Biotechnology company Amgen Inc. said Thursday that its second-quarter net income slipped 5 percent, mainly on higher taxes, but the results topped Wall Street expectations.
Still, the company warned that a weaker Euro could cut into full-year revenue.
The Thousand Oaks, Calif., company earned $1.2 billion, down from nearly $1.3 billion a year earlier, though results remained flat at $1.25 per share. The net income dip came mainly from higher taxes after a research and development tax credit was not extended in 2010.
Revenue rose 2 percent to $3.8 billion from $3.7 billion, though the boost came mainly from other sources of revenue as anemia drug sales again dragged down overall product sales.
Excluding charges, the company earned $1.38 per share, topping Wall Street expectations for $1.30 per share on $3.74 billion in revenue.
Sales of the anemia drug Aranesp fell 13 percent to $603 million. Meanwhile, sales of the anemia drug Epogen rose 3 percent to $657 million, while sales of Neulasta and Neupogen, which help prevent infections in chemotherapy patients, rose 1 percent to $1.17 billion.
Sales of the rheumatoid arthritis and psoriasis drug Enbrel fell 2 percent to $877 million.
Looking ahead, the company reaffirmed its full-year outlook that net income would be near the low end of the $5.05 to $5.25 per share range. But, the company said a weak Euro would likely mean revenue below $15.1 billion instead of between $15.1 billion and $15.5 billion.
The company continues to expect a Food and Drug Administration decision by Nov. 18 on Prolia as a treatment for bone damage suffered by cancer patients. The drug was approved in June as a treatment for postmenopausal women at risk for fractures.
Shares rose 5 cents to $53.90 in after-hours trading after shedding 39 cents to close at $53.37 during the regular trading session.
Copyright 2010  AP Features
