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Amgen Profit Rises 8.2%; 2012 Outlook Raised

Amgen Inc.'s (AMGN) second-quarter earnings rose 8.2% as weaker sales of the biopharmaceutical company's anemia drugs were offset by growth of other treatments. Shares rose 4.7% to $83 in after-hours trading Thursday as adjusted earnings and revenue beat expectations and the company raised its 2012 outlook. Through the close, the stock was up about 23% this year. For the year, the company raised its per-share earnings estimate to a range of $6.20 to $6.35 on revenue of $16.9 billion to $17.2 billion, from its prior estimates for $5.90 to $6.15 and $16.1 billion to $16.5 billion. Amgen has been pursuing deals to bolster its research-and-development pipeline and grow sales of its bone-building drugs to help offset declining sales of its anti-anemia drugs, which have slumped in recent years due to safety concerns and intensifying competition. Amgen recently completed a $1.16 billion acquisition of Micromet Inc., a deal expected to strengthen its cancer-drug research pipeline. Amgen reported a profit of $1.27 billion, or $1.61 a share, up from $1.17 billion, or $1.25 a share, a year earlier. Excluding acquisition-related charges, stock-compensation expenses and other items, earnings were up at $1.83 from $1.37. Revenue increased 13% to $4.48 billion, including 8% growth in product sales. Analysts polled by Thomson Reuters most recently projected earnings of $1.54 a share on revenue of $4.08 billion. Combined sales of Neulasta and Neupogen, which are used to ward off infections in patients undergoing cancer treatment, grew 2% mainly on an increase in U.S. average selling prices. Enbrel sales jumped 11%. However, sales of anti-anemia drugs Aranesp and Epogen were down about 8% and 3%, respectively. The company has been counting on its new bone-building drugs, Xgeva and Prolia, to boost overall sales growth. Second-quarter sales of Xgeva, a drug designed to prevent bone injuries in cancer patients, saw sales increase 17% from the first quarter. Sales of Prolia, for osteoporosis in women, climbed 36% quarter to quarter. Write to Tess Stynes at tess.stynes@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
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...
08/18/201509:00:00Amgen And University Of California, Berkeley Announce Multi-Year...
08/06/201517:22:58Amended Quarterly Report (10-q/a)
08/06/201516:49:23Statement of Changes in Beneficial Ownership (4)
08/06/201508:51:21India Shares Edge Higher
08/05/201506:17:16Quarterly Report (10-q)
08/04/201518:45:24Statement of Changes in Beneficial Ownership (4)

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