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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
07/22/201616:30:00Amgen Announces Webcast Of 2016 Second Quarter Financial Results
07/22/201616:00:00Amgen Announces 2016 Third Quarter Dividend
07/22/201601:00:00Amgen And UCB Submit Biologics License Application For Romosozumab...
07/21/201612:50:00Amgen and Allergan Study Finds Biosimilar Comparable to Herceptin
07/21/201612:37:00Amgen and Allergan Study Finds Biosimilar Comparable to Herceptin
07/21/201609:00:00Amgen And Allergan Announce Top-Line Results From Phase 3 Study...
07/20/201620:29:00Amgen Announces Settlement Of Securities Litigation
07/20/201607:40:00Technical Coverage on Biotechnology Equities -- Galena Biopharma...
07/13/201621:00:00Amgen And Daiichi Sankyo Announce Agreement To Commercialize...
07/12/201619:20:00Amgen Biosimilar Gets Thumbs-Up From FDA Panel
07/12/201607:30:00Amgen To Discuss Data Supporting Biologics License Application...
07/11/201609:00:00FDA Approves First And Only Single Monthly Injection For A PCSK9...
07/06/201617:50:00Western Digital Names New CFO, Boosts Guidance
07/04/201601:00:00European Commission Approves Extended Indication For Amgen's...
06/22/201618:00:00Amgen Sponsors QB3@953 Incubator For Life Science Startups
06/20/201608:25:00Biotechnology Stocks Under Review - Eleven Biotherapeutics, Relypsa...
06/17/201616:00:00Amgen Appoints Esteban Santos Executive Vice President, Operations
06/15/201616:58:28Annual Report of Employee Stock Plans (11-k)
06/15/201616:51:42Annual Report of Employee Stock Plans (11-k)
06/14/201616:55:30Current Report Filing (8-k)

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