Summary
Amgen Inc. reported solid financial results for the second quarter and first half of 2001, demonstrating continued revenue growth and profitability. Total revenues for the three months ended June 30, 2001, reached $986.7 million, an increase of 8% year-over-year, while net income rose to $321.9 million. For the six-month period, total revenues were $1.89 billion, up 9% from the prior year, with net income growing to $626.8 million. This growth was primarily driven by strong performance in its key products, EPOGEN® and NEUPOGEN®, with combined sales showing healthy increases. The company also reported a significant increase in its cash, cash equivalents, and marketable securities, indicating a strong liquidity position and a robust balance sheet.
Key Highlights
- 1Total revenues for Q2 2001 increased by 8% to $986.7 million compared to $914.4 million in Q2 2000.
- 2Net income for Q2 2001 increased by 6.4% to $321.9 million ($0.30/share diluted) from $302.6 million ($0.28/share diluted) in Q2 2000.
- 3For the six months ended June 30, 2001, total revenues grew 9% to $1.89 billion, and net income increased 10% to $626.8 million ($0.58/share diluted).
- 4Product sales, led by EPOGEN® and NEUPOGEN®, saw a 6% increase for the quarter and a 10% increase for the first half of the year.
- 5The company's cash, cash equivalents, and marketable securities position strengthened significantly, reaching $2.47 billion as of June 30, 2001, up from $2.03 billion at year-end 2000.
- 6Amgen continues its share repurchase program, with $1.83 billion remaining authorized for repurchases through December 31, 2002.
- 7The company's effective tax rate increased to 33.7% for the quarter and 33.8% for the year-to-date, compared to 31.2% and 31.0% respectively in the prior year.