, a bellwether of the biotechnology industry, met Wall Street's quarterly earnings expectations on Tuesday and raised its earnings per share forecast for the full year.
For the first quarter ended March. 31, net income rose to $266 million, or 25 cents a diluted share, from $247 million, or 23 cents a share a year earlier. That number matched the consensus estimate of analysts polled by
First Call/Thomson Financial
The company announced an increase in its earnings per share guidance to a range of $1.06 to $1.08. Analysts already had expected the company to earn $1.08.
Revenue rose 9% to $814 million from $746 million a year ago, with total product sales up 1% to $698 million from $688 million.
Epogen, an antianemia treatment for kidney patients on dialysis, and Neupogen, an immune system stimulator, accounted for 99% of product sales, with Epogen pulling in $440 million in sales and Neupogen posting $250 million. Sales of Epogen increased 12% but sales of Neupogen decreased 13%, and Amgen said revenue from both drugs was reduced because of inventory reductions by wholesalers and providers.
Amgen, based in Thousand Oaks, Calif., is currently embroiled in a patent lawsuit with
, which claims to have a unique process for making epogen that does not violate Amgen patents.
Shares of Amgen closed Tuesday trading up 3, or 6%, at 54 5/16.