AMGEN IMMUNE TO STOCK SLUMP.

Byline: Evan Pondel Staff Writer

THOUSAND OAKS - Among all of Amgen Inc.'s creations that ward off ailments, it's perhaps the company's bottom line that shows the greatest health.

In a sector that has fallen 9 percent, Amgen seems relatively immune to the economic fallout. The company's new 266,000-square-foot headquarters, which has its grand opening today in Thousand Oaks, is evidence of Amgen's continued strength.

``In good times and bad, health care is not cyclical. Patients still need their medication when the economy is down and out,'' said Dennis Harp, analyst with Deutsche Bank in New York. ``And Amgen has certainly proved that theory.''

The question is whether Amgen will continue to perform under Wall Street's scrutiny. The biggest biotechnology company in the world is poised to announce its third-quarter results next week. But analysts say the entire sector is projected to post mediocre results.

Amgen is expected to report a slight increase of 2 cents a share to 32 cents. Harp said sales of anemia drug Aranesp should help bolster the company's performance. ``But I guess we're just going to have to wait until next week to see just how well the company is doing,'' he said.

Amgen's success is not only measured by quarterly results, but also in being able to hire the same architecture firm that designed modern additions to the Louvre in Paris to configure the new headquarters.

Inside the building: a full-service gym equipped with whirlpool baths and yoga and spinning classes. And after working out - try a smoothie, a fresh turkey sandwich or some tuna rolls at the Marketplace Cafe.

William K. Bowes Jr., a founder of Amgen, also reflects Amgen's endurance. A 6-foot-3-inch bronze of Bowes stands in front of the headquarters. The 76-year-old venture capitalist, whose name is also inscribed on the building's face, started Amgen with $100,000 in the early 1980s.

``My business has been start-ups and I'd say this is the best of them,'' said Bowes, now a retired director of Amgen. ``To have a company still thriving for more than 20 years is quite unique.''

But Bowes isn't the only Amgenite who's pleased with the company's metamorphosis. Vikram Jhala, who maps out Amgen's approach to information technology, has been with the company more than a decade.

``You know, it feels good to know that a company is doing so well that it also takes care of its employees,'' said Jhala, sitting in his new office. ``The new building is so quiet, I feel like I can get so much more work done.''

Work is certainly integral to Amgen's biorhythm.

The company announced Thursday that it will continue to proceed with clinical trials of rheumatoid arthritis drug Enbrel. Though the drug has already been approved by U.S. regulators, spokeswoman Rebecca Hamm said the company wants to further its knowledge of Enbrel.

``The study will ultimately improve the quality of information on the drug,'' and potentially increase Enbrel's marketing breadth, Hamm said.

Last month, Amgen applied for regulatory approval of an Enbrel manufacturing facility in Rhode Island - an important step to alleviate current shortages of the arthritis drug. The 250,000-square-foot facility stems from Amgen's $14 million purchase of Seattle-based Immunex Corp., which received approval from U.S. regulators in July.

In 2001, Enbrel sales accounted for $800 million, but with Amgen's marketing backing the product, the drug could generate sales of $3 billion by 2005. Immunex projected that Enbrel sales would surge as high as $4 billion by 2005.

Other Amgen forces to watch: Aranesp and Neulasta.

``Investors will be looking very closely at both of these drugs,'' Harp said. ``The company has invested a lot of time and money into these products.''

Amgen Inc. received federal approval last summer to treat cancer patients with its anemia drug Aranesp, magnifying competition with rival Johnson & Johnson.

Meanwhile, sales of infection-fighter Neupogen and its more potent form, Neulasta, rose 39 percent to $473 million from $340 million in Amgen's second quarter. Neulasta sales alone totaled $110 million in its first quarter on the market.

``Amgen doesn't faces and serious threats in terms of general competition for these products, either,'' Harp said.

And in recognition of Amgen's prowess, Gov. Gray Davis will speak today at the dedication of Amgen's new headquarters. Bowes will join Davis.

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Amgen's new 266,000-square-foot headquarters, opening today in Thousand Oaks, was designed by a famed architecture firm whose work can also be seen at the Louvre in Paris.

Joe Binoya/Special to the Daily News