Biotechnology specialist Amgen Inc. (AMGN) late Tuesday said its first quarter earnings rose 5% from last year, beating Wall Street estimates.

The Thousand Oaks, CA-based company reported first quarter net income of $1.18 billion, or $1.48 per share, compared with $1.13 billion, or $1.20 per share, in the year-ago period. Excluding special items, adjusted profit was $1.61 per share.

Revenue rose 9% from last year to $4.05 billion.

On average, Wall Street analysts expected a smaller profit of $1.46 per share, on lower revenue of $3.93 billion.

Looking ahead, the company backed its previously-announced full-year earnings outlook of $5.90 to $6.15 per share, while analysts are looking for $6.05 per share for the year.

Amgen shares close up around 0.5% in Tuesday trading.

The Bottom Line
Shares of Amgen (AMGN) have a 2.10% dividend yield, based on today’s closing stock price of $68.63. The stock has technical support in the $61-$65 price area. If the shares can firm up, we see overhead resistance around the $70-$76 price levels.

Amgen Inc. (AMGN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

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