Amgen Earnings just OK; January effect for BIO topped out

buy Maxalt canada AMGN-Top line revenue slowing
One of the largest biotech companies reported earnings within estimates with full year 2009 EPS of $4.91 up 8% on Revenue of $14.6B down 2%.2010 Total Revenue is expected to be in the $15.1B to $15.5B range with adjusted EPS at $5.05 to $5.25.U.S. Product Sales were $11.13B a decrease of 3% vs the prior year and International Product Sales were relatively unchanged at $3.2B with a slight negative currency impact of $213M.
With regard to the product pipeline going forward the major opportunity appears to be Denosumab a key bone drug for cancer patients with data expected in Q1 and a BLA submission later this year.
The stock was flat after hours to $55.80.

source url Biotech sector run from November has topped out
The biotech “January Effect” has ebbed with a top around Tuesday January 19 coinciding with the “Scott Brown” effect due to the election of a Republican Senator in MA which sparked a one day rally in healthcare stocks.
The IBB topped out at around $85.50 last Tuesday a gain of 10% from early November. The XPH Pharmaceutical ETF (weighted toward large caps) slightly outperformed the IBB with a 12% return from November through last week.

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