Business

Amgen profit doubles over 2011

TRENTON, N.J. — Biotech drug maker Amgen Inc. said Tuesday that its third-quarter profit more than doubled from a year ago, when a huge legal reserve charge weighed down results. It trounced Wall Street expectations and raised its profit forecast sharply.

The maker of anemia drugs Aranesp and Epogen said net income was $1.11 billion, or $1.41 per share. That’s up from $454 million, or 50 cents a share, in 2011’s third quarter.

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Adjusted income was $1.31 billion, or $1.67 per share. Analysts expected $1.48.

A year earlier, adjusted income was $1.28 billion, or $1.40 per share. That excluded a charge of $780 million, or 77 cents per share after taxes, for legal reserves to cover a proposed settlement of government and whistle-blower investigations into the company’s marketing practices.

Revenue totaled $4.32 billion, up 10 percent from $3.94 billion and above estimates of $4.24 billion.

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