Amgen Boosts Forecast; Shares Advance

Updated from 5:37 p.m. EDT

Amgen (AMGN Quote) surged past analysts' third-quarter profit expectations Wednesday, with some help from foreign exchange rates and an accounting change, and the biotech company raised its full-year profit and revenue outlook.

Shares were up $2.80, or 5.6%, at $52.50 in recent post-market trading.

Amgen earned $1.23 a share in the quarter, up from $1.08 a year prior, on an adjusted basis, while revenue rose 7% to $3.88 billion. Those results surpassed the average expectation of analysts, who were looking for $1.08 a share on revenue of $3.7 billion. ...