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Amgen Reports Disappointing Q1 Earnings

By John F. Heerdink, Jr.

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.

If you liked this story please consider, visiting the Atossa Therapeutics (ATOS) dedicated page at Vista Partners to learn about the Seattle-based biotech firm’s work towards finding therapeutic treatments for Breast Cancer and the Coronavirus. 

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Amgen Crumbles On What One Analyst Calls 'The Ugliest' Quarter In Years in Investor's Business Daily)


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