Amgen beats by $0.14, beats on revs; guides FY14 EPS in-line, revs in-line
Reports Q4 (Dec) earnings of $1.82 per share, excluding non-recurring items, $0.14 better than the Capital IQ Consensus Estimate of $1.68; revenues rose 13.1% year/year to $5 bln vs the $4.82 bln consensus.
Total product sales increased 11 percent for the fourth quarter of 2013 versus the fourth quarter of 2012, and 9 percent for the full year driven by strong performance across the portfolio.
Combined Neulasta (pegfilgrastim) and NEUPOGEN (filgrastim) sales increased year-over-year by 8 percent for the fourth quarter and for the full year.
ENBREL sales increased 3 percent year-over-year for the fourth quarter and 7 percent for the full year driven mainly by price.
EPOGEN (epoetin alfa) sales increased 10 percent year-over-year for the fourth quarter driven by higher unit demand. Sales increased 1 percent for the full year.
Co issues in-line guidance for FY14, sees EPS of $7.90-8.20, excluding non-recurring items, vs. $8.14 Capital IQ Consensus Estimate; sees FY14 revs of $19.2-19.6 bln vs. $19.58 bln Capital IQ Consensus Estimate. Co sees capital expenditures of ~$800 mln
Product and pipeline update:
Evolocumab: The Company discussed pivotal data received from four Phase 3 lipid lowering studies in subjects with elevated LDL cholesterol and continues to expect the results from a fifth Phase 3 study in the first quarter of 2014.
Romosozumab: The Company discussed that it has increased the sample size and completed enrollment in its Phase 3 placebo-controlled registrational study in women with postmenopausal osteoporosis.
Blinatumomab: The Company discussed the recent initiation of a Phase 3 study in patients with relapsed/refractory B-precursor ALL.