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Amgen Posts Profit That Tops Estimates, Raises Guidance

  • Third-quarter revenue increases 14%, net income soars 50%

Biotechnology giant Amgen Inc. posted third-quarter earnings that topped analysts’ estimates, driven by higher drug sales, and raised its forecast for the year.

Profit excluding one-time items rose to $2.72 a share, while analysts had forecast $2.38 on average, according to estimates compiled by Bloomberg. Revenue grew 14 percent to $5.72 billion, the Thousand Oaks, California-based company said Wednesday in a statement. Analysts had predicted $5.34 billion.

Net income jumped 50 percent to $1.86 billion, or $2.44 a share, from $1.24 billion, or $1.61, a year earlier. Amgen’s shares rose 0.9 percent to $164.20 in late trading after the results were announced.

The drugmaker raised its forecast for the year, predicting adjusted earnings per share of $9.95 to $10.10, and revenue of $21.4 billion to $21.6 billion. Previously Amgen had said 2015 profit would be $9.55 to $9.80 a share, with sales of $21.1 billion to $21.4 billion.