REUTERS: Amgen Inc on Tuesday reported higher-than-expected fourth-quarter profit as sales rose and tax expense fell, but competition for older medicines is growing and the drugmaker forecast 2019 earnings below Wall Street estimates.
For the full-year, Amgen projected adjusted earnings of US$13.10 to US$14.30 per share on revenue of US$21.8 billion to US$22.9 billion. Wall Street analysts, on average, had forecast US$14.61 per share on revenue US$22.9 billion, according to IBES data from Refinitiv.
The world’s largest biotechnology company posted a net profit of US$1.93 billion, or US$3.01 per share, compared with a net loss of US$4.26 billion, or US$5.89 per share, a year ago, when it took a large charge related to changes in U.S. corporate tax laws.
Excluding items, Amgen said it had adjusted earnings for the quarter of US$3.42 per share. Analysts, on average, expected US$3.27 per share.
Total revenue for the quarter rose 7 percent to US$6.23 billion, beating the average analyst estimate of US$5.84 billion.
The rise in sales was driven largely by increased demand for medicines such as cancer drug Kyprolis, cholesterol fighter Repatha and osteoporosis treatment Prolia.
(Reporting By Deena Beasley; Editing by Bill Berkrot)