Biotech Amgen posts Q2 net rise on higher sales of Enbrel, newer drugs, raises 2015 forecast

IndustriesAssociated Press

Higher sales of Amgen's blockbuster rheumatoid arthritis drug Enbrel and some newer drugs boosted second-quarter profit 7 percent. The biotech giant topped Wall Street expectations and hiked its 2015 profit forecast.

Amgen, based in Thousand Oaks, California, says net income rose to $1.65 billion, or $2.15 per share.

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Excluding one-time charges, adjusted net income was $1.98 billion, or $2.57 per share. Analysts surveyed by FactSet were, on average, expecting earnings of $2.43 per share.

Total revenue climbed 3.7 percent to $5.37 billion, edging the $5.32 billion analysts expected.

Amgen hiked its 2015 adjusted earnings per share forecast to $9.55 to $9.80, up from $9.35 to $9.65. It also nudged up its revenue forecast, to $21.1 billion to $21.4 billion from $20.9 billion to $21.3 billion.