Amgen Posts Profit That Tops Estimates, Raises Guidance
- Third-quarter revenue increases 14%, net income soars 50%
- Surging drug sales led by arthritis treatment Enbrel
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Biotechnology giant Amgen Inc. posted third-quarter earnings that topped analysts’ estimates, driven by higher drug sales, and raised its forecast for the year.
Profit excluding one-time items rose to $2.72 a share, while analysts had forecast $2.38 on average, according to estimates compiled by Bloomberg. Revenue grew 14 percent to $5.72 billion, the Thousand Oaks, California-based company said Wednesday in a statement. Analysts had predicted $5.34 billion.