Amgen Beats 3Q Earnings Estimates

 

Amgen Inc. AMGN announced financial results Monday for the third quarter of 2014. 

 

Total revenues increased 6 percent to $5.031 billion, slightly above the average estimate of $4.96 billion.

 

International sales grew 14 percent driven by unit demand across the portfolio, according to the company.

 

Adjusted EPS grew 19 percent to $2.30, beating estimates of $2.11 and adjusted net income increased 19 percent to $1.769 billion.

 

The Company generated $2.6 billion of free cash flow compared with $1.6 billion in the third quarter of 2013.

 

GAAP EPS were $1.61 compared to $1.79 a year ago and GAAP net income was $1.244 billion compared to $1.368 billion. The third quarter of 2014 was negatively impacted by pre-tax charges of $376 million for the restructuring plan announced earlier in the quarter.

 

“Our 22 percent adjusted operating income growth reflects strong performance across our business in the third quarter," said Robert A. Bradway, chairman and chief executive officer. "With regulatory submissions for four new products during the quarter, we are at the beginning of an exciting new product cycle. We look forward to describing progress in our long-term growth strategy and opportunities to build additional shareholder value during our Business Review meeting tomorrow."

 

Amgen Inc. traded at $149.00 in the aftermarket, up 0.54 percent.

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