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Amgen Beats Expectations

Amgen Inc. announced-better-than-expected third quarter results Tuesday, including higher income per share and revenue. Adjusted income per share was $1.67, a 19 percent increase from the same quarter last year. On average, analysts had expected income of $1.47, according to Thomson Financial Network. Revenues for the quarter totaled $4.3 billion, a 10 percent increase from the same quarter a year ago. Top-performing products included arthritis drug Enbrel, with 17 percent sales growth, and bone treatment Xgeva, with 12 percent higher sales. The company’s filing noted that its group of newly released drugs grew revenue by 17 percent in the quarter. “Our marketed products are performing well, and we continue to make progress with key pipeline projects,” said Chief Executive Robert Bradway, in a statement. Also, during the quarter, Amgen repurchased about 10 million shares of stock at a cost of $797 million. Shares of Amgen closed Tuesday at $87.32, a loss of 48 cents, or less than 1 percent.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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