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Strategies & Market Trends : Young and Older Folk Portfolio
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To: chowder who wrote (404)11/3/2021 12:02:19 PM
From: chowder2 Recommendations

Recommended By
Graustus
The Beard

   of 21791
 
Re: Old Folk Portfolio ... Add On Buy

Yesterday after the close AMGN announced a beat and raise where they exceeded expectations on earnings and revenue growth. They indicated they would do even better going forward. I like to add to companies when they announce a beat and raise. I call it buying on strength. I added to AMGN today.

Amgen Q3 non-GAAP net income rises 8% YoY driven by 4% increase in revenues

Nov. 02, 2021 4:36 PM ET Amgen Inc. (AMGN) By: Jonathan M Block, SA News Editor

JHVEPhoto/iStock Editorial via Getty Images

Amgen's (NASDAQ: AMGN) Q3 2021 non-GAAP income rose 8% year over year to ~$2.66B as net revenue increased 4% to ~$6.7B.

The company said it benefitted from double-digit volume growth across several products, including Prolia (denosumab), Evenity (romosozumab-aqqg), Repatha (evolocumab) and Mvasi (bevacizumab-awwb).

Sales of Amgen's best-selling drug, Enbrel (etarnecept) fell in the quarter. The biotech was helped in the quarter by 3% worldwide to ~$1.3B.Sales of Prolia, the company's second-best selling drug, increased 15% to $803M.

Another best seller for Amgen, Otezla (apremilast), saw sales rise 13% to $609M.

Amgen saw overall operating expenses in the quarter rise 9% to ~$4.3B.

The company also presented 2021 total revenue guidance of $25.8-$26.2 billion ($26B consensus), and EPS guidance of$16.50-$17.10 ($16.38 consensus) on a non-GAAP basis.
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