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Amgen, Inc. (AMGN) Beats Q1 Estimates, Posts Weak F18 Guidance

AMGN shares edged higher after the bell Tuesday

Amgen, Inc. (NASDAQ:AMGN) impressed in its quarterly earnings and revenue results, but the company’s stock did not rise much after hours due to a weak full-year guidance.

Amgen, Inc. (AMGN)The biopharmaceutical company announced that its fiscal first-quarter earnings resulted in adjusted income of $3.47 per share, while sales came in at $5.55 billion. In the year-ago quarter, Amgen posted adjusted earnings of $3.15 per share, while its revenue amounted to $5.46 billion.

Both figures came in ahead of the mark as the Wall Street consensus estimate was calling for adjusted earnings of $3.23 per share, according to data compiled by Zacks Investment Research. Analysts were also projecting the company to rake in $5.46 billion in revenue, according to data compiled by analysts at Zacks.

Amgen’s revenue increased 1.6% year-over-year, while its product sales reached 5,343, increasing 2.8% compared to the year-ago quarter. Net income gained 11.6% year-over-year, while non-GAAP net income surged 5.7%, non-GAAP earnings per share were up 10.2% year-over-year and its cash flow ops surged to 2,727, increasing 14.3% compared to the year-ago quarter.

The company’s key products Neulasta and Enbrel sold 1,155 and 1,105 units respectively, declining 4.5% and 6.4% year-over-year respectively. Sensipar/Mimpara sold 497 units, falling 18.1% year-over-year, while Prolia gained 16.2% to 494 units, Repatha sales skyrocketed 151% to 123 and Blincyto increased 44.1% to 49 units.

For the fiscal year 2018, Amgen is calling for adjusted profit in the range of $12.80 to $13.70 per share, while analysts are calling for adjusted profit of $13.28 per share. The company is projecting $21.9 billion to $22.8 billion in sales, while Wall Street’s outlook calls for $22.7 billion in sales.

AMGN stock was up about 0.8% after the bell after dropping roughly 1.6% during regular trading hours Tuesday.

Article printed from InvestorPlace Media, https://investorplace.com/2018/04/amgen-inc-amgn-2/.

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