Amgen (NASDAQ:AMGN) reported its latest quarterly earnings figures late on Tuesday, bringing in earnings that were stronger than what analysts called for, yet it declined year-over-year, while sales of one of its key products were down, playing a role in AMGN stock retracing a touch.
The Thousand Oaks, Calif.-based biopharmaceutical business said that for its first quarter of its fiscal 2019, it brought in net income of $2 billion, or $3.18 per share. The figure was 13% lower than it was during the same period in its fiscal 2018, when it brought in earnings of $2 billion, or $3.18 per share.
On an adjusted basis when taking into account one-time items, Amgen said it brought in earnings of $3.56 per share, which is about 2.6% higher than the company’s adjusted earnings from the same period in its fiscal 2018. Analysts were calling for the company to rake in adjusted earnings of $3.48 per share, according to a survey of analysts conducted by FactSet.
The company’s revenue was flat when compared to its year-ago quarter, coming in at $5.6 billion, which did top the Wall Street guidance of $5.5 billion in sales, per FactSet. Amgen’s weakest point during the period were sales of its drug Neulasta, which declined roughly 12% year-over-year, due in part to a lower net selling price, as well as inventory changes.
The company’s Enbrel drug sales gained 4%, due in part to “favorable impacts” from changes in account sales estimates.
AMGN stock is down about 0.7% after the bell today due in part to the sales decline of its drug Neulasta, yet earnings were strong overall when compared to the year-ago quarter and what analysts projected. Shares had been down roughly 1% during regular trading hours ahead of the company’s quarterly earnings report.