Amgen 2nd-quarter profit tops Street view, raises 2016 forecast

(Reuters) – Amgen (NSDQ:AMGN) on Wednesday reported higher-than-expected second-quarter profit on increased sales of its blockbuster rheumatoid arthritis drug Enbrel and newer medicines, and the company again raised its full-year forecast.

The world’s largest biotechnology company by market value said net profit rose to $1.87 billion, or $2.47 per share, from $1.65 billion, or $2.15 per share, a year ago.

Excluding special items, Amgen had adjusted earnings of $2.84 per share. Analysts on average had expected $2.74 per share, according to Thomson Reuters I/B/E/S.

Amgen said it now expects 2016 adjusted earnings of $11.10 to $11.40 per share, up from its prior view of $10.85 to $11.20 per share. The company, which significantly increased its earnings forecast after the 1st quarter, also raised its full-year revenue outlook and now expects $22.5 billion to $22.8 billion, up from $22.2 billion to $22.6 billion.

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