By Kimberly Chin
Amgen Inc.'s first-quarter profit declined in the first quarter due to lower sales as the Covid-19 pandemic continues to affect patient visits and the diagnosis of new patients.
The Thousand Oaks, Calif.-based company reported net income of $1.65 billion, down from $1.83 billion a year earlier. Earnings were $2.83 a share, compared with $3.07 a share last year. Amgen had an adjusted profit of $3.70 a share, missing analysts' expectations of $4.04 an adjusted share, per FactSet.
Amgen's revenue was $5.9 billion, a decrease from $6.16 billion a year earlier. Analysts were expecting revenue of $6.27 billion. Product sales declined however volume rose by the double digits supported by a number of products including Repatha, Prolia, MVASI and Kanjinti, the company said.
Research and development expenses were $967 million, compared with $952 million a year ago.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
April 27, 2021 16:35 ET (20:35 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.