Amgen Shares Down 3% After Company's Guidance On Lower End Of Expectations

Shares of Amgen Inc. fell late Tuesday after the company beat per-share earnings expectations and sales forecasts but provided 2017 guidance on the low end of forecasts. The company said it earned $2.2 billion, or $2.91 a share, in the second quarter, compared with $1.9 billion, or $2.47 a share, in the year-ago period. Adjusted for one-time items, Amgen reported per-share earnings of $3.27, "driven by higher operating margins," it said in a statement. Revenues rose 2% to $5.8 billion, from $5.7 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $3.11 a share on sales of $5.7 billion. Shares ended the regular session down 0.1%. Amgen also tweaked its 2017 earnings guidance to between $10.79 a share and $11.37 a share and between $12.15 a share and $12.65 a share adjusted. Sales guidance was revised to a range of $22.5 billion and $23 billion. The analysts surveyed by FactSet had expected adjusted 2017 EPS of $12.49 on sales of $22.7 billion for the year.