Quarterly earnings reports continue to pour in, highlighting some successful new drugs--and some older ones, too. Amgen, for instance, posted sales of its Xgeva bone drug that far outpaced analyst expectations, and Biogen Idec reported a 20 percent rise in sales of its multiple sclerosis drug Tysabri. Here's more:
- Amgen saw profits drop by 3.6 percent, depressed in part by decline in sales of its anemia drugs, which have been plagued by safety questions and government wrangling. Higher costs also took their toll, as Amgen has boosted its marketing budget to support denosumab, marketed as Prolia for osteoporosis and Xgeva for cancer patients. Prolia's sales fell short of expectations, while Xgeva brought in $42 million, beating expectations of $23 million. Report
- Biogen's earnings grew 35 percent to $294 million, boosted in a big way by better-than-expected Tysabri sales. Meanwhile, its older MS drug Avonex also grew, by 8 percent to $642 million. Together, they helped fuel revenue growth of 9 percent, to $1.2 billion. Report
- Gilead Sciences profit fell a whopping 24 percent, disappointing analysts. Cash-strapped state governments have cut back on their purchasing of Gilead's key AIDS drugs, causing sales growth to slow. Truvada brought in $673 million, a 2 percent increase, while Atripla grew by 7 percent to $744 million, both less than analysts had estimated. Gilead said the state cutbacks are temporary. Report