AMGN Amgen Inc

By Maria Armental

Amgen Inc. (AMGN) reported third-quarter results on Tuesday and raised annual financial targets. Here's what you need to know:

PROFIT: Net income for the quarter ended Sept. 30 rose 6% to $1.97 billion, or $3.27 a share. On an adjusted basis, profit fell to $3.66 a share from $3.69 a share. Analysts surveyed by FactSet expected $3.19 a share and $3.53 a share as adjusted.

REVENUE: Total revenue fell 2.8% to $5.74 billion, compared with the consensus of $5.63 billion.

OUTLOOK: Amgen now expects $12.50 to $12.80 a share in profit, or $14.20 to $14.45 a share as adjusted, on $22.8 billion to $23 billion in revenue. Previously, it projected $12.10 to $12.71 a share, or $13.75 to $14.30 a share on an adjusted basis, and $22.4 billion to $22.9 billion in revenue. In 2018, it reported $12.62 a share, or $14.40 a share as adjusted, on $23.75 billion in revenue.

OTEZLA: The outlook doesn't include any potential impact from psoriasis medicine Otezla (apremilast), which Amgen agreed to buy from Celgene Corp. (CELG) in a roughly $13.4 billion deal that is expected to close by the end of the fourth quarter.

REPATHA: Sales of the cholesterol drug rose 40% in the latest period. Starting next year, Repatha (evolocumab) will list for $5,850 a year, about 60% lower than current price, to make the medicine more affordable to patients and kick-start sales.

ENBREL: Sales of Amgen's top-selling drug Enbrel (etanercept), which is at the center of a legal challenge that has kept competitors' biosimilar offerings at bay, rose 6% to $1.37 billion in the latest period. Analysts projected $1.26 billion in sales.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

October 29, 2019 16:33 ET (20:33 GMT)

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