Amgen Surges 3.1% as Earnings Beat Expectations, Guidance Raised

Amgen's shares rose 3.1% after the biotech company posted strong second-quarter financial results that beat expectations, prompting it to raise its full-year guidance.

Total revenue for the quarter increased 9.5% year-over-year to $10.05 billion, surpassing Wall Street estimates by 6.9%, and adjusted earnings per share of $6.29 beat consensus forecasts by 12%. The company's free cash flow margin improved significantly to 34.7% from 20.8% in the same quarter last year.

Following the strong performance, Amgen lifted its full-year revenue guidance to a midpoint of $38.8 billion and adjusted earnings per share outlook to a midpoint of $22.90.