Amgen's 1st-qtr 2014 disappoints, as net income falls 25%
Amgen (Nasdaq: AMGN), the world’s largest independent biotech firm by revenues, yesterday announced financial results for the first quarter of 2014 showing that, while group sales increased 7% to $4.52 billion, below analysts’ expectations of $4.8 billion, earnings were down. Amgen’s shares fell 3% to $115.75 in extended trading in New York after the results were released.
Generally accepted accounting principles (GAAP) earnings per share (EPS) were $1.40 compared to $1.88, down 26%, and GAAP operating income was $1.36 billion, a fall of 5%. GAAP net income plunged 25% to $1.07 billion. GAAP EPS and operating income in 2014 include non-cash amortization and other expenses for recent acquisitions, the company noted.
Key results include:
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