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Biotech Giant Amgen Releases Q3 Earnings

By John F. Heerdink, Jr.

Amgen (AMGN) reported a 4% rise in quarterly revenue, as pandemic restrictions eased reporting adjusted earnings per share for the quarter of $4.69, beating the average analyst forecast of $4.27. Amgen’s net earnings dropped 3% to $3.31 per share with a $400 million licensing-related expense from a collaboration with Japan’s Kyowa Kirin Co Ltd.

Revenue for the quarter stood at $6.7 billion, up from $6.4 billion a year earlier, and in line with analyst expectations. Sales volume for the quarter increased 8%, but net selling prices fell 7% as competition, including from cheaper generics and biosimilars, lowered prices for its migraine, arthritis, and infection-fighting drugs. Sales of arthritis drug Enbrel also decreased 3% from a year earlier to $1.29 billion. Sales of newer cancer drug Lumakras reported $36 million for the quarter, exceeding analyst estimates of $28 million.

Full-year stock buybacks will come in near the high end of the company’s estimated range of $3 billion to $5 billion, informed Chief Financial Officer Peter Griffith. For the full year, Amgen lowered the top end of its revenue forecast to $26.2 billion from a previous $26.6 billion. It also slightly raised its outlook for 2021 adjusted earnings per share to between $16.50 and $17.10 from a previous range of $16.00 to $17.00.

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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: UPDATE 2-Amgen posts higher third-quarter sales, but trims full-year estimate in Reuters)


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