Amgen 4Q profit up 10 percent on Neulasta sales
Biotechnology company Amgen Inc. says its profit rose 10 percent in the fourth quarter on better sales of anti-infection drugs and reduced taxes.
The Thousand Oaks, Calif., company says its earned $1.02 billion, or $1.08 per share, from $931 million, or 92 cents per share. Excluding one-time costs, Amgen posted a profit of $1.17 per share. Revenue edged up 1 percent to $3.84 billion from $3.81 billion.
Analysts expected a profit of $1.10 per share and $3.81 billion in revenue, according to FactSet.
Amgen says sales of its drugs Neulasta and Neupogen, which are used to prevent infections in chemotherapy patients, rose 3 percent to $1.24 billion. Tax credits boosted Amgen's quarterly results.
However the company's 2011 profit forecast fell short of Wall Street's expectations.