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Amgen 1Q profit falls 4 percent on higher costs
San Francisco Chronicle

Amgen Inc., the world’s biggest biotech company, said Wednesday that its first-quarter profit fell about 4 percent as it boosted spending on the launch of bone drugs Prolia and Xgeva and late-stage drug research. But results still topped Wall Street expectations and the company reaffirmed its outlook for the year.

Amgen said sales of new drug Xgeva, which is used to prevent bone fractures in patients with cancer that has spread to the bone, are off to a “strong start” with $42 million in revenue in the first full quarter since its launch.