Biotech drug maker Amgen Inc. said Wednesday that its profit leaped in the third quarter, thanks to a comparison with a prior-year quarter weighed down by acquisition and restructuring charges.
Because of higher sales and favorable exchange rates, the company raised its full-year earnings outlook even as it reported declining U.S. sales for its bestselling medication.
Amgen earned $1.16 billion, or $1.09 a share, compared with $201 million, or 18 cents, a year earlier.
Excluding one-time acquisition and restructuring costs, Amgen said it would have earned $1.23 a share, up 14% from the prior year.
The Thousand Oaks-based company's earnings soared past Wall Street estimates of $1.08 a share, based on polling by Thomson Reuters.
Amgen shares rose $2.70, or 5.3%, to $52.35 in after-hours trading. Before the earnings news, shares fell $2.63 to $49.70.
Amgen also raised its full-year 2008 earnings guidance to between $4.45 and $4.55 a share from $4.25 to $4.45.
Analysts polled by Thomson Reuters expect earnings for the year of $4.38 a share.
Revenue climbed 7% to $3.88 billion on higher sales of its biotech treatments, including Neulasta, which prevents infections in chemotherapy patients, and Enbrel, used to treat rheumatoid arthritis.