Amgen Inc. reported third-quarter earnings rose 8.3% as the biotechnology company boosted its 2016 outlook as the results beat expectations.
For the year, Amgen raised its per-share earnings estimate to $11.40 to $11.55 on revenue of $22.6 billion to $22.8 billion, from its previous estimate for per-share profit of $11.10 to $11.40 on revenue of $22.5 billion to $22.8 billion.
The quarter’s results showed the impact that biosimilar competition could have on drug companies. One sore spot in Amgen’s performance was a 36% drop in sales of the company’s cancer-care drug Neupogen, which began facing competition late last year from
Meanwhile, Amgen CEO Robert Bradway said on a conference call that Amgen doesn’t expect to begin selling its biosimilar version of