Business Update

Amgen's profit surge on strong drug sales

Published in Oncology Business Week, November 14th, 2004

Biotechnology giant Amgen Inc., led by surging sales of drugs to fight cancer and anemia, increased its earnings guidance for the year as it reported another profitable quarter.

The Thousand Oaks, California-based company reported a third-quarter profit of $236 million, or 18 cents a share. That's a 61% decrease compared to $612 million, or 46 cents a share, for the same period a year ago.

Earnings decreased primarily because of a $554 million write-off related to Amgen's purchase of biotechnology company Tularik Inc.

Amgen said if not for the Tularik acquisition and other special expenses, its earnings would have been $839...

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Source: Oncology Business Week (2004-11-14)

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