82.1 F
San Fernando
Friday, Mar 29, 2024

Amgen Profit Rises in Fourth Quarter

Amgen Inc., the leading global biotechnology company, released their fourth-quarter results Thursday, reporting a 20 percent increase in profit. The company earned $824 million, or 66 cents per share compared with $689 million, or 53 cents a share, a year ago. The company’s stock took a hit due to a delayed report of Amgen’s trial of an advanced new cancer drug. The drug is anticipated to compete with ImClone Inc.’s drug Erbitux, used to treat colon cancer. Amgen will not release the results of the clinical trial of the experimental colon cancer drug panitumumab until later. Shares dropped 5 percent to $71.70 as a result. Revenue for the fourth-quarter rose 12 percent to $3.3 billion. For the full year of 2005, revenues rose 18 percent to $12.4 billion.

Featured Articles

Related Articles