Enter multiple symbols separated by commas

Amgen Misses Earnings Views; Revenue Beats Forecasts

Amgen reported a 1.1% increase in fourth-quarter profit on Thursday, helped by solid growth in sales of its anemia treatments.

The world's largest biotechnology company posted a net profit of $833 million, or 71 cents a share, compared with $824 million, or 66 cents a share, a year ago.

Excluding items, but including a cost of 3 cents a share for a collaboration announced earlier this year, Amgen earned 90 cents a share. The company missed analysts' forecasts.

Total revenue for the quarter rose 17% to $3.8 billion, led by a 27% jump to $1.1 billion in sales of Aranesp, used to treat anemia in cancer and kidney dialysis patients. Analysts were expecting revenue of $3.7 billion.

"It's a solid revenue number," Geoff Porges, a senior biotech analyst at Sanford Bernstein, told CNBC. "R&D is where the EPS miss came from."

Looking ahead to 2007, Amgen said it expects to earn $4.30 to $4.50, excluding items.

Epogen, an earlier version of Aranesp, saw sales rise 6% to $661 million.

Sales of Neulasta and Neupogen, used to boost white blood cells in chemotherapy patients, rose 10% to just over $1 billion.

Sales of Enbrel for arthritis and the skin condition psoriasis rose 18% to $792 million.

Amgen's new colon cancer drug Vectibix had sales of $39 million in its first full quarter on the market.

Amgen shares fell about 13% in 2006, mirroring the performance of rival biotech giant Genentech , but lagging the broader American Stock Exchange Biotech Index, which was up nearly 11% last year.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Lottery ticket

    A thief who broke into the car of a Seattle couple left behind a million-dollar lottery ticket, NBC News reports.

  • The Lamborghini SpA Urus SUV.

    There's no shortage of luxury vehicle choices, but increasingly the wealthy are opting for high-end SUVs instead of traditional models.

  • Mike Trout #27 of the Los Angeles Angels takes a picture with fans before a game with Boston Red Sox at Fenway Park on May 23, 2015 in Boston, Massachusetts.

    MLB is using digital media initiatives like Snapchat and Web video to connect with younger viewers. Is it enough?

U.S. Video

  • Cramer: Here's the no. 1 play in cybersecurity

    Guarding Your Portfolio? "Mad Money" host Jim Cramer's got the number one pick for protection services in today's digital world.

  • Underestimate Cisco at own peril: Cramer

    Mad Money's Jim Cramer takes a look at the cybersecurity space to see if it could also protect your money.

  • Fly with LUV?

    While remaining profitable, Gary Kelly, Southwest Airlines chairman and CEO, tells Mad Money's Jim Cramer the company continues to focus on being a great airline and offering great customer service.