Amgen Inc. exceeded analysts estimates for the third quarter, based on results announced by the company Wednesday.

The Thousand Oaks biotech company reported adjusted net income of $2.57 billion, or $4.37 per share, compared to $2.2 billion, or $3.66 per share, during the same quarter a year ago. Revenue increased 12 percent year-over-year to $6.4 billion.


Analysts on average expected net income of $3.80 a share on revenue of $6.35 billion, according to Yahoo Finance.


The company said the results were “driven by higher volume growth, partially offset by lower net selling prices and the effects of the COVID-19 pandemic.”


Two new drugs contributed to the gains. Sales of Prolia, a bone loss treatment, increased 11 percent to $701 million. Also, psoriasis drug Otezla, which was acquired by Amgen last year, had sales of $538 million. On the other side, sales of mature arthritis drug Enbrel fell 3 percent year-over-year to $1.3 billion.


The company raised its full-year adjusted earnings guidance to $15.80 to $16.15 per share.


Amgen announced results after market close. Shares of Amgen (AMGN) closed Wednesday down $7.08, or 3.2 percent, to $216.38 on the Nasdaq on a day when that market closed down 3.7 percent.