Amgen Tops Estimates Despite Mixed Performance of Key Drugs (2)

Amgen Inc. reported better-than-expected first-quarter results even as some newer drugs that analysts expect to drive growth over the next few years underperformed.

While total revenue came in higher than Wall Street estimates, closely watched products such as the respiratory treatment Tezspire and Evenity for osteoporosis fell short of analyst projections.

Amgen is working to boost sales of newer medicines to make up for declining revenue from its older drugs, which face increasing competition as they lose patent protection. Investors are paying close attention to the pipeline since the anticipated sales boost from its existing drugs likely won’t be ...