Amgen 4th quarter profit tops Street estimates as costs fall

January 28, 2016 9:07 PM

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Jan 28 Amgen Inc on Thursday reported much higher-than-expected fourth-quarter earnings, helped by increased sales of its blockbuster rheumatoid arthritis drug Enbrel and lower costs, and the company raised its 2016 profit forecast.

Amgen said it now expects 2016 adjusted earnings of $10.60 to $11.00 per share, up from its prior view of $10.35 to $10.75, reflecting U.S. congressional approval of the research and development tax credit and delays in competition from biosimilar versions of some of its products.

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