Amgen's Profit Falls in Second Quarter
[Benzinga Lightning Feed]
Published Date: July 29, 2011 09:03:00 AM EDT
Author: Benzinga Staff Writer
Amgen (NASDAQ: AMGN) announced its results for the second quarter on July 29, 2011. Let's take a closer look at the company's industry, financials, and commentary and see what steps you can take next.
Earnings and Revenue:
Amgen managed to exceed Wall Street estimates with stronger-than-expected EPS and revenues. The company reported EPS of adjusted net income of $1.35/share versus the $1.30/share estimate and revenues of $3.96 billion versus the $3.78 billion estimate. Revenue climbed 4.1% from the same period last year.
This marks the second quarter in a row that the company's net income has fallen. Amgen's revenue has increased the past four quarters on a year-over-year basis.
For the year, Amgen reported net income of $5.08 per share. The company trumped analyst projections of $4.94 by 2.8%. According to the reported number, the company's income fell 2.7% from last year's levels.
"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."
With price/earnings contraction of 9.6%, Amgen's industry, biomedicine, is shrinking at the moment. The company is outpacing the industry's estimated average EPS by 22.7%.
What to Do Next:
Now that you've gotten a round up of Amgen's latest numbers, you can make a better-informed decision about whether to buy, sell or hold those shares. Whatever you do, be sure to visit us before the company's next earnings release for a full preview.
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Posted: July 2011