Amgen 3Q Profits Rise on Higher Revenue; Fiscal Year Revenue Guidance Narrows
October 28 2020 - 4:37PM
Dow Jones News
By Adriano Marchese
Amgen Inc. on Wednesday reported a 3.1% rise in third-quarter
profit, benefiting from higher revenue in the period, and said its
share repurchases would be at the lower end of its guidance.
In the quarter, the Thousand Oaks, Calif.-based pharma company
earned a profit of $2.02 billion, or $3.43 a share, compared with
$1.97 billion, or $3.27 a share, for the same period last year.
Excluding items, Amgen reported a quarterly adjusted profit of
$4.37 a share, beating consensus analyst forecasts of $3.80 a share
taken from FactSet.
Total revenues rose to $6.42 billion from $5.74 billion,
benefiting from a 12% increase in product sales. Amgen said this
was driven by an 18% volume growth, but partly offset by declines
in net selling prices.
Amgen said that it has seen physician-patient interactions and
prescribing volumes continue to increase in the third quarter, but
that they remain modestly below pre-Covid-19 levels on a portfolio
basis.
"While prescription trends were more consistent throughout the
third quarter versus the second quarter, we continue to expect
quarter-to-quarter variability due to the pandemic," it said.
Looking ahead to the full year, the company said that total
revenues guidance was narrowed to between $25.1 billion and $25.5
billion, while EPS guidance has been revised to between $11.53 and
$11.93. Adjusted EPS, meanwhile, is now expected to be between
$15.80 and $16.15.
The company said it will maintain its quarterly dividend at
$1.60 but that its share repurchases will be at the lower end of
its previous guidance of between $3 billion to $5 billion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 28, 2020 16:22 ET (20:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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