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Amgen Raises Forecast as Q3 Earnings Easily Top Expectations

Thursday, October 27, 2016 13:33
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amgen-logo-amgnBiotech giant Amgen, Inc. (NASDAQ:AMGN) late today posted much better than expected third quarter earnings results and lifted its full-year oulook.

The Thousand Oaks, CA-based company reported Q3 EPS of $3.02, a whopping $0.23 better than the consensus Wall Street estimate of $2.79. Revenue rose a meager 1.5% from last year to $5.81 billion, but still beat the $5.7 billion analysts expected.

Amgen noted that its operating margin in the latest period grew by 4.2 percentage points to 52.9%. The company also generated $2.5 bln in of free cash flow in Q3.

Looking ahead, Amgen boosted its full-year earnings outlook. The company now expects full-year 2016 EPS of $11.40 to $11.55, up from a prior $11.10 to $11.40. Analysts expect a lower $11.35 per share for the year. Amgen also lifted its revenue outlook to a range of $22.6 to $22.8 billion, up from $22.5 to $22.8 billion, and in-line with Wall Street’s $22.75 billion estimate.

Amgen also forecast capex (capital expenditures) of around $700 million for the year.

The company commented via press release:

“Our business is performing well and our double-digit earnings per share growth reflects the progress we have made through our transformation efforts,” said Robert A. Bradway, chairman and chief executive officer. “We are focused on growing several newly launched products and advancing the pipeline globally.”

Amgen shares fell $1.57 (-0.98%) to $159.00 in after-hours trading Thursday following the report. Prior to today’s earnings release, AMGN had fallen 0.83% year-to-date.


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