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Amgen posts decrease in earnings

Amgen's second quarter financial results hit by US healthcare reform fees

US pharmaceutical company Amgen has reported a 3 per cent decrease in net income for the second quarter of 2011 to $1.3bn.

The company reported a 4 per cent increase in sales during the three month period to $3.96bn.

Kevin Sharer, chairman and CEO, said: "Our products recorded a strong 8 per cent growth during the quarter. Our business has momentum and we expect to be at the upper end of our revenue and EPS [earnings per share] guidance."

Amgen said that its R&D expenses increased by 26 per cent in the quarter to $808m, reflecting the costs associated with late stage clinical programmes, it said. Meanwhile its selling, general and administrative expenses increased by 15 per cent in the second quarter to $1.1bn driven by the US Healthcare Reform Federal Exercise Fee of $47m.

1st August 2011

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