Amgen Corp. (NASDAQ: AMGN) reported first-quarter 2015 earnings Tuesday afternoon after equity markets had closed. The biotech firm posted adjusted earnings per share (EPS) of $2.48 on revenues of $5.03 billion. In the first quarter of 2014, the company reported EPS of $1.87 on revenues of $4.52 billion. Consensus estimates from Thomson Reuters called for EPS of $2.10 on revenues of $4.91 billion.

Product sales rose 12% compared with the first quarter of 2014, primarily on the sale of the company’s Enbrel, Prolia, Epogen, Sensipar and Xgeva products. Growth was the result of price and higher demand.

R&D expenses dropped by 14% and total operating expenses fell by 3% to $2.58 billion. Amgen’s operating margin rose to 50.2% from 42.7% in the same period a year ago.

In its guidance statement, Amgen raised the low end of its revenue estimate by $100 million to a new range of $20.9 million to $21.3 billion for the full fiscal year. The top end of the range was unchanged. The adjusted EPS range rose from $9.05 to $9.40 to a new range of $9.35 to $9.65.

Analysts had consensus second-quarter estimates of $2.36 for EPS and $5.29 billion for revenues. Full-year estimates called for EPS of $9.32 and revenues of $20.98.

The company’s CEO said:

With solid execution in the first quarter, Amgen achieved strong sales and earnings growth and demonstrated substantial progress in achieving our long-term objectives. Our continuing success in delivering results gives us the confidence to increase our full year outlook for earnings.

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Amgen beat the consensus EPS estimate by 18%. That showing is likely to drive the biotech stocks to even greater heights. While Amgen cannot pump the entire sector all by itself, it is a bellwether for the biotechs and we can expect some new tops going forward.

Shares traded higher by more than 2% in the after-hours session Tuesday, at $172.00 in a 52-week range of $108.20 to $173.14. Thomson Reuters had a consensus price target on the stock of $176.84 before the results were announced.

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