Amgen’s (NASDAQ: AMGN) top and bottom line in the first quarter of 2020 beat analysts’ estimates. The biotech firm’s adjusted earnings per share surged 17% to $4.17, driven by increased revenues and fewer weighted-average shares outstanding. Revenue rose 11% annually to $6.2 billion. AMGN stock was trading up about 1% during the extended-hours.
GAAP earnings per share decreased 3% to $3.07 in the first quarter. Product sales increased 12% globally, driven by volume growth across a number of Amgen’s newer products.
Amgen reaffirmed its 2020 revenue guidance of $25.0 billion to-$25.6 billion. GAAP EPS guidance was revised to a range of $10.65 to $11.45 and the company maintained the non-GAAP EPS outlook of $14.85-$15.60.
Amgen announced that Otezla, an oral treatment approved in more than 50 countries for inflammatory diseases such as psoriasis and psoriatic arthritis, will be investigated as a potential immunomodulatory treatment in adult patients with COVID-19 in upcoming platform trials.