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Amgen Sees Profit Increase, Raises Guidance

Amgen Inc. reported third-quarter earnings rose 8.3% as the biotechnology company boosted its 2016 outlook as the results beat expectations.

For the year, Amgen raised its per-share earnings estimate to $11.40 to $11.55 on revenue of $22.6 billion to $22.8 billion, from its previous estimate for per-share profit of $11.10 to $11.40 on revenue of $22.5 billion to $22.8 billion.

The quarter’s results showed the impact that biosimilar competition could have on drug companies. One sore spot in Amgen’s performance was a 36% drop in sales of the company’s cancer-care drug Neupogen, which began facing competition late last year from Novartis AG’s Zarxio, the first lower-priced biosimilar approved in the U.S. Neupogen sales fell to $183 million world-wide largely due to U.S. competition, Amgen said.

Meanwhile, Amgen CEO Robert Bradway said on a conference call that Amgen doesn’t expect to begin selling its biosimilar version of AbbVie Inc.’s Humira in 2017. The copy, called Amjevita, was approved...