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Amgen 3Q profit drops 63 percent on charges

Mon, 10/24/2011 - 12:45pm
The Associated Press

THOUSAND OAKS, Calif. (AP) — Amgen Inc. says its third-quarter profit plunged by more than 60 percent, partly because of a $780 million charge to set aside money to settle an investigation of its marketing practices.

The company also had higher costs for administration and production.

The world's largest biotech company says net income was $454 million, or 50 cents per share. That's down from $1.24 billion, or $1.28 per share, a year earlier.

Adjusted net income was $1.28 billion, or $1.40 per share.

The maker of arthritis drug Enbrel says revenue increased 3 percent to $3.94 billion, from $3.82 billion a year earlier.

Analysts polled by FactSet were expecting earnings per share of $1.29 on revenue of $3.87 billion.

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