Amgen posts solid first quarter from Neulasta and Aranesp sales. (Markets: Life Sciences).

Chemical Market Reporter, April, 2003

AMGEN INC. posted solid first quarter results on strong sales of second-generation drugs Neulasta (pegfilgrastim) and Aranesp (darbepoetin alfa). Amgen projects earnings per share for 2003 of $1.80 to $1.90 versus its previous estimate of $1.70 to $1.80. Amgen posted a 31 percent increase in first quarter underlying profit to $558 million, or 42 cents per share, exceeding Wall Street estimates by 3 cents.

Excluding the effects of the Immunex acquisition, specifically Enbrel (etanercept), Amgen's overall product sales grew by 50 percent in the first quarter. Collectively, Neupogen (filgrastim) and Neulasta sales rose 53 percent to $542 million from the year-ago period, exceeding JP Morgan's low-end estimate by $15 million. Neulasta sales rose 22...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.