AMGEN EXPECTED TO REPORT DECLINE.

Byline: Robert Monroe Staff Writer

THOUSAND OAKS - Biotech superpower Amgen, facing a key ruling in a patent infringement suit, is expected to post earnings of 28 cents per share today, according to a First Call/Thomson Financial consensus.

That income would fall short of Amgen's 29-cent-per-share mark in the third quarter of 1999, but analysts say the company has strong growth potential.

``I think it's truly the leader within the biotech community,'' said Dennis Harp, an analyst with Deutsche Bank Alex. Brown. ``(Its drug pipeline) is stacked in such a way that it will have a new product each year the next three years.''

Harp predicts Amgen will meet consensus earnings estimates, but acknowledged that developments in the fourth quarter are also influencing the company's stock. In coming weeks, a Massachusetts judge is expected to rule in Amgen's patent infringement suit against pharmaceutical company TKT/Aventis.

In the lawsuit, Amgen claims TKT/Aventis would unfairly cut into sales of its flagship anemia drug Epogen if it were allowed to market a similar drug called Dynepo. Analysts generally believe that Amgen will prevail in the case, though the strength of TKT/Aventis' case means it's not a given.

``It's given some people on Wall Street concern,'' Harp said.

Edward Jones analyst Bob Kirby believes Amgen will fall short of the consensus estimate by 2 cents. He predicted that sales of Amgen's other mainstay drug, the white blood cell growth drug Neupogen, will experience growth of less than 10 percent. Epogen sales will grow possibly as much as 10 percent, he said.

``So much depends on two products,'' Kirby said. ``Any variability in those two products has significant effects on the bottom line.''