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HomeMarketAmgen posts higher third-quarter revenue and profit By Reuters

Amgen posts higher third-quarter revenue and profit By Reuters

© Reuters. FILE PHOTO: An Amgen sign is seen at the company’s office in South San Francisco, California October 21, 2013 REUTERS/Robert Galbraith/Files/File Photo
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By Deena Beasley

(Reuters) -Biotechnology company Amgen Inc (NASDAQ:) on Thursday said its third-quarter revenue rose 1% as higher volume growth for its cancer, rheumatology and cardiovascular products was offset by lower prices and foreign exchange losses.

Revenue for the quarter totaled $6.7 billion, exceeding Wall Street estimates of $6.56 billion, as compiled by Refinitiv.

“Our medicines generated 8% volume growth in the quarter globally, with 11 products achieving record quarterly sales,” Amgen Chief Executive Robert Bradway said in a statement.

Adjusted earnings per share increased to $4.70 from $4.08 a year earlier, beating analyst estimates of $4.42.

Net income rose 14% to $2.14 billion.

For the full year, Amgen narrowed its outlook for adjusted earnings per share to a range of $17.25 to $17.85 on revenue of $26 billion to $26.3 billion, from its previous forecast of $17 to $18 per share on revenue of $25.5 billion to $26.4 billion.

Amgen shares, which closed nearly 1.2% lower at $265.88 in regular trading, were back up 1.2% at $269 after hours.

Amgen said it will announce on Monday at the annual American Heart Association scientific meeting mid-stage trial results for experimental heart drug olpasiran, as well as an update on AMG133, a potential obesity treatment.

AMG133, which has garnered increased attention following strong sales for similar drugs launched recently by Eli Lilly (NYSE:) and Co and Novo Nordisk (NYSE:), is designed to block a hormone and a protein involved in blood sugar control.

Story Credit: investing.com

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