Amgen Inc. on Wednesday released first quarter results that beat Wall Street expectations for earnings but missed on revenue. Its stock price fell more than 3 percent in after-hours trading.
The Thousand Oaks pharmaceutical company, which produces more than a dozen medications, reported adjusted net income of $2.3 billion ($3.15 a share) for the period ended April 1. While earnings rose 6 percent year-over-year, revenue declined by about 1 percent to $5.46 billion. The company reported earnings equal to $2.90 a share on revenue of $5.53 billion for the first quarter of 2016.
Amgen (AMGN) topped Wall Street expectations for earnings by 15 cents but failed to meet projections for revenue by $140 million. Analysts on average had anticipated earnings of $3 a share on revenue of $5.6 billion, according to Thomson Financial.
Amgen announced its quarterly results after the markets closed Wednesday. At press time, the company’s stock had fallen $5.91, or about 3.6 percent, to $158.70 in after-hours trading. Share prices had dropped 9 cents, or much less than 1 percent, earlier in the day to close at $164.61 on the Nasdaq.