Amgen Inc., buoyed by significantly higher product sales, onWednesday reported net income of $34.3 million, or 78 centsper share, for its fiscal year ended March 31.
Total revenues of $381.2 million were double fiscal 1990revenues of $190.3 million. Product sales jumped about 135percent to $361.4 million from $152.2 million.
Net income reflected one-time pre-tax charges totalling $54.7million taken in the second and third quarters for modificationof two royalty agreements related to its Neupogen granulocytecolony stimulating factor. Excluding those charges, net incomewould have been $86.2 million, or $1.95 per share. Net incomein 1990 was $19.1 million, or 56 cents a share.
Amgen, based in Thousand Oaks, Calif., had Epogenerythropoietin product revenues of $304.2 million andNeupogen revenues of $52.9 million.
For the fourth quarter, Amgen had a net profit of $36.9 million,or 78 cents a share, on revenues of $139.5 million. In the 1990quarter, the company had a net income of $6.4 million onrevenues of almost $57 million.
The company released its financial results after the close oftrading on Wednesday. Amgen stock (NASDAQ:AMGN) closed at$129.25, up $2.50. -- Karen Bernstein
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