By Ben Glickman

Amgen's third-quarter profit sank on an impairment charge related to discontinued development of one of its drug candidates.

The Thousand Oaks, Calif.-based biotechnology company posted a third-quarter profit of $1.73 billion, or $3.22 a share, compared with $2.14 billion, or $3.98 a share, a year earlier. Analysts polled by FactSet expected per-share profit of $3.64.

Stripping out certain one-time items, adjusted earnings came to $4.96, topping the $4.68 expected by analysts, according to FactSet

Revenue rose 4% to $6.9 billion, missing the $6.923 billion forecast by analysts polled by FactSet.

The company's profit fell due to a net impairment charge of $650 million from discontinuing development of AMG 340, a potential treatment for certain forms of prostate cancer.

The company said product sales rose 5% from a year ago, with 11% higher volumes offsetting 3% lower selling prices and 3% unfavorable changes to estimated sales deductions.

Amgen said Blincyto, Evenity, Repatha and Nplate all saw double-digit volume growth in the quarter.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 31, 2023 07:15 ET (11:15 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Amgen (NASDAQ:AMGN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Amgen.
Amgen (NASDAQ:AMGN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Amgen.