Amgen 2020 outlook falls short of Street estimates; shares slump

Amgen 2020 outlook falls short of Street estimates; shares slumpThe difference is largely due to lower interest income and anticipated accounting for the recently acquired 20.5% stake in China's BeiGene Ltd <6160.HK>, 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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