Amgen stock rises on company's earnings beat, Neulasta sales fall 12%

Shares of Amgen Inc. rose more than 1% in the extended session Tuesday after the drug company reported adjusted first-quarter profit and sales above expectations. Amgen said it earned $2 billion, or $3.18 a share, in the quarter, compared with $2.3 billion, or $3.25 a share, in the year-ago period. Adjusted for one-time items, Amgen earned $3.56 a share, compared with $3.47 a share a year ago. Revenue was flat at $5.6 billion. Analysts polled by FactSet had expected adjusted earnings of $3.48 a share on sales of $5.5 billion. Sales of its drug Neulasta fell 12% mostly because of lower net selling price and inventory changes, Amgen said. Enbrel drug sales rose 4%, which the company pinned on "favorable impacts" from changes in accounting sales estimates. Amgen shares ended the regular trading day down 1%.

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