THOUSAND OAKS, Calif. (AP) - Amgen Inc.'s fourth-quarter profit jumped 30 percent due to higher sales for nearly all its drugs, an acquisition and a tax benefit.
THOUSAND OAKS, Calif. (AP) — Amgen Inc.'s fourth-quarter profit jumped 30 percent 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 totaled $5.01 billion, up 13 percent. 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.