Amgen's 2017 2nd-qtr revenues beat expectations

26 July 2017

US biotech major Amgen (Nasdaq: AMGN) posted financial results for the second quarter of 2017 after the markets closed on Monday, showing that total revenues increased 2% versus the like quarter of 2016 to $5.8 billion, beating analysts’ expectations of $5.7 billion.

Generally accepted accounting principles (GAAP) earnings per share (EPS) increased 18% to $2.91 driven by higher operating margins. GAAP operating income increased 13% to $2.7 billion and GAAP operating margin increased 4.9 percentage points to 48.4%. Non-GAAP EPS increased 15% to $3.27 driven by higher operating margins. Analysts polled by FactSet had expected adjusted earnings of $3.11 a share.

Amgen shares fell 2.37% to $176.60 in after-hours trading. So far this year, its stock has risen more than 5%.

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