Amgen revenues fall but profits increase
Thousand Oaks-based biotech giant Amgen’s total revenues decreased by 1 percent to $5.5 billion during the first quarter of 2017, compared to the same period a year ago, according to an earnings report April 26.
The drop was related to the plunge in sales of Enbrel, its rheumatoid arthritis drug.
Sales decreased 15 percent due to the impact of competition as well as lower rheumatology and dermatology segment growth compared to prior quarters, according to Amgen.
Still, through cost-cutting, profits increased 4 percent. The company generated $2.2 billion of free cash flow in the first quarter versus $1.8 billion in the first quarter of 2016.
“We are well positioned for the long term with our newer products demonstrating volume growth around the world and our tight operational expense management of the company,” said Robert Bradway, chairman and CEO. “With robust Repatha outcomes data, we are working with payers to improve access to this important therapy for patients at risk for heart attacks and strokes.”
Amgen in March disclosed that it was moving some of its Thousand Oaks jobs to Orlando, Cambridge and South Francisco as part of a company reorganization.
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