Amgen Tops Profit Estimates on Sales of Cancer Drugs
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Amgen Inc., the world’s largest biotechnology company, reported fourth-quarter profit that beat analyst estimates as sales of arthritis and bone drugs rose.
Net income declined 16 percent to $788 million, or $1.01 a share, from $934 million, or $1.08 a share, a year earlier, on higher expenses for late-stage clinical trials and drug promotion, the Thousand Oaks, California-based company said today in a statement. Earnings, excluding some items, of $1.40 a share topped by 1 cent the average of 10 analyst estimates compiled by Bloomberg. Revenue rose 11 percent to $4.42 billion.