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Amgen Profit, Sales Top Wall Street Targets

Amgenreported earnings and revenue that beat expectations, though it wasn't enough to lift the company's stock in late trading Monday.

Amgen
Amgen

The biotech giant turned in a profit of $1.36 a share on an adjusted basis in the third quarter, down from $1.49 a share a year earlier.

Revenue in the most recent quarter slid to $3.82 billion, flat with $3.812 billion last year.

Analysts who follow Amgen saw the company reporting a profit of $1.27 a share on sales of $3.77 billion, according to a consensus estimate from Thomson Reuters.

The company's shares edged lower in the late session Monday. Get after-hour quotes for Amgen here.

Amgen's stock finished Monday's Nasdaq session less than 1 percent higher at $57.95.

Amgen said sales of its Prolia drug reached $10 million for the quarter, "reflecting steady progress with physicians, patients and payers in the U.S. and internationally." Analysts were expecting Prolia sales of more than $30 million.

Wall Street is looking to the bone-strengthening drug Prolia as a way to revitalize revenue. It was approved in June as a treatment for postmenopausal women at risk for fractures and is under review as a potential treatment for bone damage suffered by cancer patients.

Among the company's key revenue drivers, sales of Aranesp declined by 9 percent to $623 million, and sales of Epogen slid 2 percent to $653 million.

Combined sales of Neulasta and Neupogen rose 4 percent to $1.254 billion.

Enbrel sales declined by 1 percent to $914 million.

Amgen posted a net profit of $1.24 billion, or $1.28 per share, down from a profit of $1.39 billion, or $1.36 per share, a year ago. Wall Street analysts typically make their earnings estimates for adjusted, rather than net profit.

Amgen's bottom line benefited from tightly controlled operating expenses, which rose 5 percent to $2.34 billion—less than analysts expected.

- AP and Reuters contributed to this report.