Amgen Stock Soars to Record High After Exceeding Q2 Expectations

Amgen stock jumped to a record high this week after posting Q2 results that exceeded expectations on all major metrics. The biotech giant reported revenue of $10.1 billion, up 10% from last year, and adjusted earnings per share of $6.29, beating the consensus estimate by $0.69.

The breadth of Amgen's beat was particularly impressive, with twenty-two products delivering double-digit sales growth and its six named growth drivers growing 26%. These growth drivers now account for nearly 70% of product sales, showing that Amgen is becoming less dependent on any single blockbuster drug.

In response to the strong results, management raised full-year guidance twice, with Amgen now expecting revenue between $38.2 billion and $39.4 billion and adjusted earnings per share of $22.30 to $23.50. The company's dividend yield is near 2.5%, appealing to income-focused investors.