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Amgen (AMGN) Beats Q1 Earnings Estimates, Raises 2016 Outlook

Amgen, Inc. AMGN just released its first quarter fiscal 2016 earnings results, posting earnings of $2.90 per share and revenue of $5.5 billion.  

Currently, AMGN has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

Amgen:                                                   

1. Beat earnings estimates. The company posted adjusted earnings of $2.90, soaring past our Zacks Consensus Estimate of $2.56 (this number excludes $0.40 from non-recurring items).

2. Beat revenue estimates. The company saw revenue figures of $5.5 billion, topping our consensus estimate of $5.362 billion and reflecting a 9.3% increase from the year-ago period.

3. Reported free cash flow of $1.8 billion (compared to $1.4 billion in the first quarter of 2015) driven by higher revenues and higher operating income.

4. Increased 216 guidance. Total revenues are now expected in the range of $22.2 billion-$22.6 billion and adjusted earnings in the range of $10.85-$11.20.

5. AMGN was down $0.99, or 0.62%, to $159.57 as of 4:34 PM ET in after-hours trading shortly after its earnings report was released.

Here’s a graph that looks at Amgen’s street actual and estimate EPS:

Amgen Inc. discovers, develops and delivers innovative human therapeutics. A biotechnology pioneer, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives.

Check back later for our full analysis on Amgen’s first quarter earnings report!

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