This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Strong Numbers Ignite Amgen

Shares of Amgen (AMGN - Get Report) were hitting a 52-week high Wednesday, a day after the biotech company reported big second-quarter numbers and again raised its forecast for the fiscal year.

Recently Amgen was up $8.09, or 11%, to $78.61, and the stock has been as high as $79.27 in active trading. The best close for the last year is $72. The Amex Biotechnology Index was gaining 2%.

With the move, it passed Genentech (DNA) to claim the title of biggest biotech by market capitalization.

The Thousand Oaks, Calif., company posted adjusted earnings of 88 cents a share for the quarter, up from 62 cents a share in the year-ago quarter. Adjusted net income rose to $1.1 billion from $809 million a year ago.

When calculated in accordance with generally accepted accounting principles, earnings per share climbed to 82 cents from 57 cents in the same quarter last year, and GAAP net income was $1 billion.

During the second quarter, total product sales increased 26% to $3.1 billion from $2.4 billion last year. U.S. sales totaled $2.5 billion, and international sales were $540 million. Total revenue grew 23% in the second quarter to $3.2 billion.

For the second time this year, Amgen raised its full-year revenue growth and earnings guidance. The company expects total revenue to grow at a mid-to-high teens percent rate this year and said adjusted earnings should be $3.10 to $3.20 a share, compared with its prior prediction of $2.80 to $2.90. Earlier this year, Amgen had initially offered profit guidance of $2.70 to $2.85 and said revenue growth would be in the high single digits to low teens.

On average, analysts surveyed by Thomson First Call were looking for a profit of 72 cents a share and revenue of just under $3 billion in the second quarter. For the full year, the consensus estimates are for earnings of $2.89 a share and revenue of $12.2 billion.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AMGN $162.23 -3.40%
AAPL $132.04 1.40%
FB $81.90 0.45%
GOOG $554.84 -1.80%
TSLA $232.11 6.30%


DOW 18,043.11 -37.03 -0.20%
S&P 500 2,111.12 -6.57 -0.31%
NASDAQ 5,059.2210 -32.8640 -0.65%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs