Amgen 2013 revenue forecast tops Street estimates
The world's largest biotechnology company forecast 2013 revenue of $17.8 billion to $18.2 billion and adjusted earnings of $6.85 to $7.15 per share. Analysts on average are looking for revenue of $17.7 billion and earnings of $6.99 per share, according to Thomson Reuters I/B/E/S.
The 2013 forecast suggests "that they expect good momentum from 2012," RBC Capital Markets analyst Michael Yee said. "They have a history of guiding conservatively and then beating."
The company was true to that history on a call with analysts and investors.
Amgen previously targeted 2015 revenue of $16 billion to $18 billion and adjusted earnings of $7.25 to $8.60 per share. On Wednesday, Amgen management said it was on track to hit the upper end of its 2015 revenue guidance two years early and the EPS forecast at least one year early.
It said it is on track to earn at least $8 per share for 2015.
Amgen, whose shares gained 34 percent last year, noted that its deferred 2012 research and development (R&D) tax credit, which the US Congress failed to address in time for 2012, would be recorded in the first quarter of 2013. The company also intends to continue to return cash to investors through meaningful increases to its dividend going forward.
Net profit for the fourth quarter fell as sales of some key products declined and R&D spending and
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