Amgen 1Q profit rises 21 percent on drug sales

By the Associated Press | April 23, 2013 | 4:30 PM EDT

WASHINGTON (AP) — Biotech giant Amgen Inc. says its first-quarter profit rose 21 percent on higher sales of drugs to treat arthritis and osteoporosis.

The company on Tuesday reported net income of $1.43 billion, or $1.88 per share, from $1.18 billion, or $1.48 per share, in the prior-year period. Adjusted earnings were $1.96 per share.

Revenue rose 5 percent, to $4.24 billion.

Analysts polled by FactSet expect earnings per share of $1.84 on sales of $4.37 billion.

Sales of the Thousand Oaks, Calif., company's biotech drugs were driven by growth of Enbrel for psoriasis and rheumatoid arthritis and Prolia for osteoporosis.

Sales of anemia drugs Aranesp and Epogen continued their long slide due to limits on dosing and reimbursement because of safety concerns.

Shares are off 4.7 percent to $107.42 in after-hours trading.