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Amgen Profit Beats Estimates on Higher Drug Sales

Monday, 24 Oct 2011 04:54 PM

Amgen Inc., the world’s largest biotechnology company, reported third-quarter profit that topped analysts’ estimates as higher sales of its cancer drugs offset losses by its anemia medicines.

Net income fell 63 percent to $454 million, or 50 cents a share, from $1.24 billion, or $1.28 a share, a year earlier, the Thousand Oaks, California-based company said today in a statement. In the quarter, Amgen recorded a $780 million charge for costs associated with a legal settlement. Earnings excluding certain items of $1.40 a share exceeded by 10 cents the average estimate of 22 analysts surveyed by Bloomberg.

Sales of Amgen’s Neulasta and Neupogen, which are used to reduce the risk of infection in patients on chemotherapy, rose 6 percent to $1.34 billion. The increase offset declines in revenue from anemia drugs Aranesp and Epogen.

The company’s shares gained 36 cents to $58.95 at the close of New York trading before the earnings announcement.

Amgen is realigning its research and development efforts as it devotes more resources to denosumab, approved last year as Prolia, for women with osteoporosis, and Xgeva, to reduce fractures in cancer patients, as well as medicines further along in clinical trials. As a result, the company said last week it would fire 380 employees in its research and development division.

Sales of Prolia could reach $903.3 million in 2013, according to the average estimate of seven analysts surveyed by Bloomberg.

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Amgen Inc., the world s largest biotechnology company, reported third-quarter profit that topped analysts estimates as higher sales of its cancer drugs offset losses by its anemia medicines.Net income fell 63 percent to $454 million, or 50 cents a share, from $1.24...
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Monday, 24 Oct 2011 04:54 PM
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