Amgen's 11% 1st-qtr revenue rise beats expectations

US biotech giant Amgen (Nasdaq: AMGN) late yesterday announced financial results for the first quarter of 2020, showing that revenues increased 11% to $6.2 billion versus the like quarter of 2019, driven by higher unit demand, offset partially by lower net selling prices. This topped Wall Street estimates of just under $6 billion.

Amgen shares dipped 0.52% pre-market today, following a 1.5% gain in the regular Thursday session to close at $239.22.

Net income on a generally accepted accounting principles (GAAP) basis were $1,825 million, a decline of 8%. GAAP earnings per share (EPS) decreased 3% to $3.07, driven by the amortization of costs associated with Amgen’s November 21, 2019, acquisition of Otezla (apremilast), offset partially by increased revenues.