Amgen sees revenue drop, international sales rise

Biotechnology firm Amgen saw a two per cent drop in its revenue and a one per cent decrease in sales during the first quarter (Q1) of the year, according to new financial results for the company.

Revenue for the first three months of the year stood at $3.61 billion (1.82 billion pounds), compared to $3.68 billion in the corresponding period of 2007.

Meanwhile, total product sales decreased one per cent to $3.53 billion in the first quarter of 2008, down from $3.56 billion in Q1 of last year.

However, while US sales declined three per cent, international sales of Amgen’s products between January and March were up by ten per cent year-on-year to $749 million.

Amgen chairman and chief executive Kevin Sharer said first quarter product sales had been “mixed” but added that over the year as a whole, the company is expected to meet performance expectations.

“Most importantly, we will sustain a strong R&D investment as we look forward to disclosing important clinical data in the next six to 12 months,” he commented.

Amgen was one of the firm companies use advances in recombinant DNA and molecular biology to bring new novel products to the market. It also launched some of the biotechnology sector’s first “blockbuster” drugs and its leading products include Enbrel, Neulasta and Sensipar.