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Amgen Profit Rises 8.2%; 2012 Outlook Raised

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
07/31/201510:00:12U.S. Hot Stocks: Hot Stocks to Watch
07/31/201509:44:26U.S. Hot Stocks: Hot Stocks to Watch
07/30/201519:05:00Initial Statement of Beneficial Ownership (3)
07/30/201518:07:11Amgen Raises 2015 Outlook, Results Beat Expectations -- 2nd Update
07/30/201516:50:18Amgen Raises 2015 Outlook, Results Beat Expectations
07/30/201516:43:25Amgen Raises 2015 Outlook, Results Beat Expectations -- Update
07/30/201516:33:30Amgen Raises 2015 Outlook, Results Beat Expectations
07/30/201516:21:01Current Report Filing (8-k)
07/30/201516:05:00Amgen Announces Appointment Of Fred Hassan To Board Of Directors
07/30/201516:01:00Amgen's Second Quarter 2015 Revenues Increased 4 Percent To $5.4...
07/28/201517:46:00Amgen Announces 2015 Third Quarter Dividend
07/28/201512:26:16Merck Earnings Hurt by Arthritis Drug Knockoffs
07/27/201516:01:00Amgen Announces Webcast of 2015 Second Quarter Financial Results
07/24/201515:21:49Correction to Amgen/Kyprolis Article
07/24/201515:00:06FDA Approves Cholesterol Drug From Regeneron, Sanofi
07/24/201513:30:24FDA Approves Amgen's Kyprolis for Earlier Myeloma Treatment
07/24/201513:25:56FDA Approves Amgen's Kyprolis As a Second-Line Multiple Myeloma...
07/24/201512:40:00FDA Approves Kyprolis® (carfilzomib) For Combination Use In...
07/24/201509:10:04AbbVie's Revenue Growth Misses Expectations
07/24/201508:57:08AbbVie's Revenue Growth Misses Expectations

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