Thousand Oaks-based Amgen released its first quarter earnings Tuesday, beating analyst expectations and raising its guidance for the remainder of the year.
The company’s revenue was up 11.3 percent, to $5 billion, with a notable 11.9 percent climb in product revenues despite the high-pressure climate brought on by the U.S. Food & Drug Administration’s newly loosened regulation of biosimilar drugs. The effect did show in sales revenue for Neupogen, the first drug to be challenged by a copycat in the U.S., which was down 14.9 percent.
The biopharmaceutical giant’s product leader was cancer drug Neupogen, and Krypolis, a multiple myeloma treatment recently granted approval for expanded use, saw sales increase by 58.8 percent.
The gains in drug revenues were combined with cuts to research and development spending, pushing net income up 51.3 percent to $1.6 billion. Earnings per share for the quarter were $2.48, compared to the analyst-expected $2.10.
On the strength on the results, the company raised its full-year earnings per share guidance to between $9.35 and $9.65 from its previous forecast of $9.05 to $9.40.
Amgen shares rose 3.8 percent in after-hours trading to $172.34.