Summary Box: Amgen's 3Q net income falls

AP News
Posted: Oct 24, 2011 7:43 PM
Summary Box: Amgen's 3Q net income falls

MIXED RESULTS: Biotech drugmaker Amgen's third-quarter profit plunged 63 percent to $454 million, on higher costs and charges totalling $950 million. Adjusted income beat expectations, though.

PROBES ENDING: The big charge was $780 million for a planned settlement of multiple whistlelower cases and federal and state investigations of Amgen's marketing and other practices, including alleged kickbacks, dating to 2007.

ENCOURAGING INVESTORS: Amgen raised its 2011 revenue and profit forecasts and increased its share buyback program to a total of $10 billion.