Amgen Earnings Drop Despite More Revenue

Amgen, a biotechnology company in Thousand Oaks, reported a 38% drop in fiscal first-quarter earnings despite a 55% increase in revenue.

In the three months that ended June 30, Amgen’s net income dropped to $305,000, or 2 cents a share, from $494,000, or 3 cents a share, a year earlier. But revenue climbed to $19.5 million from $12.6 million.

Amgen, founded in 1980, is still largely a development company. Most of its revenue consists of payments from companies that are Amgen’s partners in developing drugs and other biotechnology-based products expected to be sold commercially.