Amgen Inc, (AMGN)

Amgen Reports Second Quarter 2019 Financial Results (30/07/2019)

  • Total revenues decreased 3% to $5.9 billion in comparison to the second quarter of 2018 reflecting increasing competition due to patent expirations.
  • GAAP earnings per share (EPS) increased 3% to $3.57 benefited by lower weighted-average shares outstanding.
  • Non-GAAP EPS increased 4% to $3.97 benefited by lower weighted-average shares outstanding.
  • Non-GAAP operating income decreased 5% to $3.0 billion and non-GAAP operating margin decreased 1.8 percentage points to 53.3%.
  • The Company generated $1.3 billion of free cash flow in the second quarter versus $1.9 billion in the second quarter of 2018 driven primarily by an advanced tax deposit payment.
  • 2019 total revenues guidance revised to $22.4-$22.9 billion; EPS guidance to $12.10-$12.71 on a GAAP basis and $13.75-$14.30 on a non-GAAP basis.

2019 Guidance

For the full year 2019, the Company now expects:

  • Total revenues in the range of $22.4 billion to $22.9 billion.
    • Previously, the Company expected total revenues in the range of $22.0 billion to $22.9 billion.
  • On a GAAP basis, EPS in the range of $12.10 to $12.71 and a tax rate in the range of 13% to 14%.
    • Previously, the Company expected GAAP EPS in the range of $11.68 to $12.73 and a tax rate in the range of 13% to 14%.
  • On a non-GAAP basis, EPS in the range of $13.75 to $14.30 and a tax rate in the range of 14% to 15%.
    • Previously, the Company expected non-GAAP EPS in the range of $13.25 to $14.30 and a tax rate in the range of 14% to 15%.
  • Capital expenditures to be approximately $700 million.
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Toma ya, pierdo por BMY, que el mercado no se lo ha tomado mal, y gano por AMGN, que elmercado tampoco se lo toma mal. Todo queda en casa.

Que movidito esta el sector farmas.

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Buen valor, y buena oportunidad de compra por debajo de 170$

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Amgen Reports Third Quarter 2019 Financial Results (29/10/2019)

  • Total revenues decreased 3% to $5.7 billion in comparison to the third quarter of 2018, reflecting the impact of biosimilar and generic competition against key products.
    • Although product sales declined 1% globally, units grew double digits or better for Prolia® (denosumab), Repatha® (evolocumab), Aimovig® (erenumab-aooe), Parsabiv® (etelcalcetide), KYPROLIS® (carfilzomib) and BLINCYTO® (blinatumomab).
  • GAAP earnings per share (EPS) increased 14% to $3.27 benefited by lower weighted-average shares outstanding and higher operating income.
    • GAAP operating income increased 7% to $2.5 billion and GAAP operating margin increased 3.1 percentage points to 45.3%.
  • Non-GAAP EPS decreased 1% to $3.66 as a result of lower revenue, offset partially by lower weighted-average shares outstanding.
    • Non-GAAP operating income decreased 6% to $2.8 billion and non-GAAP operating margin decreased 2.8 percentage points to 51.1%.
  • The Company generated $3.2 billion of free cash flow in the third quarter of 2019 versus $3.1 billion in the third quarter of 2018.
  • 2019 total revenues guidance revised to $22.8-$23.0 billion; EPS guidance to $12.50-$12.80 on a GAAP basis and $14.20-$14.45 on a non-GAAP basis. This guidance excludes the impact of the Otezla® (apremilast) acquisition.
  • The Company expects the Otezla acquisition to close before the end of the fourth quarter.

2019 Guidance

  • Total revenues in the range of $22.8 billion to $23.0 billion.
    • Previously, the Company expected total revenues in the range of $22.4 billion to $22.9 billion.
  • On a GAAP basis, EPS in the range of $12.50 to $12.80 and a tax rate in the range of 13% to 14%.
    • Previously, the Company expected GAAP EPS in the range of $12.10 to $12.71 and a tax rate in the range of 13% to 14%.
  • On a non-GAAP basis, EPS in the range of $14.20 to $14.45 and a tax rate in the range of 14% to 15%.
    • Previously, the Company expected non-GAAP EPS in the range of $13.75 to $14.30 and a tax rate in the range of 14% to 15%.
  • Capital expenditures to be approximately $650 million.
  • 2019 Guidance does not include the Otezla acquisition which is expected to close by the end of the fourth quarter.
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Fourth Quarter And Full Year 2019 Financial Results (30/01/2020)

  • For the fourth quarter, total revenues decreased 1% to $6.2 billion in comparison to the fourth quarter of 2018, reflecting the impact of biosimilar and generic competition against select products.
    • Product sales declined 2% globally, while units grew double digits or better for Repatha® (evolocumab), Parsabiv® (etelcalcetide), BLINCYTO® (blinatumomab), Aimovig® (erenumab-aooe), Prolia® (denosumab), Nplate® (romiplostim) and Vectibix® (panitumumab).
  • For the full year, total revenues decreased 2% to $23.4 billion, with product sales decreasing 1%.
  • GAAP earnings per share (EPS) decreased 5% to $2.85 in the fourth quarter driven by higher operating expenses, offset partially by lower weighted-average shares outstanding. GAAP EPS increased 2% to $12.88 for the full year driven by lower weighted-average shares outstanding, offset partially by lower operating income.
    • For the fourth quarter, GAAP operating income decreased 14% to $2.0 billion and GAAP operating margin decreased 4.9 percentage points to 34.8%. For the full year, GAAP operating income decreased 6% to $9.7 billion and GAAP operating margin decreased 1.9 percentage points to 43.6%.
  • Non-GAAP EPS increased 6% in the fourth quarter to $3.64 and 3% to $14.82 for the full year benefited by lower weighted-average shares outstanding. The increase for the full year was offset partially by lower operating income.
    • For the fourth quarter, non-GAAP operating income decreased 4% to $2.6 billion and non-GAAP operating margin decreased 0.7 percentage points to 44.6%. For the full year, non-GAAP operating income decreased 6% to $11.2 billion and non-GAAP operating margin decreased 2.4 percentage points to 50.2%.
  • The Company generated $8.5 billion of free cash flow for the full year versus $10.6 billion in 2018.
  • 2020 total revenues guidance of $25.0-$25.6 billion; EPS guidance of $10.85-$11.65 on a GAAP basis and $14.85-$15.60 on a non-GAAP basis.

Hoy he aprovechado un viaje en avión para leerme el segundo libro de @davidblanco y me ha gustado mucho el análisis de sectores que suelen descartar como los bancos o las biotecnológicas.

@davidblanco recomendaba, probablemente no es el verbo más acertado, las grandes biotecnológicas como Amgen, Gilead o Biogen sin entrar a valorar su pipeline ya que son las únicas que se pueden permitir desarrollar la fase 3 del proceso de aprobación de un medicamento y siempre pueden comprar las investigaciones de biotecnológicas más pequeñas.

He mirado en Seeking Alpha y aunque tiene un historial corto de aumento de dividendo, sólo 8 años, este es alto aunque se ve que se va reduciendo.

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Respecto del precio, a 222$ está mas cerca del maximo de 52 semanas, 245$, que del mínimo, 166$.

Mirando el yield, veo que está a 2,9% que es un valor por encima de la media de 4 años, 2,70%.

¿que opinais?

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A mi la empresa es, de las biotecnologicas, la que mas me gusta.

Entrar? Pues posiblemente si, esta muy cerca de mi limite de RPD del 3%, pero si pegara un zarpazo por debajo de los 210 o estirando un poco mas, por debajo de 200 yo no lo dudaria, entraria en mi cartera si o si, pero es mi opinion personal, no es una recomendacion

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Un 6% abajo, por resultados mixtos en un ensayo clinico de un producto para el fa llo cardiaco.

En resumen, exito en el endpoint primario, fallo CV y muerte, siendo la diferencia estadisticamente significativa frente a placebo.

Sin embargo no consigue diferencias estadisticamente significativas en el endpoint secundario

A casi 241$ no es una ganga pero tampoco es descartable

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Y sigue cayendo, ahora mismo está llegando cerca de mi precio promedio de 233,62 $

Mientras mantenga su trayectoria de dividendos…ya podría “tocar” el 222 :upside_down_face:

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Mi precio medio esta un poquito mas arriba que el tuyo, pero me suscribo a los 3 patitos :smiley: :smiley: :smiley:

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No he entrado a fondo a estudiar la pipeline pero fiándome de análisis ajenos parece en buen estado. Sus principales fármacos tienen buena tendendia y solo han caído los números de alguno con poca revenue sobre la total.

Hoy lleva un bajonazo de casi el 7,4 %…¿ Alguien sabe si hay un motivo ?

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Ha presentado resultados

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Veo una sobrerreaccion exagerada, un -7,5%, pierde en ventas, un 4%, y en EPS, pero mantiene guidance para este año, pero no se, es la primera vez que me meto en unas cuentas y veo algo mas alla de los encabezados activo y pasivo.

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