Amgen Inc. on Tuesday reported quarterly earnings that missed analysts’ expectations despite a gain in revenue.
The Thousand Oaks pharmaceutical company reported net income of $1.26 billion ($1.65 a share) for the quarter ended June 30, compared to $1.27 billion ($1.61 a share) for the same quarter last year. Revenues increased 5 percent to $4.68 billion.
Analysts on average had expected earnings of $1.74 a share, according to Thomson Financial Network.
Chief Executive Robert Bradway pointed to the future by announcing that he expects test results for the company’s cholesterol drug AMG 145, in the first quarter of next year.
“We saw solid product trends during the second quarter and are carrying good momentum into the second half,” Bradway said in a statement. “We continue to make excellent progress with our pipeline of innovative molecules.”
Amgen announced results after the market closed on Tuesday. The company’s shares closed up $1.83 or 1.7 percent at $111.20 in trading on the Nasdaq.