Major biotech stocks like Amgen AMGN and Gilead GILD reported fourth quarter results — while both topped estimates, revenue outlook fell short of expectations.
Recap of the Week’s Most Important Stories
Amgen Delivers Strong Quarter but Sales Guidance Falls Short: Amgen’s fourth quarter results were better-than-expected with the company beating on all fronts. The company also came out with highly awaited cardiovascular outcomes data on its PCSK9 inhibitor, Repatha (Read more: Amgen Q4 Earnings Top; Repatha Positive in CV Study). While Amgen’s results impressed, concerns remain about the sustainability of the performance considering the challenges being faced by the company’s mature brands. Volume growth of recently launched products may not be enough to offset the decline in mature brands. Neulasta could start facing biosimilar competition in the fourth quarter of the year. Over the last one year, Amgen has significantly outperformed the Zacks-categorized Medical-Biomedical/Genetics industry with shares