(Reuters) – Amgen (NSDQ:AMGN) on Wednesday reported higher-than-expected 2nd-quarter profit on increased sales of its blockbuster rheumatoid arthritis drug Enbrel and newer medicines, and the company again raised its full-year forecast.
The forecast appeared to signal management’s confidence in the 2nd half of the year.
The company is on track to meet or exceed its long-term objectives,” Chief Executive Robert Bradaway said in a statement.
Amgen said it now expects 2016 adjusted earnings per share of $11.10 to $11.40, up from its prior view of $10.85 to $11.20. Its midpoint is above of Wall Street estimates of $11.18 for the year.
The company, which significantly increased its earnings forecast after the 1st quarter, also raised its full-year revenue outlook and now expects $22.5 billion to $22.8 billion, up from $22.2 billion to $22.6 billion.
Excluding special items, Amgen had adjusted earnings of $2.84 per share, topping analysts’ average expectations by 10 cents, according to Thomson Reuters I/B/E/S.
Revenue for the quarter rose 6% to $5.7 billion, exceeding Wall Street estimates of about $5.6 billion, led by Enbrel, whose sales rose 10% to $1.48 billion, helped by another round of price increases.
The world’s largest biotechnology company by market value said net profit rose to $1.87 billion, or $2.47 per share, from $1.65 billion, or $2.15 per share, a year ago.
Sales of the osteoporosis drug Prolia rose 30% to $441 million, sailing past Wall Street estimates of about $388 million. Sales of the multiple myeloma drug Kyprolis jumped 45% to $172 million, shy of analysts’ consensus forecast of about $185 million.
