=Amgen (AMGN) reported earnings on Thur 26 Oct 2017 (b/o)

Amgen beats by $0.17, reports revs in-line; raises low-end of FY17 EPS, revs guidance 

• Reports Q3 (Sep) earnings of $3.27 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus of $3.10; revenues fell 0.7% year/year to $5.77 bln vs the $5.75 bln Capital IQ Consensus.
• Repatha (evolocumab) sales increased driven by higher unit demand. Quarter over quarter sales growth was tempered by changes in inventory and accounting adjustments that benefited the second quarter of 2017.
• Update on Puerto Rico Operations
  • In the five weeks since Hurricane Maria hit Puerto Rico, Amgen has been providing support to our staff members and the local community while implementing our robust business continuity plans and restoring manufacturing at our site in Juncos. Our drug substance manufacturing and packaging plants are fully operational and we expect to resume formulation/filling and small molecule commercial production by the end of October 2017. The Company continues to provide an uninterrupted supply of medicines for patients around the world.
  • The Company incurred $67 million of pre-tax expenses, or $0.07 EPS, in the third quarter related to Hurricane Maria. In the fourth quarter, the Company expects additional pre-tax expenses in the range of $75 million to $100 million, or $0.08 to $0.11EPS. The expenses related to Hurricane Maria are included in our GAAP and non-GAAP results. At this time, the Company does not expect a significant impact to full-year 2018 results. The above estimates do not include possible insurance recoveries.
• Co raises guidancefor FY17, sees EPS of $12.50-12.70 (Prior $12.15-12.65), excluding non-recurring items, vs. $12.56 Capital IQ Consensus Estimate; sees FY17 revs of $22.7-23 bln (Prior $22.5-23 bln) vs. $22.86 bln Capital IQ Consensus Estimate.