Amgen reports strong first quarter performance driven by increased sales

Californian biotech Amgen (Nasdaq: AMGN) has reported an increase of 2% in revenues for the first quarter of 2018, up to $5.6 billion, beating analysts expectations.

Following generally accepted accounting principles (GAAP), the firm reported a 6% rise in earnings per share (EPS), up at $3.25, driven in part by higher product sales and a lower tax rate. Operating income increased 5% to $2.7 billion and operating margin increased 1.2% to 51%.

Revenues were boosted by double-digit growth for new and recently launched products including Repatha (evolocumab), Kyprolis (carfilzomib), Prolia (denosumab) and Xgeva (denosumab), while a decline in sales of some more established products took a little shine off the firm’s first results statement of the year.