Amgen’s first quarter earnings beat analysts’ estimates, while revenue growth remained flattish.
The biotech company’s first quarter adjusted earnings came in at $3.56 per share, compared to analysts’ estimates of $3.48. Unadjusted earnings per share of $3.18 fell from the year-ago quarter’s $3.25.
While revenue remained the same at $5.6 billion, expenses in the quarter increased +9% year-over-year to $3.1 billion.
The company’s revenue from Blincyto, its first bi-specific antibody for the treatment of cancer, surged +41% year-over-year to $69 million. Sales of its highest selling drug, Enbrel, rose +4% to $1.15 billion.
Research & Development (R&D) expenses increased +16% largely towards bolstering the company’s oncology programs, as indicated by Amgen.
For the full-year 2019, Amgen projects a revenue range of $22 billion and $22.9 billion. It lowered the top end of the range of its earnings per share forecast by $0.02, now expecting between $11.68 and $12.73 per share.
Amgen shares fell -2.2% on Wednesday.