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.
- 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.
Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.