AP NEWS
ADVERTISEMENT

Amgen: 2Q Earnings Snapshot

July 29, 2020 GMT

THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Tuesday reported second-quarter profit of $1.8 billion.

On a per-share basis, the Thousand Oaks, California-based company said it had profit of $3.05. Earnings, adjusted for one-time gains and costs, were $4.25 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $3.81 per share.

The world’s largest biotech drugmaker posted revenue of $6.21 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $6.18 billion.

Amgen expects full-year earnings in the range of $15.10 to $15.75 per share.

Amgen shares have increased nearly 6% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $255.27, an increase of 45% in the last 12 months.

ADVERTISEMENT

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at https://www.zacks.com/ap/AMGN