What coronavirus? Amgen's (AMGN 0.60%) latest set of quarterly figures, delivered Tuesday, showed growth in the company's fundamentals during a challenging time for companies across all economic sectors.
The veteran biotech company booked revenue of nearly $6.21 billion in the second quarter, 6% higher on a year-over-year basis. Non-GAAP (adjusted) net profit rose by 4% to nearly $2.6 billion, or $4.25 per share.
Both of those line items topped analysts' consensus expectations. On average, prognosticators following the company were modeling for $6.18 billion on the top line, and an adjusted net profit of $3.84 per share.
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Amgen has a sizable portfolio of medications. Due to coronavirus-related challenges -- the lack of in-person sales meetings and the concentration of healthcare resources on the pandemic, among numerous others -- the sales figures for most of its products fell during the quarter.
Yet the gains and additions posted by some of Amgen's smaller and newer treatments -- notably the psoriasis drug Otezla, purchased last year from Celgene -- more than compensated for the declines elsewhere in the portfolio.
Management also proffered guidance for the entirety of 2020. The company reiterated its existing estimate for total revenue in the range of $25 billion to $25.6 billion, and increased its adjusted EPS forecast range to $15.10 to $15.75 -- previously, it was $14.85 to $15.60. Capital expenditures should come in at roughly $600 million for the year.
As for shareholder returns, the company said share repurchases "will be executed opportunistically," in a volume at the bottom end of its prior guidance for stock buybacks in the range of $3 billion to $5 billion. The quarterly dividend should be maintained at $1.60 per share, which yields 2.5% at the most recent closing stock price.
