UPDATE 1-Amgen sees 2007 profit above latest forecast

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SAN FRANCISCO, Jan 8 (Reuters) - Amgen Inc (AMGN.O: Quote, Profile, Research, Stock Buzz) now expects its 2007 earnings to be "well above" its most recent forecast, helped by stable revenue and cost-cutting measures, the company's chief executive told investors on Tuesday.

Amgen expects its fiscal 2007 earnings, excluding special items, to exceed its November forecast of $4.13 a share to $4.23 a share, Amgen Chief Executive Kevin Sharer told the JP Morgan Healthcare Conference in San Francisco.

Analysts on average have been expecting 2007 earnings excluding items of $4.23 a share, according to Reuters Estimates.

Sharer said the company now sees 2007 adjusted earnings closer to its original forecast of $4.30 a share to $4.50 a share.

The biotechnology company cut the size of its work force by 13 percent last year as it slashed operating expenses and capital expenditures.

Amgen shares were up $1.99, or 4.4 percent, at $47.38 in hectic trading on Nasdaq.

(Reporting by Lisa Baertlein, with additional reporting by Susan Kelly in Chicago, editing by Gerald E. McCormick/Andre Grenon)

((lisa.baertlein@reuters.com)) Keywords: AMGEN OUTLOOK/

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