Amgen profits up 20%

Amgen has reported fourth quarter profits up 20 per cent with net income up to $824 million from $689 million.

For the whole year sales were up by 20 per cent to $12 billion from $10 billion, fuelled by increased sales for Aranesp (darbepoetin alfa), Neulasta (pegfilgreatim) and Enbrel (etanercept).

However, sales of Epogen (epoetin alfa) fell by six per cent for the year to $2.5 billion.

Amgen chairman and chief executive Kevin Sharer said: “2005 was another strong year for Amgen.

“In addition to delivering financially, we achieved four major regulatory milestones and added six new molecules to our pipeline. We made significant progress in advancing our late stage pipeline.

“Also during the fourth quarter, we received positive data from a pivotal trial with panitumumab, which could potentially advance the treatment of colorectal cancer. This contributed to our strategic decision to acquire Abgenix.”

For 2006 the company stated it expected total revenue to be in the range of $13.9 to $14.4 billion and an increase in clinical studies was bringing about a growth of research and development by 30 to 40 per cent.

Current trials include denosumab in osteoporosis and metastatic bone disease, panitumumab and AMG 706 in several oncology indications, and studies with Aranesp in patients with chronic kidney disease and heart failure.

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