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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 firstname.lastname@example.org
(END) Dow Jones Newswires
November 21, 2019 07:03 ET (12:03 GMT)
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