Amgen raises 2013 forecast, outlines strategy

World leading independent biotech firm Amgen (Nasdaq: AMGN) yesterday outlined the company's long-term strategy during a business review meeting with analysts and investors in New York City, saying it has raised its forecast for 2013 earnings as a result of federal tax settlements.

Robert Bradway, chairman and chief executive of Amgen, opened the meeting by affirming the company's core strategy will continue to focus on innovation, discovery and development of breakthrough molecules to address significant unmet medical needs, and manufacturing of high-quality biologics.

Jonathan Peacock, executive vice president and chief financial officer at Amgen, told the meeting that, for 2013, Amgen now expects to deliver adjusted EPS of $7.05 to $7.35 (up from its January guidance of $6.68-$7.15) and an adjusted tax rate of between 12% and 13%, including the benefit of the Puerto Rico Excise Tax Credit. This update to the firm’s guidance is due to federal tax settlements for prior years that resulted in an adjustment to the tax charge for those years that will be recorded in the first quarter. Mr Peacock confirmed that the revenues and capital expenditures guidance for 2013 remains unchanged.