Amgen’s Record Net

Amgen Inc., becoming the first biotechnology company to reach $1 billion in annual revenue, said it earned $357.6 million last year on revenue of $1.09 billion.

The Thousand Oaks-based company, which has exploded in size after bringing its first two drugs to the market, said its 1992 profit-- which also set a biotechnology industry record--nearly quadrupled from the $97.9 million it earned in 1991, when Amgen’s revenue was $682 million.

For the fourth quarter alone, Amgen’s profit more than doubled, to $133.8 million from $60 million a year earlier, on a 47% jump in revenue, to $308.2 million from $210 million.

Amgen’s two drugs are Epogen, which fights anemia in patients with kidney disease, and Neupogen, an infection-fighting drug for cancer patients. Amgen also said it managed the latest earnings gains despite raising its spending on research and development by 50% last year, to a record $182.3 million.