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Amgen 1Q Profit Rises 5.2% On Broad Sales Growth

DOW JONES NEWSWIRES Amgen Inc.'s (AMGN) first-quarter earnings rose 5.2% as the biopharmaceutical company reported sales growth across many of its products, helping results beat expectations. The company has been trying to bolster its research-and-development pipeline and grow sales of its bone-building drugs to help offset declining sales of its key anti-anemia drugs, which have slumped in recent years due to safety concerns and intensifying competition. Amgen recently completed $1.16 billion acquisition of Micromet Inc. (MITI), a deal expected to strengthen its cancer-drug research pipeline. Amgen reported a profit of $1.18 billion, or $1.48 a share, up from $1.13 billion, or $1.20 a share, a year earlier. Excluding acquisition and restructuring-related expenses and other items, earnings were up at $1.61 from $1.34. Revenue increased 9.2% to $4.05 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.45 on revenue of $3.93 billion. Operating margin rose to 36.4% from 34.9%. Combined sales of Neulasta and Neupogen, which are used to ward off infections undergoing cancer treatment, rose 9% to $1.34 billion. The company has been counting on its new bone-building drugs, Xgeva and Prolia, to boost overall sales growth. Sales of Xgeva, a drug designed to prevent bone injuries in cancer patients, were up 14% to $153 million. Sales of Prolia, for osteoporosis in women, were up 9% to $153 million. Shares of Amgen, which affirmed its 2012 guidance, were up 1% to $69.32 in recent after-hours trading. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
08/30/201618:50:00FDA Approves Novartis's Biosimilar to Amgen's Enbrel
08/30/201618:31:00FDA Approves Novartis's Biosimilar to Amgen's Enbrel
08/29/201609:00:00Amgen Announces Positive Top-Line Results From Phase 3 Study...
08/29/201602:00:00New Repatha® (evolocumab) Analyses Show Efficacy And Safety...
08/25/201609:45:00U.S. Hot Stocks: Hot Stocks to Watch
08/24/201620:10:00FDA Rejects Amgen Hormonal-Imbalance Treatment
08/24/201619:20:00FDA Rejects Amgen Hormonal-Imbalance Treatment
08/24/201618:03:00Amgen Provides Update On Status Of Parsabiv™ (Etelcalcetide) N...
08/22/201609:00:00New Data Add To Understanding Of Repatha® (Evolocumab) In Multiple...
08/22/201608:50:00Eli Lilly, AstraZeneca Progress With Alzheimer's Drug
08/19/201616:14:16Current Report Filing (8-k)
08/11/201617:29:34Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/11/201606:06:00Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
08/10/201608:27:19Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
08/06/201603:03:00AbbVie Sues Amgen Over Humira -- WSJ
08/05/201616:57:00AbbVie Files Patent Suit Over Amgen's Copy of Humira -- Update
08/05/201614:50:00AbbVie Sues Amgen Over Humira
08/05/201614:33:00AbbVie Files Patent Suit Over Amgen's Copy of Humira
08/02/201619:30:00CVS Drops Coverage of 2 Branded Biotech Drugs in Favor of Copies
08/02/201618:47:00CVS Drops Coverage of 2 Branded Biotech Drugs in Favor of Copies

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