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Amgen beats Street 1Q forecasts

THOUSAND OAKS, Calif. – THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Thursday reported first-quarter profit of $1.9 billion.

On a per-share basis, the Thousand Oaks, California-based company said it had profit of $2.50. Earnings, adjusted for one-time gains and costs, were $2.90 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.56 per share.

The world’s largest biotech drugmaker posted revenue of $5.53 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $5.36 billion.

Amgen expects full-year earnings in the range of $10.85 to $11.20 per share, with revenue in the range of $22.2 billion to $22.6 billion.

Amgen shares have fallen 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 2 per cent. In the final minutes of trading on Thursday, shares hit $160.56, a decline of 1 per cent 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 http://www.zacks.com/ap/AMGN

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Keywords: Amgen, Earnings Report, Priority Earnings