Thousand Oaks biotech giant Amgen blew Wall Street away when it released third quarter earnings on Oct. 28.
Amgen beat analyst revenue estimates by posting revenues of $5.72 billion, compared to the $5.23 billion analysts expected. That’s up from about $5 billion during last year’s third quarter. Net income increased to $1.86 billion during the third quarter from $1.24 billion last year.
The company also trounced analyst estimates of $2.38 per share. Adjusted earnings per share increased 18 percent from $2.30 last year to $2.72 this year.
Sales for Amgen grew 14 percent during the quarter. The company said it was helped by a 30 percent growth in revenue from its rheumatoid arthritis drug Enbrel due to price increases and higher inventories of the drug compared to last year.
The company also issued very conservative 2016 estimates for next year, but Amgen typically updates its prospectus throughout each fiscal year.
Amgen said in 2016 it expects adjusted earnings per share of around $10.35 to $10.75 and $21.7 billion to $22.3 billion in revenues. Wall Street had hoped the company would issue guidance of $10.76 per share and $22.17 billion.
• Contact Philip Joens at [email protected].