By Denny Jacob

Amgen Inc. shares slipped 4.1% to $242.17 following lower profit and a dip in revenue in its latest quarter.

The biotechnology company on Tuesday reported net income of $1.62 billion, or $3 a share, for the fourth quarter ended Dec. 31, compared to $1.90 billion, or $3.36 a share, a year earlier. Adjusted earnings were $4.09 a share, slightly below analysts' estimates of $4.10 a share.

Revenue ticked down to $6.84 billion from $6.85 billion. Analysts polled by FactSet expected $6.74 billion.

The company said revenue benefited from a 4% increase in product sales but was offset by lower other revenue from its Covid-19 manufacturing collaboration.

Amgen forecast revenue between $26 billion and $27.2 billion, and adjusted earnings between $17.40 and $18.60 a share for full year 2023. The company said the guidance excludes any contribution from its announced acquisition of Horizon Therapeutics, which it expects to complete in the first half of the year.

Barclays, BMO Capital, Credit Suisse, Cowen & Co., Oppenheimer, RBC Capital and Wells Fargo on Wednesday all issued price target cuts.

Shares are up 5.9% over the last 12 months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 01, 2023 13:15 ET (18:15 GMT)

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