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Amgen raises 2018 profit guidance; Q2 earnings up

Amgen Inc. raised its EPS outlook for 2018 after its second-quarter earnings rose year over year to $2.53 billion, or $3.83 per share.

The S&P Capital IQ consensus normalized EPS estimate for the second quarter was $3.56.

Comparatively, non-GAAP net income for the second quarter of 2017 was $2.41 billion, or $3.27 per share.

Thousand Oaks, Calif.-based Amgen expects non-GAAP EPS for 2018 to be in the range of $13.30 to $14.00, up from the prior guidance of $12.80 to $13.70. The S&P Capital IQ consensus normalized EPS estimate for 2018 is $13.74.

On a GAAP basis, the company's net income increased to $2.30 billion, or $3.48 per share, from $2.15 billion, or $2.91 per share, reported in the same period of 2017.

The company expects GAAP EPS for 2018 to be between $11.83 and $12.62, up from the previous outlook range of $11.30 to $12.28.

Revenue for the three months ended June 30 rose 4% year over year to $6.06 billion, helped by higher sales of new products, including cholesterol drug Repatha, multiple myeloma treatment Kyprolis, bone marrow cancer drug Blincyto and osteoporosis medicine Prolia.

Amgen expects total revenues of $22.5 billion to $23.2 billion for 2018, higher than the previously announced expectations of $21.9 billion to $22.8 billion.