Amgen Inc. on Tuesday reported a lower first quarter profit, but said it plans to submit its experimental cholesterol drug for approval by the end of the year.
The Thousand Oaks pharmaceutical company reported net income of $1.4 billion ($1.87 a share) for the quarter ended March 31, compared to net income of $1.5 billion ($1.96) for the same quarter a year ago. Revenue grew 7 percent to $4.5 billion.
Analysts on average were expecting earnings of $1.94 on revenue of $4.76 billion, according to Thomson Financial Network.
The company explained the shortfall in net income as the result of favorable tax treatment in the first quarter last year. Also, the company reported it has completed Phase 3 data for evolocumab, an experimental drug designed to lower the liver’s ability to absorb cholesterol.
“We continue to advance our robust late-stage pipeline and expect to submit global filings for evolocumab in 2014,” Chief Executive Robert Bradway said in a statement. “Strong underlying demand for our products and growth in adjusted operating income make us confident in our full-year growth outlook.”
The earnings report was released after the market closed. Shares ended the day at $119.30, a gain of $2.28 or 2 percent in trading on the Nasdaq.