Amgen posts 1Q sales, profit jumps, raises profit forecasts

Amgen beat and then raised profit expectations after surging sales of its medicines, tight cost controls and other factors lifted the biologic drugmaker's first-quarter profit by 17 percent. The company on Thursday reported net income of $1.9 billion, or $2.50 per share, trouncing forecasts for...

 
              FILE - This Nov. 9, 2014, file photo, shows signage outside the Amgen headquarters in Thousand Oaks, Calif. Amgen Inc. reports financial results on Thursday, April 28, 2016. (AP Photo/Mark J. Terrill, File)

Amgen beat and then raised profit expectations after surging sales of its medicines, tight cost controls and other factors lifted the biologic drugmaker's first-quarter profit by 17 percent.

The company on Thursday reported net income of $1.9 billion, or $2.50 per share, trouncing forecasts for the sixth straight quarter. Adjusted first-quarter profit was $2.90 per share, an impressive 30 cents about what analysts surveyed by FactSet expected.

Revenue rose 10 percent to $5.53 billion for the world's biggest maker of biologic drugs, which are "manufactured" in living cells.

The Thousand Oaks, California company increased its 2016 financial forecasts. It now expects adjusted earnings per share of $10.85 to $11.20, up from $10.60 to $11, and sales of $22.2 billion to $22.6 billion, up from $22 billion to $22.5 billion.

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