Amgen sees 1st-qtr 2011 net dip 3.4%, as anemia drug sales fall

USA-based Amgen (Nasdaq: AMGN) said net income for the first quarter of 2011 dipped 3.4% to $1.13 billion, or $1.20. Earnings excluding one-time items beat by $0.05 the $1.29 average estimate of 22 analysts surveyed by Bloomberg. The firm’s shares fell 2% to $55 in after-hours trading last night.

Total revenue increased 3% during the quarter to $3,706 million, slightly ahead of analysts’ consensus estimates of $3.68 billion. Amgen, the world’s largest biotechnology company, reported adjusted earnings per share of $1.34 for the quarter, an increase of 3%. Adjusted net income decreased 2% to $1.26 billion.

“We had solid revenue growth in the first quarter,” said Kevin Sharer, chairman and chief executive, noting that “Prolia (denosumab) continues to build momentum and Xgeva (denosumab) is off to a strong start. Our operating costs grew in the quarter as we absorbed the new US Healthcare Reform Excise Fee, invested in launches of Prolia and Xgeva and in clinical development programs transitioning to Phase III.”