Amgen Inc. ( AMGN ) reported first-quarter financial results after the closing bell Thursday. Here's a look at the highlights.

The Details: Amgen ( AMGN ) reported quarterly earnings of $3.96 per share, which beat the analyst consensus estimate of $3.87 by 2.33%. The company said EPS decreased by 1% due to higher operating and interest expenses driven by the Horizon acquisition, partially offset by higher revenues.

The company reported quarterly sales of $7.447 billion, which beat the analyst consensus estimate of $7.436 billion and represents a 21.98% increase over sales of $6.105 billion in the same period last year.

Operating income increased from $2.8 billion to $3.1 billion and the operating margin decreased 5.1 percentage points to 43.2%. Product sales grew 22%, driven by 25% volume growth.

The company also announced Arrowhead Pharmaceuticals, Inc. ( ARWR ) received a $50-million milestone payment from Royalty Pharma Plc ( RPRX ) , triggered after the completion of enrollment of the Phase 3 OCEAN(a) – Outcomes Trial of olpasiran, which being conducted by Amgen ( AMGN ).

“With many of our innovative products delivering strong growth and promising new medicines advancing through our pipeline, we are excited about delivering attractive long-term growth,” said Robert A. Bradway, CEO of Amgen ( AMGN ).

Outlook: Amgen ( AMGN ) sees full-year 2024 adjusted earnings of between $19 and $20.20 per share versus the $19.48 Street estimate.

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AMGN Price Action: According to Benzinga Pro, Amgen ( AMGN ) shares are up 11.7% after-hours at $311 at the time of publication Thursday.

Image: Phoenix Locklear from Pixabay.