Amgen (AMGN) posted second quarter revenue of $8.4 billion, topping expectations of $8.34 billion. Sales rose by 20% in the quarter, however, the company noted that lower net selling prices partially offset a 26% growth in volume for products. Amgen Chief Financial Officer Peter Griffith joins Market Domination Overtime to break down the company’s latest earnings report and its outlook amid mounting fears of a recession.
Griffith notes that 12 of Amgen’s products delivered double-digit sales growth during its second quarter, and he expects that growth to continue in the second half of the year. Amgen also raised the low end of its guidance from $32.5 to $32.8 billion, and raised the midpoint on its revenue to $150 million. He notes that demand will likely remain steady during a recession, as medicine is integral to patients’ daily lives. He points specifically to the cardiovascular, bone, and asthma segments that are likely to continue to see growth and high volumes, calling them “best-in-class medicines for patients with really serious illnesses.” He adds, “We’re fortunate to be able to continue to deliver those, generally, regardless of economic conditions. And we intend on doing that.”
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