Amgen misses consensus

AMGN reported fourth quarter and full year EPS of $0.24 and $1.05, missing consensus estimates of $0.25 and $1.07, respectively. AMGN said that 4Q and FY EPS excluded a $0.01 charge that was not included in the company's previous guidance to account for an $18 million license fee for Immunomedics' epratuzumab for non-Hodgkin's lymphoma. Backing out that charge, AMGN would have met the $0.25 fourth quarter consensus, and missed the full year by a penny instead of $0.02. Also impacting AMGN's bottom line was a $44.9 million (22 percent) increase in AMGN's fourth quarter SG&A expenses, which presumably reflect the planned U.S. launch of Aranesp darbepoetin alfa. AMGN's stock price was $68.25 in after-hours trading at 7PM EST, after moving up $1.313 to $69.063 during Wednesday's regular session.

Fourth-quarter sales of Epogen epoetin alfa increased 9 percent, to $533 million from $488 million for the fourth quarter of 1999, with full-year 2000 sales totaling $1.96 billion, up 12 percent from the $1.76 billion in 1999. Fourth-quarter sales of Neupogen filgrastim were $311 million, a 12 percent decrease from $353 million for the fourth quarter of 1999. AMGN believes that demand for the neutropenia treatment continued to grow at a mid-single digit rate, but that sales were affected by Y2K buying in the fourth quarter of 1999 and the negative foreign exchange impact of a stronger dollar. Full year Neupogen sales were $1.22 billion, down 3 percent from 1999 sales of $1.26 billion. ...