NEW YORK (CNNMoney.com) — Biotech Amgen on Thursday appear an access in balance and a abatement in sales for the fourth quarter, assault Wall Street’s forecast.
Amgen (AMGN, Fortune 500), based in Thousand Oaks, Calif., said its adapted net accumulation rose 3 percent to about $1.1 billion, or $1 per share. Anniversary sales slipped 2 percent to $3.7 billion.
Analysts had anticipation balance of 97 cents per allotment afterwards charges, and an 8 percent abatement in sales to $3.5 billion, according to Thomson One Analytics.
Amgen additionally said that a late-stage abstraction showed that its beginning biologic denosumab was 40 percent added able in alleviative cartilage ache than Fosamax, from its abeyant competitor, Merck (MRK, Fortune 500). Denosumab is the best important artefact in the biotech’s pipeline, and some analysts accept it could become a blockbuster.
Amgen’s banal rose about 5 percent in after-hours trading.
Amgen sales were awkward by the extra-tough admonishing labels the Food and Biologic Administration appropriate for Aranesp and Epogen, drugs that are acclimated to area off anemia, a accepted ancillary aftereffect of chemotherapy. Aranesp sales plunged 25 percent to $827 actor in the fourth quarter, compared with the aforementioned aeon in 2006. Epogen sales slipped 3 percent to $638 million.
“Needless to say, 2007 was a arduous year for Amgen and our shareholders,” said arch controlling Kevin Sharer, in a teleconference with analysts. “In fact, in my 16 years with the company, it acme out as the toughest one we anytime faced. I anticipate in 2007 we accepted we’re adaptive, we’re resilient, and we’re able to move the aggregation advanced alike beneath the best difficult circumstances.”
Sharer said the abstraction after-effects comparing denosumab to Fosamax gave him “increased confidence.”
“We could not accept hoped for bigger results,” said Sharer.
Bret Holley, analyst for Oppenheimer & Co., expects anniversary denosumab sales to aiguille at $2 billion by 2012. He said that the acknowledged study, as able-bodied as the acceptance that crumbling Aranesp sales had bottomed out, pushed up the banal afterwards hours.
Amgen could use some bazaar resurgence, because that its banal absent added than a third of its amount in 2007.
The aggregation appear sales increases for its added advance products. Combined anniversary sales for Neulasta and Neupogen, which are acclimated to anticipate infections in chemotherapy patients, jumped 9 percent to $1.1 billion.
Sales for Enbrel, a analysis for anarchic diseases including crawling and rheumatoid arthritis, rose 8 percent in the division to added than $800 million. Amgen sells Enbrel in the U.S., and its accomplice Wyeth (WYE, Fortune 500) sells it overseas.
For the full-year 2007, Amgen appear a 4 percent access in adapted net assets to $4.8 billion, or balance of $4.29 per share, afterwards expenses. Sales in 2007 added 4 percent to $14.7 billion.
Looking advanced to the full-year 2008, the biotech expects balance per allotment of $4 to $4.30 and absolute sales amid $14.2 billion and $14.6 billion. Analysts apprehend $4.37 per allotment on acquirement of $14.49 billion.
Amgen is the world’s better biotech in agreement of anniversary sales. Rival Genentech (DNA) is the No. 1 biotech in agreement of bazaar capitalization.
–Holley does not own Amgen banal and Oppenheimer does not conduct business with them.
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