Amgen (NASDAQ:AMGN) had a strong quarter. Biotech has been the most active part of the market in terms of trading volume. Amgen is the category’s grandfather.
The company reported EPS of $1.49 for the third quarter of 2009, an increase of 21% compared to $1.23 for the same period a year ago. Adjusted net income increased 16% to $1.518 billion in the third quarter of 2009 compared to $1.308 billion in Q3 2008.
R&D expenses decreased 12% to $613 million in the third quarter of 2009 versus $700 million in the third quarter of 2008. This decrease was primarily driven by lower clinical trial costs and lower staff-related expenses, due in part to the optimization of its clinical supply network.
Amgen reaffirmed that revenues for 2009 are trending towards the upper end of the current guidance range of $14.4 billion to $14.8 billion. Amgen now expects 2009 adjusted EPS to be in the range of $4.90 to $5.05, an increase from the previous range of $4.80 to $4.95
Douglas A. McIntyre
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