Amgen beats expectations as 2nd-qtr revenues rise 13% and EPS grows 34%

The world’s largest independent biotech company, USA-based Amgen (Nasdaq: AMGN), saw its shares move higher in after-hours trading when the firm announced better-than-expected financial results for the second quarter of 2012, with total revenues increased 13% to $4.48 billion, with 8% product sales growth driven by strong performance across the portfolio.

Adjusted earnings per share grew 34% to $1.83 due to 23% adjusted operating income growth and lower shares outstanding. Amgen's adjusted results beat the expectations of analysts surveyed by FactSet by $0.29 per share, and revenue was $400 million higher than expected. Adjusted net income increased 12% to $1.43 billion. GAAP EPS rose 29% to $1.61 and GAAP net income was up 8% to $1.27 billion. Amgen's shares rose 4.4% to $82.80 after hours, on top of a 1.7% gain during regular trading, noted The Associated Press. Amgen modified its agreement with Takeda to grant exclusive worldwide development rights for motesanib, recognizing income of $206 million in other revenues.

Ups 2012 guidance