New York, NY, United States (4E) – Amgen Inc., which acquired Onyx Pharmaceuticals Inc. for $10.4bn this month, reported a 24 percent rise in third-quarter earnings amid broad-based revenue growth across its portfolio. The company also raised its forecast for 2013.
The largest biotechnology company by sales said profit was at $1.37bn, or $1.79 per share, an increase from $1.11bn, or $1.41 per share, from the previous year. Excluding the impact of restructuring and acquisition as well as other items, adjusted earnings climbed to $1.94 from $1.67. Revenue rose 9.9 percent to $4.75bn.
Revenue in the latest quarter jumped 9.9 percent to $4.75bn, surpassing the Street’s average estimate of $4.58bn. It was boosted by improved sales of drugs such as Amgen’s blockbuster, Enbrel, a drug for psoriasis and arthritis; and Neulasta, for support of the immune system of patients undergoing chemotherapy.
For the year, the world’s largest biotechnology company by revenue increased the low end of its per-share earnings estimate to a range between $7.35 and $7.45. Amgen also increased its revenue outlook to $18.3bn to $18.5bn, an increase from the previous estimate for the upper end range of $17.8bn to $18.2bn.
Amgen gained cancer drug Kyprolis through its acquisition of Onyx. The deal, which is the largest in the industry this year, provides the biotechnology firm potential sales growth as analysts predict Kyprolis to generate over $2bn in revenue by 2018.