Am­gen beats profit fore­casts

Los Angeles Times - - BUSINESS - As­so­ci­ated press

Am­gen Inc. on Tues­day re­ported first-quar­ter net in­come of $1.62 bil­lion.

On a per-share ba­sis, the Thou­sand Oaks-based com­pany said it had net in­come of $2.11. Earn­ings, ad­justed for costs re­lated to merg­ers and ac­qui­si­tions, were $2.48 per share.

The re­sults ex­ceeded Wall Street ex­pec­ta­tions. The av­er­age es­ti­mate of an­a­lysts sur­veyed by Zacks In­vest­ment Re­search was for earn­ings of $2.07 per share.

The world’s largest biotech drug­maker posted rev­enue of $5.03 bil­lion in the pe­riod, also beat­ing fore­casts. An­a­lysts sur­veyed by Zacks ex­pected $4.92 bil­lion.

Am­gen ex­pects full-year earn­ings in the range of $9.35 to $9.65 per share, with rev­enue of $20.9 bil­lion to $21.3 bil­lion.

Am­gen shares have climbed al­most 6% since the be­gin­ning of the year, while the Stan­dard & Poor’s 500 in­dex has climbed nearly 2%.

In the fi­nal min­utes of trad­ing on Tues­day, shares hit $168.46, an in­crease of 44% in the last 12 months.

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