Article updated: 1/24/2013 7:22 AM

Amgen 4Q profit drops 16 pct. on higher spending

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Exterior view of Amgen offices in Fremont, Calif.

Associated Press

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Drugmaker Amgen Inc. on Wednesday posted a 16 percent drop in fourth-quarter profit, as higher costs for production, marketing, research and other items offset higher sales for many of its biologic medicines. The results fell a bit short of Wall Street expectations. The world's biggest biotech company, based in Thousand Oaks, Calif., said net income was $788 million, or $1.01 per share, for the three months ended Dec. 31. That was down from $934 million, or $1.08 per share, a year earlier.