Biotechnology giant Amgen Inc. (AMGN) is slated to report fourth-quarter results after the market closes Monday.
The Thousand Oaks, California-based company's main products include anemia drugs Aranesp and Epogen. Aranesp is used for the treatment of anemia in cancer patients undergoing chemotherapy and Epogen is used by patients with chronic kidney disease. There are safety concerns about both drugs. Neupogen, a white blood cell booster, and Neulasta, a long lasting version of Neupogen, are also part of Amgen's products.
During the quarter, Amgen announced that the U.S. Food and Drug Administration approved Xgeva or denosumab for the treatment of bone metastases to reduce skeletal related events in patients with cancer. The treatment is poised to be a blockbuster for Amgen, with an estimated potential to fetch $2.5 billion in global sales by the middle of the decade.
On average, 25 analysts polled by Thomson Reuters expect the company to earn $1.10 per share for the quarter with estimates ranging between $1.01 and $1.21 per share. Revenue for the quarter is estimated to be $3.81 billion. Analysts' estimates typically exclude special items.
In the year-ago fourth quarter, Amgen earned $931 million or $0.92 per share. Adjusted earnings, which exclude items such as stock option expense and some expenses related to acquisitions, were $1.065 billion or $1.05 per share. Revenue was $3.8 billion for the quarter.
Net income for the preceding quarter totaled $1.236 billion or $1.28 per share. Adjusted net income was $1.313 billion or $1.36 per share. Revenue in the third quarter was $3.816 billion.
Early this month at the JP Morgan Healthcare Conference, Amgen said it had a successful year and grew revenues and earnings despite around $200 million impact to sales from the US Health Care Reform.
The company added at the conference that bone drug Prolia is building momentum and launch of Xgeva for skeletal-related events is underway with early indicators encouraging. Amgen believes that Xgeva is superior to current therapies in solid tumors and it will be a meaningful contributor in 2011.
For 2010, Amgen said in October that it sees adjusted earnings towards the lower end of its $5.05 to $5.25 per share outlook, and revenue slightly below $15.1 billion. On January 11, the company updated this guidance to the middle of the range of $5.05 to $5.25 per share. Wall Street expect earnings of $5.12 per share on revenues of $15.01 billion.
In fiscal 2009, the company reported net income of $4.605 billion or $4.51 per share. Adjusted earnings were $5.014 billion or $4.91 per share. Revenue amounted to $14.64 billion.
Amgen is expected to issue outlook for 2011 today. The company has already said that it expects to grow earnings per share excluding the impact of Health Care Reform excise fee and that it sees revenue growth in the year. The biotechnology giant also plans to make incremental investments in R&D, Proliaand Xgeva aunches, and international expansion.
AMGN closed Friday at $56.97, down $0.34 or 0.59%, on 6.03 million shares. For the past year, the stock traded in the range of $50.32-$61.26.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.