Los Angeles Business Journal

Amgen's Quarter Beats Expectations

By Deborah Crowe Tuesday, October 22, 2013

Amgen Inc. late Tuesday reported a 25-percent profit increase in the third quarter, boosted by a jump in sales of its infection-fighting drugs. The biotech giant also raised its full-year revenue forecast.

After the markets closed, the Thousand Oaks company’s net profit rose to $1.37 billion ($1.79 a share), compared with $1.1 billion ($1.41) in the same period a year earlier. Revenue rose 10 percent to $4.74 billion.

Excluding one-time items, net income was $1.94 a share. Analysts surveyed by Thomson Reuters on average expected net income of $1.77 a share on revenue of $4.6 billion.

Amgen now expects full-year adjusted net income of $7.35 to $7.45 a share, with the lower end of that range 5 cents higher than before. The company now expects to report full-year revenue of $18.3 billion to $18.5 billion, up from previous guidance of $17.8 billion to $18.2 billion.

Before the earnings announcement, Amgen shares closed up $2.57, or 2 percent, to $116.21 on the Nadaq.