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THOUSAND OAKS, Calif. (AP) — THOUSAND OAKS, Calif. (AP) — Amgen Inc. (AMGN) on Thursday reported first-quarter net income of $1.73 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Thousand Oaks, California-based company said it had net income of $3.20. Earnings, adjusted for non-recurring costs, came to $4.90 per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $4.16 per share.
The world's largest biotech drugmaker posted revenue of $8.15 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $7.95 billion.
Amgen expects full-year earnings in the range of $20 to $21.20 per share, with revenue in the range of $34.3 billion to $35.7 billion.
Amgen shares have increased slightly more than 9% since the beginning of the year, while the S&P's 500 index has fallen slightly more than 4%. In the final minutes of trading on Thursday, shares hit $284.85, a rise of almost 3% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMGN at https://www.zacks.com/ap/AMGN