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Biotechs Beat Q3 Earnings, Revenue Estimates

Gilead Science and Amgen also raised their outlook for the year


Biotech drug manufacturers Gilead Sciences (NASDAQ:GILD), Amgen (NASDAQ:AMGN) and Questcor Pharmaceuticals (NASDAQ:QCOR) reported third-quarter earnings and revenue that exceeded Wall Street expectations.

Shares of Gilead Sciences soared more than 6% on Wednesday after it posted higher revenues and a boosted outlook. The company reported quarterly income of $675 million, down from $741 million last year. Adjusted EPS came in at $1, topping the 94 cents analysts had predicted, the Associated Press noted. Revenue climbed 14% to $2.43 billion on rising sales of its anti-HIV drugs. That beat analysts, who had forecast $2.34 billion in revenue.

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The company also raised its full-year sales forecast to between $9.1 billion and $9.2 billion, an increase of $200 million over earlier estimates.

Amgen announced that it earned $1.11 billion during the quarter, up from $454 million last year. Adjusted EPS was $1.67, which handily beat analysts, who forecast $1.48, the Associated Press noted.  The company reported quarterly revenue up 10% from last year to $4.32 billion, which exceeded the $4.24 billion Wall Street had expected. Shares of Amgen rose more than 1% on the news.

The drug-maker raised its earnings outlook for the year from between $6.20 and $6.35 a share, to a range of $6.50 to $6.60 a share and projected sales of between $17.2 billion and $17.3 billion. Analyst estimate a profit of $6.33 a share and revenue of $17.02 billion.

Company officials noted that sales rose 8% over last year, boosted by rising sales of Enbrel, which treats immune diseases, and its osteoporosis drug, Prolia. Analysts expressed some worry that the company had become too dependent on Enbrel, which accounts for roughly a fourth of Amgen’s revenue.

Questcor Pharmaceuticals posted adjusted earnings of 97 cents a share during the quarter, topping analysts, who expected a profit of 76 cents a share, Reuters noted. The company recorded revenue of $140.3 million, which also beat the $128.8 million analysts had anticipated. Questcor shares moved up fractionally in Wednesday trading.

Article printed from InvestorPlace Media,

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