The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
April 30 (Reuters) - Amgen Inc on Tuesday reported first-quarter revenue that was unchanged from a year ago and net income fell 14 percent as sales of key drugs, including new migraine treatment Aimovig and cholesterol fighter Repatha, face competition and pressure to lower prices.
But the world's largest biotechnology company still raised the lower end of its full-year earnings and sales forecasts as adjusted profit topped expectations.
Excluding items, Amgen's adjusted earnings were $3.56 per share. Wall Street analysts, on average, expected $3.47, according to IBES data from Refinitiv.
Net income fell 14 percent to $2 billion as costs for manufacturing as well as research and development increased.
Revenue for the quarter of $5.56 billion showed no growth but was in line with analyst estimates.
Aimovig sales totaled $59 million for the quarter, short of the $83.3 million projected by analysts and down from $95 million in the fourth quarter.
Sales of Repatha at $141 million also came in below Wall Street estimates of $158.7 million.
Higher unit demand for Repatha was "offset substantially" by lower net prices, Amgen said. The company recently launched a lower-priced Repatha option aimed at reducing out-of-pocket costs for Medicare patients.
Aimovig competes with similar new migraine drugs from Eli Lilly and Co and Teva Pharmaceuticals Industries Ltd for placement on pharmacy benefit plans, which typically demand discounts or rebates from the list price in exchange for coverage.
Faced with new competition, first-quarter sales of Amgen's kidney drug Sensipar fell 57 percent to $213 million, below the $353.4 million forecast by analysts.
For the full year, Amgen said it now expects adjusted earnings per share of $13.25 to $14.30 on revenue of $22 billion to $22.9 billion, compared with previous forecasts of $13.10 to $14.30 per share and revenue of $21.8 billion to $22.9 billion. (Reporting By Deena Beasley Editing by Bill Berkrot)