Amgen tops Wall Street fourth quarter forecasts

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Amgen Inc. cruised to a 27 percent jump in fourth-quarter profit and beat Wall Street expectations, due to higher sales of nearly all its medicines, tight cost controls and a tax benefit.The world’s biggest biotech drugmaker by revenue said it’s starting a cycle of several important new product launches — big enough that last year it announced major job reductions and other cost cuts to free up money for the launches. Amgen is one of several companies developing biosimilar versions of rivals’ medicines, with nine different ones in patient testing.

Read the source article at Pharmaceutical Processing

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