Amgen Revises 2018 Guidance - Quick Facts

(RTTNews) - Amgen (AMGN) announced, for the full year 2018, the company now expects: on a non-GAAP basis, EPS in the range of $12.80 to $13.70. Previously, the company expected non-GAAP EPS in the range of $12.60 to $13.70. The company now expects total revenues in the range of $21.9 billion to $22.8 billion. Previously, the company expected total revenues in the range of $21.8 billion to $22.8 billion.

First-quarter Non-GAAP EPS increased 10 percent to $3.47 driven by higher product sales, a lower tax rate and lower weighted-average shares outstanding. Total revenues increased 2 percent versus the first quarter of 2017 to $5.6 billion. Product sales grew 3 percent globally. Repatha sales increased 151 percent driven primarily by higher unit demand.

"Amgen's strong first-quarter performance was driven by our new and recently launched products, all of which delivered double-digit, volume-driven growth. We look forward to further expanding our new product portfolio with the expected U.S. launch of Aimovig TM (erenumab), our first-in-class migraine prevention therapy, in the second quarter and the European launch of AMGEVITA TM (biosimilar adalimumab) our first biosimilar, later this year," said Robert Bradway, CEO.

The company generated $2.6 billion of free cash flow in the first quarter versus $2.2 billion in the first quarter of 2017.