Thousand Oaks-based Amgen Inc. saw rising sales and increased profits during the first quarter as the company benefited from an 8 percent jump in drug sales.
Amgen reported $4 billion in revenue during the first three months of 2012, a 9 percent jump from the same period a year earlier. Profit rose 5 percent to $1.18 billion, or $1.48 per share.
“We delivered strong sales and earnings during the first quarter, reflecting broad strength across the portfolio,” CEO Kevin Sharer said in a statement.
One of Amgen’s winners during the quarter was XGEVA, a bone-targeted therapy for cancer patients. XGEVA sales were $153 million during the first quarter, a 14 percent jump from the fourth quarter of 2011.
Overall, product sales were $3.9 billion during the quarter, up 8 percent from the same quarter a year earlier.
Amgen earned $1.29 billion, up 2 percent from a year earlier, or $1.61 per share, up 20 percent, when one time charges such as acquisition costs were taken out.
In after-hours trading, Amgen’s shares rose 21 cents to $68.84.