Amgen Raises 2016 Guidance; Q2 Profit Beats Estimates - Quick Facts

(RTTNews) - Amgen (AMGN) announced, for the full year 2016, the company now expects: total revenues in the range of $22.5 billion to $22.8 billion, compared to its previous guided range of $22.2 billion to $22.6 billion. On a non-GAAP basis, EPS is expected in the range of $11.10 to $11.40. Previously, the company expected non-GAAP EPS in the range of $10.85 to $11.20. Analysts polled by Thomson Reuters expect the company to report profit per share of $11.18 on revenue of $22.57 billion. Analysts' estimates typically exclude special items.

For the second quarter of 2016: GAAP earnings per share increased 15 percent to $2.47 driven by higher revenues and higher operating margins. Non-GAAP EPS increased 11 percent to $2.84 driven by higher revenues and higher operating margins. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $2.74 for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 6 percent versus the second quarter of 2015 to $5.7 billion. Product sales grew 5 percent driven by Enbrel (etanercept), Prolia (denosumab), KYPROLIS (carfilzomib) and XGEVA (denosumab). Analysts expected revenue of $5.58 billion, for the quarter.