AMGEN PROFITS ENJOY NEW ZIP ANEMIA DRUG ADDS VIGOR TO EARNINGS.Byline: JULIA M. SCOTT Staff Writer THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. -- Robust sales of an anemia drug offset acquistion costs for biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. giant Amgen Inc., giving the company's second-quarter earnings a better-than-expec- ted boost. Thousand Oaks-based Am- gen reported income of $14 million for the second quarter, or 1 cent per share. Adjusted for costs associated with its acquisition of Abgenix, Amgen earned $1.24 billion, or $1.05 a share. The analyst consensus was 94 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Amgen stocks dipped slightly before the report was released, dropping 64 cents or 1 percent, to close at $63.92. It picked up in after-hours trading after-hours trading The trading of securities after the exchanges are closed. After-hours trading often refers to trading a listed security in the over-the-counter market after the exchanges have been closed for the day. , gaining $2.38. ``We've had excellent financial performance,'' said chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Kevin Sharer during a conference call with analysts Thursday. Sharer added that the company is excited about numerous products in the pipeline. A more efficient production line and lower royalty expenses added to income. Sales of Amgen's drugs swelled 14 percent to $3.6 billion in the second quarter, up from $3.17 billion during the same quarter last year. Aranesp, a protein that fights anemia by boosting the body's production of red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells , led the list of top sellers. Receipts for the drug leaped 33 percent at home and 14 percent internationally to take in $1.055 million. Worldwide, sales of Sensipar more than doubled, to 119 percent, making $79 million. A higher price for Sensipar in the U.S. helped fuel higher earnings. But not all of Amgen's products were winners. Sales of the company's early anemia drug, Epogen, slid 5 percent. That decrease was due partly to the popularity of Amgen's other anemia drug, Aranesp, and to inventory changes made by wholesalers, company officers said. The quarterly report included a list of products being researched and developed. Amgen has 42 molecules in progress, ``the most robust'' pipeline to date, said Roger Perlmutter, a research and development executive. The company spent hundreds of millions on a share buy-back program and on research. Amgen shelled out $876 million for 13 million shares during the second quarter, part of a $5 billion plan to buy back more than 60 million shares. Research expenses for clinical trials combined with new hires totaled $729 million, a 29 percent increase. Amgen lost $9 million dollars through foreign currency exchange, Richard Nanula Richard Nanula has served as Chief Financial Officer of Amgen Inc. (biotechnology) since August 2001 and as Executive Vice President since May 2001. On April 10, 2007 Amgen announced that he would be resigning from his position "to pursue other opportunities" He will be at Amgen , executive vice president and CFO See Chief Financial Officer. . julia.scott(at)dailynews.com (818) 713-3736 |
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