NEW YORK (TheStreet) -- Amgen (AMGN) - Get Report stock is advancing by 1.24% to $164.69 in after-hours trading on Wednesday, following the release of the company's 2015 third quarter financial results.
The biotechnology company posted earnings of $2.72 per share for the most recent quarter, up 18% from $2.30 per share for the year ago period.
Revenue increased by 14% year over year, to $5.72 billion from $5.03 billion for the 2014 third quarter.
Amgen had been forecast to report earnings of $2.38 per share on revenue of $5.33 billion by analysts surveyed by Thomson Reuters.
Amgen raised its 2015 full-year guidance for revenue to a range between $21.4 billion and $21.6 billion, up from between $21.1 billion and $21.4 billion. The company raised its full-year earnings guidance as well, to a range of $9.95 per share to $10.10 per share from the prior range of $9.55 per share to $9.80 per share.
"We delivered record revenues, adjusted earnings and cash flow in the third quarter, while improving our operating margins and investing in six exciting new product launches," CEO Robert A. Bradway said in a statement. "With several innovative medicines still in development, we are well on the way to achieving our long-term objectives for shareholders and patients alike."
Separately, TheStreet Ratings team rates AMGEN INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
We rate AMGEN INC (AMGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, growth in earnings per share, increase in net income, revenue growth and reasonable valuation levels. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: AMGN