Monday, April 23, 2007

Amgen Earnings and Concerns on Aranesp & Epogen

Article on cnn.com -- Amgen earnings meet forecasts: Biotech's income surges 19% in latest quarter; 15% gain in revenue just below expectations; future uncertain for Aranesp sales, by Aaron Smith.  Here's an excerpt:

Amgen (up $0.22 to $62.19, Charts, Fortune 500) reported a 19 percent surge in non-GAAP first-quarter earnings, or earnings that do not include certain charges, to $1.08 per share for 91 cents a year earlier. That met the analyst consensus from Thomson First Call.

Amgen, based in Thousand Oaks, Calif., reported a 15 percent jump in total revenue to $3.69 billion from $3.22 billion in the prior year. Analysts surveyed by First Call projected revenue of $3.73 billion.

***

George Morrow, chief of global commercial operations, said Amgen won't be able to provide a clearer picture of future revenue before weighing the impact on insurers from heightened FDA warnings regarding anemia drugs Aranesp and Epogen.

Aranesp and Epogen are often used in conjunction with chemotherapy, which can cause anemia, a condition caused by the reduction in red blood cells produced. Recent studies showed these drugs may increase the risk of death in cancer patients, according to the FDA.

The Food and Drug Administration required heightened safety warnings for Aranesp and Epogen, as well as for Procrit from Johnson & Johnson (down $0.37 to $64.75, Charts, Fortune 500).

Here's a link to the Associated Press story, Amgen’s Profit Rises, but Does Not Meet Expectations, which appeared in the New York Times.

BGS

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