Amgen Lifts Annual Outlook After Q3 Performance, But Stock Still Falls - Here's Why
Portfolio Pulse from Vandana Singh
Amgen Inc reported Q3 FY23 sales of $6.90 billion, slightly missing the consensus of $6.94 billion. Total revenues increased 4% Y/Y, driven by a 5% increase in product sales. Adjusted EPS increased 6% to $4.96, beating the consensus of $4.66. However, the company's stock fell by 3.78%. Amgen also raised its FY23 adjusted EPS and revenue guidance. Sales of Amjevita, Amgen's new biosimilar version of AbbVie Inc's arthritis drug Humira, rose 30% to $152 million.
October 31, 2023 | 1:55 pm
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Amgen's Q3 FY23 sales slightly missed consensus, but adjusted EPS beat expectations. The company raised its FY23 guidance, but its stock fell by 3.78%.
Despite beating EPS estimates and raising its FY23 guidance, Amgen's stock fell due to the slight miss in sales. This indicates that investors may have had higher expectations for the company's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Sales of Amjevita, Amgen's new biosimilar version of AbbVie's arthritis drug Humira, rose 30% to $152 million.
The increase in sales of Amjevita, a competitor to AbbVie's Humira, could potentially impact AbbVie's market share. However, the direct impact on AbbVie's stock is not clear from this news alone.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50