Is Now Still a Good Time To Buy Amgen?

Amgen (NASDAQ: AMGN) investors who were patient in February when the company's year-end numbers were down slightly were rewarded late last month when the Thousand Oaks, Calif., biotech giant's first-quarter 2020 results came out.

Revenue and non-GAAP net income were up 11% compared with the same quarter last year. The company's biggest riser was psoriasis drug Otezla, which had $479 million in sales in its first year since the company bought it for $13.4 billion from Celgene. Another relatively new income driver is Evenity, used to fight osteoporosis in postmenopausal women. In the first quarter, its sales grew by 18% over the fourth quarter, bringing in $100 million in revenue.

Most of the company's old standbys continue to bring in strong sales, led by anti-inflammatory drug Enbrel with $1.15 billion. Prolia, a treatment for osteoporosis, saw an increase of 10% compared with the prior year, to $654 million in sales.

Source Fool.com