Amgen Inc. Earnings Cheat Sheet: Four Straight Quarters of Profit Drops

S&P 500 (NYSE:SPY) component Amgen Inc. (NASDAQ:AMGN) reported its results for the third quarter. Amgen is a biotechnology medicines company that discovers, develops, manufactures, and markets medicines for grave illnesses.

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Amgen Earnings Cheat Sheet for the Third Quarter

Results: Net income for Amgen Inc. fell to $454 million (50 cents per share) vs. $1.24 billion ($1.28 per share) a year earlier. This is a decline of 63.3% from the year earlier quarter.

Revenue: Rose 3.4% to $3.94 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: AMGN reported adjusted net income of $1.40 per share. By that measure, the company beat the mean estimate of $1.26 per share. Analysts were expecting revenue of $3.87 billion.

Quoting Management: “Our business has performed well this year, which has given us confidence to increase our full-year revenue and EPS guidance,” said Kevin Sharer, chairman & CEO. “We are also confident in our outlook and long-term value and intend to accelerate our stock repurchase

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 5 cents in the second quarter, by 3 cents in the first quarter, and by 9 cents in the fourth quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 4.1% to $3.96 billion in the second quarter. The figure rose 3.2% in the first quarter from the year earlier and climbed 0.8% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company has now seen net income fall in each of the last three quarters. In the second quarter, net income fell 2.7% from the year earlier, while the figure fell 3.6% in the first quarter.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from $1.14 a share to $1.20 over the last ninety days. For the fiscal year, the average estimate has moved up from $5.06 a share to $5.09 over the last ninety days.

Competitors to Watch: Johnson & Johnson (NYSE:JNJ), Pfizer Inc. (NYSE:PFE), Biogen Idec Inc. (NASDAQ:BIIB), GlaxoSmithKline plc (NYSE:GSK), Affymax, Inc. (NASDAQ:AFFY), Genzyme Corporation (NASDAQ:GENZ), Roche Holding Ltd. (RHHBY), Novartis AG (NYSE:NVS), 3SBio Inc. (NASDAQ:SSRX), and NPS Pharmaceuticals, Inc. (NASDAQ:NPSP).

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(Source: Xignite Financials)