Amgen Reports Loss of $8.9 Million in Quarter
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Amgen, a biotechnology company in Thousand Oaks, reported a fiscal fourth-quarter loss of $8.96 million, compared with a year-earlier profit of $488,000. Amgen’s revenue rose to $15.8 million from $14.6 million.
Amgen had predicted that it would lose between $8 million and $10 million in the quarter, which ended March 31, because of start-up costs associated with its primary new product, an anti-anemia drug called erythropoietin, or EPO.
The company had hoped to be selling EPO by now. But a legal fight between Amgen and its marketing partner resulted in postponement by the U.S. Food and Drug Administration of approval of the drug. That delay also contributed to the fourth-quarter loss, Amgen said.
For its full fiscal year, Amgen lost $8.16 million, compared to a profit of $1.73 million the previous year. Amgen’s annual revenue rose to $78.1 million from $53.3 million.
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