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Amgen Raises 2016 Forecast as Profit Beats Analyst Estimates

  • Revenue increases 5.9%, led by sales of arthritis drug Enbrel
  • Neupogen sales drop 23% as biosimilar competition heats up

Biotechnology giant Amgen Inc.’s second-quarter profit beat analysts’ estimates, driven by higher-than-expected drug sales, and the company raised its guidance for the year.

Earnings excluding one-time items totaled $2.84 a share, Amgen said Wednesday in a statement, topping the $2.74 average of analysts’ projections compiled by Bloomberg. Revenue rose 5.9 percent to $5.69 billion from a year earlier, compared with an average prediction of $5.58 billion.

Amgen’s top drug, the arthritis treatment Enbrel, beat analyst expectations, as did its osteoporosis drug Prolia.

The drugmaker also raised its financial forecast for 2016. It now expects revenue of $22.5 billion to $22.8 billion, and earnings before one-time items of $11.10 to $11.40 a share. That compares to its predictions in April of $22.2 billion to $22.6 billion in revenue, and adjusted profit of $10.85 to $11.20 a share.

To maintain sales growth, Amgen has invested heavily in research and development, gaining six Food and Drug Administration approvals for new drugs or indications in 2015, including for cancer medicine Kyprolis and cholesterol treatment Repatha. In addition, the Thousand Oaks, California-based...