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Amgen tops Street 2Q forecasts

July 27, 2016

THOUSAND OAKS, Calif. (AP) — Amgen Inc. (AMGN) on Wednesday reported second-quarter profit of $1.87 billion.

On a per-share basis, the Thousand Oaks, California-based company said it had profit of $2.47. Earnings, adjusted for non-recurring costs, were $2.84 per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.74 per share.

The world’s largest biotech drugmaker posted revenue of $5.69 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $5.6 billion.

Amgen raised its guidance and now expects full-year earnings in the range of $11.10 to $11.40 per share, with revenue in the range of $22.5 billion to $22.8 billion. Previously it forecast earnings of $10.85 to $11.20 with revenue in the range of $22.2 billion to $22.6 billion. Analysts surveyed by FactSet forecast, on average, an annual profit of $11.19 per share on revenue of $22.51 billion.

Amgen shares have climbed 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6 percent. In the final minutes of trading on Wednesday, shares hit $170.68, a rise of 3 percent in the last 12 months. The stock dropped 93 cents to $169.75 in after-hours trading.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at http://www.zacks.com/ap/AMGN

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Keywords: Amgen, Earnings Report, Priority Earnings

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