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
|
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.
"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.
|
|
|
|
|
|