Amgen Earnings: Here’s Why Shares are Down Now

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 down 1.98%.

Amgen Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 3.28% to $1.89 in the quarter versus EPS of $1.83 in the year-earlier quarter.

Revenue: Rose 4.51% to $4.68 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Amgen Inc. reported adjusted EPS income of $1.89 per share. By that measure, the company beat the mean analyst estimate of $1.74. It beat the average revenue estimate of $4.49 billion.

Quoting Management: “We saw solid product trends during the second quarter and are carrying good momentum into the second half,” said Robert A. Bradway, chairman and chief executive officer at Amgen. “We continue to make excellent progress with our pipeline of innovative molecules and look forward to multiple data readouts in 2014, including pivotal Phase 3 data for our cholesterol-lowering agent, AMG 145, in the first quarter.”

Key Stats (on next page)…

Revenue increased 10.41% from $4.24 billion in the previous quarter. EPS decreased 3.57% from $1.96 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 $1.8 to a profit $1.79. For the current year, the average estimate has moved up from a profit of $7.28 to a profit of $7.29 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)