earnings report for FY2023 saw impressive growth year over year, with total revenue increasing 6.1% to USD 7.0 billion and net income rising 4.5% to USD 1.4 billion. This is an encouraging sign for investors, as it indicates the company is performing well and is on track to deliver impressive returns. In addition, AMGEN’s strong balance sheet and large cash holdings provide additional assurances that the company is well-positioned to meet its objectives and remain a reliable investment in the future. As such, it is likely that AMGEN will continue to be an attractive choice for investors looking for a stable long-term return on their investments.