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Amgen: 3Q Earnings Snapshot

THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Tuesday reported third-quarter profit of $1.97 billion.

On a per-share basis, the Thousand Oaks, California-based company said it had net income of $3.27. Earnings, adjusted for non-recurring costs, came to $3.66 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.51 per share.

The world’s largest biotech drugmaker posted revenue of $5.74 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $5.63 billion.

Amgen expects full-year earnings in the range of $14.20 to $14.45 per share, with revenue in the range of $22.8 billion to $23 billion.

Amgen shares have risen slightly more than 7% since the beginning of the year, while the Standard & Poor’s 500 index has increased 21%. In the final minutes of trading on Tuesday, shares hit $209.14, a rise of 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at https://www.zacks.com/ap/AMGN

The Associated Press