Amgen's 3rd-qtr 2008 profit leaps to $1.16B

US biotechnology major Amgen's third-quarter 2008 profit soared more than five-fold as the comparable period the year before was hit by acquisition and restructuring costs.

The California-based firm's GAAP net income totaled $1.16 billion, or $1.09 per share, versus $201.0 million, or $0.18 per share, in the third quarter of last year, beating the $1.08 per share earnings estimate predicted by a Thomson Reuters poll. On the day of the news, October 22, Amgen shares rose 5.3% to $52.35 in after-hours trading.

Adjusted earnings per share, excluding stock option costs and certain other expenses, jumped 14% to $1.23, while adjusted profit increased 11% to $1.31 billion as total revenue grew 7% to $3.87 billion. The firm raised its full-year guidance to between $4.45 and $4.55 from $4.25 to $4.45.