Amgen beats profit forecasts
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.