Amgen Inc., which is considered to be the largest biotechnology company in the whole world, reported their third quarter performance for this year. Based on their report, Amgen performed much better than the expected. They reported higher revenue and earnings for this fiscal year’s third quarter than what is expected from them.
Amgen recorded a total of $376 million charge that is related to the restructuring that was announced on the 29th of July 2014. It is also expected that Amgen will be able to take another charge that sums up to $150 million in this fiscal year’s fourth quarter and another additional charges for the forthcoming year 2015.
For the third quarter, the Amgen Inc.’s rose one percent. Since the restructuring announcement involving job cuts and plant closings on July, the company’s share is up by 20 percent already. Job cuts and plant closings were decided in order to make way for the launch of new medicines that include a cholesterol drug that is worth a multibillion dollar.
Excluding items, the Amgen company increased $2.30 for every share for this quarter. This exceeds the average expectations of financial analysts by 19 cents. This is good news for Amgen.