Amgen and Vertex Pharmaceuticals released their latest financial earnings reports Thursday afternoon.
Amgen experienced slight topline growth, with total revenues increasing 1% to $6.6 billion, thanks to 3% growth in global product sales. Repatha, Prolia, Lumakras and Evenity all saw double-digit volume growth.
The company generated $1.7 billion of free cash flow for the quarter and revised its total revenue guidance to a range of $25.5 billion to $26.4 billion.
“We are focused on delivering our long-term objectives by serving an ever-increasing number of patients around the world with our medicines,” Amgen CEO Robert Bradway said in a statement. “We are advancing our pipeline and look forward to important readouts over the next few months.”
Amgen released its earnings report the same day it announced it will purchase ChemoCentryx, a company focused on orally administered treatments for autoimmune diseases, inflammatory disorders and cancer, in a $3.7 billion cash deal. The acquisition is expected to be completed in Q4 2022, pending regulatory approvals.
“The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with Tavneos, a transformative, first-in-class treatment for ANCA-associated vasculitis,” Bradway said in a statement.
Beyond its financial performance, Amgen launched a four-part podcast series in late June.
Meanwhile, Vertex’s product revenue increased 22% to $2.2 billion in Q2. The company boosted its full-year product revenue guidance to between $8.6 billion and $8.8 billion.
Trikafta led the way with product revenue of $1.8 billion during the quarter, with the company’s net income ballooning to $810 million. Additionally, Vertex’s operating income topped $1.1 billion, following an operating loss of $38 million in Q2 2021.
At the end of the quarter, Vertex had $9.3 billion in cash, cash equivalents and marketable securities, representing a $1.7 billion increase compared to the end of 2021.
“With sustained and growing leadership in CF, programs in five disease areas now entering or progressing through late-stage clinical development and the next wave of innovation beginning to enter the clinic later this year, Vertex has reached a new inflection point,” Vertex CEO Dr. Reshma Kewalramani said in a statement. “As we reach more CF patients, we are poised to deliver significant, durable financial returns for years to come. In parallel, we are advancing a broad and deep clinical pipeline of potentially transformative medicines across multiple serious diseases, spanning small molecules, cell and genetic therapies.”