Amgen 4Q Profit Down 9 Pct., But Sales Up 3 Pct.

Published January 26, 2012 9:36PM (EST)

THOUSAND OAKS, Calif. (AP) — Amgen Inc. says its fourth-quarter profit fell 8.5 percent, as higher taxes and higher costs for drug production, sales and administration offset an increase in revenue.

The world's largest biotech company says its net income was $934 million, or $1.08 per share, down from $1.02 billion, also $1.08 per share, a year earlier.

Adjusted profit came to $1.04 billion, or $1.21 per share, down 6 percent from $1.1 billion, or $1.17 per share.

Revenue was $3.97 billion, up 3 percent from $3.84 billion in 2010's fourth quarter.

FactSet data shows that analysts on average expected earnings per share of $1.22 and sales of $3.92 billion.

Amgen forecast 2012 earnings per share of $5.90 to $6.15 per share, excluding one-time items.

Analysts were expecting $5.97.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------