AMGN beats Street; trims '01 estimates

Amgen (AMGN) posted first quarter EPS of $0.28, a penny above the Street consensus, but reduced its 2001 EPS growth rates to "low-double digits" from "mid-teens" due to the protracted approval process for Aranesp darbepoetin alfa. AMGN, which filed for FDA approval of Aranesp in December 1999 to treat anemia associate with renal insufficiency, said it is now in labeling discussions with the FDA.

AMGN also said it expects a slower than planned dialysis patient population growth rate -- now estimated in the 5% to 6% range this year - and has lowered its '01 guidance for combined Epogen/Aranesp sales growth rate to the "low teens" from previously forecasted growth in the "high-teens to low 20s". AMGN now expects Aranesp sales in new markets will be between $100 million and $150 million and that its U.S. dialysis business will grow at a mid- to high-single digit rate in 2001. However, AMGN reaffirmed its low-20%, five-year compound annual growth rate estimate for sales and EPS and said it remains on track to file a label extension this year in the U.S. for the use of Aranesp in oncology. ...