By Paul Ziobro

Amgen posted higher revenue, but swung to a first-quarter loss, driven by a drop in value of its investment in BeiGene and other expenses from its Horizon Therapeutics acquisition.

The biotechnology company on Thursday reported a loss of $113 million, or 21 cents a share, compared with a profit of $2.84 billion, of $5.28 a share, in the same quarter a year earlier.

Adjusted earnings came in at $3.96 a share. Analysts polled by FactSet expected $3.88 a share.

Revenue rose about 22% to $7.45 billion, in line with analyst estimates.

Amgen said product sales grew 22%, on 25% growth in sales volume. Ten of its products grew revenue at a double digit rate, including Repatha, Tezspire and Evenity.

The top-line performance included $914 million in sales from its $27.8 billion acquisition of Horizon which closed in October. Excluding sales from Horizon, product sales were still up 6%, with volume up 9%.

Amgen said the quarter's loss reflected a mark-to-market loss on its equity investment in the oncology company BeiGene. It also logged higher operating expenses, including higher amortization expense from Horizon-acquired assets and other incremental expenses.

Amgen lowered by $100 million the bottom-end of its full-year revenue guidance, which now calls for a range between $32.5 billion and $33.8 billion. It expects a per-share profit between $7.15 and $8.40, down from a prior outlook between $8.42 and $9.87. Its adjusted per-share guidance range was narrowed by 10 cents on either end to between $19 and $20.20.

Write to Paul Ziobro at

(END) Dow Jones Newswires

05-02-24 1642ET