Amgen earnings down but outlook still up
US biotechnology major Amgen has raised its full-year financial outlook, despite an 8% drop in earnings in the second quarter as, excluding restructuring and other charges, it beat Wall Street expectations.
Net income for the three months ending June 30, 2008, was $941.0 million, or $0.87 per share, versus 1.02 billion, or $0.90 per share in the same period of 2007. Discounting exceptional charges, income was $1.24 billion, or $1.14 per share. Analysts polled by Thomson Financial had predicted earnings per share of just $1.02. The firm increased its EPS guidance for the year to between $4.25 and $4.45, from the previous $4.00 to $4.30.
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