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Shares of biotech giant Amgen, Inc. (AMGN) are trading slightly higher in after hours trading this afternoon after the company delivered better than expected earnings for its second quarter.Going into this afternoon's earnings report, analysts had been expecting to see Amgen report $1.30 per share, but the company was able to beat out analyst estimates by reporting an actual $1.38 for the quarter.
During the same period last year the company had earnings of $1.29.
Revenues also came in above estimates at $3.8 billion, above the $3.74 that analysts had been expecting to see.
The company's CEO, Kevin Sharer, also provided an update on the launch of its newest drug, Prolia. Prolia is a drug that fights postmenopausal osteoporosis and Sharer stated that it is currently being launched worldwide. He also noted that the company is working with global regulatory authorities to gain approval for use of the drug in patients with advanced cancer.
Looking forward, that company believes that a weakening euro is going to negatively impact its full year 2010 revenues. Amgen had previously forecast full year revenues in a range of $15.1 billion to $15.5 billion, but now believes that revenues will come in slightly under $15.1 billion.
As for full year earnings, the company maintained its full year EPS forecast in the range of $5.05 t0 $5.25 per share.
Immediately following this afternoon's earnings release the stock jumped nearly 1% in after hours trading, but has since come back down and is currently up about 0.2%.
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