Amgen's third-quarter 2010 results hit by downturn in sales of Aranesp and Epogen
US biotech giant Amgen (Nasdaq: AMGN) reported revenue virtually unchanged for the third quarter of 2010 at $3,816 million versus $3,812 million for the like quarter of 2009, even though sales of three top selling products were down. Adjusted net income fell 14% to $1.31 billion.
The decrease in adjusted net income was driven by unusually low R&D costs and favorable tax settlements in the third quarter of 2009. Adjusted earnings per share (EPS) were $1.36, a decrease of 9%, beating the $1.27 average estimate of 19 analysts surveyed by Bloomberg. The stock dipped just 0.7% to $57.55 in after-hours trading yesterday.
The company reaffirmed both revenue and adjusted EPS guidance at slightly below $15.1 billion and towards lower end of $5.05 to $5.25, respectively. Included in the 2010 revenue and adjusted EPS guidance noted above is the estimated impact of the US Health Care Reform Legislation of slightly below $200 million.
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