In contrast to market expectations, shares in Amgen, Inc. (NASDAQ:AMGN) remained flat even as the biotechnology giant exceeded third-quarter earnings estimates and once again raised its financial guidance.
For the three months ended September 30, the company reported a net income of $1.730 billion or $3.22 per share, down from $2.143 billion or $3.98 per share in the same quarter last year.
However, its adjusted per-share earnings stood at $4.96, considerably outperforming Wall Street's consensus of $4.68.
Revenue for the period reached $6.903 billion, up from last year's $6.652 billion and almost in line with estimates centred around $6.923 billion.
Notably, sales of Amgen's autoimmune disease treatment, Enbrel, declined by 6%. Conversely, the firm saw robust sales growth in other sectors: Repatha, a high-cholesterol treatment, witnessed a 31% increase in sales, while Prolio, aimed at osteoporosis, saw sales increase by 14%.
Amgen has updated its full-year guidance, now anticipating adjusted earnings per share (EPS) between $18.20 and $18.80, with revenue projections ranging from $28.0 billion to $28.4 billion.
The revised guidance slightly exceeds the Street's consensus, which estimated an EPS of $18.36 and revenue of $27.6 billion.
Ahead of the bell, the stock bobbed sideways at $262.50.