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Amgen 4Q profit drops 16 pct. on higher spending

January 23, 2013 • Business


FILE – This April 20, 2010, file photo shows an exterior view of Amgen offices in Fremont, Calif. Drugmaker Amgen Inc. on Wednesday, Jan. 23, 2013 posted a 16 percent drop in fourth-quarter profit, as higher costs for production, marketing, research and other items offset higher sales for many of its biologic medicines. The results fell a bit short of Wall Street expectations. (AP Photo/Paul Sakuma, File)

Drugmaker Amgen Inc. on Wednesday posted a 16 percent drop in fourth-quarter profit, as higher costs for production, marketing, research and other items offset higher sales for many of its biologic medicines. The results fell a bit short of Wall Street expectations.

The world’s biggest biotech company, based in Thousand Oaks, Calif., said net income was $788 million, or $1.01 per share, for the three months ended Dec. 31. That was down from $934 million, or $1.08 per share, a year earlier.

Excluding one-time items, net income would have been $1.40 per share. That’s 4 cents less than analysts expected, on average, according to research provider FactSet.

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