Amgen: Q2 Earnings Snapshot

August 4, 2022 GMT

THOUSAND OAKS, Calif. (AP) _ Amgen Inc. (AMGN) on Thursday reported second-quarter profit of $1.32 billion.

On a per-share basis, the Thousand Oaks, California-based company said it had net income of $2.45. Earnings, adjusted for non-recurring costs, were $4.65 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.40 per share.

The world’s largest biotech drugmaker posted revenue of $6.59 billion in the period, which also topped Street forecasts. Ten analysts surveyed by Zacks expected $6.54 billion.

Amgen expects full-year earnings in the range of $17 to $18 per share, with revenue in the range of $25.5 billion to $26.4 billion.

Amgen shares have increased nearly 10% since the beginning of the year, while the S&P’s 500 index has dropped 13%. In the final minutes of trading on Thursday, shares hit $246.98, an increase of 8% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at https://www.zacks.com/ap/AMGN