: Amgen stock jumps after the biotech’s record earnings beats expectations, and full-year outlook is raised

Shares of Amgen Inc. AMGN jumped 1.5% in after-hours trading Thursday, after the biotechnology giant reported record second-quarter earnings that rose above expectations and raised the full-year outlook, as volume growth offset a slight decline in prices. Net income rose to $1.38 billion, or $2.57 a share, from $1.32 billion, or $2.45 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $5.00 beat the FactSet consensus of $4.49. Revenue grew 5.9% to $5.99 billion, above the FactSet consensus of $6.66 billion, as 11% growth in volume offset a 2% decline in net selling prices and 1% lower inventory levels. Among the best selling drugs, Amjevita/Amgevita sales increased 2% to $1.0 billion and Prolia sales rose 11% to $1.03 billion. “We had a very strong quarter, serving more patients across all geographies and therapeutic categories and delivering record revenues and non-GAAP earnings per share,” said Chief Executive Robert Bradway. For 2023, the company raised its guidance ranges for adjusted EPS to $17.80 to $18.80 from $17.60 to $18.70 and for revenue to $26.6 billion to $27.4 billion from $26.2 billion to $27.3 billion. The stock, which closed the regular-session up 0.1% at $230.70, has lost 12.2% year to date while the Dow Jones Industrial Average DJIA has tacked on 6.2%.

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