Amgen, Inc. (NASDAQ: AMGN) Wednesday posted mixed first quarter earnings and lifted the low end of its 2017 profit outlook, as it continues to struggle to produce meaningful revenue gains amid a harsh regulatory environment.

Written by StockNews.com

The Thousand Oaks, CA-based biotech giant reported Q1:

  • earnings per share (EPS) of $3.15, which was $0.14 better than the Wall Street consensus estimate of $3.01.
  • revenues fell 1.1% from last year to $5.46 billion, however, missing analysts’ view for $5.6 billion.

    • Looking ahead, Amgen forecast:

  • full-year 2017 EPS of $12.00 to 12.60, up from a prior $11.80 to $12.60, and still in-line with Wall Street’s view for $12.34.
  • 2017 revenues at between $22.3 and $23.1 billion, straddling analysts’ $23.02 billion consensus estimate.

    • Robert A. Bradway, chairman and chief executive officer, commented via press release:

    “We are well positioned for the long term with our newer products demonstrating volume growth around the world and our tight operational expense management of the Company.

    With robust Repatha® (evolocumab) outcomes data, we are working with payers to improve access to this important therapy for patients at risk for heart attacks and strokes.”

    Amgen, Inc. shares fell $5.91 (-3.59%) to $158.70 in after-hours trading Wednesday following the report. Year-to-date, AMGN had gained 13.36%, versus a 7.12% rise in the benchmark S&P 500 index during the same period.

    AMGN currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #51 of 271 stocks in the Biotech category.

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