Amgen beats Street, ups guidance

AMGN posted second quarter EPS of $0.38, $0.04 better than the $0.34 Street estimate, prompting the company to raise its 2002 EPS guidance to the "mid 20 percent range." Prior, AMGN expected EPS growth in the low-20s. The new guidance excludes the impact of AMGN's Immunex acquisition, which completed earlier this month.

Second quarter product sales increased 30% to $1.1 billion from $858.9 million in the same period last year, reflecting strong growth from AMGN's anemia and neutropenia drugs. Sales of the company's anemia drugs Epogen and Aranesp, a second generation Epogen launched in 2001, increased 21% quarter over quarter to $626 million from $518 million. AMGN continues to expect combined sales of the drugs to grow in the low 20% range over 2001. ...