Amgen Inc.'s stock (AMGN, +0.62%) surged by 2.9% in premarket trade on Tuesday, following the biotech giant's impressive performance in the third quarter. The company reported net income of $1.730 billion, or $3.22 per share, for the quarter, slightly lower compared to $2.143 billion, or $3.98 per share, in the same period last year. However, adjusted earnings per share came in at a remarkable $4.96, surpassing the FactSet consensus of $4.68.
Strong Revenue Growth
Amgen also achieved robust revenue growth, with total revenue reaching $6.903 billion for the quarter, up from $6.652 billion in the previous year. This figure closely aligns with the FactSet consensus of $6.923 billion. The sales of Enbrel, the company's autoimmune disease treatment, experienced a slight decline of 6%. On the other hand, Repatha, a high cholesterol treatment, saw a significant sales increase of 31%, while Prolio, an osteoporosis treatment, observed a rise of 14% in sales.
Increased Full-Year Outlook
Encouraged by its exceptional performance in Q3, Amgen raised its guidance for the full year. The company now expects adjusted earnings per share in the range of $18.20 to $18.80 and revenue between $28.0 billion and $28.4 billion. This update surpasses the FactSet consensus of EPS at $18.36 and revenue at $27.6 billion.
Market Performance
Despite various challenges faced by the biotech industry, Amgen's stock has shown resilience and remains promising. Year-to-date, the stock has gained 0.2%, demonstrating its stability even in an unpredictable market. In comparison, the S&P 500 has experienced an 8.5% increase, further highlighting the strength of Amgen's performance.
Amgen Inc continues to excel in the biotech sector, proving its ability to deliver strong earnings and make significant strides in therapeutic treatments. With a positive outlook for the future, the company's growth trajectory appears promising.
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