Amgen up on EPS guidance

AMGN was up $3.02 to $60.93 at 6:00 in the after-market after underscoring in a conference call its expectation of a low-20% growth rate for revenues and EPS from 2001-2005. AMGN had fallen $0.44 to $57.91 on 10.9 million shares in Tuesday's session, prior to the conference call.

While management had consistently told the Street that it could deliver that type of growth over the 5-year period, investors were taking a cautious stance after the company in April reduced its 2001 EPS growth rate to "low-double digits" from "mid-teens." That lowered guidance was related to the protracted approval process for its Aranesp darbepoetin alfa second-generation anemia product (see BioCentury Extra, Thursday April 26). ...