Amgen 2Q net dips on higher research, other costs

Associated Press + More

THOUSAND OAKS, Calif. (AP) — Biotech drugmaker Amgen Inc. says its second-quarter profit dipped 1 percent as higher spending on research, production and other items offset rising sales.

The maker of osteoporosis drug Prolia and Enbrel for rheumatoid arthritis and skin disorders says second-quarter net income was $1.26 billion, or $1.65 per share, down from $1.27 billion, or $1.61 per share, a year earlier.

Excluding one-time items, the world's biggest biotech company says adjusted net income was $1.44 billion, or $1.89 per share, well above the $1.74 analysts were expecting.

Thousand Oaks, Calif.-based Amgen say revenue rose 5 percent to $4.68 billion. Analysts surveyed by FactSet expected $4.49 billion.

Amgen raised its 2013 profit forecast to $7.30 to $7.45 per share, from the $7.05 to $7.35 per share it predicted in April.

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