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Earnings Roundup

Revenues Drive Amgen Beat In Q3; Giving More Cash Back

By Trista Morrison
Staff Writer

Wednesday, October 26, 2011

Once again, Amgen Inc. beat analyst expectations for the quarter. The big biotech reported third quarter earnings of $1.40 per share, well ahead of the $1.29 per share expected by Wall Street.

GAAP EPS was just 50 cents per share, however, thanks largely to a $780 million reserve Amgen established to settle various investigations into the sales and marketing of its erythropoiesis-stimulating agents (ESA). Chief Financial Officer Jonathan Peacock said the settlements should be finalized "over the next three to four months."

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