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News Summary: Amgen Q4 net jumps on higher sales

Published on NewsOK Modified: January 28, 2014 at 6:17 pm •  Published: January 28, 2014

THE BOTTOM LINE: A tax benefit, an acquisition and price hikes that boosted drug revenue helped Amgen, the world's biggest maker of biologic drugs, increase fourth-quarter profit by 30 percent.

THE NUMBERS: Net income was $1.02 billion, while adjusted profit was $1.39 billion, or $1.82 per share — 13 cents more than analysts expected. Revenue totaled $5.01 billion, up 13 percent.

THE FUTURE: Amgen forecast 2014 adjusted earnings per share of $7.90 to $8.20, disappointing investors and sending shares down 1 percent in after-hours trading. However, the company has some promising drugs in late testing.