Amgen Profit Climbs 30%

(RTTNews) - Biotechnology giant Amgen Inc. (AMGN) said Tuesday after the markets closed that its fourth quarter profit rose 30% from last year, helped by strong performance across its product portfolio and the end of the Enbrel profit share with Pfizer Inc. (PFE).

The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. However, the gave a downbeat forecast for the current year.

Amgen shares are currently losing 0.46% in after hours trading after closing the day's regular trading session at $120.70, up $2.18 or 1.84%. The shares trade in a 52-week range of $82.92 to $124.46.

The Thousand Oaks, California-based company reported net income for the fourth quarter of $1.02 billion or $1.33 per share, compared to $788 million or $1.01 per share for the year-ago quarter.

Excluding items, adjusted net income for the fourth quarter was $1.39 billion or $1.82 per share, compared to $1.09 billion or $1.40 per share in the prior year quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to earn $1.68 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Total revenues for the fourth quarter rose 13% to $5.01 billion from $4.42 billion in the same quarter last year, with product sales up 11%. Twenty-two analysts had a consensus revenue estimate of $4.82 billion for the fourth quarter.

Combined sales of white blood cell boosters Neulasta and Neupogen rose 8% from a year earlier to $1.4 billion, while sales of arthritis drug Enbrel grew 3% to $1.12 billion.

Total sales of XGEVA, for the prevention of skeletal related events, and Prolia, for postmenopausal osteoporosis, jumped 41% to $351 million. Kyprolis recorded sales of $65 million, up 6 percent sequentially.

Meanwhile, sales of anemia drug Aranesp fell 4% to $180 million, while Epogen sales rose 10% to $525 million.

Amgen acquired cancer drug maker Onyx Pharmaceuticals Inc. (ONXX) on October 1 for about $10.4 billion, thus gaining the myeloma drug Kyprolis. Market analysts expects Kyprolis to generate annual sales between $2 billion and $3 billion in a few years.

Earlier this month, Amgen announced the departure of Chief Financial Officer Jonathan Peacock. The company named Michael Kelly as the interim CFO. Peacock is expected to assist the company with the transition until May.

Looking forward to the full year 2014, the company forecasts total revenues of $19.2 billion to $19.6 billion and adjusted earnings of $7.90 to $8.20 per share. Analysts currently expect the company to earn $8.18 per share on revenue of $19.58 billion for the full year 2014.