Amgen Inc. beat analyst expectations even though first-quarter net income fell 4 percent as the Thousand Oaks biotech increased spending to launch its highly anticipated bone drugs Prolia and Xgeva.

After the markets closed Wednesday, the Thousand Oaks drug maker reported net income of $1.13 billion ($1.20 per share) compared with $1.17 billion ($1.18) a year earlier. The per-share results in the current quarter were higher because the company had reduced the number of shares outstanding.

Revenue rose 3 percent to $3.71 billion. Excluding one-time items, Amgen had adjusted earnings of $1.34 per share. Analysts surveyed by Thomson Reuters on average expected adjusted per-share earnings of $1.29 on revenue of $3.68 billion.

The company said that sales of Xgeva, which prevents bone fractures in bone cancer patients, totaled $42 million in the first full quarter since its launch.

“We had solid revenue growth in the first quarter,” Chief Executive Kevin Sharer said in a statement.

Amgen reaffirm its expectations for full-year adjusted profit between $5 and $5.20 per share on $15.1 billion to $15.5 billion in revenue. The Wall Street consensus is for per-share profit of $5.15 on $15.2 billion in revenue.

Shares on Thursday closed down $2.49, or 4.4 percent, to $53.69 on the Nasdaq.