graphic
News > Companies
Amgen beats 1Q estimates
April 26, 2001: 5:33 p.m. ET

Biotech co. beats forecasts by a penny, but warns on 2001 sales, earnings
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Biotech company Amgen Inc. beat analysts' consensus estimates for first-quarter earnings by a penny Thursday, but the company lowered its guidance for the full year due to slower-than-expected trial time for a dialysis drug.

Amgen (AMGN: Research, Estimates) reported first-quarter net income of $305 million, or 28 cents per share. That's one cent better than consensus estimates reported by First Call.

Total product sales for the quarter were $798 million, up 14 percent from the year-ago period.

But the company said due to a longer approval time for the dialysis drug Aranesp, total product sales growth for 2001 will be in the low-double digits rather than the mid-to high-teens, as the company previously said.

Consequently, Amgen said it expects earnings-per-share excluding non-recurring items for 2001 to grow in the low-double digits rather than the mid-teens. First Call reports consensus earnings forecasts for the year at $1.21.

graphic  
 
"We remain confident in our long-term guidance of compound annual growth rate for sales and EPS of low 20s for the 2001-2005 period and sales between $8 billion and $9 billion in 2005," said Kevin Sharer, Amgen chairman and CEO, in a statement.

For the first quarter, sales of the company's top drug Epogen, which treats anemia for dialysis patients, rose 14 percent to $503 million compared to the same period a year ago.

Shares of Amgen fell $1.42 to $54.57 in after-hours trading.

Invitrogen beats on pro-forma income

Biotech research company Invitrogen Corp. recorded first-quarter earnings which handily beat Wall Street estimates on a pro forma basis.

Invitrogen (IVGN: Research, Estimates) reported net income before interest, taxes, depreciation and amortization and excluding costs of last year's acquisition of Life Technologies of $38.6 million, or 45 cents per diluted share. Analysts surveyed by First Call estimated earnings of 36 cents per share.

Including those costs, the company lost $39.6 million, or 76 cents per share. Revenue for the quarter was $160.7 million.

This quarter's results include revenues from Life Technologies, which Invitrogen bought along with Dexter Corp. last year for $1.9 billion.

The stock jumped $4.19 to $66.06 after hours. graphic





graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.