Amgen (AMGN) reports disappointing q1 earnings, with earnings declining 12% to $3.70 per share. Sales dropped 4% to $5.9 billion. Amgen’s highest selling, an inflammatory treatment called Enbrel reported $924 million, a 20% decline and missed forecasts for nearly $1.1 billion.
The company noted seasonal dynamics, like insurance trends, slugged sales of Enbrel, migraine treatment Aimovig, and psoriasis treatment Otezla, where sales of the latter two also missed forecasts. Neulasta, which treats a side effect of chemotherapy, performed below expectations. Sales of Amgen’s thyroid drugs and anemia treatments also missed estimates. Bone health drugs reported mixed results, while cholesterol treatment Repatha performed better than estimates.
The company expects adjusted earnings of $16-$17 per share and $25.8 billion to $26.6 billion in sales.
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