By Paul ZiobroAmgen posted double-digit sales growth for the second quarter, boosted by its $27.8 billion acquisition of Horizon Therapeutics, while profit fell due to higher expenses. Amgen said product sales rose 20%, with 26% volume growth offsetting a 3% decline in net selling price. Excluding the Horizon acquisition, which closed in October 2023, product sales rose 5%, with volume growth of 10%. It attributed the lower profit to higher operating expenses, including amortization expense from Horizon-acquired assets and other incremental expenses from Horizon. Amgen now expects revenue between $32.8 billion and $33.8 billion this year, raising the low-end of the range by $300 million.

Source: Wall Street Journal August 07, 2024 03:06 UTC