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Amgen shares slip as biotech behemoth misses fourth quarter expectations

The latest results were impacted by a US$6.1bn charge related to the new US tax laws
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Weighing on the numbers was a decline in the sales of blockbuster rheumatoid arthritis drug Enbrel

Amgen Inc (NASDAQ:AMGN) shares slipped over 2% after the New York bell as the world's biggest biotech missed expectations for fourth quarter profit and revenue.

The latest results were impacted by a US$6.1bn charge related to the new US tax laws, which led to a quarterly net loss of US$4.26bn, or US$5.89 per share,

Lower Enbrel sales and higher expenses to blame

Adjusted earnings-per-share came in at US$2.89, compared with consensus of US$3.03.

Revenue fell to US$5.80bn from US$5.97bn, compared with consensus of US$5.85bn.

Weighing on the numbers was a decline in the sales of blockbuster rheumatoid arthritis drug Enbrel and higher-than-expected expenses.

For 2018, Amgen is forecasting adjusted earnings per share (EPS) of between US$12.60 and US$13.70 and revenue of US$21.8bn to US$22.8bn.

Analysts had been forecasting US$12.71 per share and US$22.8bn in revenue.



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