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News Summary: Amgen 4Q profit drops, costs rise

The Associated Press

PROFIT SLUMP: Biotech giant Amgen Inc.'s fourth-quarter net income dropped 16 percent to $788 million, or $1.01 per share, due to higher spending on production, marketing, research and other items.

SALES SURGE: Revenue rose 11 percent to $4.42 billion, as sales of immune disorder treatment Enbrel and four other drugs climbed by double digits. But part of the revenue jump was due to price increases.

2013 FORECASTS: Amgen's forecast is for earnings per share of $6.85 to $7.15. It expects revenue of $17.8 billion to $18.2 billion — about the level it previously forecast for 2015.