Amgen – Amgen posts mixed results, cites COVID-19 impact
Amgen Inc. posted mixed fourth-quarter results as its revenue rose but profit fell, with the company saying its business continued to feel the effects of the COVID-19 pandemic.
Shares of Amgen
fell as much as 2.5% after hours Tuesday, but was paring some of those losses, after ending the regular session up slightly to close at $240.49.
The Thousand Oaks, Calif.-based biotech company reported fourth-quarter net income of $1.62 billion, or $2.76 a share, compared with $1.7 billion, or $2.85 a share, in the year-ago period. Adjusted earnings were $3.46 a share, adjusted for legal matters and amortization of intangible assets. Revenue rose to $6.63 billion from $6.2 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $3.36 a share on revenue of $6.57 billion.
For the full year, the company’s total revenue climbed 9% to $25.4 billion. It reported higher volume growth that was partially offset by a drop in selling prices and the effects of the pandemic, which included a decrease in doctor-patient interactions, the company said. Amgen said it expects that trend to continue in early 2021, with possible relief coming toward the end of the year depending on how the COVID-19 vaccine rollout goes.