Key facts
- Amgen's second-quarter revenue increased 10% to $10.1 billion, surpassing Wall Street estimates.
- Amgen raised its full-year adjusted earnings and revenue projections.
- Gilead Sciences' second-quarter sales grew 8% to $7.8 billion, exceeding analyst expectations.
- Gilead reported a second-quarter loss due to acquisition costs.
- Amgen's key growth drivers, including Repatha and Evenity, showed significant sales increases.
Amgen reported a 9% increase in second-quarter sales to $10.1 billion, surpassing Wall Street's average estimate of $9.42 billion. The growth was primarily driven by strong demand for its cholesterol drug Repatha, bone drug Evenity, and medications for rare diseases. The company also raised its full-year outlook for adjusted earnings and revenue.
Gilead Sciences announced an 8% rise in second-quarter product sales, reaching $7.8 billion and exceeding analyst expectations. This increase was fueled by its HIV drug portfolio, with Yeztugo and Descovy showing significant gains. However, Gilead posted a quarterly loss of $6.75 per share, largely due to costs associated with recent acquisitions.
Amgen's CEO Robert Bradway highlighted momentum across the company's six key growth drivers, which collectively grew 26% year-over-year. Sales of Repatha surged 37% to $953 million, and Evenity sales rose 38% to $714 million. Gilead's HIV drug Biktarvy saw a 7% increase in sales to $3.8 billion, and Descovy sales jumped 48% to $967 million.