Amgen Inc’s Second Quarter Profit Surpasses Analysts’ Estimates; Company Raises Full Year Forecast

Thousand Oaks, California based Amgen Inc reported second-quarter profit of $1.87 billion and raised its outlook for the complete year. It expects revenue for the full year to be in a range of $22.5 billion to $22.8 billion, compared to the earlier predictions of revenue in a range of $22.2 to $22.6 billion, in April.

The company it had profit of $2.47 on a per-share basis and adjusted earnings excluding one-time items was $2.84 a share. The second-quarter profit reported by the biotechnology firm, surpassed analysts' estimates which are mainly attributed better than expected drug sales.

Revenue of the company climbed 5.9 percent to $5.69 billion on a year on year basis. It also surpassed the average expectation of $5.58 billion.

Health sales of Amgen's arthritis treatment Enbrel and osteoporosis drug Prolia supported the gains and both surpassed expectations.

Amgen is making efforts to maintain the steady trend of sales growth by investing in research and development. It is trying to gain six approvals from Food and Drug Administration for new drugs, which include Kyprolis , a medicine for treating cancer and Repatha, a treatment for cholesterol.

Shares climbed three percent in past one year, to $170.68 on Wednesday.