NEW YORK (TheStreet) -- Shares of Amgen (AMGN) - Get Report  are down 0.55% to $169.74 in after-hours trading after the company reported better-than-expected 2016 second quarter earnings.

For the quarter, the company reported adjusted earnings of $2.84 per share, higher than analysts' estimates of $2.74 per share.

Amgen also reported revenue of $5.69 billion. Wall Street was looking for the company to report revenue of $5.58 billion for the quarter. The company's product sales grew 5%.

Full year 2016 guidance for revenue is now in the range of $22.5 billion-$22.8 billion, up from previous estimates of $22.2 billion-$22.6 billion. Earnings per share forecasts are now in the range of $11.10-$11.40, higher than previous guidance of $10.85-$11.20.

"We are in the early stages of a new product launch cycle and have several additional pipeline opportunities rapidly nearing regulatory milestones," CEO Robert Bradway said in a statement.

Amgen is a Thousand Oaks, CA-based biotechnology company.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of A+.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, reasonable valuation levels and expanding profit margins. Although the company may harbor some minor weaknesses, TheStreet Ratings feels they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: AMGN

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