The firm also increased 2015 earnings estimates to $9.70 from $9.46, with 2016 earnings estimates raised to $10.75 from $10.47.
Amgen reported its 2015 second quarter financial results yesterday with earnings of $2.57 per share on revenue of $5.37 billion. This compares to earnings of $2.37 per share on revenue of $5.18 billion for the same period one year ago.
Wall Street was looking for Amgen to report $2.42 on $5.31 billion in sales.
Amgen raised its full-year guidance to a range of $21.1 billion to $21.4 billion in sales from a previous forecast of $20.9 billion to $20.3 billion, and increased its full-year EPS to a range of $9.55 to $9.80 from $9.35 to $9.65.
"We expect Enbrel pricing power to continue offsetting weakness from the company's legacy franchises in the near-term and justifying the companies' improved guidance for 2015," Barclays analysts said.
Amgen, based in Thousand Oaks, CA, is a biotechnology company that is engaged in discovering, developing, manufacturing and delivering human therapeutics.
Shares of Amgen are rising 2.94% to $176.73 in afternoon trading Friday.
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 solid stock price performance, impressive record of earnings per share growth, compelling growth 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.