Amgen Raises Guidance After Closing Otezla Buy

Date : 11/21/2019 @ 12:18PM
Source : Dow Jones News
Stock : Amgen Inc (AMGN)
Quote : 225.59  -9.45 (-4.02%) @ 4:59AM
After Hours
Last Trade
Last $ 225.01 ▼ -0.58 (-0.26%)

Amgen Raises Guidance After Closing Otezla Buy

Amgen (NASDAQ:AMGN)
Historical Stock Chart

3 Months : From Oct 2019 to Jan 2020

Click Here for more Amgen Charts.

By Colin Kellaher

 

Amgen Inc. (AMGN) on Thursday raised its full-year sales and earnings guidance after completing its acquisition of the worldwide rights to the psoriasis treatment Otezla for $13.4 billion in cash.

The Thousand Oaks, Calif., biotechnology company said it now expects 2019 adjusted earnings of $14.50 to $14.70 a share, up from a previous forecast of $14.20 to $14.45.

Amgen also bumped up its full-year revenue guidance to a range of $23.1 billion to $23.3 billion from a prior forecast of $22.8 billion to $23.0 billion.

Analysts polled by FactSet, on average, are expecting a full-year adjusted profit of $14.42 a share on revenue of about $23 billion.

Amgen in August agreed to buy Otezla from Celgene Corp. in a deal that paved the way for Bristol-Myers Squibb Co. (BMY) to complete its acquisition of Celgene. Bristol-Myers and Celgene had agreed to shed the drug to satisfy regulatory concerns over their union, which closed on Wednesday.

Amgen said the deal is worth about $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 21, 2019 07:03 ET (12:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest AMGN Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.