US biopharmaceutical company Amgen achieved earnings per share of 65cents in the first quarter of 1997, an increase of 27%. Net income for the quarter was $180 million, up 26%. Total revenues were $575.5 million, up 13.3%. Of this total, product sales amounted to $536 million, an increase of 12% on the like, year-earlier period.
The company said that sales of Epogen (epoetin alfa) grew 19% in the first quarter to $292 million, and turnover of Neupogen (filgrastim) was $244 million, up 5%. Gordon Binder, chairman and chief executive of Amgen, commented: "once again, sales of Epogen and Neupogen produced another solid quarter. In addition, recently-issued EPO patents and a new strategic agreement involving G-CSF have strengthened our franchise with these two products."
The R&D spend during the quarter amounted to $147.7 million, an increase of 13.1%. Amgen recently filed a license application with the US Food and Drug Administration for its early-acting blood cell growth factor, Stemgen. Also, the firm has presented clinical data, which it says demonstrated that hepatitis C patients, who have not responded to previous treatment with interferon therapy or who have relapsed after such treatment, may benefit from treatment with its novel interferon, Infergen (interferon alfacon-1; Marketletters passim).
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