Amgen earnings top analyst forecasts
Amgen Inc. on Tuesday reported first-quarter net income of $1.62 billion.
On a per-share basis, the Thousand Oaks-based company said it had net income of $2.11. Earnings, adjusted for costs related to mergers and acquisitions, were $2.48 per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.07 per share.
The world’s largest biotech drugmaker posted revenue of $5.03 billion in the period, also beating Street forecasts. Snalysts surveyed by Zacks expected $4.92 billion.
Amgen expects full-year earnings in the range of $9.35 to $9.65 per share, with revenue in the range of $20.9 billion to $21.3 billion.
Amgen shares have climbed almost 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 2 percent. In the final minutes of trading on Tuesday, shares hit $168.46, an increase of 44 percent in the last 12 months.
Must-read stories from the L.A. Times
Get the day's top news with our Today's Headlines newsletter, sent every weekday morning.
You may occasionally receive promotional content from the Los Angeles Times.