Amgen 1Q Revenue Beats Expectations, Profit Declines
April 27 2022 - 4:50PM
Dow Jones News
By Denny Jacob
Amgen Inc. on Wednesday logged better-than-expected revenue and
a decline in profit in the first quarter.
The Thousand Oaks, Calif.-based biotechnology company posted net
income of $1.48 billion, or $2.68 a share, compared with net income
of $1.65 billion, or $2.83 a share, in the year-ago quarter.
Adjusted earnings were $4.25 a share. Analysts polled by FactSet
expected $4.10 a share.
Revenue rose to $6.23 billion from $5.9 billion. The company
said the higher revenue stemmed from 2% growth in global product
sales and increased other revenue from its Covid-19 antibody
manufacturing collaboration. Analysts polled by FactSet expected
$6.07 billion.
Earlier Wednesday, Amgen reported top-line results from two
Repatha studies. It said both studies showed Repatha was safe and
well-tolerated when administered at 140 milligrams every two weeks
or 420 milligrams monthly. The company said study results will be
shared with regulatory authorities.
The company said the studies were designed to assess the
long-term safety and tolerability of Repatha over five years in
adults with clinically evident atherosclerotic cardiovascular
disease.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 27, 2022 16:35 ET (20:35 GMT)
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