Amgen beats the Street
The world's largest biotechnology company raises its 2009 forecast.
NEW YORK (Reuters) -- Amgen Inc. reported a better-than-expected second-quarter profit Monday, helped by a strong rebound in sales of its rheumatoid arthritis drug and a tax benefit, and the company raised its full-year earnings forecast.
Excluding items, Amgen had adjusted earnings of $1.29 per share, topping analysts average expectations by 12 cents, according to Reuters Estimates.
That should come as a huge relief to investors in Amgen (AMGN, Fortune 500), which badly missed Wall Street profit estimates in the first quarter with most key drugs falling well short of expectations, and its shares rose 1.6% to $61.76 in extended trade.
The world's largest biotechnology company posted a net profit of $1.27 billion, or $1.25 per share, compared with a profit of $906 million, or 84 cents per share, a year ago.
Amgen also announced that it has a deal with GlaxoSmithKline (GSK) under which the British drugmaker will commercialize Amgen's eagerly-awaited experimental osteoporosis drug denosumab in Europe and emerging markets.
The Thousand Oaks, California-based biotech company raised its 2009 earnings forecast to $4.80 to $4.95 per share from its prior view of $4.55 to $4.75 per share. 
