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Cramer: Amgen, Regeneron stocks are going higher

CNBC's Jim Cramer on Wednesday identified two biotechnology stocks that he thinks could soon push higher, namely Amgen and Regeneron Pharmaceuticals.

In a rebound from a disappointing first quarter, Amgen posted higher-than-expected second-quarter profit on Tuesday, helped by strong sales of its rheumatoid arthritis drug Enbrel. It significantly raised its full-year earnings forecast, as well.

Read MoreAmgen 2nd quarter profit rises; announces up to 2,900 job cuts

"The numbers were up 34 percent for a bone cancer drug ... that no one was thinking about as good," said Cramer on "Squawk on the Street," referring to denosumab, a bone-strengthening drug that's sold commercially as Prolia. "This stock is going higher."

Jim Cramer
Adam Jeffery | CNBC
Jim Cramer

Separately, Cramer said Regeneron is being helped by a new drug that cut "bad" LDL cholesterol more than placebo and existing treatments in nine late-stage clinical trials. It's also getting a boost from Eylea, which is used to treat diabetic macular edema, he said.

Read MoreSanofi, Regeneron drug cuts cholesterol in nine late-stage trials

Cramer claimed to have first recommended Regeneron when the stock was trading at $5 a share. In late-morning trading Wednesday, REGN was hovering around the $330 level.

"This is a wonder of this market," Cramer said of REGN. "I still like it very much."

—By CNBC's Drew Sandholm. Reuters contributed to this report.

Disclosure: When this story was published, Cramer's charitable trust did not own Amgen or Regeneron.

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    Carl Quintanilla is an Emmy-winning reporter and co-anchor of CNBC's "Squawk on the Street," broadcast live from the NYSE.

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