Amgen’s Net Income Rises 26% in 1st Quarter
Amgen Inc. posted a 26% increase in net income in its first quarter on a 13% rise in revenues.
The Thousand Oaks-based biotechnology giant posted net income of $180.3 million, compared to a profit of $143.6 million in the same period the year before. Total revenues in the latest quarter were $575.5 million, up from $507.9 million a year earlier.
Amgen also said that it has filed a lawsuit in federal court in Boston for patent infringement against Transkaryotic Therapies and Hoechst Marion Roussel to prevent the companies from selling copies of Amgen’s profitable biotechnology drug erythropoietin.
EPO is used to treat anemia in kidney disease and other disorders. Amgen first won FDA approval to sell the drug in 1989, and Amgen recently bolstered its legal position by winning additional patents on the drug.
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