Biologic drugmaker Amgen's Q4 profit jumps 30 per cent on higher sales, tax benefit, Onyx deal - InfoNews

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Biologic drugmaker Amgen's Q4 profit jumps 30 per cent on higher sales, tax benefit, Onyx deal

FILE - This April 20, 2010, file photo,shows an exterior view of Amgen offices in Fremont, Calif. Biotech drugmaker Amgen Inc. reports quarterly earnings on Tuesday, Jan. 28, 2014.AP Photo/Paul Sakuma, file)
January 28, 2014 - 1:34 PM

THOUSAND OAKS, Calif. - Amgen Inc.'s fourth-quarter profit jumped 30 per cent due to higher sales for nearly all its drugs, an acquisition and a tax benefit.

The world's biggest maker of biologic drugs says net income was $1.02 billion, or $1.33 per share, up from $788 million or per share a year earlier.

Excluding one-time items, Amgen says earnings amounted to $1.39 billion, or 1.82 per share. Analysts surveyed by FactSet were expecting $1.69 per share.

Revenue totalled $5.01 billion, up 13 per cent. Analysts expected $4.81 billion.

Sales were boosted by Amgen's $9.7 billion purchase of Onyx Pharmaceuticals Inc. as part of Amgen's strategy to become a major player in the market for pricey cancer drugs.

The company, based in Thousand Oaks, Calif., forecast 2014 adjusted earnings per share of $7.90 to $8.20.

News from © The Associated Press, 2014
The Associated Press

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