AMGEN PROFITS UP SHARPLY ANTI-ANEMIA DRUGS FUEL 47% GAIN.Byline: Evan Pondel 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. - Amgen Inc. saw its second-quarter profit jump more than 47 percent Tuesday, with analysts touting the biotechnology giant's anemia and arthritis combatants. The Thousand Oaks-based company posted net income of $607 million, or 45 cents a diluted share, compared with $412 million, or 38 cents a diluted share, in the year-ago period. Amgen's second-quarter revenue was $2.041 billion, versus $1.2 billion a year earlier. ``It's a phenomenal quarter for Amgen. They beat my expectations outright,'' said Sena Lund, analyst with Cathay Financial in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . ``The bottom line driver has been top-line strength in the company's cancer franchise.'' Excluding acquisition-related charges, Amgen earned 49 cents a share. The company said it continues to see strength in sales of its anemia drug Aranesp. Worldwide sales of the drug and its predecessor Epogen increased 53 percent to $959 million. Anti-arthritis drug Enbrel also experienced record second-quarter sales of $304 million, a 58 percent increase when compared with year-ago numbers. Amgen acquired Enbrel with its purchase of Immunex. ``We are pleased with our sales performance across all of our products ... and for the first time in Amgen's history have recorded quarterly revenue of $2 billion,'' Kevin Sharer, Amgen's chairman and chief executive officer, said in a statement. While Enbrel has become a powerful force in Amgen's portfolio, the drug is more costly to manufacture than other products. Amgen said the manufacturing costs of the company's Enbrel production facility in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. are greater than those of Amgen's contract manufacturer. ``Still, Enbrel has significantly aided in Amgen's third leg of growth with the Immunex acquisition,'' Lund said. Enbrel hasn't been an overnight success. About 23,000 patients were unable to treat their arthritis symptoms last year at this time because of sluggish production levels. Amgen was able to meet demand after the Food and Drug Administration approved a 250,000-square-foot Enbrel manufacturing facility in Rhode Island. Now the company is poised to receive U.S. Food and Drug Administration approval to market Enbrel for the skin condition psoriasis. Amgen also has several other products in development. The company recently reported the successful completion of clinical trials supporting the use of cinacalcet HCl, a small molecule used to treat kidney disease Kidney Disease Definition Kidney disease is a general term for any damage that reduces the functioning of the kidney. Kidney disease is also called renal disease. . Amgen said it expects to file cinacalcet for regulatory approval with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for secondary hyperparathyroidism secondary hyperparathyroidism Endocrinology ↑ Parathyroid activity with overproduction of PTH due to parathyroid hyperplasia in response to an extraparathyroid defect that results in ↓ Ca2+ Etiology Rickets, vitamin D deficiency, chronic renal failure - a condition when blood calcium blood calcium, n the level of calcium in the blood plasma, generally regulated by parathyroid gland activity in conjunction with the degree of calcium ingestion, absorption, use, and excretion. Normal value is 8.5 to 11.5 mg/100 ml of blood serum. levels rise - in the second half of 2003. Amgen shares declined 15 cents to close at $68.93 Tuesday on the Nasdaq market. 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. , Amgen shares were up $1.27. Evan Pondel, (818) 713-3662 evan.pondel(at)dailynews.com |
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