Amgen beats estimates thanks to strong 1st-qtr sales

US biotech major Amgen (Nasdaq: AMGN) has beaten estimates and posted strong figures in its first quarter financial results for 2016.

The 7% growth in product sales, compared to the same period in 2015, is part of a 10% rise in total revenues which, combined with higher operating margins, has led to adjusted operating income of $2.86 billion and earnings per share (EPS) to reach $2.90, some 17% more than a year ago.

The EPS figure of $0.30 was ahead of Wall Street analysts’ predictions, according to Thomson Reuters, while the total revenue – at $5.53 billion – beats their estimates by more than $200 million.