Biotech giant Amgen Inc. says first-quarter profit rose 5 percent on higher sales of its top two drugs and two new ones, and it easily beat Wall Street forecasts.

The maker of biologic drugs such as Enbrel for rheumatoid arthritis says net income was $1.18 billion, or $1.48 per share, up from $1.13 billion, or $1.20 per share, a year ago.

Excluding one-time items, the Thousand Oaks, Calif., company says it would have earned $1.29 billion, or $1.61 per share.

Revenue totaled $4.05 billion, up 9 percent, despite sharply lower sales for two drugs with recent safety warnings.

Analysts were expecting earnings per share of $1.46, excluding one-time items, and sales of $3.93 billion.

Amgen repeated its 2012 adjusted profit forecast of $5.90 to $6.15 per share.