Amgen 4Q Profit Declines, Revenue Ticks Down Slightly

By Denny Jacob

Amgen Inc. on Tuesday reported lower profit and revenue that dipped in the latest quarter.

The biotechnology company reported net income of $1.62 billion, or $3 a share, for the fourth quarter ended Dec. 31, compared to $1.90 billion, or $3.36 a share, a year earlier. Adjusted earnings were $4.09 a share, slightly below analysts' estimates of $4.10 a share.

Revenue ticked down to $6.84 billion from $6.85 billion. Analysts polled by FactSet expected $6.74 billion.

The company said revenue benefited from a 4% in product sales but was offset by lower other revenue from its Covid-19 manufacturing collaboration.

Amgen forecast revenue between $26 billion and $27.2 billion and adjusted earnings between $17.40 and $18.60 a share for full year 2023. The company said the guidance excludes any contribution from its announced acquisition of Horizon Therapeutics, which it expects to complete in the first half of the year.

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

January 31, 2023 16:36 ET (21:36 GMT)

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