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Amgen Profit Rises; Company Boosts Earnings Outlook

Amgenreported quarterly results that outpaced what Wall Street was expecting, and the company boosted its outlook for its full-year profit. But the company's shares declined in extended trading.

The pharmaceutical company earned $1.49 a share in its third quarter excluding one-time items, compared with $1.23 a share in the same period last year.

Sales for the most recent quarter reached $3.81 billion, down from $3.875 billion this time last year.

Analysts who follow Amgen expected the company to turn in a profit of $1.27 a share on sales of $3.793 billion, according to a consensus estimate rom Thomson Reuters.

Amgen
Amgen

The company said it now expects to see its full-year earnings hit a range of between $4.90 and $5.05 a share. Previously, Amgen predicted earnings between $4.80 and $4.95 a share.

Worldwide sales of Amgen's once top-selling anemia drug Aranesp, which have been badly hurt by safety concerns and reimbursement restrictions, continued their steep decline. Aranesp sales fell 19 percent to $685 million, well off analyst estimates of $698 million and below the previous quarter's $693 million.

Amgen also said that the U.S. Food and Drug Administration wants more information about Prolia, a proposed bone-loss treatment from the company.

The news on Prolia and Aranesp appeared to hurt Amgen shares, which declined more than 5 percent in extended trading Wednesday. Get after-hour quotes for Amgen here.

During the Nasdaq's regular session, the stock rose about 2 percent to $59.40.

Amgen stock rose 13.7 percent to end the quarter at $60.23. The shares managed to avoid the volatility seen in other health care sectors as the debate over health care reform continues.

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- Reuters and AP contributed to this report.