Biotech giant Amgen reports 2Q profit up 8 pct on higher sales, trounces analyst expectations

THOUSAND OAKS, Calif. – Amgen Inc. says its second-quarter net income rose 8 per cent as the world’s largest biotech company posted higher sales for its top-selling drug and two new ones added to revenue.

The results were far above Wall Street expectations.

The maker of osteoporosis drug Prolia and Enbrel for inflammatory disorders says net income was $1.27 billion, or $1.61 per share, up from $1.17 billion, or $1.25 per share, a year earlier.

Excluding one-time items, Amgen says net income was $1.43 billion, or $1.83 per share, up from $1.28 billion, or $1.37 per share, in 2011’s second quarter.

Revenue totalled $4.48 billion, up 13 per cent.

Analysts were expecting, on average, earnings per share of $1.54, excluding one-time items, and revenue of $4.08 billion.