NEW YORK (TheStreet) -- Shares of Amgen (AMGN) - Get Amgen Inc. Report were flat in after-hours trading on Thursday after the company posted better-than-anticipated 2016 third quarter results and gave a positive full-year view.
Following today's market close, the Thousand Oaks, CA-based biotechnology company reported third quarter earnings of $3.02 per share, topping analysts' estimates of $2.79 per share.
Revenue rose 2% year-over-year to $5.81 billion and surpassed Wall Street's projections of $5.73 billion.
For the full year, Amgen expects adjusted earnings per share between $11.40 and $11.55, higher than its prior view of $11.10 per share to $11.40 per share. Analysts are modeling earnings of $11.36 per share.
The company raised its guidance for full-year revenue to $22.6 billion to $22.8 billion from previous estimates of $22.5 billion to $22.8 billion. Wall Street anticipates $22.77 billion for the year.
About 2.92 million shares of Amgen traded hands on Thursday vs. the 30-day average of 2.69 million.
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 solid stock price performance, 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 shows weak operating cash flow.
You can view the full analysis from the report here: AMGN