Amgen beats on EPS but misses on revenues

Shares of Amgen Inc. (NASDAQ:AMGN) slid $6.78 to $105.98 in early after-hours trading after the biotech reported 1Q13 earnings that beat on EPS but missed on revenues. Amgen reported 1Q13 adjusted diluted EPS of $1.96, beating by $0.12 the Street's estimate of $1.84 and up from $1.61 in 1Q12. However, first quarter revenues of $4.2 billion missed the Street's estimate of $4.4 billion. During the quarter, the biotech repurchased about 9 million shares for about $800 million. Amgen maintained its 2013 revenue guidance of $17.8-$18.2 billion, but said it now expects 2013 adjusted EPS to be above the midpoint of its previously announced $7.05-$7.35 range. The Street is expecting 2013 EPS of $7.21 on full year revenues of $18.1 billion.

First quarter sales of Xgeva denosumab rose 46% to $223 million, while sales of osteoporosis drug Prolia denosumab were up 61% to $142 million. Xgeva is approved in the U.S. and EU to prevent skeletal-related events (SREs) in adults with bone metastases from solid tumors. First quarter sales of anemia drugs Epogen epoetin alfa and Aranesp darbepoetin alfa fell 2% and 10% respectively, compared to 1Q12. Epogen recorded $435 million in 1Q13 sales, while Aranesp had $468 million. ...