Amgen Inc. (NASDAQ: AMGN) has reported lower revenues and adjusted earnings for the first quarter of 2023. The biotechnology firm also provided guidance for fiscal 2023.

Unadjusted earnings decreased to $3.98 per share in the March quarter from $4.25 per share in the year-ago period. The reported net income was $2.84 billion or $5.28 per share in the latest quarter, compared to $1.48 billion or $2.68 per share in the same period of last year.

Total revenues edged down by 2% from last year to $6.11 billion during the three-month period. A 2% increase in product sales was more than offset by a decline in Other Revenue from the company’s COVID-19 manufacturing collaboration.

Prior performance

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