THOUSAND OAKS, California (AP) — Despite higher sales, biotech drugmaker Amgen's first-quarter profit fell 25 percent as production and research costs rose sharply, while the year-ago quarter enjoyed a tax benefit. The company badly missed Wall Street's expectations for both earnings per share and revenue.
The maker of injected osteoporosis treatment Prolia says net income was $1.07 billion or $1.40 per share, down from $1.43 billion, or $1.88 per share, in 2013's first quarter.
Excluding one-time items, income would have been $1.44 billion, or $1.87 per share. Analysts expected $1.94.
Revenue totaled $4.52 billion, up 7 percent. Analysts were expecting $4.76 billion.
The company reiterated its 2014 financial forecasts, for adjusted earnings per share of $7.90 to $8.20 and revenue of $19.2 billion to $19.6 billion.
Amgen shares slipped nearly 3 percent in late trading.