Why Amgen Stock Wilted on Wednesday
The stock of veteran biotech Amgen (NASDAQ: AMGN) was looking a little tired on Wednesday. The company's shares fell more than 2% in price, "thanks" to fourth-quarter results that didn't put smiles on investors' faces. In contrast to gloomy Amgen, the S&P 500 index ticked up by slightly more than 1%.
For its fourth quarter of 2022, Amgen's revenue amounted to just under $6.84 billion, which was down marginally from the same period the previous year. There was a greater difference in non-GAAP (adjusted) net income -- this fell by 11% across the one-year stretch to slightly more than $2.2 billion, or $4.09 per share.
On average, analysts tracking Amgen stock were estimating that the company would book $6.74 billion on the top line. Their collective estimate for adjusted net income was $4.09, matching reality.
Source Fool.com
