Categories AlphaGraphs, Earnings, LATEST, Other Industries
Amgen’s stock down despite Q3 results beat
Amgen (AMGN) reported better-than-expected results on revenue and earnings for the third quarter of 2018. After gaining briefly following the results release, shares dropped 0.5% in aftermarket hours.
Total revenues rose 2% to $5.9 billion from the same period last year. Product sales grew 1% globally, with double-digit growth in new products like Repatha, Prolia, KYPROLIS and XGEVA.
GAAP net income fell 8% to $1.85 billion while adjusted net income of $2.39 billion remained flat versus the prior-year period. GAAP EPS grew 4% to $2.86 while adjusted EPS increased 13% to $3.69, driven by higher total revenues, lower tax rate and lower weighted-average shares outstanding.
Robert A. Bradway, Chairman and CEO said, “We are in the early stages of launching several new products that offer innovative solutions for patients suffering from serious diseases. Our newer products continue to deliver strong growth in unit volumes.”
Related: Amgen Q3 2018 Earnings Transcript
Amgen posted sales increases for products such as Repatha, Prolia, KYPROLIS, XGEVA, BLINCYTO, Nplate and Vectibix, driven by higher unit demand. Products such as EPOGEN, Enbrel, Neulasta, Aranesp and NEUPOGEN saw sales declines due to lower unit demand and net selling price along with impact from competition.
Amgen revised its guidance for the full year of 2018 and now expects total revenues to be $23.2 billion to $23.5 billion versus the previous range of $22.5 billion to $23.2 billion.
GAAP EPS is expected to be $12.23 to $12.55 versus the previous range of $11.83 to $12.62, and adjusted EPS is expected to be $14.00 to $14.25 versus the prior outlook of $13.30 to $14.00.
Amgen’s competitor Pfizer (PFE) also reported earnings today. The company beat earnings expectations but missed the mark on revenues.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to