Amgen Lifts FY23 Adj. Earnings, Revenue Outlook - Update

(RTTNews) - Amgen Corp. (JBLU), while reporting weak profit and higher revenues in its third quarter, on Tuesday trimmed its fiscal 2023 earnings view on a reported basis, while it raised adjusted earnings and revenue forecast.

For the full year 2023, the company now expects GAAP earnings per share in the range of $11.23 to $12.73, and adjusted earnings per share in the range of $18.20 to $18.80.

The company previously expected earnings per share in the range of $14.30 to $15.41, and adjusted earnings per share in the range of $17.80 to $18.80.

On average, 26 analysts polled by Thomson Reuters expect earnings of $17.31 per share for the year. Analysts' estimates typically exclude special items.

Total revenues are now expected to be in the range of $28.0 billion to $28.4 billion, higher than previously expected $26.6 billion to $27.4 billion.

The Street is looking for revenues of $25.99 billion for the year.

In its third quarter, Amgen reported a profit for third quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $1.73 billion, or $3.22 per share. This compares with $2.14 billion, or $3.98 per share, in last year's third quarter.

Adjusted earnings were $2.67 billion or $4.96 per share for the period. Analysts had expected the company to earn $4.39 per share.

The company's revenue for the quarter rose 3.8% to $6.90 billion from $6.65 billion last year.

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