Amgen earnings (NASDAQ:AMGN) were released late in the day on Tuesday and the company unveiled results that were stronger than what analysts were calling for, yet its stock took a hit after hours as its guidance for the current quarter was below what Wall Street projected.
The Thousand Oaks, Calif.-based biopharmaceutical company said that for its fourth quarter of its fiscal 2018, it brought in earnings of $1.9 billion, or $3.01 per share. This figure was a considerable improvement over the company’s year-ago results, which included a loss of $5.89 per share.
Amgen said that the profit was turned thanks to a number of factors, including higher revenue, a lower tax rate, as well as lower weighted-average shares outstanding. The company said that on an adjusted basis, it brought in earnings of $2.2 billion, or $3.42 per share, which was better than the $2.89 per share from the year-ago quarter.
Analysts were calling for the biopharmaceutical company to bring in adjusted earnings of $3.27 per share, according to data compiled by FactSet. Amgen also said that its revenue for its fourth quarter tallied up to $6.2 billion, marking a 7% increase compared to the year-ago quarter.
Wall Street was calling for sales of $5.8 billion, per FactSet. The company sees its 2019 revenue as being $21.8 billion to $22.9 billion, while its adjusted earnings will be between $13.10 to $14.30 per share. Analysts see Amgen’s 2019 as raking in revenue of $22.9 billion and adjusted earnings of $14.57 per share.
AMGN stock is down roughly 2.5% after the bell following the company’s strong quarterly earnings results, but weak first-quarter guidance. Shares had been rising slightly in anticipation of Amgen’s results for its last period of its fiscal 2018, increasing a fraction of a percentage Tuesday.