Amgen Beats Quarterly Estimates, Raises Guidance

Amgen Inc. exceeded analysts estimates for the third quarter, based on results announced by the company Wednesday.The Thousand Oaks biotech company reported adjusted net income of $2.57 billion, or $4.37 per share, compared to $2.2 billion, or $3.66 per share, during the same quarter a year ago. Revenue increased 12 percent year-over-year to $6.4 billion.Analysts on average expected net income of $3.80 a share on revenue of $6.35 billion, according to Yahoo Finance.The company said the results were “driven by higher volume growth, partially offset by lower net selling prices and the effects of the COVID-19 pandemic.”Two new drugs contributed to the gains. Sales of Prolia, a bone loss treatment, increased 11 percent to $701 million. Also, psoriasis drug Otezla, which was acquired by Amgen last year, had sales of $538 million. On the other side, sales of mature arthritis drug Enbrel fell 3 percent year-over-year to $1.3 billion.The company raised its full-year adjusted earnings guidance to $15.80 to $16.15 per share.Amgen announced results after market close. Shares of Amgen (AMGN) closed Wednesday down $7.08, or 3.2 percent, to $216.38 on the Nasdaq on a day when that market closed down 3.7 percent.