Amgen Updates Guidance; Q1 Product Sales Down 1% YoY - Quick Facts

(RTTNews) - Amgen (AMGN) announced, for the full year 2017, the company now expects, on a non-GAAP basis, EPS in the range of $12.00 to $12.60. Previously, the company expected non-GAAP EPS in the range of $11.80 to $12.60. Total revenues is expected to be in the range of $22.3 billion to $23.1 billion, unchanged from previous guidance.

For the first-quarter, non-GAAP EPS increased 9 percent to $3.15 driven by higher operating margins. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $3.0 for the quarter. Analysts' estimates typically exclude special items.

First-quarter total revenues decreased 1 percent year-over-year to $5.46 billion. Analysts expected revenue of $5.6 billion for the quarter. Enbrel (etanercept) sales decreased 15 percent due to the impact of competition as well as lower rheumatology and dermatology segment growth compared to prior quarters.