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July 25 (Reuters) - Amgen Inc on Tuesday reported higher-than-expected second-quarter profit and raised its 2017 earnings forecast with strong sales growth in newer products for multiple myeloma and osteoporosis.
A 5 percent decline in sales of the infection fighter Neulasta to $1.09 billion, below Wall Street expectations, may have disappointed investors. Amgen shares fell more than 2 percent to $176.50 in extended trading from a Nasdaq close at $180.89.
Excluding items, the world's largest biotechnology company by market value 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 forecast adjusted earnings of $12.15 to $12.65 per share, up from its prior view of $12.00 to $12.60. While the midpoint of the new range was still below Wall Street estimates, analysts said Amgen has a history of conservative forecasts in the first half of the year.
"Most important was that Enbrel had a big bounce off of Q1 and that was a nervous point for a lot of investors," said Jefferies analyst Michael Yee, noting that Amgen shares were up over 20 percent for the year.
Sales of Enbrel for rheumatoid arthritis and psoriasis fell 1 percent to $1.46 billion due to increased competition, beating Wall Street estimates of $1.34 billion. That was a big rebound after a 15 percent drop in the first quarter.
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.
"We remain on track to achieve our objectives in 2017 as well as our long-term objectives," Chief Executive Robert Bradway said.
Sales of osteoporosis drug Prolia grew 15 percent to $505 million, beating analysts' estimates of about $477.5 million. Sales of Kyprolis, which extended patient survival in recent multiple myeloma trials, jumped 23 percent to $211 million, topping Wall Street estimates of about $203 million.
Repatha appears to be gaining momentum after data in March showed it cut the risk of heart attack, stroke and death, and dramatically lowered levels of bad LDL cholesterol. Sales of $83 million were about $10 million above expectations.
Upcoming new guidelines from a major cardiology organization and a likely label update, including the new heart safety data, are expected to ease onerous constraints on patient access from insurers and eventually boost sales.
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)