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UPDATE 1-Amgen quarterly results beat estimates, but revenue dips 3%

Deena Beasley

(Adds analyst comment, share price)

July 30 (Reuters) - Amgen Inc on Tuesday said its second-quarter revenue fell 3% due to more competition for its older off-patent drugs, but rising sales of newer medicines helped its results exceed Wall Street forecasts.

The U.S. biotechnology company said adjusted earnings per share rose 4% to $3.97, topping analysts' average expectations by 41 cents, according to IBES data from Refinitiv. A lower number of outstanding shares drove the earnings beat.

Total revenue of $5.87 billion, while lower than a year ago, topped analysts' estimates of $5.66 billion.

"Amgen had a good quarter all around," said Jefferies analyst Michael Yee. "They tightened up guidance to the higher end of the range, which is where the Street is at."

The company raised the lower end of its full-year outlook and now expects adjusted earnings of $13.75 to $14.30 per share on revenue of $22.4 billion to $22.9 billion. It had previously forecast $13.25 to $14.30 per share on revenue of $22 billion to $22.9 billion.

Sales of potent cholesterol fighter Repatha rose 3% to $152 million, below Wall Street estimates of $157 million. Sales of Amgen's new migraine drug Aimovig totaled $83 million for the quarter, beating the $77.4 million projected by analysts.

But sales of Neulasta, which fights infections by boosting white blood cells, fell 25% to $824 million, while sales of kidney drug Sensipar plunged 71% to $122 million as competition from cheaper generics and biosimilars increased.

Amgen reported a net profit of $2.17 billion, or $3.57 per share, for the quarter, compared with a profit of $2.29 billion, or $3.50 per share, a year ago.

Amgen shares rose 21 cents to $176.66 in after hours trading.

(Reporting By Deena Beasley Editing by Bill Berkrot)