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Amgen handily beats Street on strong drug sales

Amgen on Tuesday reported first-quarter profit and revenue that easily beat Wall Street expectations, driven by rising drug sales.

The pharmaceutical company posted adjusted earnings of $2.48 per share, up 33 percent from the year before. Revenue jumped to $5.03 billion, an 11 percent increase year over year.

Amgen shares moved more than 2 percent higher in extended trading Tuesday.

Amgen
Robert Galbraith | Reuters

Amgen's product sales rose 12 percent year over year. The company touted strong performance from drugs including Enbrel and Prolia.

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It also increased its full-year revenue guidance to roughly $21 billion.

Wall Street had expected Amgen to post first-quarter earnings of $2.10 per share on $4.91 billion in revenue, according to a consensus estimate from Thomson Reuters.