THOUSAND OAKS, Calif. – Amgen Inc. (Nasdaq: AMGN) today said its first-quarter profit increased 11 percent to $1.11 billion from $1.01 billion in the first quarter of 2006, while earnings per share increased 15 percent to 94 cents from a year ago.
Excluding stock-option costs and $51 million in one-time expenses from the write-off of deferred financing, the company’s profit increased 15 percent to $1.27 billion from $1.10 billion, while earnings per share increased 19 percent to $1.08.
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A lower tax rate, due to increased R&D tax credits and an increase in manufacturing in Puerto Rico, contributed to the rise, Amgen said.
Revenue increased 15 percent to $3.69 billion from the year-ago $3.22 billion. U.S. sales increased 12 percent to $2.88 billion, while international sales surged 22 percent to $681 million, boosted by favorable foreign exchange rates. Excluding the impact of exchange rates, total product sales increased 13 percent and international sales 15 percent.
R&D expenses increased 29 percent year-over-year to $803 million. Capital expenditures increased to about $325 million from the year-ago $225 million.
The company credited part of its increase in earnings per share to a decrease in shares outstanding. In the quarter just ended, Amgen repurchased 8.8 million shares of common stock at a cost of $537 million, bringing the average diluted shares to 1.172 billion compared with the year-ago 1.214 billion. The company has $6 billion remaining in authorized buyback programs.
Amgen Inc. (Nasdaq: AMGN) – based in Thousand Oaks, Calif., with operations in in 10 other U.S. locations, including West Greenwich – is a biotechnology company focusing on the development and production of new medicines for human use. Additional information, including highlights of late-stage clinical trials, is available at www.amgen.com.
