Amgen Inc. on Thursday reported first-quarter financial results that exceeded Wall Street’s expectations.
The Thousand Oaks pharmaceutical company reported adjusted net income of $2.2 billion ($2.90 a share) for the quarter ending March 31, compared to $1.9 billion ($2.48) for the same quarter a year earlier. Revenue increased 10 percent to $5.5 billion, compared to the first quarter of 2015.
Analysts on average expected earnings of $2.60 a share on revenue of $5.32 billion, according to Thomson Financial Network.
Product sales growth was up 7 percent, driven by some of the company’s most popular drugs, including Enbrel and Prolia.
“We are off to a strong start in 2016 delivering results for the year and laying groundwork for our long-term growth with innovative new product launches globally,” Robert A. Bradway, chief executive of Amgen, said in a statement.
Amgen shares closed down 44 cents, or less than a percent, to $160.56 on the Nasdaq.