THOUSAND OAKS, Calif. (AP) 鈥� THOUSAND OAKS, Calif. (AP) 鈥� Amgen Inc. (AMGN) on Thursday reported first-quarter profit of $1.82 billion.
On a per-share basis, the Thousand Oaks, California-based company said it had profit of $3.34. Earnings, adjusted for non-recurring costs, were $5.15 per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $4.73 per share.
The world’s largest biotech drugmaker posted revenue of $8.62 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $8.47 billion.
Amgen expects full-year earnings in the range of $21.70 to $23.10 per share, with revenue in the range of $37.1 billion to $38.5 billion.
Amgen shares have risen 6% since the beginning of the year, while the S&P’s 500 index has risen slightly more than 5%. In the final minutes of trading on Thursday, shares hit $347.44, a rise of 19% in the last 12 months.
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