Amgen Inc.’s first quarter results beat analyst expectations Monday and the company raised its guidance for the rest of the year.

The Thousand Oaks biotech reported adjusted net income of $1.9 billion ($2.48 a share) for the quarter ending March 31, compared to adjusted net income of $1.4 billon ($1.87) for the same quarter a year ago. Revenue increased 11 percent to $5 billion.

Analysts on average estimated earnings of $2.10 a share on revenue of $4.9 billion, according to Thomson Financial Network.

The company credited its performance to lower costs, the result of on-going layoffs and a corporate restructuring.

Also, Amgen increased its guidance for the rest of the year, projecting annual adjusted earnings per share between $9.35 and $9.65. Previously, the company expected earnings in the range of $9.05 to $9.40.

“Our continuing success in delivering results gives us the confidence to increase our full-year outlook for earnings,” Chief Executive Robert Bradway said in a statement.

Shares closed up $2.49 or 1.5 percent to $168.46 on the Nasdaq.