Top Healthcare Stocks Earnings: Amgen, Inc. & Questcor Pharmaceuticals (NASDAQ:AMGN, QCOR)
Amgen, Inc. (NASDAQ:AMGN) late Tuesday reported a 5% jump in its first-quarter profit aided by strong sales for its top two drugs and two new ones.
The company reported net income of $1.18 billion, or $1.48 per share, compared to a year ago from $1.13 billion, or $1.20 per share. On an adjusted basis, the company earned $1.29 billion, or $1.61 per share, ahead of analysts estimates by 15 cents.
Revenue during the quarter grew 9% year-over-year to $4.05 billion despite sharply lower sales for two drugs with recent safety warnings, again topping consensus of $3.93 billion.
The company maintained its 2012 adjusted profit outlook of $5.90 to $6.15 per share. Analysts predict $6.08 per share, on average.
The company spent $723 million in the quarter on research and development on an adjusted basis, up 3%, as a few of its experimental drugs are now in expensive late-stage patient testing.
Shares of the company rose marginally in the pre-market session.
Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) reported a higher-than-estimated first quarter net income on increase sales for its flagship multiple sclerosis drug Acthar continued to rise.
The company posted profit of $38.5 million, or 58 cents per share, up from $11.2 million, or 17 cents per share, in the same quarter of the last year. On an adjusted basis, the company earned 61 cents per share, ahead of analysts’ estimates by 9 cents.
Net sales more than doubled to $96 million, topping analysts’ estimates of $90.2 million. The company shipped 4,111 vials of Acthar, which is approved for the treatment of 19 different indications.
Shares of QCOR fell 0.98% to $41.25 in the pre market session.
Questcor Pharmaceuticals, Inc. (Questcor) is a biopharmaceutical company. The Company’s primary product is H.P. Acthar Gel (repository corticotropin injection) (Acthar), an injectable drug that is approved by the United States Food and Drug Administration, for the treatment of 19 indications.