THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Thursday reported first-quarter profit of $1.83 billion.
The Thousand Oaks, California-based company said it had net income of $3.07 per share. Earnings, adjusted for non-recurring costs, were $4.17 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $3.70 per share.
The world’s largest biotech drugmaker posted revenue of $6.16 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $6.01 billion.
Amgen expects full-year earnings in the range of $14.85 to $15.60 per share, with revenue in the range of $25 billion to $25.6 billion.
Amgen shares have dropped nearly 1% since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 10%. In the final minutes of trading on Thursday, shares hit $239.22, a climb of 32% in the last 12 months.
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