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Amgen Reports Q4 Earnings- Lowers 2020 Earnings Guidance

By John F. Heerdink, Jr.

U.S. biotechnology company, Amgen (AMGN) reported Q4 earnings this week, reporting a 2% drop in product sales due to competition from lower-cost generic drugs and biosimilars.

Earnings Highlights:

  • Sales for the quarter totaled $5.88 billion.
  • Total revenue dropped 1% to $6.2 billion, ahead of the average analyst estimate of $6.06 billion.
  • Quarterly adjusted earnings per share increased by 6% to $3.64.
  • Net earnings dropped 5% to $2.85 per share driven by higher operating costs.
  • Sales of drugs like white blood cell booster Neulasta and kidney drug Sensipar fell sharply by 43% at $665 million and 76% at $107 million respectively, due to competition from cheaper versions.
  • Sales of new drugs like cholesterol fighter Repatha and migraine drug Aimovig rose increased by 26% to $200 million and 3% to $98 million respectively in the quarter.

For the full year, the company forecasted earnings of $14.85 to $15.60 per share on revenue as high as $25.6 billion. Analysts had estimated 2020 adjusted earnings of $16.14 and revenue of $25.5 billion.

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 2020 outlook falls short of Street estimates; shares slump in Reuters)


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