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Amgen 2Q net dips on higher research, other costs


July 30. 2013 4:45PM
Associated Press



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(AP) Biotech drugmaker Amgen Inc. says its second-quarter profit dipped 1 percent as higher spending on research, production and other items offset rising sales.


The maker of osteoporosis drug Prolia and Enbrel for rheumatoid arthritis and skin disorders says second-quarter net income was $1.26 billion, or $1.65 per share, down from $1.27 billion, or $1.61 per share, a year earlier.


Excluding one-time items, the world's biggest biotech company says adjusted net income was $1.44 billion, or $1.89 per share, well above the $1.74 analysts were expecting.


Thousand Oaks, Calif.-based Amgen say revenue rose 5 percent to $4.68 billion. Analysts surveyed by FactSet expected $4.49 billion.


Amgen raised its 2013 profit forecast to $7.30 to $7.45 per share, from the $7.05 to $7.35 per share it predicted in April.


Associated Press


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