What happened Amgen (NASDAQ: AMGN) reported its first-quarter results after the market closed on Tuesday, and on Wednesday, its stock really took it on the chin. In late afternoon trading today, it was down by 6.6%. So what For the quarter, Amgen's revenue fell 4% year over year to $5.9 billion. This was due to a drop in overall selling prices for the company's products, offset somewhat by increased volume. As for adjusted net profit, it was $2.15 billion ($3.70 per share), representing a steeper fall of 14%. Image source: Getty Images. On average, analysts tracking the stock were modeling $6.25 billion in revenue and $4.05 per share for adjusted net profit. "While our business continued to be impacted by the COVID-19 pandemic, particularly in the first two months of the quarter, we are encouraged by strong volume trends in many of our newer products and remain confident in the outlook for the full year," the company quoted CEO Robert Bradway as saying. Amgen reiterated its full-year 2021 forecasts for revenue and adjusted EPS. The former stays at $25.8 billion to $26.6 billion, and the latter is $16 to $17. Now what One effect of the pandemic is that people have postponed certain nonessential medical procedures. This is one major factor in the declines suffered by many pharmaceutical companies, Amgen included. Still, the company's portfolio is solid and its pipeline robust, so perhaps today's drop in the stock price presents an opportunity to grab shares on the cheap. 10 stocks we like better than AmgenWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Amgen wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Amgen. The Motley Fool has a disclosure policy.Source