Amgen Posts Stronger-than-Expected 3Q Results -- Earnings Review
30 October 2019 - 7:48AM
Dow Jones News
By Maria Armental
Amgen Inc. (AMGN) reported third-quarter results on Tuesday and
raised annual financial targets. Here's what you need to know:
PROFIT: Net income for the quarter ended Sept. 30 rose 6% to
$1.97 billion, or $3.27 a share. On an adjusted basis, profit fell
to $3.66 a share from $3.69 a share. Analysts surveyed by FactSet
expected $3.19 a share and $3.53 a share as adjusted.
REVENUE: Total revenue fell 2.8% to $5.74 billion, compared with
the consensus of $5.63 billion.
OUTLOOK: Amgen now expects $12.50 to $12.80 a share in profit,
or $14.20 to $14.45 a share as adjusted, on $22.8 billion to $23
billion in revenue. Previously, it projected $12.10 to $12.71 a
share, or $13.75 to $14.30 a share on an adjusted basis, and $22.4
billion to $22.9 billion in revenue. In 2018, it reported $12.62 a
share, or $14.40 a share as adjusted, on $23.75 billion in
revenue.
OTEZLA: The outlook doesn't include any potential impact from
psoriasis medicine Otezla (apremilast), which Amgen agreed to buy
from Celgene Corp. (CELG) in a roughly $13.4 billion deal that is
expected to close by the end of the fourth quarter.
REPATHA: Sales of the cholesterol drug rose 40% in the latest
period. Starting next year, Repatha (evolocumab) will list for
$5,850 a year, about 60% lower than current price, to make the
medicine more affordable to patients and kick-start sales.
ENBREL: Sales of Amgen's top-selling drug Enbrel (etanercept),
which is at the center of a legal challenge that has kept
competitors' biosimilar offerings at bay, rose 6% to $1.37 billion
in the latest period. Analysts projected $1.26 billion in
sales.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 29, 2019 16:33 ET (20:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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