Amgen Inc. on Thursday reported third-quarter financial results that exceeded Wall Street’s expectations.

For the third quarter, the Thousand Oaks biotech giant reported adjusted net income of $2.3 billion ($3.02 a share), compared to $2.1 billion ($2.72) for the same quarter a year earlier. Revenue increased 2 percent to $5.8 billion, compared to the third quarter of 2015.

Analysts on average expected earnings of $2.79 a share on revenue of $5.73 billion, according to Thomson Financial Network.

Product sales remained somewhat flat for the third quarter compared to the same quarter last year, according to the report.

However, on an adjusted basis, the company improved its cost of sales margin by half a percent, its research and development expenses by 11 percent and its total operating expenses by 5 percent.

Amgen shares closed up $1.58, or less than a percent, to $160.57 on the Nasdaq.