Amgenreported earnings and revenue that beat expectations, though it wasn't enough to lift the company's stock in late trading Monday.
Amgen
The biotech giant turned in a profit of $1.36 a share on an adjusted basis in the third quarter, down from $1.49 a share a year earlier.
Revenue in the most recent quarter slid to $3.82 billion, flat with $3.812 billion last year.
Analysts who follow Amgen saw the company reporting a profit of $1.27 a share on sales of $3.77 billion, according to a consensus estimate from Thomson Reuters.
The company's shares edged lower in the late session Monday. Get after-hour quotes for Amgen here.
Amgen's stock finished Monday's Nasdaq session less than 1 percent higher at $57.95.
Amgen said sales of its Prolia drug reached $10 million for the quarter, "reflecting steady progress with physicians, patients and payers in the U.S. and internationally." Analysts were expecting Prolia sales of more than $30 million.
Wall Street is looking to the bone-strengthening drug Prolia as a way to revitalize revenue. It was approved in June as a treatment for postmenopausal women at risk for fractures and is under review as a potential treatment for bone damage suffered by cancer patients.
Among the company's key revenue drivers, sales of Aranesp declined by 9 percent to $623 million, and sales of Epogen slid 2 percent to $653 million.
Combined sales of Neulasta and Neupogen rose 4 percent to $1.254 billion.
Enbrel sales declined by 1 percent to $914 million.
Amgen posted a net profit of $1.24 billion, or $1.28 per share, down from a profit of $1.39 billion, or $1.36 per share, a year ago. Wall Street analysts typically make their earnings estimates for adjusted, rather than net profit.
Amgen's bottom line benefited from tightly controlled operating expenses, which rose 5 percent to $2.34 billion—less than analysts expected.
- AP and Reuters contributed to this report.