Amgen Profit Drops 23% Despite 71% Increase in Sales
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Amgen, the fledgling Thousand Oaks biotechnology company, reported a 23% drop in profits on a 71% increase in sales for the second quarter that ended Sept. 30. The company posted net income of $320,00, or 2 cents per share, compared with net income of $393,000, or 2 cents per share a year ago. Sales increased to $21.5 million.
Most of the company’s sales are not from product sales but are contributions from its corporate partners, and most of its income derives from investments.
Amgen’s first product, an anti-anemia drug, was approved for sale this summer in several European countries.
The company is awaiting Food and Drug Administration approval to sell the drug in the United States.
For detailed data and results of other companies, please see tables, Page 13.
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