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Amgen 2nd-Quarter Profit Rises 8.2%; 2012 Outlook Raised

By Tess Stynes Amgen Inc.'s (AMGN) second-quarter earnings rose 8.2% as weaker sales of the biopharmaceutical company's anemia drugs were offset by growth of other treatments. Shares rose 4.7% to $83 in after-hours trading Thursday as adjusted earnings and revenue beat expectations and the company raised its 2012 outlook. Through the close, the stock was up about 23% this year. For the year, the company raised its per-share earnings estimate to a range of $6.20 to $6.35 on revenue of $16.9 billion to $17.2 billion, from its prior estimates for $5.90 to $6.15 and $16.1 billion to $16.5 billion. Amgen has been pursuing deals to bolster its research-and-development pipeline and grow sales of its bone-building drugs to help offset declining sales of its anti-anemia drugs, which have slumped in recent years due to safety concerns and intensifying competition. Amgen recently completed a $1.16 billion acquisition of Micromet Inc., a deal expected to strengthen its cancer-drug research pipeline. Amgen reported a profit of $1.27 billion, or $1.61 a share, up from $1.17 billion, or $1.25 a share, a year earlier. Excluding acquisition-related charges, stock-compensation expenses and other items, earnings were up at $1.83 from $1.37. Revenue increased 13% to $4.48 billion, including 8% growth in product sales. Analysts polled by Thomson Reuters most recently projected earnings of $1.54 a share on revenue of $4.08 billion. Combined sales of Neulasta and Neupogen, which are used to ward off infections in patients undergoing cancer treatment, grew 2% mainly on an increase in U.S. average selling prices. Enbrel sales jumped 11%. However, sales of anti-anemia drugs Aranesp and Epogen were down about 8% and 3%, respectively. The company has been counting on its new bone-building drugs, Xgeva and Prolia, to boost overall sales growth. Second-quarter sales of Xgeva, a drug designed to prevent bone injuries in cancer patients, saw sales increase 17% from the first quarter. Sales of Prolia, for osteoporosis in women, climbed 36% quarter to quarter. Write to Tess Stynes at tess.stynes@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
09/03/201513:11:00Novartis to Begin Selling Copy of Amgen's Neupogen in U.S.--3rd...
09/03/201507:14:00Novartis to Begin Selling Copy of Amgen's Neupogen in U.S...
09/03/201505:24:00Novartis to Begin Selling Copy of Amgen's Neupogen in U.S.
09/03/201504:00:00Novartis to Begin Selling Copy of Amgen's Neupogen in U.S.
09/02/201519:47:24Statement of Changes in Beneficial Ownership (4)
09/02/201516:30:00Novartis Closer to Selling Copy of Amgen's Neupogen
09/02/201516:22:00Court Decision Could Allow Novartis To Sell Copy of Amgen's Neupogen...
09/02/201516:16:00Court Decision Could Allow Novartis To Sell Copy of Amgen's Neupogen
09/02/201516:01:00Amgen Submits Marketing Authorization Application For Novel Intravenous...
09/02/201502:00:00Amgen to Help Develop Novartis's Pipeline of Alzheimer's Drugs
09/01/201516:30:00Amgen Enters Into Neuroscience Collaboration With Novartis For...
09/01/201516:01:00Amgen And UCB Announce Positive Top-Line Results From Open-Label...
09/01/201512:40:00Amgen Finds Data Falsified in Grizzly Bear Study
09/01/201509:58:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca -- Update
09/01/201504:10:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca
09/01/201503:42:00Valeant Strikes Psoriasis-Drug Pact With AstraZeneca
08/27/201520:00:00FDA Approves Amgen's Cholesterol-Lowering Drug Repatha -- Update
08/27/201519:20:00FDA Approves New Amgen Cholesterol Drug
08/27/201518:40:00FDA Approves Amgen's Repatha Cholesterol Drug
08/27/201517:50:00FDA Approves Amgen's New Cholesterol-Lowering Medication Repatha™...

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