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Saturday, Sep 23, 2023

Amgen Beats Expectations Despite Lower Revenue

Amgen Inc. announced fourth-quarter results that beat Wall Street expectations on Thursday. The Thousand Oaks biotech reported an adjusted net income of $2.2 billion ($3.64 a share) for the quarter and $9 billion ($14.82) for the full year. Revenue totaled $6.2 billion for the quarter, a decrease of 1 percent compared to the fourth quarter of 2018. Analysts on average expected fourth quarter net income of $3.46 a share on revenue of $6.1 billion, according to Yahoo Finance. For the full year, total revenues decreased 2 percent to $23.4 billion, with product sales decreasing 1 percent. Executives point to biosimilar and generic competition against certain products as a factor in decreased revenue, according to a statement from the company. The company announced results after market close. Shares of Amgen (AMGN) closed Thursday down $1, or a fraction of a percent, to $226.15 on the Nasdaq.

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