Amgen Says Sales Will Boost Profit 20% in ’02

Amgen Inc. said it expects earnings per share to increase by at least 20% in 2002 as sales of its newest drugs for anemia and rheumatoid arthritis begin to contribute to revenue growth.

The world’s largest biotechnology company said it expects to sustain that rate of growth through 2005, as sales accelerate of its recently introduced Aranesp anemia treatment and newly approved Kineret for rheumatoid arthritis.

Amgen said combined sales of its top-selling Epogen anemia treatment and Aranesp, a longer-acting version of Epogen, are expected to increase at least 20% over 2001. Some analysts expect combined sales of the two drugs to reach $2.1 billion this year.

Total product sales are expected to grow at a “high teens rate” over 2001, the company said. Revenue from partnership agreements is expected to decline as much as $100 million, the company said.

The company released the forecast after the close of U.S. markets. Amgen shares fell 44cents to close at $57.91 on Nasdaq.