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Amgen Income Drops in Q1

Lower demand for its anemia drugs contributed to Amgen Inc. reporting a drop in its net income in the first quarter when compared to a year ago. Sales of Aranesp went down by 7 percent when compared to the first quarter of 2010, and sales of Epogen went down by 14 percent when compared to a year ago. Epogen usage dropped as health care providers were changing the dosage amount of the drug. Financial results were positively impacted by an excise tax in Puerto Rico where the company has manufacturing operations. The excise tax is recognized as a foreign tax credit for U.S. income tax purposes when the excise tax is paid. For the quarter ending March 31, Amgen reported net income of $1.1 billion, or $1.20 per diluted share, on revenues of $3.7 billion. For the same period in 2010, the company had net income of $1.2 billion, or $1.18 per diluted share, on revenues of $3.6 billion. Operating costs increased during the quarter due to Amgen absorbing an excise fee connected with heath care reform, launching osteoporosis drug Prolia and XGEVA, a drug to prevent bone fractures in patients, said company Chairman and CEO Kevin Sharer. Mark R. Madler

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