Amgen's 3rd-qtr 2007 profit plunges 82% to $210M on the back of US ESA restrictions
World biotechnology major Amgen's third-quarter 2007 profit was hit by lower revenue from its portfolio of anemia drugs, after the US Food and Drug Administration placed restrictions on the entire class of erythropoiesis-stimulating agents which have been linked to risk of heart attack and stroke (Marketletter May 21).
The Thousand Oaks, California-based company's results were also impacted by charges it incurred as part of its recent restructing drive, and including 675 job cuts, implemented to deal with the fall-out of the ESA restrictions (Marketletter May 21).
During the period, profit plummetted 81.7% year-on-year, to $201.0 million, while total revenue was flat at $3.6 billion. On the day the results were announced, October 24, Amgen's shares rose just under 1% to $58.50, after closing at $58.13.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze