Amgen Inc. reported a net income of $91.1 million on revenuesof $365.6 million for the quarter ended December 31, 1993.Those results, released on Tuesday, bring Amgen's income forthe year up to $383.3 million on total revenues of $1.4 billion.
Amgen's income represents 1993 earnings of $2.67 per shareon a primary basis, accounting for three one-time incomeadjustments. Without these adjustments, the Thousand Oaks,Calif., company's earnings per share would have been $2.48.This is very close to some analysts' expectations; GregoryBrown of Vector Securities, for example, had been projectingoperating earnings per share of $2.51 earlier this month.
Both year-end and fourth quarter revenues outstripped figuresfrom 1992. Fourth quarter revenues increased $57.4 millionover the previous year's result of $308.2 million. Income fromthis past quarter was lower than in 1992, however, because ofan after-tax legal award of $51 million that Amgen recorded inthe fourth quarter of 1992. Total revenues this year were $281million (25.7 percent) higher than in 1992, and incomeincreased 7.2 percent, from 357.6 million in 1992.
One-time adjustments affecting Amgen's income included $9.6million resulting from a retroactive change in federal tax law,$8.7 million from the effect of a cumulative change inaccounting principle and a $8.6 million legal award.
Amgen (NASDAQ:AMGN) also reported increased sales of itstwo top-selling drugs, Epogen and Neupogen. Worldwide salesof the granulocyte colony stimulating factor Neupogenincreased 32 percent in 1993, to $719.4 million. U.S. salesaccounted for $545.5 million of this revenue.
Epogen (erythropoietin) sales rose to $586.9 million, anincrease of 15.9 percent over the previous year. The companysaid it increased research and development expenditures by$73 million in 1993, bringing in 19.5% of product sales.
Amgen's stock closed at $47 a share on Tuesday, down $1.75.
-- Karl A. Thiel Associate Editor
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