Amgen Profit Drops 49% in 3rd Quarter

Amgen said it earned $177,000 in the third quarter that ended Dec. 31, down 49% from a year earlier.

The decline in the Thousand Oaks biotechnology company's profit came despite revenue for the quarter rising 57% to $21.3 million, money that came mostly from corporate partners to pay for research by Amgen. Amgen is awaiting Food and Drug Administration approval of its first major product, an anti-anemia drug called erythropoietin.

For the nine months, Amgen's profit fell 35% to $802,000 as revenue climbed 61% to $62.3 million.

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