By Denny Jacob
Amgen Inc. net income surged in the latest quarter even as revenue declined slightly.
The biotechnology company logged net income of $2.84 billion, or $5.28 a share, for the first quarter ended March 31, compared to net income of $1.48 billion, or $2.68 a share, a year earlier. Adjusted earnings were $3.98 a share, above analysts estimates of $3.81.
Amgen said the sharp increase in earnings per-share was driven by other income from a mark-to-market gain on its investment in BeiGene Ltd.
Revenue declined 2% to $6.11 billion from $6.24 billion. Analysts polled by FactSet expected $6.11 billion.
Amgen said revenue declined due to lower other revenue from its Covid-19 manufacturing collaboration, which was partially offset by a 2% increase in product sales.
Chief Executive Robert Bradway said demand for its products globally resulted in 14% volume growth.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
04-27-23 1636ET