News Summary: Amgen 3Q profit up as sales rise

Associated Press
FILE - This April 20, 2010, file photo,shows an exterior view of Amgen offices in Fremont, Calif.  Biotech drugmaker Amgen Inc. said Tuesday , Oct. 23, 2012, that its third-quarter profit more than doubled from a year ago, when a huge legal reserve charge weighed down results. (AP Photo/Paul Sakuma, file)
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FILE - This April 20, 2010, file photo,shows an exterior view of Amgen offices in Fremont, Calif. Biotech drugmaker Amgen Inc. said Tuesday , Oct. 23, 2012, that its third-quarter profit more than doubled from a year ago, when a huge legal reserve charge weighed down results. (AP Photo/Paul Sakuma, file)

THE OUTCOME: Third-quarter profit more than doubles for biotech drugmaker Amgen Inc., mainly because of a $780 million legal charge a year earlier to settle investigations into kickbacks and marketing practices.

THE NUMBERS: Net income was $1.11 billion, or $1.41 per share, up from $454 million, or 50 cents a share. Adjusted income was $1.31 billion, or $1.67 per share, beating analyst' expectation of $1.48. Sales rose 10 percent, to $4.32 billion.

THE FUTURE: The Thousand Oaks, Calif., company raised its 2012 forecast to adjusted profit of $6.50 to $6.60 per share, and sales of $17.2 billion to $17.3 billion.

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