Amgen Beats on Revenue and Profit Expectations By Investing.com

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Amgen Beats on Revenue and Profit Expectations

Nov 03, 2022 17:42

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By Liz Moyer

Investing.com -- Amgen (AMGN) reported third quarter earnings that beat analysts' forecasts and revenue that topped expectations.

The biotech company reported earnings per share of $4.70 on revenue of $6.7 billion. Analysts anticipated EPS of $4.45 on revenue of $6.58 billion.

Amgen shares rose 1% in after-hours trading. They are up 18% from the beginning of the year, but down 3.27% from a 52-week high of $274.88 set on Nov. 2.

Revenue for the quarter was up 1% on growth from its treatments for cancer, rheumatology and heart products helped blunt the effects of lower prices and foreign exchange challenges.

For the full year, Amgen is forecasting a narrower range for adjusted EPS of $17.25 to $17.85 and revenue in a range of $26 billion to $26.3 billion. It earlier forecast an EPS range of $17 to $18 on revenue of $25.5 billion to $26.4 billion.

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