By Micah Maidenberg

 

Amgen Inc. tweaked its profit guidance for 2020 and said its share repurchase program would fall at the lower end of the range it has given for stock buybacks.

The company on Tuesday said it now expects to earn a profit of $10.73 to $11.43 a share this year, compared with its earlier $10.65 to $11.45 a share forecast.

After adjustments, earnings are anticipated to range from $15.10 to $15.75 a share, up from prior guidance of $14.85 to $15.60 a share.

The company reiterated that it expects to generate $25 billion to $25.6 billion in sales for the year.

"Share repurchases will be executed opportunistically resulting in an amount at the lower end of our previous guidance of $3 billion to $5 billion," Amgen said.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

July 28, 2020 16:17 ET (20:17 GMT)

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