Tuesday
September
02
2014
9:45 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Amgen misses 1Q views as higher costs cut profit
April 23, 2014, 05:00 AM The Associated Press

Despite higher sales, biotech drugmaker Amgen’s first-quarter profit fell 25 percent as production and research costs rose sharply, while the year-ago quarter enjoyed a tax benefit. The company badly missed Wall Street’s expectations for both earnings per share and revenue, sending down its shares.

The maker of injected osteoporosis treatment Prolia said Tuesday that net income was $1.07 billion or $1.40 per share, down from $1.43 billion, or $1.88 per share, in 2013’s first quarter.

Excluding one-time items, income would have been $1.44 billion, or $1.87 per share. Analysts expected $1.94.

Revenue totaled $4.52 billion, up 7 percent. Analysts were expecting $4.76 billion.

Sales were led by Neulasta and Neupogen for boosting infection-fighting white blood cells, up about 3 percent to a combined $1.38 billion. Sales of immune disorder drug Enbrel, Amgen’s N. 2 seller, fell 5 percent to $988 million.

Sales of six other medicines were up at least slightly, led by a 38 percent jump in Prolia sales to $196 million. Prolia is touted in TV ads by actress Blythe Danner.

The company, based in Thousand Oaks, Calif., noted that the 17 percent increase in research and development spending, to $1.03 billion in the quarter, was mainly due to expenses to continue the research programs of Onyx Pharmaceuticals, the South San Francisco cancer drug company it acquired last October.

“Strong underlying demand for our products and growth in adjusted operating income make us confident in our full-year growth outlook,” CEO Robert Bradway said in a statement, adding, “We continue to advance our robust late-stage pipeline.”

The company reiterated its 2014 financial forecasts, for adjusted earnings per share of $7.90 to $8.20 and revenue of $19.2 billion to $19.6 billion. Analysts surveyed by FactSet expect earnings per share of $8.15 on revenue of $19.62 billion.

In after-hours trading, Amgen shares slipped $3.25, or 2.7 percent, to $116.05.

 

 

Tags: billion, percent, share, sales, quarter, company,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
The CPUC decided to fine PG&E $1.4 billion for the 2010 San Bruno explosion and fire, with almost $1 billion going directly to the state's general fund. What do you think?

Totally agree with it
Agree, but think the entire fine should go to pipeline improvements
Think it should be more
Think it's too much
Disagree, but think the entire fine should go to pipeline improvements

 

 
 
 
 
 
 
PG&E fined $1.4B for deadly 2010 gas line blast
SAN FRANCISCO — California regulatory judges issued a $1.4 billion penalty on Tuesday against the ..
Video purports to show beheading of U.S. journalist
BEIRUT — An Internet video posted online Tuesday purported to show the beheading of U.S. journalis..
U.S. home prices rose at slower pace in July
WASHINGTON — U.S. home prices rose in July but at a slower rate compared with earlier this year. T..
U.S. manufacturing grows at fastest pace in 3½ years
WASHINGTON — U.S. manufacturing grew in August at the strongest pace in more than three years as f..
U.S. construction spending up 1.8 percent in July
WASHINGTON — U.S. construction spending staged a strong rebound in July, rising by the largest amo..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
Half Moon Bay news