Los Angeles Business Journal

Amgen Profit Lower Than Expected

By Business Journal Staff Tuesday, July 30, 2013

Amgen Inc. late Tuesday reported quarterly earnings that missed analysts’ expectations despite a gain in revenue.

After the markets closed, the Thousand Oaks pharmaceutical company reported second quarter net income of $1.26 billion ($1.65 a share), compared with $1.27 billion ($1.61 a share) in the same period a year earlier. Revenues rose 5 percent to $4.68 billion.

Analysts on average had expected earnings of $1.74 a share, according to Thomson Financial Network.

Chief Executive Robert Bradway pointed to the future by announcing that he expects test results for the company’s cholesterol drug AMG 145, in the first quarter of next year.

“We saw solid product trends during the second quarter and are carrying good momentum into the second half,” Bradway said in a statement. “We continue to make excellent progress with our pipeline of innovative molecules.”

Amgen shares earlier closed up $1.83, or 1.7 percent, to $111.20 on the Nasdaq, and were down 1.5 percent in after-hours trading.