Amgen beats forecasts as EPS leaps more than 20%

USA-based Amgen (Nasdaq: AMGN), the world’s biggest independent biotech company, posted strong first-quarter 2012 financial results after US markets closed yesterday, showing that net income rose 5.3% to $1.18 billion, or $1.48 per share, compared to $1.12 billion or $1.20 share last year.

Excluding items, adjusted earnings for the quarter were $1.29 billion or $1.61 per share, compared to $1.26 billion or $1.34 per share, up 23.3% on the like period last year. The average expectations of 23 analysts polled by Thomson Reuters was for earnings of $1.45 per share for the quarter. Analysts' estimates typically exclude special items.The company reported revenue of $4.05 billion for the quarter, a rise of 9.5%, beating analysts’ estimates of $3.9 billion.

"We delivered strong sales and earnings during the first quarter, reflecting broad strength across the portfolio," said Kevin Sharer, chairman and chief executive, adding: "The pipeline is developing well and the business is in good shape to address the opportunities and challenges ahead."