AMGEN REPORTS PROFIT GAIN; 2ND QUARTER EARNING REPORTS.Byline: Daily News Staff and Wire Services
Amgen Inc. posted a 12 percent gain in second-quarter earnings, beating analysts' expectations by a penny, on increased sales of its Epogen drug.
The Thousand Oaks-based biotech giant was among dozens of companies that reported earnings. Businesses from Intel Corp., the world's dominant computer chip maker, to Xylan xylan /xy·lan/ (zi´lan) any of a group of pentosans composed of xylose residues; major structural constituents of wood, straw, and bran. Corp., the Calabasas computer switches seller, announced quarterly reports Tuesday.
The biotechnology giant said profits were $200 million, or 72 cents a share, compared with $179 million, or 64 cents a year earlier. Revenue rose 9 percent to $620 million as sales of Epogen, a drug used to increase red blood cells Red blood cells
Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body.
Mentioned in: Bone Marrow Transplantation
red blood cells in patients with kidney disease Kidney Disease Definition
Kidney disease is a general term for any damage that reduces the functioning of the kidney. Kidney disease is also called renal disease. , rose 12 percent to $295 million. Sales of white-cell booster Neupogen rose 7 percent to $272 million.
Amgen had announced Epogen sales would be hurt by reductions in Medicare reimbursement rates for dialysis providers slated to take effect Sept. 1. It said Tuesday that second-half sales growth will match the 15 percent rate of the first half.
Calabasas-based Xylan Corp. matched Wall Street estimates with second-quarter earnings of $7.1 million, or 15 cents a share, including a $4 million income-tax benefit, compared with profits of $2.9 million, or 6 cents a share in the year-ago quarter. Sales for the computer switching systems Switching systems (communications)
The assemblies of switching and control devices provided so that any station in a communications system may be connected as desired with any other station. specialist were up 60 percent to $45.1 million from $28.2 million.
In other reports:
Intel reported a 58 percent gain in second-quarter profit. Intel earned $1.6 billion, or 92 cents a share, for the three months ended June 28, compared with $1 billion, or 59 cents a share, in the same quarter last year.
Wells Fargo Wells Fargo
armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147]
See : Protectiveness
company that handled express service to western states; often robbed. [Am. Hist. reported a 37 percent drop in profits Tuesday, citing continuing problems with assimilating First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles.
The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the , which Wells acquired last year.
Texas Instruments See TI.
(company) Texas Instruments - (TI) A US electronics company.
A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. Inc. earned $249 million, or $1.26 a share, in the quarter that ended June 30. That compared with $76 million, or 39 cents a share, for the same period one year ago.
Mirage Resorts Inc. said net income rose to $48.9 million, or 26 cents a share, from $40.6 million, or 21 cents, a year earlier. Revenue rose 10 percent to $344.4 million from $312.7 million a year earlier.