Amgen fourth-quarter profit drops 16 percent due to higher spending
APNEW YORK -- Drugmaker Amgen Inc. on Wednesday posted a 16-percent drop in fourth-quarter profit, as higher costs for production, marketing, research and other items offset higher sales for many of its biologic medicines. The results fell short of Wall Street expectations.
January 25, 2013, 12:01 am TWN
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.