Amgen Inc. announced third quarter results that beat Wall Street expectations on Tuesday.
The Thousand Oaks biotech reported net income of $2 billion ($3.27 a share) for the quarter. Revenue totaled $5.7 billion for the quarter, a 3 percent decrease from the third quarter of 2018.
Analysts on average expected third quarter net income of $3.15 a share on revenue of $5.6 billion, according to Seeking Alpha.
Product sales declined by 1 percent globally, the company reported, but units grew by “double digits or better” for Prolia, Repatha, Aimovig, Parsabiv, Kyprolis and Blincyto.
Amgen expects its Otezla acquisition, a $13.4 billion cash deal with Celgene Corp. for its psoriasis drug, to close before the end of the fourth quarter.
Amgen executives also announced they will be ending new neuroscience research within the company, with the exception of inflammation treatments related to this field. Ongoing clinical development will continue, execs said on the conference call.
The company announced results after market close. Shares of Amgen (AMGN) closed Tuesday up $3.98, or 1.9 percent, to $208.99 on the Nasdaq.