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Amgen’s stock jumps premarket after earnings beat and company again raises guidance

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

Amgen Inc.’s stock AMGN, +0.62% rose 2.9% in premarket trade Tuesday, after the biotech blew past earnings estimates for the third quarter and again raised its guidance. The company posted net income of $1.730 billion, or $3.22 a share, for the quarter, down from $2.143 billion, or $3.98 a share, in the year-earlier period. Adjusted per-share earnings came to $4.96, well ahead of the $4.68 FactSet consensus. Revenue climbed to $6.903 billion from $6.652 billion, close to the $6.

923 billion FactSet consensus. Sales of the company’s Enbrel, which is used to treat autoimmune diseases, fell 6%. Repatha, a treatment for high cholesterol, saw sales climb 31%, while osteoporosis treatment Prolio saw sales rise 14%. Amgen is now expecting full-year adjusted EPS of $18.20 to $18.80 and revenue of $28.0 billion to $28.4 billion. The FactSet consensus is for EPS of $18.36 and revenue of $27.6 billion. The stock has gained 0.

 

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