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Amgen 1Q Profit Rises 5.2% On Broad Sales Growth

DOW JONES NEWSWIRES Amgen Inc.'s (AMGN) first-quarter earnings rose 5.2% as the biopharmaceutical company reported sales growth across many of its products, helping results beat expectations. The company has been trying to bolster its research-and-development pipeline and grow sales of its bone-building drugs to help offset declining sales of its key anti-anemia drugs, which have slumped in recent years due to safety concerns and intensifying competition. Amgen recently completed $1.16 billion acquisition of Micromet Inc. (MITI), a deal expected to strengthen its cancer-drug research pipeline. Amgen reported a profit of $1.18 billion, or $1.48 a share, up from $1.13 billion, or $1.20 a share, a year earlier. Excluding acquisition and restructuring-related expenses and other items, earnings were up at $1.61 from $1.34. Revenue increased 9.2% to $4.05 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.45 on revenue of $3.93 billion. Operating margin rose to 36.4% from 34.9%. Combined sales of Neulasta and Neupogen, which are used to ward off infections undergoing cancer treatment, rose 9% to $1.34 billion. The company has been counting on its new bone-building drugs, Xgeva and Prolia, to boost overall sales growth. Sales of Xgeva, a drug designed to prevent bone injuries in cancer patients, were up 14% to $153 million. Sales of Prolia, for osteoporosis in women, were up 9% to $153 million. Shares of Amgen, which affirmed its 2012 guidance, were up 1% to $69.32 in recent after-hours trading. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; [email protected]

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
03/23/201716:00:00European Commission Approves AMGEVITA™ (Biosimilar Adalimumab) F...
03/19/201714:00:00Analyses Of PCSK9 Inhibitor Prescription Rejection Rates Demonstrate...
03/18/201708:00:00Lowering LDL Levels With Repatha® (Evolocumab) Did Not Adversely...
03/17/201719:48:00Amgen's Repatha Study Shows Reduced Risk of Heart Attack, Stroke...
03/17/201714:05:00Amgen's Repatha Study Shows Reduced Risk of Heart Attack, Stroke...
03/17/201714:00:00Amgen's Money-Back Guarantee
03/17/201712:14:00Amgen's Repatha Study Shows Reduced Risk of Heart Attack, Stroke...
03/17/201709:29:00Amgen's Repatha Study Shows Reduced Risk of Heart Attack, Stroke
03/17/201709:00:00Landmark Outcomes Study Shows That Repatha® (Evolocumab) Decreases...
03/16/201716:00:00Amgen To Present At The Oppenheimer Global Health Care Conference
03/15/201717:18:54Securities Registration: Employee Benefit Plan (s-8)
03/15/201717:11:01Securities Registration: Employee Benefit Plan (s-8)
03/15/201717:05:47Securities Registration: Employee Benefit Plan (s-8)
03/14/201716:15:00Repatha® (Evolocumab) Four-Year Open-Label Follow-Up Study Published...
03/14/201716:00:00Amgen To Webcast Investor Meeting At Upcoming American College...
03/13/201709:00:00Repatha® (Evolocumab) Demonstrates Reduced Need For Apheresis...
03/09/201717:26:32Statement of Changes in Beneficial Ownership (4)
03/09/201717:22:12Statement of Changes in Beneficial Ownership (4)
03/09/201717:19:10Statement of Changes in Beneficial Ownership (4)
03/09/201717:15:44Statement of Changes in Beneficial Ownership (4)

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