Amgen reports 10% revenue growth in second quarter

Biotechnology company Amgen reported a 10% year-over-year increase in second-quarter revenue, reaching $10.1 billion. The company's performance was driven by a diversified portfolio, including 22 products that achieved at least double-digit sales growth and 17 medicines with annualized sales of at least $1 billion.

Despite facing upcoming patent expirations for medicines such as denosumab, Otezla, and Enbrel, Amgen is transitioning toward newer therapies. Growth is being supported by products such as Tezspire for asthma, Tepezza for thyroid eye disease, and the cancer drug Imdelltra. While some older immunology medicines face declining sales due to competition and government price negotiations in the U.S., newer therapies and label expansions are expected to drive medium-term growth.