Amgen Posts Income Increase in 3rd Quarter

Amgen announced that earnings per share for the third quarter that ended Sept. 30 increased 18% to 33 cents, from 28 cents for the third quarter of 1999.

Included in the earnings for the quarter was $74 million, or 4 cents per share, from an award for certain costs and expenses associated with an arbitration with rival Johnson & Johnson.

Net income for the Thousand Oaks biotech company increased 20% during the third quarter to $359 million, up from $300 million for the third quarter of 1999. Revenue increased 12% to $950 million from $847 million, and total product sales increased 11%, to $851 million from $769 million for the third quarter of 1999.

Sales of Epogen increased 11%, to $496 million from $449 million for the third quarter of 1999. The company now estimates that full-year Epogen sales growth will be in the low double digits, down from an earlier expectation of growth in the low teens.

Sales of Neupogen increased 13%, to $353 million from $313 million for the third quarter of 1999. The company expects Neupogen sales this year to be slightly less than in 1999. Previously, the company had projected sales to be about the same as last year.

“I am very optimistic about the future of Amgen,” said Kevin Sharer, chief executive and president. “We remain focused on our efforts to ensure that we are ready to successfully launch our late-stage product candidates.”

Excluding nonrecurring items, Amgen said it expects earnings per share for 2000 to be at the low end of its previous estimate of $1.06 to $1.08.