Amgen 3Q profit jumps on lower costs, higher sales

TRENTON, N.J. (AP) ? Biotech drugmaker Amgen Inc. said Tuesday that its third-quarter profit more than doubled from a year ago, when a huge legal reserve charge weighed down results. It trounced Wall Street expectations and raised its profit forecast sharply.

The maker of anemia drugs Aranesp and Epogen said net income was $1.11 billion, or $1.41 per share. That's up from $454 million, or 50 cents a share, in 2011's third quarter.

Adjusted income was $1.31 bilion, or $1.67 per share. Analysts expected $1.48.

A year earlier, adjusted income was $1.28 billion, or $1.40 per share. That excluded a charge of $780 million, or 77 cents per share after taxes, for legal reserves to cover a proposed settlement of government and whistleblower investigations into the company's marketing practices, including alleged kickbacks.

Revenue totaled $4.32 billion, up 10 percent from $3.94 billion and above estimates of $4.24 billion.

Product sales increased 8 percent. Sales were driven by Enbrel for immune disorders, up 17 percent to $1.08 billion, along with big jumps for most of the company's newest drugs, including Prolia for osteoporosis and Xgeva, a different dose of the same active ingredient that's for preventing fractures in cancerous bones.

But sales rose only 1 percent, to a total of $1.4 billion, for the company's biggest franchise, Neulasta and Neupogen, for fighting infection in cancer patients, and Aranesp sales were down 17 percent to $497 million.

The Thousand Oaks, Calif., company raised its 2012 profit forecast to $6.50 to $6.60 per share, excluding one-time items, up from $6.20 to $6.35. It also said it expects sales for the year to total $17.2 billion to $17.3 billion, up from its July forecast of $16.9 billion and $17.2 billion.

"We delivered solid growth in revenue and earnings," CEO Robert A. Bradway said in a statement. "Our marketed products are performing well and we continue to make progress with key pipeline projects."

Shares of Amgen rose $1.21 to $88.53 in after-hours trading.

Source: http://news.yahoo.com/amgen-3q-profit-jumps-lower-costs-higher-sales-203822541--finance.html

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