Amgen Inc. beat analyst expectations during the second quarter, despite the effects of the coronavirus on the health care industry, the company said Tuesday.
For the quarter ending June 30, the Thousand Oaks biotech reported adjusted net income of $2.5 billion ($4.25 a share) compared to net income of $2.4 billion ($3.97 a share) for the same period a year ago. Revenues increased 6 percent compared to a year ago to $6.2 billion.
Analysts on average predicted net income of $3.84 a share on revenue of $6.18 billion, according to Thomson Financial Network.
“The pandemic interrupted many physician-patient interactions, which led to delays in diagnosis and treatment with varying degrees of impact across our portfolio,” the company said in a statement. “Sales of negatively affected products fell most early in the second quarter with sales beginning to recover in the latter weeks of the quarter. As the quarter progressed, our teams increasingly responded to customer needs via remote interactions and also identified innovative solutions to support the delivery of patient care. Our medicines were reliably supplied to patients throughout the quarter.”
Shares of Amgen (AMGN) closed Tuesday up $1.62, or a fraction of a percent, to $255.27 on the Nasdaq.