Shares of Amgen were falling Tuesday after the biotechnology company easily beat quarterly earnings estimates and lifted revenue guidance.
Amgen (ticker: AMGN) posted third-quarter adjusted earnings of $4.96 a share, above Wall Street’s call for $4.78, according to FactSet and higher than $4.70 a year prior.Shares of Amgen were down 0.3% to $263.17 in premarket trading Tuesday.
Third-quarter sales of inflammation drug Amjevita/Amgevita rose 30% year-over-year, bolstered by 53% volume growth, partially offset by lower prices, according to the release, while sales of Prolia, one of Amgen’s general medicine treatments, jumped 14% from a year ago, boosted by a 7% uptick in volume and higher prices. headtopics.com
For the full-year 2023, the company raised its revenue guidance range to $28 billion and $28.4 billion, higher than a prior range of $26.6 billion to $27.4 billion. It narrowed its forecast for adjusted earnings per share to a range of $18.20 and $18.80, compared to an earliest call for $17.80 to $18.80.
“We are excited about our pipeline progress and our operating performance in the third quarter,” said Chairman and CEO Robert Bradway in the earnings release. “With the completion of the Horizon acquisition, Amgen has added rare disease medicines that fit well with our broad innovative portfolio.” headtopics.com
In other quarterly news, earlier this month, Amgen completed its acquisition of Horizon Therapeutics in a deal valued at about $27.8 billion.