Amgen: 2Q Earnings Snapshot
THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Tuesday reported second-quarter profit of $2.18 billion.
The Thousand Oaks, California-based company said it had profit of $3.57 per share. Earnings, adjusted for non-recurring costs, came to $3.97 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.58 per share.
The world’s largest biotech drugmaker posted revenue of $5.87 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $5.68 billion.
Amgen expects full-year earnings in the range of $13.75 to $14.30 per share, with revenue in the range of $22.4 billion to $22.9 billion.
Amgen shares have decreased 9.5% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Tuesday, shares hit $176.15, a drop of roughly 8% in the last 12 months.