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Amgen reports earnings drop

By   /   Monday, October 25th, 2010  /   Comments Off on Amgen reports earnings drop

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Thousand Oaks-based Amgen said Oct. 25 that third-quarter earnings fell 14 percent to $1.3 billion as revenue flatlined.

Amgen is the world’s biggest biotech company and the largest private employer in the Tri-Counties. It reported adjusted earnings per share of $1.36, a decrease of 9 percent compared to the same quarter last year.

Total revenue increased 1 percent to $3.8 billion year-over-year. Amgen said the tepid sales increase was due to an unfavorable $64 million impact from U.S. health care reform. The company’s international sales increased 2 percent to $838 million.

Worldwide sales of Amgen’s Aranesp anemia treatment dropped 9 percent to $623 million. The company said the decrease is attributable to decreased demand and unfavorable changes in wholesaler inventories. Sales of its Epogen anemia treatment decreased 2 percent on a decline in demand and sales price, Amgen said.

Neulasta saw a 4 percent sales uptick to $1.3 billion, an increase attributable to higher sales prices of the chemotherapy side-effect treatment.

Denosumab, also known as Prolia, is Amgen’s newest drug and debuted with $10 million in third-quarter sales, “reflecting steady progress with physicians, patients and payers in the U.S. and internationally,” Amgen said.

Amgen said it expects full-year revenue of about $15.1 billion and earnings per share on the lower end of the $5.05-to-$5.25 range after an estimated $200 million impact from U.S. health care reform.

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