Amgen 4Q Sales Fall, But Still Exceed Wall Street Forecasts
January 30 2020 - 4:42PM
Dow Jones News
By Micah Maidenberg
Amgen Inc. (AMGN) said sales fell 1% in the fourth quarter but
they surpassed expectations from Wall Street analysts.
Amgen on Thursday reported $6.19 billion in sales, compared with
$6.23 billion a year earlier.
The consensus estimate for sales for the latest period was $6.03
billion, according to FactSet.
Amgen reported net income of $1.7 billion, or $2.85 a share,
down from $1.93 billion, or $3.01 a share, in the fourth quarter of
2018.
It also reported an adjusted profit of $3.64 a share, beating
expectations for that metric of $3.41 a share.
The Thousand Oaks, Calif.-based company said sales for Enbrel, a
rheumatoid-arthritis treatment, rose 2% in the quarter. Sales of
Neulasta, a therapy for preventing infections in cancer patients,
fell 43%. Both products face intense competition.
The biotechnology company has been pushing to roll out new drugs
after facing patent expirations in recent years and new
competition.
Research and development spending in 2019 rose 11% in the fourth
quarter and increased 10% for the full year to $4.12 billion.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 30, 2020 16:27 ET (21:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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