Despite Amgen profit ahead of expectations, shares fall

Shares of US biotech giant Amgen (Nasdaq: AMGN) were down 2.5% at $220.56 in after-hours trading on Thursday, after the company announced fourth-quarter and full-year 2019 financial results year, showing that total revenues decreased 2% to $23.4 billion, with product sales decreasing 1%.

Earnings per share (EPS) on a generally accepted accounting principle (GAAP) basis increased 2% to $12.88 for the full year driven by lower weighted-average shares outstanding, offset partially by lower operating income.

For the fourth quarter, sales totaled $5.88 billion, down from $6 billion a year earlier. Total revenue fell 1% to $6.2 billion, ahead of the average analyst estimate of $6.06 billion. Non-GAAP EPS increased 6% in the fourth quarter to $3.64. Analysts had expected the company to earn $3.46 per share, according to figures compiled by Thomson Reuters.