Amgen Inc., has posted strong growth in net income during the third quarter ended September 2013 and its net income moved up by 23.6 per cent to $1,368 million from $1,107 million in the corresponding period of last year. Its revenues also improved by 10.6 per cent to $4,647 million from $4,201 million mainly driven by products like Neulasta, Enbrel, Prolia and Xgeva. The company's sales in US reached at $3,625 million. With better growth in profits, EPS improved to $1.81 as against $1.44 in the last period.
Robert A Bradway, chairman and CEO, said, “We delivered excellent operating performance this quarter. We also delivered excellent strategic progress with the acquisition of Onyx Pharmaceuticals oncology, the opening of our alliances in Japan and China, and the repurchase of our rights to Neupogen and Neulasta in key emerging growth markets around the world.”
The acquisition of Onyx Pharmaceuticals closed on October 1, 2013. Kyprolis sales grew 6 per cent sequentially in the third quarter to $65 million. Amgen advanced its efforts to develop a presence in cardiovascular disease by acquiring US commercial rights to Ivabradine, an innovative product already approved in over 100 countries for heart failure and angina. In Japan, the Amgen-Astellas strategic alliance began operation on October 1, 2013, and will develop and launch five Phase 3 molecules, starting with evolocumba (AMG 145).
The company's joint venture in China with Betta Pharma Co set to launch Vectibix (panitumumab), and Amgen announced a R&D partnership with ShanghaiTech University. It repurchased rights to Neulasta and Neupogen from Roche in the emerging markets. Effective January 1, 2014, Amgen will assume responsibility for these products in markets outside the US and Europe with annual sales of approximately $200 million.
For the nine months ended September 2013, Amgen's sales increased by 8.9 per cent to $13,393 million from $12,302 million in the similar period of last year. Its net profit moved up by 14.1 per cent to $4,060 million from $3,557 million. Its R&D expenditure increased by 16.1 per cent to $2,834 million from $2,442 million.