Amgen 3Q Profit Rose, Boosted by Lower Operating Expenses
November 03 2022 - 4:58PM
Dow Jones News
By Jeffrey T. Lewis
Amgen Inc.'s profit increased in the third quarter, helped by
lower operating expenses.
The Thousand Oaks, Calif.-based biotech company reported net
income of $2.14 billion in the three months through September,
compared with $1.88 billion in the same period a year earlier.
Earnings per share reached $3.98 from $3.31 and adjusted earnings
per share rose to $4.70 from $4.08. Revenue declined to $6.65
billion from $6.71 billion in the year-earlier period.
The sales figure outperformed market expectations, while the
profit figure fell short. The consensus compiled by FactSet was for
sales of $6.56 billion and net income of $2.38 billion.
The company's total operating expenses fell to $3.99 billion
from $4.33 billion , partly because of a $400 million licensing
related payment Amgen made in the third quarter of last year that
wasn't repeated this year.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 03, 2022 16:43 ET (20:43 GMT)
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