Amgen fourth-quarter profit drops 16 percent due to higher spending

The world's biggest biotech company, based in Thousand Oaks, California, said net income was US$788 million, or US$1.01 per share, for the three months ended Dec. 31. That was down from US$934 million, or US$1.08 per share, a year earlier.

Excluding one-time items, net income would have been US$1.40 per share. That's 4 cents less than analysts expected, on average, according to research provider FactSet.

In after-hours trading, Amgen shares fell 21 cents to US$82.86. They had fallen 22 cents in the regular session before the results were released.

The maker of anemia treatments Aranesp and Epogen said revenue rose 11 percent to US$4.42 billion. Analysts predicted sales of US$4.37 billion.

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