Amgen Defying Earnings Concerns (AMGN)

Earnings out of Amgen Inc. (NASDAQ: AMGN) appear to be strong enough to defy any notions that the big osteoporosis news would render this particular earnings report immaterial.

The biotech giant just posted adjusted EPS of $1.14 EPS on $3.76 Billion in revenues.  Analysts expected $1.02 EPS on $3.58 Billion in revenues according to First Call. 

The company also raised 2008 guidance to $4.25 to $4.45 EPS on $14.6 to$14.9 Billion in revenues, while fiscal Dec-2008 estimates are $4.19EPS on $14.42 Billion in revenues.

As far as ongoing FDA issues, the company made several updates with acouple standout points. The company announced that it received notification from the FDA onJuly 24, 2008 through a Complete Response letter that they would likeadditional information to support the use of ENBREL in pediatricpatients with moderate to severe plaque psoriasis; and Amgen said itcontinues to work with the FDA to provide information to addressadditional questions related to the supplemental biologics licenseapplication, and cannot speculate on the timing of the FDA’s response.It is also working with regulatory agencies to complete label revisionsfor ARANESP.

Shares closed up over 12% to $60.48 to see a new 52-week closing high,and its intra-day trading range is $59.53 to $62.50.  Shares are up at$61.75 ahead of the conference call.

Jon C. Ogg
July 28, 2008