Amgen Raises Guidance After Closing Otezla Buy
November 21 2019 - 7:18AM
Dow Jones News
By Colin Kellaher
Amgen Inc. (AMGN) on Thursday raised its full-year sales and
earnings guidance after completing its acquisition of the worldwide
rights to the psoriasis treatment Otezla for $13.4 billion in
cash.
The Thousand Oaks, Calif., biotechnology company said it now
expects 2019 adjusted earnings of $14.50 to $14.70 a share, up from
a previous forecast of $14.20 to $14.45.
Amgen also bumped up its full-year revenue guidance to a range
of $23.1 billion to $23.3 billion from a prior forecast of $22.8
billion to $23.0 billion.
Analysts polled by FactSet, on average, are expecting a
full-year adjusted profit of $14.42 a share on revenue of about $23
billion.
Amgen in August agreed to buy Otezla from Celgene Corp. in a
deal that paved the way for Bristol-Myers Squibb Co. (BMY) to
complete its acquisition of Celgene. Bristol-Myers and Celgene had
agreed to shed the drug to satisfy regulatory concerns over their
union, which closed on Wednesday.
Amgen said the deal is worth about $11.2 billion, net of the
present value of $2.2 billion in anticipated future cash tax
benefits.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2019 07:03 ET (12:03 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Amgen (NASDAQ:AMGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amgen (NASDAQ:AMGN)
Historical Stock Chart
From Apr 2023 to Apr 2024
