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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
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04/23/201517:06:07Statement of Changes in Beneficial Ownership (4)
04/23/201517:02:33Nasdaq Composite Closes at Record High
04/23/201515:47:20Nasdaq Composite Rises Above March 2000 Record Close
04/23/201514:44:46AbbVie Profit Rises on Broad Sales Growth -- Update
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04/23/201505:10:21Barclays Reiterates "Equal Weight" Rating for Amgen (AMGN)
04/22/201517:04:58Additional Proxy Soliciting Materials (definitive) (defa14a)
04/22/201517:00:39Additional Proxy Soliciting Materials (definitive) (defa14a)
04/22/201510:49:40Amgen Price Target Raised to $195.00 (AMGN)
04/22/201510:12:19Nomura Cuts Amgen Price Target to $191.00 (AMGN)
04/22/201504:35:02Amgen PT Raised to $187.00 at Leerink Swann (AMGN)
04/22/201503:41:08RBC Capital Raises Amgen Price Target to $185.00 (AMGN)
04/21/201517:14:12Amgen Reports Higher Earnings, Outlook -- Update
04/21/201516:50:10Amgen Posts 51% Rise in Profit, Boosts Outlook
04/21/201516:35:18Amgen Posts 51% Rise in Profit, Boosts 2015 Outlook

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