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July 25 (Reuters) - Amgen Inc on Tuesday reported higher-than-expected second-quarter profit and raised its 2017 earnings forecast as growth in newer products helped offset declines in established blockbuster medicines.
But the midpoint of the new earnings forecast is 8 cents below analysts' current estimates and the quarterly results, bolstered by lower expenses and a decreased tax rate, appeared to disappoint investors.
Amgen shares fell 2.7 percent to $176 in extended trading from a Nasdaq close at $180.89.
Excluding items, Amgen posted adjusted earnings of $3.27 per share, topping analysts' average expectation by 16 cents, according to Thomson Reuters I/B/E/S.
For the full year, Amgen estimated adjusted earnings of $12.15 to $12.65 per share, up from its prior view of $12.00 to $12.60. The company also tightened its 2017 revenue forecast to $22.5 billion to $23 billion from a range of $22.3 billion to $23.1 billion.
Amgen's biggest product, Enbrel for rheumatoid arthritis and psoriasis, bounced most of the way back from a disappointing first quarter. Sales fell 1 percent to $1.46 billion due to increased competition, beating Wall Street estimates of $1.34 billion.
Enbrel sales had fallen 15 percent in the first quarter.
Sales of infection fighter Neulasta fell 5 percent to $1.09 billion due to lower demand.
But newer products, such as Prolia for osteoporosis, Kyprolis for multiple myeloma, and the potent, but expensive cholesterol fighter Repatha all saw strong growth that exceeded expectations.
Prolia sales grew 15 percent to $505 million, while analysts had been expecting about $477.5 million. Kyprolis sales jumped 23 percent to $211 million, topping Wall Street estimates of about $203 million.
Repatha appears to be gaining momentum after data in November showed it cut the risk of heart attack, stroke and death in addition to dramatically lowering LDL levels. Sales of $83 million were about $10 million above expectations.
The world's largest biotechnology company by market value said net profit rose to $2.15 billion, or $2.91 per share, from a profit of $1.87 billion, or $2.47 per share, a year ago.
Revenue rose 2 percent to $5.8 billion, edging past Wall Street estimates of $5.67 billion.
(Reporting by Bill Berkrot; Editing by Richard Chang)