Amgen 2Q Profit Rises 40 Percent On Lower Costs

By: Associated Press Email
By: Associated Press Email

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July 27, 2009

Amgen says its second-quarter profit rose 40 percent on lower costs and restructuring expenses as anemia drug sales continued falling.

The biotechnology company earned $1.27 billion, or $1.25 per share, up from profit of $906 million, or 84 cents per share, during the same period a year ago. Revenue fell 1 percent to $3.71 billion from $3.76 billion.

Excluding charges, the Thousand Oaks, Calif.-based company expected profit of $1.29 per share, while Wall Street forecast profit of $1.16 per share with just under $3.58 billion in revenue.

Amgen now expects 2009 profit between $4.80 and $4.95 per share, up from prior guidance of $4.55 to $4.75 per share.

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