Amgen Inc. beat analyst expectations Thursday with a combination of old and new drugs contributing to its sales increase.
The Thousand Oaks biotech reported adjusted net income of $1.98 billion ($2.57 a share) in the quarter ended June 30, compared to $1.82 billion ($2.37) for the same quarter a year ago. Revenue increased 3.7 percent to $5.37 billion.
Analysts on average expected net income of $2.43 a share on revenue of $5.32 billion, according to Thomson Financial Network.
During the quarter, total product sales increased 6 percent compared to the same quarter last year, driven by its established Enbrel arthritis drug and bone-loss treatment Prolia, as well as new cancer drug Kyprolis.
“Focused execution with our growth products drove record revenues in the second quarter, and expense discipline further leveraged earnings,” Chief Executive Robert Bradway said in a statement. “We are on track to deliver on our long-term objectives for patients and shareholders.”
The results were announced after market close. Shares closed up 22 cents or a fraction of a percent to $171.69 on the Nasdaq.