Amgen Inc. beat analyst expectations when it reported quarterly results Thursday, thanks to a combination of old and new drugs contributing to sales increases.
The Thousand Oaks biotech reported adjusted net income of $1.98 billion ($2.57 a share) in the quarter ended June 30, compared to $2.32 billion ($2.37) for the same quarter a year ago. Revenue increased 5.6 percent to $5.23 billion.
Analysts on average expected net income of $2.43 a share on revenue of $5.32 billion, according to Thomson Financial Network.
During the quarter, total product sales increased 6 percent compared to the same quarter last year, driven by its established Enbrel arthritis drug and bone-loss treatment Prolia, as well as new cancer drug Kyprolis.
“Focused execution with our growth products drove record revenues in the second quarter, and expense discipline further leveraged earnings,” Chief Executive Robert Bradway said in a statement. “We are on track to deliver on our long-term objectives for patients and shareholders.”
The results were announced after market close. Shares closed up 22 cents or a fraction of a percent to $171.69 on the Nasdaq.
Public Storage Loads Up
Benefitting from higher rents and recent acquisitions, Public Storage Inc. reported increased revenue and profits in the second quarter.
The Glendale real estate investment trust reported that net income rose nearly 21 percent to $264 million ($1.52 a share) for the quarter ended June 30, compared to $218 million ($1.26) a year earlier. Revenue rose 10 percent to $593 million.
Funds from operations – a closely watched REIT metric that adds depreciation and amortization back into net income – hit $2.15, beating analysts’ expectations of $2.14, according to Thomson Financial Network.
As of June 30, the company owned 2,262 self-storage facilities in 38 states and 216 storage facilities in seven Western European countries. Since January 2013, it has acquired 173 facilities, leading to the increase in its net operating income. Higher property taxes led to a 1.1 percent increase in the company’s costs in the second quarter.
The company reported its quarterly performance late Wednesday. Shares closed Thursday up 6 cents, a fraction of a percent, to $202.99 on the New York Stock Exchange.
