Amgen (AMGN) Misses Q4 EPS by 14c

Amgen (NASDAQ: AMGN) reported Q4 EPS of $2.89, $0.14 worse than the analyst estimate of $3.03. Revenue for the quarter came in at $5.8 billion versus the consensus estimate of $5.83 billion.

GUIDANCE:

Amgen sees FY2018 EPS of $12.60-$13.70, versus the consensus of $12.71.

• For the fourth quarter, total revenues decreased 3 percent versus the fourth quarter of 2016 to $5.8 billion. For the full year, total revenues decreased 1 percent to $22.8 billion.
• GAAP loss per share of $5.89 for the fourth quarter and GAAP earnings per share (EPS) of $2.69 for the full year include a $6.1 billion charge related to impacts of U.S. corporate tax reform.
• Non-GAAP EPS were flat in the fourth quarter at $2.89. Non-GAAP EPS increased 8 percent for the full year to $12.58, driven by higher operating margins and interest income and a lower share count.
• Free cash flow for the full year grew 9 percent to $10.5 billion, driven by higher operating income and favorable changes in working capital. At year end, cash and investments totaled $41.7 billion.
• The Company expects to increase investments to drive additional volume-driven growth of novel medicines in large patient populations. These plans include a new U.S. manufacturing plant.
• Cash returned to shareholders totaled $6.5 billion in 2017 through dividends and share repurchases. The Company\'s Board of Directors authorized an additional $10 billion of share repurchases. This authorization is in addition to the existing $4.4 billion in share repurchase authorization as of Dec. 31, 2017.
• 2018 total revenues guidance of $21.8-$22.8 billion; EPS guidance of $11.18-$12.36 on a GAAP basis and $12.60-$13.70 on a non-GAAP basis.

For earnings history and earnings-related data on Amgen (AMGN) click here.

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