Amgen Inc. on Wednesday said its third-quarter earnings beat Wall Street expectations despite a slight drop in sales.
The Thousand Oaks biotech company reported adjusted income of $2.4 billion ($3.27 a share) for the third quarter, higher than income of $2.3 billion ($3.02 a share), for the same period a year ago. The results beat expectations of $3.09 a share, according to analysts at Zacks Investment Research.
Revenue for the company fell 1 percent to $5.77 billion.
In addition, Amgen raised its 2017 adjusted earnings per share guidance to between $12.50 to $12.70 a share, up from $12.15 to $12.65. Analysts surveyed by Thomson Reuters on average were expecting $12.58 a share.
The company said its manufacturing site in Juncos, Puerto Rico, had been roughed up by Hurricane Maria. However, the company said its site is now fully operational and is expected to resume commercial production by the end of this month.
Among notable performances is Amgen’s Blincyto, a leukemia drug, which saw 79 percent increase in sales. Neupogen, a bone marrow stimulant, continued to suffer, with a 25 percent decrease in sales in the third quarter. Neupogen was the worst performing drug last quarter with a 30 percent decrease in sales.
“We are seeing strong, volume-driven growth in our recently launched products,” said Robert Bradway, chief executive of Amgen in a statement. “Disciplined expense management and ongoing process improvements continue to provide the financial flexibility need to invest in our best opportunities for long-term growth.”
Amgen’s financial results were released after the market closed. Shares of Amgen (AMGN) closed Wednesday down $2.87 cents, or 1 percent, to $177.50 on the Nasdaq.