Amgen Inc., of Thousand Oaks, Calif., reported that for the first quarter 2020, its total revenues increased 11% to $6.2 billion compared to the first quarter of 2019. Product sales saw an increase of 12% globally in the period, driven by volume growth across several newer products, including oral psoriasis drug Otezla (apremilast) that was acquired in November from Celgene Corp., and generated $479 million of sales in the first quarter. PCSK9 inhibitor Repatha (evolocumab) sales increased 62% driven by 98% volume growth. This was partially offset by a lower net selling price following the removal of the original list price option to improve patient affordability, especially for Medicare patients. Sales of multiple myeloma treatment Kyprolis (carfilzomib) increased 14% driven by higher unit demand and to a lesser extent, higher net selling price. Sales of Blincyto (blinatumomab), to treat relapsed or refractory B-cell acute lymphoblastic leukemia, increased 36%. However, sales of neutropenia drug Neulasta (pegfilgrastim) decreased 40% driven by the impact of competition on unit demand and net selling price, and market competition weighed down neutropenia agent Neupogen (filgrastim), with sales decreasing 11%. Epogen (epoetin alfa) and Aranesp (darbepoetin alfa) also saw declining sales in the quarter. Amgen said GAAP earnings per share decreased 3% to $3.07 driven by the amortization of costs associated with the acquisition of Otezla, offset partially by increased revenues, while GAAP operating income decreased 5% to $2.4 billion. The company generated $2 billion of free cash flow in the first quarter vs. $1.7 billion in the first quarter of 2019. During the first quarter, the company repurchased 4.3 million shares of common stock at a total cost of $933 million and had $5.5 billion remaining under its stock repurchase authorization. Cash and investments were $8 billion as of March 31. The company’s shares (NASDAQ:AMGN) closed Friday at $230.98, down $8.24.

Gilead Sciences Inc., of Foster City, Calif., reported that in the first quarter 2020 it recorded total revenues of $5.5 billion, an increase of 5% compared to the same period in 2019. U.S. product sales were $4 billion, Europe sales generated $927 million, and $551 million was generated in other locations. Product sales for the first quarter 2019 were $3.8 billion in the U.S., $882 million in Europe and $522 million in other locations. The company said sales were boosted in the period due to an estimated $200 million in revenue related to increased customer buying patterns and patient prescription trends, primarily in the U.S., due to the coronavirus disease pandemic. Sales related to HIV products were $4.1 billion compared to $3.6 billion for the same period in 2019. The increase was primarily driven by higher sales volume as a result of the continued uptake of Biktarvy (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg). Chronic hepatitis C virus (HCV) product sales were $729 million for the first quarter 2020 compared to $790 million for the same period in 2019. Net income for the quarter was $1.6 billion, or $1.22 per diluted share, a decrease of 21% compared to the same period in 2019. Non-GAAP net income for the first quarter 2020 was $2.1 billion, or $1.68 per diluted share, essentially flat compared to the same period in 2019. As of March 31, the company had $24.3 billion in cash, cash equivalents and marketable debt securities. During the first quarter, it generated $1.4 billion in operating cash flow, repaid $500 million of debt, paid cash dividends of $874 million and utilized $1.3 billion for stock repurchases. The company’s shares (NASDAQ:GILD) closed Friday at $79.95, down $4.05.

Seattle Genetics Inc., of Bothell, Wash., said total revenues in the first quarter ended March 31 increased to $234.5 million, compared to $195.2 million for the same period in 2019. Sales of CD30-directed antibody-drug conjugate Adcetris (brentuximab vedotin) climbed 22% to $164.1 million and sales of Padcev (enfortumab vedotin-ejfv) for adults with locally advanced or metastatic urothelial cancer, which received approval late last year, generated $34.5 million in its first quarter on the market. The company incurred a net loss in the period of $168.4 million, or 98 cents per diluted share, compared to net loss of $13.3 million, or 8 cents per diluted share, for the first quarter of 2019. The loss factored in a net investment loss of $59.1 million primarily associated with its common stock holdings in Morris Plains, N.J.-based Immunomedics Inc., which are marked-to-market, compared to a net investment gain of $38.1 million in the first quarter of 2019. The company closed the period with $799.6 million in cash and investments and holdings of Immunomedics common stock valued at $104.1 million. The company’s shares (NASDAQ:SGEN) closed Friday at $145.64, up $8.41.

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