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Amgen Beats Expectations for Fourth Quarter | San Fernando Valley Business Journal


Amgen Inc. beat Wall Street estimates in the fourth quarter, as sales from newer drugs such as migraine medication Aimovig offset lower revenue from older, off-patent medications.
For the quarter ending Dec. 31, the Thousand Oaks biotech reported adjusted net income of $2.23 billion ($3.81 a share) compared to $2.17 billion ($3.64 a share) for the same period a year ago. Revenues increased 7 percent compared to a year ago to $6.63 billion.
Analysts on average predicted net income of $3.36 a share on revenue of $6.57 billion, according to analysts polled by FactSet.
Total product sales increased 8 percent in the fourth quarter, driven by 13 percent volume growth, the company said. ....

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