THOUSAND OAKS, Calif. (AP) — THOUSAND OAKS, Calif. (AP) — Amgen Inc. (AMGN) on Tuesday reported second-quarter profit of $746 million.
On a per-share basis, the Thousand Oaks, California-based company said it had profit of $1.38. Earnings, adjusted for one-time gains and costs, were $4.97 per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $4.93 per share.
The world’s largest biotech drugmaker posted revenue of $8.39 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $8.31 billion.
Amgen expects full-year earnings in the range of $19.10 to $20.10 per share.
Amgen shares have increased 15% since the beginning of the year, while the S&P’s 500 index has risen 10%. In the final minutes of trading on Tuesday, shares hit $330.25, a climb of 31% in the last 12 months.
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