Why Amgen Stock Is Plummeting Today

Amgen (NASDAQ: AMGN) reported its first-quarter results after the market closed on Tuesday, and on Wednesday, its stock really took it on the chin. In late afternoon trading today, it was down by 6.6%.

For the quarter, Amgen's revenue fell 4% year over year to $5.9 billion. This was due to a drop in overall selling prices for the company's products, offset somewhat by increased volume. As for adjusted net profit, it was $2.15 billion ($3.70 per share), representing a steeper fall of 14%.

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Source Fool.com