Amgen Rallies on Strong Earnings

After the closing bell yesterday, Amgen (AMGN) reported very good earnings:

The biotech group reported net income of $1.27 billion, or $1.25 a share, compared with $906 million, or 84 cents a share, for the same period last year. Excluding various items, Amgen would have posted adjusted earnings of $1.29 versus $1.14 a share. Revenue slipped 1% to $3.71 billion. A poll of analysts by FactSet pegged the company at earning $1.13 a share, on revenue of $3.59 billion. Amgen added it now sees 2009 adjusted earnings per share of $4.80 to $4.95, up from its previous outlook of $4.55 to $4.75. Revenue is seen as coming in at the upper end of its current range of $14.4 billion to $1.48 billion.

I also like that Amgen has reached a deal with GlaxoSmithKline (GSK) to market Amgen’s new bone drug denosumab. This could be a big winner for Amgen.

The shares are up this morning. I continue to rate the stock a Buy.

More Louis Navellier



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