|
Strong sales for biotechs
|
 |
January 23, 2002: 6:34 p.m. ET
Amgen misses EPS target, Immunex hits mark; Celera Genomics trims loss.
|
NEW YORK (CNN/Money) - Three prominent biotechnology companies posted better-than-expected sales in the most recent period, although industry leader Amgen reported slightly weaker-than-expected fourth-quarter earnings despite its sales gains.
Amgen earned about $324 million, or 30 cents a share, excluding special charges. That was one cent lower than the earnings per share forecast of analysts surveyed by earnings tracker First Call. On the same basis, the company earned 24 cents a share in the year-earlier period.
Revenue for Amgen rose 17 percent to $1.12 billion in the fourth quarter from $951.4 million in the prior year's fourth quarter. Analysts surveyed by First Call were looking for revenue of $1.07 billion in the period.
On November 20, 2001, Amgen raised its 2002 guidance, saying higher sales would boost its growth rate to the 20 percent range from the 10-to-12 percent growth it was expecting for 2001.
Including special items items, Amgen (AMGN: Research, Estimates) earned net income of $163 million, or 15 cents a share, down from net income of $260 million, or 19 cents a share, in the previous year's fourth quarter.
The company announced the sector's largest acquisition in December when it agreed to buy Immunex for cash and stock then valued at $16 billion. Immunex also reported fourth-quarter results after the market Wednesday, meeting First Call's forecast with earnings of about $45.5 million, or 8 cents a share, excluding a pre-tax charge of $5.6 million for merger-related costs.
Including the charge Immunex reported net income of $41.6 million, or 7 cents a share, down from $49.2 million, or 9 cents a share, in the year-earlier basis.
Revenue rose 10.8 percent to $277.7 million from $250.7 million a year ago, as it topped First Call's forecast of $264.5 million for the most recent period. The company saw its flagship product, rheumatoid arthritis drug Enbrel, post sales of $216.3 million in the quarter, topping company goals as full-year sales of the drug hit $761.9 million. The company said it hopes to see Enbrel sales top $1 billion this year.
Another prominent biotech company, Celera Genomics, posted a smaller-than-expected loss in its fiscal second quarter, which ended Dec. 31.
The company, which mapped all the genes that make up the human genome, reported a loss before the special charges of $18.9 million, or 29 cents a share, which was better than the First Call forecast of a 40-cent-a-share loss as well as the net loss of $29.7 million, or 49 cents a share, in the year-earlier period.
Click here for a look at biotech stocks
Including special items, Celera Genomics' net loss came to $117.9 million, or $1.82 a share. Charges included a $99 million charge for acquired in-process research and development related to the company's acquisition of Axys Pharmaceuticals.
Revenue jumped 72 percent to $35.0 million, up from $20.3 million a year ago. That topped First Call's forecast of $33.9 million for the period.
On Tuesday the company announced that J. Craig Venter had stepped down as president of the company, letting a management team more experienced in turning a profit run the company. Venter will continue as chair of its scientific advisory board. 
|
|
|
|
|
|
|
