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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; Tess.Stynes@dowjones.com

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
09/01/201516:30:00Amgen Enters Into Neuroscience Collaboration With Novartis For...
09/01/201516:01:00Amgen And UCB Announce Positive Top-Line Results From Open-Label...
09/01/201512:40:00Amgen Finds Data Falsified in Grizzly Bear Study
09/01/201509:58:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca -- Update
09/01/201504:10:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca
09/01/201503:42:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca
08/27/201520:00:00FDA Approves Amgen's Cholesterol-Lowering Drug Repatha -- Update
08/27/201519:20:00FDA Approves New Amgen Cholesterol Drug
08/27/201518:40:00FDA Approves Amgen's Repatha Cholesterol Drug
08/27/201517:50:00FDA Approves Amgen's New Cholesterol-Lowering Medication Repatha™...
08/25/201509:45:00U.S. Hot Stocks: Hot Stocks to Watch
08/25/201509:40:00Amgen Files for U.S. Approval of Therapy for Dialysis Patients
08/25/201509:32:00Amgen Files for U.S. Approval of Therapy for Dialysis Patients
08/25/201509:15:00Amgen To Present New Long-Term Repatha™ (Evolocumab) Data Analysis A...
08/25/201509:00:00Amgen Submits New Drug Application For Novel Intravenous Calcimimetic...
08/20/201517:59:39Statement of Changes in Beneficial Ownership (4)
08/18/201514:40:00Amgen Reaches $71 Million Settlement With States
08/18/201514:25:00Amgen Reaches $71 Million Settlement With States Related to Promotion...
08/18/201513:01:00Press Release: AG Jepsen: Connecticut Joins $71 Million Multistate...
08/18/201512:47:00Press Release: Amgen to Pay $71 Million for Improper Drug Marketing...

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