What's Behind Amgen's Q3 Revenue Decline

When Amgen (NASDAQ: AMGN) announced its second-quarter results in July, the anemic revenue growth was overshadowed by the company's solid earnings increase and its improved full-year guidance. CEO Robert Bradway, expressed optimism that Amgen's newer products would more than pick up the slack for declining sales of its older drugs.

That optimism was put to the test when Amgen announced its third-quarter results after the market closed on Wednesday. This time around, though, there wasn't tepid revenue growth and a double-digit percentage earnings increase. Revenue fell compared to the prior-year period, with earnings growing less year over year than in the second quarter. Here's what's behind Amgen's worsening financial results.

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Source: Fool.com