Amgen Inc on Thursday forecast 2020 earnings well short of Wall Street estimates...
) on Thursday forecast 2020 earnings well short of Wall Street estimates, sending shares of the largest U.S. biotechnology company down 2.5%.
The difference is largely due to lower interest income and anticipated accounting for the recently acquired 20.5% stake in China’s BeiGene Ltd , Amgen’s chief financial officer, Peter Griffith, said on a conference call. For the fourth quarter of last year, Amgen said product sales fell 2% from a year earlier due to competition from lower-cost generic drugs and biosimilars, but share buybacks reduced the number of shares outstanding, enabling the company to post a per-share profit that topped Wall Street estimates.
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