Soon-to-be-Joined Amgen and Immunex Miss Earnings Together
Amgen(AMGN Quote) and Immunex(IMNX Quote) are engaged, but the wedding is still a few months off, so Wednesday, each firm reported separate fourth-quarter earnings that offered mixed results and narrowly missed Wall Street estimates.
Amgen, which will acquire Immunex in a $16 billion deal announced in December, said fourth-quarter net income fell 15% to $163 million, or 15 cents per share, compared to net income of $210 million, or 19 cents per share in the year-ago quarter. The drop in earnings was the result of a one-time charge totaling $243 million, or 15 cents per share, related to the termination of partnerships with other drug companies, the company said. Excluding the charge, Amgen's posted fourth-quarter earnings of 30 cents per share, one cent shy of analysts' expectations, according to Thomson Financial/First Call.
Fourth-quarter revenue totaled $1.12 billion, an 18% increase from the year-ago quarter. ...
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