Amgen Stock Drops After Missing Revenue Target

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.