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Amgen beats EPS, sales revenue, increases guidance

Shares of Amgen Inc. AMGN, -1.59% rose 1% late Wednesday after the biotech drug maker reported third-quarter earnings above Wall Street expectations and increased its guidance for the year. Amgen earned $2 billion, or $2.76 a share, in the quarter, compared with $2 billion, or $2.68 a share, in the year-ago period. Adjusted for one-time items, Amgen earned $3.27 a share, up from $3.02 a share a year ago on higher operating margins. Revenue rose fell 1% to $5.77 billion, compared with $5.81 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $3.11 a share on sales of $5.75 billion. Amgen said hurricane recovery efforts are "well underway" in its Puerto Rico facility with no expected impact on product supply and an expected 2017 impact of 15 cents to 18 cents a share. Amgen revised its 2017 GAAP EPS guidance to between $10.96 and $11.20 a share, and adjusted EPS guidance to between $12.50 and $12.70. The company upped its revenue guidance to between $22.7 billion to $23 billion. The analysts surveyed by FactSet expected adjusted EPS of $12.58 for the year on sales of $22.9 billion. Amgen shares ended the regular trading day down 1.6%.


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