Wednesday, April 20, 2011

Amgen Inc. (NASDAQ: AMGN): Q1 2011 Earnings Roundup

Amgen Inc. (NASDAQ: AMGN) said late Wednesday that its first quarter profit totaled $1.13 billion, or $1.20 a share, compared with $1.17 billion, or $1.18 a share, in the prior-year quarter. On an adjusted basis, the company earned  $1.34  per share in the latest quarter. Revenue increased 3% to $3.71 billion from $3.59 billion. Analysts, on average, expected the company to report earnings of $1.29 per share on revenue of $3.68 billion.

"We had solid revenue growth in the first quarter," said Kevin Sharer, chairman & CEO. "Prolia continues to build momentum and XGEVA is off to a strong start. Our operating costs grew in the quarter as we absorbed the new U.S. Healthcare Reform Excise Fee, invested in launches of Prolia and XGEVA and in clinical development programs transitioning to Phase 3."

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