Amgen misses as drug sales decline, looking at denosumab for growth

Amgen Inc. (AMGN) reported first-quarter results after the closing bell yesterday. The world's biggest biotechnology company said its net income, on an adjusted basis, fell 8 percent to $1.12 billion, or $1.08 per share as sales slumped. Revenue decreased 8 percent to $3.3 billion.

The results were below analysts' expectations for profit of $1.15 per share on revenue of $3.63 billion.