Amgen Earnings: Double-Digit Revenue Growth
Amgen Inc. (NASDAQ:AMGN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are flat.
Amgen Inc. Earnings Cheat Sheet
Results: Net income decreased -15.63% to $788 million ($1.4 per diluted share) in the quarter versus a net gain of $934 million in the year-earlier quarter.
Revenue: Rose 11.25% to $4.42 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Amgen Inc. reported adjusted net income of $1.4 per share. By that measure, the company beat the mean analyst estimate of $1.39. It beat the average revenue estimate of $4.37 billion.
Quoting Management: “We achieved strong operating performance in 2012 as we delivered for patients and created value for shareholders,” said Robert A. Bradway, chairman and chief executive officer at Amgen. “We enter 2013 with good momentum, a broad late-stage pipeline and a continued focus on building our business internationally.”
Revenue increased 2.34% from $4.32 billion in the previous quarter. Net income decreased 28.82% from $1.11 billion in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $1.72 to a profit $1.7. For the current year, the average estimate has moved up from a profit of $6.49 to a profit of $6.5 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)