Amgen Reports 16% Rise in 3rd-Quarter Net Income

Thousand Oaks biotechnology giant Amgen Inc. reported a 16% increase in its third-quarter net income, to $102.7 million, after a one-time $9.6-million tax benefit.

The company’s profit for the three months that ended Sept. 30 compares with net income a year earlier of $88.9 million. Revenue in the latest quarter climbed 17%, to $354.9 million from $303.4 million.

Amgen said the tax benefit resulted from changes in federal tax laws relating to research and experimentation and orphan-drug tax rates, which were partially offset by an increase in the corporate tax rate.

Excluding these tax changes, Amgen said its third-quarter profit would have been $93.1 million.