Amgen Raises 2013 Forecast Because of Tax SettlementsRyan Flinn
Amgen Inc., the world’s largest biotechnology company, raised its full-year profit forecast after federal tax settlements to an adjustment in charges for this quarter.
Earnings excluding one-time items are now expected to be $7.05 to $7.35, the Thousand Oaks, California-based company said in a statement today. Amgen last month forecast 2013 profit of as much as $7.15. Analysts had expected $7, according to data compiled by Bloomberg.
Amgen is looking for new products and acquisitions as its former core anemia business declines. Eight late-stage medicines in development will generate data through 2016 and some may lead to billions of dollars in sales, Chief Executive Officer Robert Bradway said today at a business review meeting in New York. One, a heart medication called AMG-145, targets the cholesterol-regulating gene PCSK9 in the liver. The other therapy, romosozumab, grows bone for patients with osteoporosis.
“Several of these medicines we think have the potential to be blockbusters,” Bradway said.
Amgen fell 1.6 percent to $85.22 at the close of trading in New York. The shares had gained 23 percent in the 12 months.
Last year, the company agreed to buy gene researcher DeCode Genetics Inc. for $415 million and gained an experimental leukemia treatment by acquiring Micromet Inc. for $1.16 billion. Amgen also signed a development deal with London-based AstraZeneca Plc and boosted its presence in the cancer market with Xgeva, a bone drug that reduces fractures.