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Amgen Beats Expectations, Raises Outlook

Amgen Inc.’s first quarter results beat analyst expectations Monday and the company raised its guidance for the rest of the year. The Thousand Oaks biotech reported adjusted net income of $1.9 billion ($2.48 a share) for the quarter ending March 31, compared to adjusted net income of $1.4 billon ($1.87) for the same quarter a year ago. Revenue increased 11 percent to $5 billion. Analysts on average estimated earnings of $2.10 a share on revenue of $4.9 billion, according to Thomson Financial Network. The company credited its performance to lower costs, the result of on-going layoffs and a corporate restructuring. Also, Amgen increased its guidance for the rest of the year, projecting annual adjusted earnings per share between $9.35 and $9.65. Previously, the company expected earnings in the range of $9.05 to $9.40. “Our continuing success in delivering results gives us the confidence to increase our full-year outlook for earnings,” Chief Executive Robert Bradway said in a statement. Shares closed up $2.49 or 1.5 percent to $168.46 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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