THOUSAND OAKS, Calif. (AP) — THOUSAND OAKS, Calif. (AP) — Amgen Inc. (AMGN) on Thursday reported a first-quarter loss of $113 million, after reporting a profit in the same period a year earlier.
The Thousand Oaks, California-based company said it had a loss of 21 cents per share. Earnings, adjusted for non-recurring costs, came to $3.96 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $3.76 per share.
The world’s largest biotech drugmaker posted revenue of $7.45 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $7.38 billion.
Amgen expects full-year earnings in the range of $19 to $20.20 per share, with revenue in the range of $32.5 billion to $33.8 billion.
Amgen shares have decreased 3.5% since the beginning of the year, while the S&P’s 500 index has increased 6%. In the final minutes of trading on Thursday, shares hit $277.87, an increase of 18% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at https://www.zacks.com/ap/AMGN
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