Amgen second-quarter profit beats analysts’ estimates
Thousand Oaks-based Amgen Inc. posted second-quarter profit that topped analysts’ estimates, driven by higher sales and lower operating expenses. The biotech also raised its revenue and earnings forecast for the year.
Profit excluding one-time items rose to $2.57 a share, while analysts had predicted $2.43 on average. Revenue increased 3.7 percent to $5.37 billion, the company said Thursday in a statement. Analysts had estimated $5.31 billion. Net income rose 6.9 percent to $1.65 billion, or $2.15 a share.
The drugmaker also raised its forecast for the year, predicting adjusted profit per share of $9.55 to $9.80, and sales of $21.1 billion to $21.4 billion. Previously the company said 2015 earnings would be $9.35 to $9.65 per share, with revenue of $20.9 billion to $21.3 billion.
Sales of Enbrel, Amgen’s top drug, rose 8.4 percent to $1.35 billion, beating estimates of $1.25 billion.