Amgen Inc. on Wednesday reported second-quarter financial results, exceeding Wall Street’s expectations.
For the second quarter, the Thousand Oaks biotech giant reported adjusted net income of $2.1 billion ($2.84 a share), compared to $1.7 billion ($2.57) for the same quarter a year earlier. Revenue increased 6 percent to $5.7 billion, compared to the first quarter of 2015.
Analysts on average expected earnings of $2.74 a share on revenue of $5.58 billion, according to Thomson Financial Network.
On a GAAP basis, Amgen reported net income of $1.9 billion ($2.47 a share), compared to $1.7 billion ($2.15) for the same quarter a year earlier.
Product sales growth was up 5 percent compared to the same quarter in 2015, with autoimmune disease drug Enbrel generating over $1.4 billion worldwide.
However, free cash flow was down nearly 25 percent, which the company attributes to the timing of tax payments and ended contracts.
“We delivered another strong quarter and are on track to meet or exceed our long-term objectives,” Robert A. Bradway, chief executive of Amgen, said in a statement. “We are in the early stages of a new product launch cycle and have several additional pipeline opportunities rapidly nearing regulatory milestones.”
Amgen shares closed up $3.01, or 1.8 percent, to $170.68 on the Nasdaq.