AMGEN INC. PREDICTING STRONG YEAR BIOTECH FORECAST UPBEAT.

Byline: Gregory J. Wilcox Staff Writer

THOUSAND OAKS - Amgen Inc., the world's biggest biotechnology company, issued a cheery financial forecast for 2003, predicting strong sales and about a 24 percent growth in earnings per share.

Analysts said that those are reachable targets for the Thousand Oaks-based company, and investors embraced the news by boosting the stock price nearly 7 percent.

``It's completely plausible. They are capable of doing it,'' said Christopher J. Raymond, an analyst at Robert W. Baird & Co.

Amgen expects increased sales next year for all three of its high-profile drugs. It comes on top of an expected 40 percent growth in sales this year.

``Amgen is positioned for an extremely strong year in 2003 as we continue to see the top line benefit of recently approved and acquired products,'' chairman and CFO Kevin Sharer said in a statement. ``These products are well-positioned in large and fast-growing markets and possess best in class attributes.''

Total product sales for 2003 are expected to be in the range of $6.7 billion and $7.2 billion, the company said.

Earnings per share are expected to be between $1.70 and $1.80. A survey of 27 analysts polled by Thomson Financial/First Call concluded next year's earnings per share would be $1.65.

The company believes that combined sales of Epogen, an anemia therapy for patients on dialysis, and Aranesp, the next-generation anemia treatment, to range between $3.2 billion and $3.4 billion in 2003.

This outcome assumes continued penetration of Aranesp into the U.S. oncology market and the continued success in capturing market share in Europe, the company said.

Epogen sales growth will result from a 5 percent to 6 percent increase in patient population.

The combined sales of Neupogen, used to decrease infection that can occur from many types of cancer chemotherapy treatments, and Neulasta, an anti-infection drug requiring fewer doses, are expected to range between $2.1 billion and $2.3 billion in 2003. Neulasta will account for more than half of that.

Sales of Enbrel, an injectable drug used to treat inflammation, should range between $1.2 billion and $1.4 billion.

Adam W. Walsh, an analyst at Jefferies & Co., rates the stock a buy and recommends it to investors.

``They've provided guidance that exceeds both ours and the street's expectations. I'm very comfortable with the guidance they've provided. The company is extremely well-positioned,'' he said.

Amgen's stock closed Thursday at $50.50, up $3.23 or 6.83 percent.