Amgen's GAAP Earnings Below Estimate

Amgen (AMGN) is selling off a bit in after hours trading. GAAP (generally accepted accounting practices) earnings were $0.77 for the quarter. The street was looking for $0.83. Non-GAAP adjusted earnings beat the street's estimate by $0.02 ($0.85). So depending on which way you calculate earnings it can be looked at as either a miss or a beat.

Amgen has a relatively low forward P/E which some investors might find attractive and believe there is limited downside. I am going to continue to hold Gilead (GILD).

73.66 4.43 (5.67%) (Yahoo Finance Quote)

Note: I have no position in Amgen & I am long Gilead (GILD)