Amgen tops 1st-qtr sales estimates

Shares of US biotech giant Amgen (Nasdaq: AMGN) were down almost 6% at $233.98 in pre-market trading today, following the company’s release of positive first-quarter 2022 results, but with a sting in the tail relating to back taxes, after markets closed on Wednesday.

Total revenues increased 6% to $6.2 billion in comparison to the first quarter of 2021, resulting from 2% growth in global product sales and increased Other Revenue from our COVID-19 manufacturing collaboration. This was ahead of consensus expectations for sales of $6.07 billion.

Non-generally accepted accounting principles (GAAP) net income came in at $2.34 billion, up 9%. Non-GAAP earnings per share increased 15% to $4.25, driven by increased revenues and lower weighted-average shares outstanding, and above projections.