Amgen said Tuesday that its second-quarter profit dipped 1 percent as higher spending on research, production and other items offset rising sales of its medicines. Still, the world's biggest biotech drugmaker soared above Wall Street expectations.
The maker of osteoporosis drug Prolia and Enbrel for rheumatoid arthritis and skin disorders said second-quarter net income was $1.26 billion, or $1.65 per share, down from $1.27 billion, or $1.61 per share, a year earlier.
Excluding one-time items, Amgen said adjusted net income was $1.44 billion, or $1.89 per share, well above the $1.74 analysts were expecting.
Thousand Oaks, Calif.-based Amgen said revenue rose 5 percent to $4.68 billion. Analysts surveyed by FactSet expected $4.49 billion.
Amgen's stock fell $1.80, or 1.6 percent, to $109.40 in after-hours trading, giving back most of the $1.83 it gained during the regular trading session.
"We saw solid product trends during the second quarter and are carrying good momentum into the second half," CEO Robert A. Bradway said in a statement. "We continue to make excellent progress with our pipeline of innovative" experimental drugs.
Sales were led Neulasta and Neupogen, for fighting infection in cancer patients, with their combined sales up 7 percent to $1.44 billion. Enbrel sales jumped 9 percent to $1.16 billion, but sales of anemia drug Aranesp slipped 2 percent to $524 million.
Two newer drugs, Prolia and Xgeva for preventing skeletal damage from solid tumors, saw their combined sales jump 46 percent, to $437 million. They contain the same active ingredient, but at different doses.
Amgen raised its 2013 profit forecast to $7.30 to $7.45 per share, from the $7.05 to $7.35 per share it predicted in April. It also tweaked its revenue forecast, saying it now expects "the upper end" of its January forecast of $17.8 billion to $18.2 billion in sales for the full year.