Amgen 3rd-qtr beats expectations despite lower revenues
US biotech giant Amgen (Nasdaq: AMGN) posted third-quarter 2019 financials after market close on Tuesday that beat expectations, but the stock dipped in after-hours trading, having ended the regular trading session up 1.94% to $208.99.
Total revenue for the quarter fell 2.8% to $5.74 billion, compared with the consensus of $5.63 billion, reflecting the impact of biosimilar and generic competition against key products.
On a generally accepted accounting principles (GAAP) basis. earnings per share (EPS) increased 14% to $3.27 benefited by lower weighted-average shares outstanding and higher operating income. Non-GAAP EPS decreased 1% to $3.66 as a result of lower revenue, beating the average analyst estimate by $0.13, according to IBES data from Refinitiv, offset partially by lower weighted-average shares outstanding.
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