Dallas, Texas 04/25/2014 (FINANCIALSTRENDS) – Amgen, Inc. (NASDAQ:AMGN) reported its Q1 2014 Results on 22nd April. This resulted in rating agency Oppenheimer reiterating it’s “perform” rating on the stock and increased the price target on the stock to $122 from previous rating of $121.
Kicking off its earnings call, Arvind Sood who is VP of Investor Relations at Amgen, Inc. (NASDAQ:AMGN) has been quoted to have said that “Our performance gives us confidence that we are on track to deliver our full year guidance. In addition, consistent with our expectations that 2014 will be a data rich year, we’ve already reported significant data on evolocumab and T-VEC and expect Phase III data on four other programs in the remainder of the year”.
Amgen, Inc. (NASDAQ:AMGN) Chairman and CEO Bob Bradway reiterated the firm’s confidence in meeting the estimates the management team had shared at the beginning of the fiscal year. Revenue for the quarter went up by 7 percent, backed by pickup in demand for its products in Europe. The revenue increase has also been linked to the completion of buck back from Roche, rights for its drugs Neulasta and NEUPOGEN.
First quarter revenue was up 6.6 percent to peak at $4.52 billion but was well below the analysts average estimate of $4.75 billion. Cause for concern was also because of the 5 percent drop in the Sales of its flag ship drug Enbrel designed to treat arthritis. Revenue from this flag ship product came down to $988 million in the current quarter. Analysts had anticipated revenue of $1.11 billion from these lines of business. In spite of the slow start to the year, the drug maker reiterated its estimates for the full year 2014. It expects revenue in 2014 to come in the range of $19.2 billion to $19.6 billion and EPS to come in between $7.90 to $8.20.