Amgen Reports Gain in Quarterly Earnings
Amgen Inc., a Thousand Oaks biotechnology concern, reported a sharp increase in earnings and revenue in the three months that ended March 31.
In February, Amgen announced that it anticipated domestic sales of its Neupogen drug would fall below expectations during the first quarter. In response, the company’s stock plunged.
In reporting its first quarter results, Amgen said that Neupogen sales finished the quarter up 58% from the 1992 period, and since the February announcement, sales of the drug “have returned to levels consistent with the company’s long-term expectations.â€
The company’s first-quarter profit was $89.3 million, up 41% from $63.2 million in net income a year before. Its revenue totaled $310.2 million, a 41% gain from $220.2 million in the first quarter of 1992.
The latest quarter’s results included a onetime gain of $8.7 million because of an accounting change. Without the gain, its earnings were $80.6 million, up 27% from a year earlier.
