Amgen Earnings Up 36 Percent
Oct. 21, 1999
THOUSAND OAKS, Calif. (AP) _ Amgen on Wednesday reported that earnings rose 36 percent in the third quarter on stronger sales of its flagship Epogen and Neuprogen drugs.
Earnings rose to $300 million, or 56 cents per share, on revenues of $847.2 million. That compares to earnings of $221 million, or 42 cents per share, on revenues of $700.9 million in the third quarter of 1998.
The results include $49 million, or 6 cents per share, that previously had been held in reserve to settle a royalty dispute with Johnson & Johnson, which sells anemia-fighting drug Epogen under a different brand name.
The results easily topped a 49-cent-per-share estimate by analysts surveyed by First Call/Thomson Financial.
Epogen sales rose 28 percent to $449 million, while sales of Neuprogen, which stimulates the growth of white blood cells in cancer patients, increased 9 percent to $313 million during the quarter.
Amgen also announced plans for a two-for-one stock split and a $2 billion buyback of the company's common stock.
For the first nine months of 1999, Amgen earned $814.8 million, or $1.59 per share, on revenues of $2.4 billion. For the year-ago period, the company earned $624.6 million, or $1.22 per share, on sales of $1.9 billion.
Amgen shares rose $2.18 3/4 to $86.112 1/2 in trading on the Nasdaq Stock Market.