Lower anemia drug sales hit Amgen profit

Global independent biotech leader Amgen (Nasdaq: AMGN) reported fourth-quarter 2011 results with 3% growth in revenues to $3.97 billion, Adjusted net income decreased 6% to $1.04 million, or adjusted earnings per share of $1.21 (+3%). Reported net income fell 9% to $934 million, or $1.08 per share.

For the full year, Amgen said that net income fell 20% to $3.7 billion on revenues of $15.6 billion, a year-on-year rise of 4%. The company noted that the lower profits reflect a previously disclosed change for a legal settlement. Analysts’ consensus expectations were for adjusted income of $5.33 per share on average and revenue of $15.5 billion.

The company, which the same day announced a proposed $1.16 billion acquisition of biotech firm Micromet (The Pharma Letter January 27), expects full-year 2012 total revenues in the range of $16.1 to $16.5 billion; and adjusted EPS of $5.90 to $6.15; adjusted tax rate of 14% to 15%. This was in line with analysts’ estimates of EPS at $5.94 on sales of $16.1 billion.