Amgen's 1st-qtr 2007 net profits up 11%

USA-based biotechnology major Amgen says that, for the first quarter of 2007, its income rose 11% to $1.1 billion, or $0.94 per share, from the $1.0 billion and $0.82 per share it recorded in the year-earlier period. However, taking into account expenses related to employee stock options, costs associated with other purchases and additional expenditure, the firm said that it earned $1.27 billion, which was in line with the consensus forecast of analysts surveyed by Thomson Financial.

Sales up 15%, but fall short of forecast

Amgen's revenue increased 15% to $3.68 billion, falling short of the $3.73 billion predicted by analysts. The firm's chairman, Kevin Sharer, said that this was attributable to the slow down in sales of its anemia treatments Aranesp (darbepoetin alfa) and Epogen (epoetin alfa), which still increased 14% to $1.0 billion and 3% to $625.0 million, respectively.