Amgen’s stock jumps premarket after earnings beat and company again raises guidance

Amgen Inc.’s stock
AMGN,
+0.62%
rose 2.9% in premarket trade Tuesday, after the biotech blew past earnings estimates for the third quarter and again raised its guidance. The company posted net income of $1.730 billion, or $3.22 a share, for the quarter, down from $2.143 billion, or $3.98 a share, in the year-earlier period. Adjusted per-share earnings came to $4.96, well ahead of the $4.68 FactSet consensus. Revenue climbed to $6.903 billion from $6.652 billion, close to the $6.923 billion FactSet consensus. Sales of the company’s Enbrel, which is used to treat autoimmune diseases, fell 6%. Repatha, a treatment for high cholesterol, saw sales climb 31%, while osteoporosis treatment Prolio saw sales rise 14%. Amgen is now expecting full-year adjusted EPS of $18.20 to $18.80 and revenue of $28.0 billion to $28.4 billion. The FactSet consensus is for EPS of $18.36 and revenue of $27.6 billion. The stock has gained 0.2% in the year through Monday’s close, while the S&P 500
SPX,
+1.20%
has gained 8.5%.