This Is How Amgen Avoided a Catastrophic Q1 Update

After U.S. stock markets closed on Tuesday, Amgen (NASDAQ: AMGN) disappointed investors by missing analyst expectations on the top and bottom lines. First-quarter sales of the company's drugs have been impacted by the COVID-19 pandemic, as repeated outbreaks make it harder for patients with other conditions to seek treatment.

The situation is bad enough that the company lowered adjusted earnings expectations for 2021 to a range of between $9.11 and $10.71 per share, from a previous prediction that ranged between $12.12 and $13.17 per share.

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Source Fool.com