US tax reforms take toll on Amgen's 4th-qtr results

2 February 2018

US biotech giant Amgen (Nasdaq: AMGN) saw its share fall as much as 4.3% in after-hours trading on Thursday after it posted financial results for the fourth quarter and full year 2017, which came in below analysts’ expectations.

For the fourth quarter, total revenues decreased 3% versus the fourth quarter of 2016 to $5.8 billion, falling short of eight analysts surveyed by Zacks forecasts of $5.86 billion. For the full year, total revenues decreased 1% to $22.8 billion.

Amgen announced a loss of $4.26 billion for the fourth quarter of 2017, versus a profit of $1.9 billion in the year-ago period. GAAP (generally accepted accounting principles) loss per share of $5.89 for the fourth quarter and GAAP earnings per share (EPS) of $2.69 for the full year include a $6.1 billion charge related to impacts of U.S. corporate tax reform.

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