Amgen raises 2019 profit, sales view after buying Celgene psoriasis drug

FILE PHOTO: An Amgen sign is seen at the company's office in South San Francisco, California October 21, 2013. REUTERS/Robert Galbraith - Copyright Robert Galbraith(Reuters)

By Reuters

Published on 21/11/2019 - 13:04•Updated 30/04/2024 - 03:52

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(Reuters) - Amgen Inc <AMGN.O> on Thursday raised its full-year profit and revenue forecasts after completing its $13.4 billion (£10.3 billion)acquisition of Celgene Corp's psoriasis therapy Otezla.

Bristol-Myers Squibb Co <BMY.N>, which completed its buyout of Celgene on Wednesday, had agreed to divest the drug for the merger to go through.

Amgen now expects 2019 adjusted earnings per share between $14.50 and $14.70, up from its prior range of $14.20 to $14.45.

Full-year revenue is now expected between $23.1 billion and $23.3 billion, compared with the previous range of $22.8 billion to $23.0 billion.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shinjini Ganguli)

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