July 29 Amgen Inc on Tuesday posted
higher-than-expected second-quarter profit in a rebound from a
disappointing first quarter, helped by strong sales of its
rheumatoid arthritis drug Enbrel, and it significantly raised
its full-year earnings forecast.
The world's largest biotechnology company also said it would
cut 12 to 15 percent of its workforce and close two plants in a
series of restructuring moves aimed at reallocating resources as
it prepares for the eventual launch of new medicines it hopes
will drive future growth.
Amgen said net profit rose to $1.55 billion, or $2.01 per
share, from a profit of $1.26 billion, or $1.65 per share, a
Excluding items, Amgen earned $2.37 per share. Analysts on
average expected $2.07 per share, according to Thomson Reuters
Revenue rose 11 percent to $5.2 billion, exceeding Wall
Street estimates of $4.89 billion.
(Reporting by Bill Berkrot; Editing by James Dalgleish)