INSTANT VIEW: Amgen profit rises, sales view misses target

NEW YORK (Reuters) - Amgen Inc (AMGN.O) reported higher fourth-quarter profit on Monday as increased sales of its rheumatoid arthritis drug and white blood cell boosters helped offset larger-than-expected declines in its once top-selling anemia treatment.

Amgen's revenue forecast for 2009 of $14.8 billion to $15.2 billion came in below the $15.43 billion expected on average by analysts, according to Reuters Estimates.

Worldwide sales of Aranesp, which boosts red blood cell production in anemic chemotherapy patients, fell 15 percent to $706 million.

Shares of Amgen shed 2 percent to $53.30 after the bell on Monday following the biotech's fourth-quarter results.

COMMENTS:

GEOFFREY PORGES, ANALYST, SANFORD BERNSTEIN

"This is not a bad result. Most people had anticipated that Aranesp would be down -- some of that was offset by higher-than-expected Epo."

Still, "it's hard to find anything to get terribly excited about if you are bullish."

"In the current environment, coming in in-line is a real victory."

Porges said Amgen's 2009 outlook "is a little bit soft, particularly the top line."

"They gave a pretty wide spread for (2009) EPS. It looks like they may deliver a modest amount of EPS growth -- maybe 1 or 2 percent."

ERIC SCHMIDT, ANALYST, COWEN & CO

"I think it was relatively in line with expectations. The quarter itself was certainly solid on the bottom line."

"No one was expecting big growth" for 2009.

Amgen's revenue forecast for 2009 of $14.8 billion to $15.2 billion came in below the $15.43 billion expected on average by analysts, according to Reuters Estimates.

"If the stock is off in the after market, that might be the culprit," Schmidt said, adding that he wouldn't be surprised if the stock was up in Tuesday regular trading.

"The important thing is the upcoming data on denosumab" in the second quarter. "Those results will far overshadow any financials."

CHRIS JAMES, ANALYST, RODMAN & RENSHAW

"Aranesp came in about $50 million below consensus. I think the focus will be on when will Aranesp stabilize."

The other major issue facing Amgen is "when they will have some incremental growth," he said.

James said Wall Street will be looking to handicap when Amgen will announce results from pivotal studies of denosumab in cancer patients.

The company filed in December for approval of the drug for treating osteoporosis in post-menopausal women, and U.S. regulators could approve that indication as early as mid-October.

"We think there is some risk to the FDA missing that deadline," James said, citing the agency's recent track record and the large size of the Amgen filing.

(Reporting by Lewis Krauskopf and Deena Beasley; Compiled by Edward Tobin)