Amgen Inc. on Wednesday logged better-than-expected revenue and a decline in profit in the first quarter.
The Thousand Oaks, Calif.-based biotechnology company
posted net income of $1.48 billion, or $2.68 a share, compared with net income of $1.65 billion, or $2.83 a share, in the year-ago quarter. Adjusted earnings were $4.25 a share. Analysts polled by FactSet expected $4.10 a share.
Revenue rose to $6.23 billion from $5.9 billion. The company said the higher revenue stemmed from 2% growth in global product sales and increased other revenue from its Covid-19 antibody manufacturing collaboration. Analysts polled by FactSet expected $6.07 billion.
Earlier Wednesday, Amgen reported top-line results from two Repatha studies. It said both studies showed Repatha was safe and well-tolerated when administered at 140 milligrams every two weeks or 420 milligrams monthly. The company said study results will be shared with regulatory authorities.
The company said the studies were designed to assess the long-term safety and tolerability of Repatha over five years in adults with clinically evident atherosclerotic cardiovascular disease.
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