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Home Industry News Amgen announces positive EPS expectations

Amgen announces positive EPS expectations

9th January 2008

Amgen has announced that it expects 2007 adjusted earnings per share (EPS) to be above its previously announced guidance range.

Kevin Sharer, Amgen chairman and chief executive officer, told investors and analysts at the JP Morgan Healthcare Conference this week that despite regulatory and reimbursement changes affecting sales of its Erythropoiesis Stimulating Agent (ESA) products, EPS was expected to be above the guidance range of $4.13 – $4.23. (2.09 pounds to 2.15 pounds)

Mr Sharer also stated that ESA revenue looked to be stable but acknowledged that the ESA dialogue was to continue and 2008 may see further changes.

Amgen also announced at the conference that it expects the rest of its marketed products to come in at or slight above its internal projections for the full year which were outlined last October.

The pharmaceutical company’s development operations were also revealed at the meeting with Mr Sharer reporting that 13 new molecules were in development in 2007 and that ten molecules were planned to move into mid-stage trials in 2008.

Analysts at the conference also heard that Amgen had effectively implemented cost actions, including staff reductions of 13 per cent.

Last month, Amgen confirmed that it was in discussions with the US Food and Drug Administration over a possible update to the safety information on the labelling for all its ESAs.

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