April 22 Amgen Inc on Tuesday reported lower first quarter profit as results were hurt by acquisition-related costs as well as sales of several key products that fell short of Wall Street estimates.
The world's largest biotechnology company said net profit fell to $1.07 billion, or $1.40 per share, compared with a profit of $1.43 billion, or $1.88 per share, a year ago, when earnings were helped by a tax gain.
Excluding special items, Amgen had adjusted earnings of $1.87 per share. Analysts on average expected $1.94 per share, according to Thomson Reuters I/B/E/S.
The company left its full year forecast unchanged, which is likely to disappoint investors who have become accustomed to Amgen raising its outlook as the year progresses.
Amgen still expects 2014 adjusted earnings of $7.90 to $8.20 per share and revenue $19.2 billion to $19.6 billion. Wall Street on average is looking for earnings of $8.16 per share and sales of $19.61 billion. (Reporting by Bill Berkrot; Editing by Bernard Orr)
Philip Morris seeks U.S. approval to market alternative cigarette
Dec 6 Philip Morris International Inc filed a much-awaited U.S. application to market a new type of cigarette that heats rather than burns tobacco and may carry fewer health risks.
CORRECTED-UPDATE 2-Chipotle says new director slate due 'shortly,' recovery lags
LOS ANGELES, Dec 6 Chipotle Mexican Grill Inc , amid activist pressure to revamp its board and revive sales following last year's string of food safety lapses, will "shortly" announce a new slate of directors, founder and co-chief executive Steve Ells said on Tuesday.