S&P 500 component Amgen Inc. reported its results for the second quarter. Amgen Inc. is a biotechnology medicines company that discovers, develops, manufactures and markets medicines for grave illnesses.
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Amgen Earnings Cheat Sheet for the Second Quarter
Results: Net income for Amgen Inc. fell to $1.17 billion ($1.25 per share) vs. $1.2 billion ($1.25 per share) a year earlier. This is a decline of 2.7% from the year earlier quarter.
Revenue: Rose 4.1% to $3.96 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: AMGN reported adjusted net income of $1.35 per share. By that measure, the company beat the mean estimate of $1.30 per share. It beat the average revenue estimate of $3.78 billion.
Quoting Management: “Our products recorded a strong eight percent growth during the quarter,” said Kevin Sharer, chairman & CEO at Amgen. “Our business has momentum and we expect to be at the upper end of our revenue and EPS guidance ranges for the year.”
Key Stats:
Last quarter marked the fifth straight quarter that the company saw shrinking gross margins as gross margin fell 0.7 percentage points to 84.8% from the year earlier quarter. Over that time, margins have contracted on average 0.8 percentage point per quarter on a year-over-year basis.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the first quarter, by 9 cents in the fourth quarter of the last fiscal year, and by 10 cents in the third quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 3.2% to $3.71 billion in the first quarter. The figure rose 0.8% in the fourth quarter of the last fiscal year from the year earlier and climbed 0.1% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 3.6% from the year earlier quarter.
Competitors to Watch: Johnson & Johnson , Pfizer Inc. , Biogen Idec Inc. , GlaxoSmithKline plc , Affymax, Inc. , Genzyme Corporation , Novartis AG , 3SBio Inc. , and NPS Pharmaceuticals, Inc. .
Source:finance.yahoo.com