“WASHINGTON (AP) — Tax benefits helped biotech giant Amgen Inc.’s first-quarter earnings beat Wall Street’s prediction, despite disappointing drug sales.
The company said Tuesday that net income rose 21 percent to $1.43 billion, or $1.88 per share, from $1.18 billion, or $1.48 per share, in the prior-year period. It got a boost from $13 million in federal and state tax benefits in the most recent quarter.
Adjusting for one-time expenses the company would have earned $1.96 per share, better than the $1.84 average estimate of analysts polled by FactSet.
Revenue rose 5 percent, to $4.24 billion, missing analysts’ estimate of $4.37 billion. Operating expenses rose 9 percent, to $2.67 billion.
Shares fell $7.01, or 6.2 percent, to $105.75 in after-hours trading.
Overall drug sales rose 6 percent, driven by growth of Enbrel for psoriasis and rheumatoid arthritis and Prolia for osteoporosis. But those gains were partially offset by the continued slide of anemia drugs Aranesp and Epogen, which have faced limits on dosing and insurance payments due to safety concerns. Aranesp sales fell 10 percent to $168 million, while Epogen declined 2 percent to $435 million.
Despite continuing declines for anemia drugs, those products could get a boost in coming months after a major setback for a rival product….”
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