STRONG QUARTER: Biotech drugmaker Amgen said its second-quarter net income dipped 1 percent as it spent more on research and production, but adjusted profit soundly beat Wall Street expectations by 15 cents per share. Revenue rose 5 percent on strong sales across its portfolio.
THE REACTION: Shares fell $1.70 to $109.50 in after-hours trading, however. One analyst cited higher spending across the board and speculated that investors may fear Amgen can't maintain such growth.
WHAT's NEXT: Amgen raised its 2013 profit and revenue forecasts a bit. It expects key final-stage testing data on three experimental drugs — for high cholesterol and two cancer types — in the first half of 2014.