Amgen hikes 2015 forecast after 2Q increase in profit, sales

Staff Writer
Columbus CEO

THOUSAND OAKS, Calif. (AP) — Higher sales of Amgen's blockbuster rheumatoid arthritis drug Enbrel and some newer drugs boosted second-quarter profit 7 percent. The biotech giant topped Wall Street expectations and hiked its 2015 profit forecast.

Amgen, based in Thousand Oaks, California, says net income rose to $1.65 billion, or $2.15 per share.

Excluding one-time charges, adjusted net income was $1.98 billion, or $2.57 per share. Analysts surveyed by FactSet were, on average, expecting earnings of $2.43 per share.

Total revenue climbed 3.7 percent to $5.37 billion, edging the $5.32 billion analysts expected.

Amgen hiked its 2015 adjusted earnings per share forecast to $9.55 to $9.80, up from $9.35 to $9.65. It also nudged up its revenue forecast, to $21.1 billion to $21.4 billion from $20.9 billion to $21.3 billion.