Amgen Inc. beat Wall Street expectations with its third-quarter financial results on Wednesday.
The Thousand Oaks biopharmaceutical company reported net income of $1.86 billion ($2.44 a share) in the quarter ended Sept. 30, compared to $1.24 billion ($2.72 a share) for the same period a year earlier. Revenue rose 14 percent to $5.72 billion.
Adjusted net income for the quarter was $2.08 billion compared to $1.77 billion from a year ago.
Analysts on average expected earnings of $2.38 on revenue of $5.32 billion, according to Thomson Financial Network.
The company partially attributed its performance to a 30 percent surge in sales of rheumatoid arthritis drug Enbrel, which was driven by higher prices and lower inventory levels. Neulasta, which increases white blood cell counts, and anemia drug Aranesp, drove sales growth as well.
However, Amgen cited unfavorable foreign exchange rates as a reason for 2 percent lower earnings in regard to gross revenue and product sales growth. The company has also begun to feel the effects of the first U.S. biosimilar Zarxio that is in direct competition with Neupogen. That drug’s sales declined 5 percent to $284 million.
Shares closed up 69 cents, or less than a percent, to $162.67 on the Nasdaq.