Amgen earnings down on restructing costs

Biotech company Amgen Inc. on Wednesday reported flat revenue and lower profit in the third quarter as the company continues to deal with a blow to its business dealt by federal regulators.

The Thousand Oaks company reported net income of $201 million, or 18 cents per share, for the quarter ended Sept. 30, down 82 percent from $1.1 billion, or 94 cents per share, in the same period last year.

This year's profits were hit by write-offs of nearly $1 billion stemming from an acquisition and restructuring costs.

Revenue in the quarter was unchanged at $3.61 billion.

Excluding one-time charges and stock options expenses, the company said it would have reported earnings of $1.08 per share, a slight increase over the $1.04 per share in the same period last year.

On that basis, analysts surveyed by Thomson Financial had expected per share earnings of $1.03.