Amgen Inc (NASDAQ:AMGN) on Tuesday reported higher-than-expected fourth-quarter profit, driven by strong sales of its blockbuster rheumatoid arthritis drug Enbrel, cost cutting and a tax credit.
The world's largest biotechnology company posted a net profit of $1.29 billion, or $1.68 per share, compared with a profit of $1.02 billion, or $1.33 per share, a year ago.
Continue Reading Below
Excluding items, Amgen earned $2.16 per share. Analysts on average expected $2.05, according to Thomson Reuters I/B/E/S.
The results were helped by a research and development tax credit that came through in the quarter and added about 10 cents per share to earnings, the company said.
Revenue rose 6 percent to $5.33 billion, edging past Wall Street estimates of $5.19 billion.
(Reporting by Bill Berkrot; Editing by Diane Craft)