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Amgen second-quarter profit tops street.

Amgen Second-Quarter Profit Tops Street. Amgen Inc. (Thousand Oaks CA) reported a better-than-expected second-quarter profit, helped by a strong rebound in sales of its rheumatoid arthritis drug and a tax benefit, and the company raised its full-year earnings forecast. Excluding items, Amgen had adjusted earnings of $1.29 per share, topping analysts' average expectations by 12 cents. That should come as a huge relief to investors in Amgen, which badly missed Wall Street profit estimates in the first quarter with most key drugs falling well short of expectations. The world's largest biotechnology company posted a net profit of $1.27 billion, or $1.25 per share, compared with a profit of $906 million, or 84 cents per share, a year ago. Quarterly revenue dropped to $3.71 billion from $3.76 billion a year ago, but the company still topped the consensus revenue estimate of $3.58 billion.

Amgen also announced that it has a deal with GlaxoSmithKline Plc under which the British drugmaker will commercialize Amgen's eagerly-awaited experimental osteoporosis drug denosumab in Europe and emerging markets. The biotech company raised its 2009 earnings forecast to $4.80 to $4.95 per share from its prior view of $4.55 to $4.75 per share. Amgen shares closed the week up $1.39, or 2%, at $62.31.
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Title Annotation:TOP STORIES; revenue report
Article Type:Brief article
Date:Aug 3, 2009
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