Amgen lowers earnings estimate after 'solid' quarter

4 August 2021

US biotech Amgen (Nasdaq: AMGN) has seen its quarterly revenues rise by 5% to $6.5 billion in comparison to the second quarter of 2020, a jump attributed to higher unit demand though partially offset by lower net selling prices.

Second-quarter 2021 adjusted earnings, helped by share buybacks, increased 4% from a year ago to $4.38 per share, beating the $4.10 forecast by Wall Street analysts, as calculated by Refinitiv.

On a generally accepted accounting principles (GAAP) basis, Amgen now expects earnings per share in the range of $8.84 to $9.90 for 2021 as a whole, where previously the company had predicted somewhere from $9.11 to $10.71.

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