Amgen (NASDAQ:AMGN) had a strong quarter. Biotech has been the most active part of the market in terms of trading volume. Amgen is the category’s grandfather.
The company reported EPS of $1.49 for the third quarter of 2009, an increase of 21% compared to $1.23 for the same period a year ago. Adjusted net income increased 16% to $1.518 billion in the third quarter of 2009 compared to $1.308 billion in Q3 2008.
R&D expenses decreased 12% to $613 million in the third quarter of 2009 versus $700 million in the third quarter of 2008. This decrease was primarily driven by lower clinical trial costs and lower staff-related expenses, due in part to the optimization of its clinical supply network.
Amgen reaffirmed that revenues for 2009 are trending towards the upper end of the current guidance range of $14.4 billion to $14.8 billion. Amgen now expects 2009 adjusted EPS to be in the range of $4.90 to $5.05, an increase from the previous range of $4.80 to $4.95
Douglas A. McIntyre
In 20 Years, I Haven’t Seen A Cash Back Card This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. Our top pick today has pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.