Amgen Profit Falls Amid Revenue Growth, Misses Estimate - Quick Facts

(RTTNews) - Biotechnology giant Amgen Inc (AMGN) Tuesday reported first-quarter net earnings of $1.07 billion or $1.40 per share, compared with $1.43 billion or $1.88 per share last year.

Results for the recent quarter included tax adjustments of $365 million, compared with $64 million last year.

Excluding items, adjusted earnings for the quarter were $1.44 billion or $1.87 per share, compared with $1.5 billion or $1.96 per share a year ago.

On average, 23 analysts polled by Thomson Reuters estimated earnings of $1.94 per share on revenues of $ million for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were up 7 percent at $4.52 billion, compared with $4.24 billion in the prior year. Twenty analysts had a consensus revenue estimate of $4.76 billion for the quarter.

Expenses for the quarter were higher at $3.16 billion, compared with $2.8 billion last year.

Looking ahead to fiscal year 2014, Amgen still expects adjusted earnings of $7.90 to $8.20 per share and revenues of $19.2 billion to $19.6 billion. Analysts expect earnings of $8.16 per share on revenues of $19.62 billion.

"Strong underlying demand for our products and growth in adjusted operating income make us confident in our full-year growth outlook," said CEO Robert Bradway. "We continue to advance our robust late stage pipeline and expect to submit global filings for evolocumab in 2014."