Amgen Profit Beats Forecasts

Amgen Inc. said Tuesday that fourth-quarter net income was $1.29 billion, or $1.68 a share, 27% more than the $1.02 billion, or $1.33 a share, for the same period a year ago. Sales for the Thousand Oaks, Calif.-based biotechnology company were $5.33 billion against last year's $5.01 billion. Adjusted income was $2.16 a share, beating the $2.05 estimate from analysts polled by FactSet. Amgen also said it expects full-year revenue of $20.8 billion to $21.3 billion, and earnings of $9.05 to $9.40 a share. Analyst estimates for the year fall within those ranges, according to FactSet. Shares had ended the day down nearly 1% but regained that lost ground after hours and stood at $160.33 in recent action.