Amgen Raises Sales Forecast by $1 Billion After Crushing Q1 Earnings

Pharmaceutical giant Amgen Inc. (AMGN) has raised its sales forecast by $1 billion after exceeding expectations in its latest quarterly results.

The company, which develops treatments for various diseases including cancer and cardiovascular conditions, reported a 10% increase in revenue to $6.55 billion for the quarter ending March 31, surpassing analysts' estimates of $5.98 billion.

Amgen's earnings per share also rose 11% to $4.22, beating expectations by 8 cents. The company attributed its strong performance to a combination of higher sales and lower expenses.

The revised sales forecast is a significant boost for Amgen, which has been working to expand its product pipeline and address competition in the market.