Total revenues and net income beat analyst expectations for Thousand Oaks biotech giant Amgen Inc. during the first quarter, the company announced Thursday.
Product sales, which shot up 12 percent compared to last year’s first quarter, were primarily driven by volume growth among newer drugs, Amgen said in its earnings report, including Otezla, Repatha, Mvasi, Kanjinti and Evenity.
The company reported adjusted net income of $2.48 billion ($4.17 a share) for the quarter, an increase of 11 percent from $2.23 billion ($3.56 a share) in the first financial quarter of 2019. The company cited its Nov. 21 acquisition of Otezla as the primary cause for the difference.
Revenue totaled $6.2 billion for the quarter, an 11 percent boost compared to last year’s $5.5 billion first quarter.
Analysts on average expected first quarter net income of $3.76 a share on revenue of $6 billion, according to Yahoo Finance.
“I am inspired by the many ways my colleagues at Amgen and others across the industry are stepping up to meet the greatest public health challenge of our lifetime,” Robert Bradway, chief executive at Amgen, said in a statement. “We are committed to delivering an uninterrupted supply of our medicines to patients; advancing potential new medicines to treat serious diseases, including COVID-19; making a difference in the communities where we live and work; and creating long term value for shareholders.”
The company announced results after market close. Shares of Amgen (AMGN) closed Thursday up $3.53, or 1.5 percent, to $239.22 on the Nasdaq.