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Amgen Q2 earnings up 8 percent

By   /   Thursday, July 26th, 2012  /   Comments Off on Amgen Q2 earnings up 8 percent

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[wikichart align=”right” ticker=”NASDAQ:AMGN” showannotations=”true” livequote=”true” startdate=”26-01-2012″ enddate=”26-07-2012″ width=”300″ height=”245″]

Amgen’s earnings beat market expectations in the second quarter and rose 8.2 percent, the Thousand Oaks-based biotech giant said in a July 26 report.

The company reported a profit of $1.27 billion, or $1.61 a share, up from $1.17 billion, or $1.25 a share,  a year ago. Revenue jumped 13 percent to $4.5 billion, a gain the company said is partly due to higher-than-expected drug sales. Combined sales of Neulasta and Neupogen, drugs that are used to ward off infections in patients going through cancer treatment, increased by 2 percent, and sales of Enbrel, a psoriasis treatment, grew 11 percent.

Analysts projected earnings of $1.54 a share on revenue of $4.1 billion, according to a Thomson Reuters poll.

On the heels of its better-than-expected second-quarter earnings, the biotech company raised its annual adjusted earnings forecast from $5.90 to $6.15 a share to $6.20 to $6.35 a share.

The company’s earnings have risen 35 percent since it announced in December that Robert Bradway would take over as CEO. This is the first earnings report since Bradway took the reins from former CEO Kevin Sharer, who retired in May.

Shares rose 1.7 percent to $79.29 at the close of trading July 26.

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