A Modest Quarter For Amgen (AMGN)

Investing

Published: October 24, 2007 3:18 pm

Wall St. expected Amgen (AMGN) to report a 1% decline in earnings to $1.03 a share on a 1% decline in revenue to $3.56 billion for the third quarter, according to analysts polled by Thomson Financial

The company reported adjusted earnings per share (EPS), excluding stock option expense and certain other expenses, of $1.08 for the third quarter of 2007, an increase of 4 percent compared to $1.04 for the third quarter of 2006. Adjusted net income, excluding stock option expense and certain other expenses, decreased 4 percent to $1,181 million in the third quarter of 2007 compared to $1,224 million in the third quarter of 2006. Stock option expense on a per share basis totaled 2 cents and 3 cents for the third quarter of 2007 and 2006, respectively

Total revenue remained unchanged during the third quarter of 2007 at $3.6 billion versus the third quarter of 2006

Worldwide sales of Aranesp decreased 23 percent to $818 million in the third quarter of 2007 versus $1,067 million in the third quarter of 2006. This was principally driven by a decline in U.S. demand. U.S. Aranesp sales were $460 million versus $720 million in the third quarter of the prior year, a decrease of 36 percent. This was due to a decline in demand primarily reflecting reaction to regulatory and reimbursement developments throughout the year,

Shares traded flat just above $58 on the news.

Douglas A.McIntyre

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