Amgen third-quarter revenue falls 3%, biosimilar sales rise

By Deena Beasley (Reuters) - Amgen Inc on Tuesday said competition for older off-patent drugs sent third-quarter revenue down 3%, but share repurchases and biosimilar sales helped it achieve higher-than-expected profit, and the company raised its full-year outlook. The California based biotechnology company posted adjusted earnings per share of $3.66, beating the average analyst estimate of $3.53 per share, according to IBES data from Refinitiv. The number of Amgen shares outstanding dropped 7% from a year earlier

Reuters October 30, 2019 02:06:58 IST
Amgen third-quarter revenue falls 3%, biosimilar sales rise

Amgen thirdquarter revenue falls 3 biosimilar sales rise

By Deena Beasley

(Reuters) - Amgen Inc on Tuesday said competition for older off-patent drugs sent third-quarter revenue down 3%, but share repurchases and biosimilar sales helped it achieve higher-than-expected profit, and the company raised its full-year outlook.

The California based biotechnology company posted adjusted earnings per share of $3.66, beating the average analyst estimate of $3.53 per share, according to IBES data from Refinitiv. The number of Amgen shares outstanding dropped 7% from a year earlier.

Net profit for the quarter rose 14% to $3.27 per share from $2.86 per share a year ago.

Total revenue declined to $5.74 billion (£4.46 billion) from $5.9 billion a year ago, which was slightly better than analysts’ estimates of $5.64 billion.

Sales of new migraine drug Aimovig totalled $66 million for the quarter, well short of the $94.5 million projected by analysts, while sales of cholesterol fighter Repatha rose 40% to $168 million. That was still shy of Wall Street estimates of $170.3 million.

Sales of Neulasta, which fights infections by boosting white blood cells, fell 32% to $711 million, while sales of kidney drug Sensipar plunged 73% to $109 million in the face of increased competition from cheaper generics and biosimilars.

Amgen, which has its own biosimilar versions of rival company drugs, said its biosimilar sales rose to $173 million, up from $82 million in the previous quarter.

Amgen said it now expects full-year adjusted earnings of $14.20 to $14.45 per share on revenue of $22.8 billion to $23 billion. It had previously forecast $13.75 to $14.30 per share on revenue of $22.4 billion to $22.9 billion.

(Reporting By Deena Beasley; Editing by Bill Berkrot)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.