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Amgen first-quarter profit exceeds Street estimates on lower costs
April 26, 2017 / 8:12 PM / 8 months ago

Amgen first-quarter profit exceeds Street estimates on lower costs

April 26 (Reuters) - Amgen Inc on Wednesday reported higher-than-expected first-quarter profit as cost controls helped offset a sharp drop in sales of Enbrel, its blockbuster rheumatoid arthritis and psoriasis drug.

The world’s largest biotechnology company said net profit rose to $2.07 billion, or $2.79 per share, from $1.9 billion, or $2.50 per share, a year ago.

Excluding special items, Amgen said it had adjusted earnings of $3.15 per share. Analysts on average expected $3.00 per share, according to Thomson Reuters I/B/E/S. (Reporting by Bill Berkrot in New York; Editing by Matthew Lewis)

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