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Amgen 4Q profit drops 16 pct. on higher spending

Wed, 01/23/2013 - 4:40pm
The Associated Press

THOUSAND OAKS, California (AP) — Drugmaker Amgen Inc. is reporting 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 world's biggest biotech company, based in Thousand Oaks, Calif., says net income was $788 million, or $1.01 per share. That was down from $934 million, or $1.08 per share, a year earlier.

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

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

Amgen expects 2013 earnings per share of $6.85 to $7.15, and revenue of $17.8 billion to $18.2 billion, ranging above Street forecasts.

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