Amgen (AMGN) reported its financial results for the second quarter. The biotech major posted earnings of $2.84 per share, beating consensus forecast by 10 cents. Revenue for the quarter came in at $5.7 billion, up 6.1% on a year-over-year basis. Revenue beat consensus forecast by $120 million.
Enbrel sales for the quarter totaled $1.484 billion, up 10.1% on a year-over-year basis. Neulasta sales for the quarter totaled $1.149 billion, down 0.8% on a year-over-year basis.
For 2016, AMGN expects revenue to be between $22.5 billion and $22.8 billion. The company’s previous guidance range was $22 billion to $22.6 billion. Earnings for 2016 are expected to come in at $9.55 per share to $9.90 per share. The previous guidance range was $9.34 per share to $9.74 per share.
AMGN shares have gained more than 13% in the past one month. Despite these gains, AMGN continues to trade at attractive levels. I am maintaining my $250 price target, which based on 2016 sales forecast represents a multiple of around 5.5x.