February 25, 2024
Investors

Amgen Stock Dipped Despite Beating Fourth-Quarter Sales Forecasts


Amgen (AMGN) stock dipped late Tuesday after the biotech company beat Wall Street’s fourth-quarter estimates, but its profit guidance for 2024 came up short.




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For the year, the biotech giant expects to earn an adjusted $18.90 to $20.30 per share. The midpoint of that outlook, $19.60, fell short of analysts’ expectations for $19.96, according to FactSet. Amgen’s sales guidance, on the other hand, was narrowly above expectations for $32.71 billion. The biotech calls for $32.4 billion to $33.8 billion in sales this year.

Still, in after-hours action on today’s stock market, Amgen stock slipped a fraction to 315.50.

Amgen Stock: Record Sales

During the December quarter, Amgen’s sales surged 20% to $8.2 billion, beating forecasts for $8.13 billion. Adjusted earnings climbed 15% to $4.71 per share, north of estimates for $4.59.

The company noted nine drugs hit record sales. The best growth came from Blincyto, which treats a form of leukemia. Blincyto sales rocketed 47% to $241 million. Evenity, a treatment for osteoporosis, brought in $318 million in sales. Sales surged 41% year over year.

But Amgen’s biggest drug, Enbrel, saw sales slump 8% to $1.02 billion.

Amgen stock is now extended from a buy point at 288.46 out of a cup base. Shares broke out in late December, MarketSmith.com shows.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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