On April 23, Amgen (NASDAQ:AMGN) released first-quarter earnings for the period ended March 31.
- Revenues rose 14.6%, backed by growth in revenues from Aranesp.
- In March, the company announced the cancellation of a late-stage study involving its colon cancer drug, Vectibix.
- Osteoporosis drug denosumab successfully completed a phase 3 study.
- Amgen spent over $500 million on share repurchases in the quarter. The company has another $6 billion remaining that it can spend on share buybacks.
(Figures in millions, except per-share data.)
Income Statement Highlights
|
Q1 2007 |
Q1 2006 |
Change | |
|---|---|---|---|
|
Sales |
$3,687 |
$3,217 |
14.6% |
|
Net Profit |
$1,111 |
$1,001 |
11.0% |
|
EPS |
$0.94 |
$0.82 |
14.6% |
|
Diluted Shares |
1,177 |
1,218 |
(3.4%) |
Get back to basics with the income statement.
Margin Checkup
|
Q1 2007 |
Q1 2006 |
Change* | |
|---|---|---|---|
|
Gross Margin |
83.9% |
82.8% |
1.1 |
|
Operating Margin |
38.0% |
38.4% |
(0.4) |
|
Net Margin |
30.1% |
31.1% |
(1.0) |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$4,837 |
$5,047* |
(4.2%) |
|
Accounts Rec. |
$2,157 |
$1,794 |
20.2% |
|
Inventory |
$2,115 |
$1,273 |
66.1% |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Accounts Payable* |
$4,507 |
$3,620 |
24.5% |
|
Long-Term Debt** |
$7,134 |
$7,198 |
(0.1%) |
**Long-term debt includes convertible debts.
The balance sheet reflects the company's health.
Cash Flow HighlightsA statement of cash flows was not provided. (Lame!)
Free cash flow is a Fool's best friend.
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