Amgen Becomes A Biotech Safety Stock (AMGN)

Amgen Inc. (NASDAQ: AMGN) has just posted earnings.  The biotech giant for anemia treatments posted $1.09 GAAP EPS and adjusted earnings of $1.23 non-GAAP EPS and $3.875 billion in revenues.  First Call had estimates pegged at $1.08 EPS on revenues of $3.7 billion.

The company has also now raised full-year guidance to $4.45 to $4.55EPS from the prior range of $4.25 to $4.45 EPS.  First call hasestimates at $4.38 EPS.

Aranesp sales were up at $845 million and it saw $634 million in Epogen sales, both of which were above estimates. 

Shares closed down over 4.7% at $49.92 for an unofficial closing price,but shares are flying high up around the $53.00 mark in after-hourstrading.  The 52-week trading range is $39.16 to $66.51.

Jon C. Ogg
October 22, 2008