Tuesday, January 25, 2011

Amgen (Nasdaq:AMGN) Income Up 10% on Neulasta, Neupogen and Lower Taxes

Net income for Amgen Inc. (Nasdaq:AMGN) jumped 10 percent in the fourth quarter, led by Neulasta and Neupogen, and a reduction in taxes.

Earnings for the quarter reached $1.02 billion, or $1.08 a share, up from $931 million, or 92 cents a share, in the same quarter last year.

Revenue rose to $3.84 billion, up from $3.81 billion last year, a one percent gain.

Aranesp and Epogen, the company's two anemia drugs, had sales drop considerably, falling to $1.22 billion, a 9 percent decline.

Amgen's 2011 guidance was lower than the Street was looking for, with earnings projected to come in at $5 to $5.20 a share for the year, on revenue of $15.1 billion to $15.5 billion.

The company could lose from $400 million to $500 million if Obamacare is kept in place. Up to $200 million of that would be in new federal excise fees.

Talking their acquisition of BioVex, Amgen said they expect to close the deal sometime in the first quarter.

Amgen closed Monday at $57.29, gaining $0.32, or 0.56 percent.

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