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.

Amgen third quarter 2018 Earnings Infographic
Amgen Q3 2018 Earnings Infographic

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.

New drug sales power Amgen’s Q2 results

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

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Amgen’s stock down despite Q3 results beat

Comments are closed.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top