Amgen’s earnings slump 82 percent

first_imgPhysician groups are appealing the decision, and Amgen said Wednesday that it was hopeful a compromise can be reached. Amgen has been struggling with the effects of that decision and a patent dispute with Swiss drug company Roche. A jury in Boston on Tuesday found that Roche violated 11 Amgen patents in formulating its own anemia drug, Mircera. Amgen said it would ask the court for an injunction to prevent Roche from selling Mircera in the United States, where it would challenge Aranesp, Amgen’s top-selling drug. Roche said it is considering an appeal. Amgen said Wednesday that its previously announced restructuring plan, which includes a 12percent to 14percent cut in staffing, will result in 2007 restructuring charges of $775million to $850million, up from earlier estimates of $600million to $700million. The company said the additional costs are the result of a decision to postpone the building of a manufacturing plant in Ireland and the closure of a manufacturing facility in Thousand Oaks. Still, the company said it was on track to deliver earnings in the range of $4.13 to $4.23 as previously announced.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Biotech company Amgen Inc. on Wednesday reported flat revenue and lower profit in the third quarter as the drug maker continued to deal with a blow to its business that had been dealt by federal regulators. The Thousand Oaks-based company reported net income of $201million, or 18 cents per share, for the quarter ended Sept. 30, down 82percent from $1.1billion, or 94cents per share, in the same period last year. This year’s profits were hit by write-offs of nearly $1billion stemming from an acquisition and restructuring costs. Revenue in the quarter was unchanged at $3.61billion. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.Excluding one-time charges and stock options expenses, the company said it would have reported earnings of $1.08 per share, a slight increase over the $1.04 per share in the same period last year. On that basis, analysts surveyed by Thomson Financial had expected per share earnings of $1.03. Worldwide sales of its anemia-treating drug Aranesp decreased 23percent, to $818million, in the third quarter in reaction to the Food and Drug Administration finding the drug should carry a stronger warning label when used by cancer patients with anemia. The warning label addition called for doctors to use the lowest possible dose of the drug. U.S. sales dropped 36 percent, to $460 million. last_img

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