Amgen announces 15% rise in first-quarter revenues

Amgen has published its financial figures for the first quarter of the 2007 fiscal year, with the firm recording a 15 per cent rise in revenues on the same quarter last year to $3.7 billion (1.85 billion pounds).

The company saw an adjusted net income of $1.27 billion in the quarter, an increase of 15 per cent on the first quarter of 2006, while reported adjusted earnings per share rose 19 per cent to $1.08.

Revenues were driven by product performance, with the firm reporting a rise in sales of Aranesp, Epogen, Neulasta, Neupogen, Enbrel, Sensipar and Vectibix, while the company announced that it will cover the late-stage clinical development of Aranesp, AMG 531 and Denosumab at the meeting of the American Society of Clinical Oncology in June.

Kevin Sharer, chairman and chief executive officer of Amgen, said: “Our key products delivered good sales growth during the quarter.

“We are confident ESAs [erythropoiesis-stimulating agents], including Araesp and Epogen, maintain a favourable benefit/risk profile when used in accordance with label recommendations.”

He added that the firm forecast its earnings per share to be at the lower end of its previous guidance, while its revenue predictions would be updated throughout the fiscal year.

Earlier this month, Amgen announced the appointment of Robert Bradway as executive vice-president and chief financial officer of the firm, replacing Richard Nanula in this position.