Tuesday
March
28
2017
10:27 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
 
 
 
 
 
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  | 
<< Back
 
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Do you think on-demand ride companies like Uber and Lyft are helping with the area's traffic congestion?

Definitely helping
Helping in some circumstances
Not helping
Would help more if drivers wouldn't clog already congested areas
Not sure

 

 
 
 
 
Trump tosses Obama’s ’clean’ energy plan, embraces coal
WASHINGTON — Declaring “the start of a new era” in energy production, President D..
White House calls for domestic cuts to finance border wall
WASHINGTON — President Donald Trump is proposing immediate budget cuts of $18 billion from program..
More >>  
 
 
  
 
  
 
©2017 San Mateo Daily Journal
San Mateo County election results