Amgen (AMGN) reported third quarter earnings per share of $1.47, well above the Zacks Consensus Estimate of $1.26 and 21% above the year-ago earnings of $1.21. Cost cuts and a lower tax rate helped boost the top-line despite a 2% decline in total revenues, which came in at $3,812 million. Total product sales decreased 1% to $3,736 million. While sales in the U.S. were relatively unchanged at $2,918 million, international sales declined 4% to $818 million mainly due to the unfavorable impact of foreign exchange (Fx) fluctuation, which affected sales by approximately $76 million. Aranesp sales declined 19% to $685 million (U.S. - $333 million, down 27%; ex-U.S. - $352 million, down 9%), mainly due to a decline in demand reflecting the negative impact, primarily in the supportive cancer care setting, of additional product label changes which occurred in August 2008. Aranesp continued to lose share ...

Yesterday, Amgen (AMGN) presented data from a phase III trial of its Vectibix in combination with Folfiri (an irinotecan based chemotherapy) as a second-line treatment for metastatic colorectal cancer at the 2009 ECCO 15 - ESMO 34 European Multidisciplinary Congress in Berlin.

In the trial, Vectibix significantly improved progression-free survival (PFS) in patients with tumors containing a specific gene known as KRAS. Tumor KRAS status was confirmed in 91% of the 1,186 patients enrolled in the trial, the highest number ever reported for a second-line trial.

The combination treatment of Vectibix and Folfiri achieved the co-primary endpoint by improving the median PFS by 2 months (5.9 months versus 3.9 months) compared to Folfiri alone. The combination also showed significant improvement (35% versus 10%) in tumor response rate in patients. However, even though the median overall survival was numerically better (14.5 months versus 12.5 months), it did not achieve

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After the close of market yesterday, Amgen (AMGN) announced that the longevity of colon cancer patients improved significantly when treated with a combination of its cancer drug Vectibix and Folfox -- a standard chemotherapy drug regimen rather than with chemotherapy alone. The company intends to present detailed results of the trial later this year. The results are based on a late-stage trial (n=1183) and are applicable to patients with the normal version of a gene known as KRAS. 90% of the patients were identified with KRAS mutations that are associated with more aggressive cancers and lower survival rates. Skin toxicity coupled with low magnesium blood levels and diarrhea were the side-effects of the study which tests Vectibix as a primary (first-line) treatment for the disease. Currently the drug can be marketed only for colon cancer patients who have unsuccessfully used two other therapies. Colorectal cancer ...

For Immediate Release

Chicago, IL - May 18, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Bristol-Myers Squibb (BMY), Pfizer Inc (PFE), Eli Lilly (LLY), Amgen (AMGN) and Biogen (BIIB).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579.

Here are highlights from Friday's Analyst Blog:

Drug Cos to Present at ASCO

Bristol-Myers Squibb (BMY) will be presenting updated survival data of its melanoma candidate, ipilimumab, from several phase II and phase III trials, both as a monotherapy and in combination with chemotherapy. Bristol will also have several presentations on Erbitux, including

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We highlight Bristol-Myers Squibb Co. (BMY), Pfizer Inc (PFE), Medivation Inc (MDVN), Cougar Biotechnology Inc. (CGRB), Eli Lilly & Co. (LLY), Amgen Inc. (AMGN) and Biogen Idec Inc. (BIIB).The American Society of Clinical Oncology (ASCO) is set for May 29th - June 2nd in Orlando, Florida. ASCO is an annual forum where pharmaceutical and biotech companies come to present data on their cancer drugs in all stages of development. ASCO is a widely followed event by analysts and investors interested in new information on key pipeline and currently marketed compounds.  We list what to look for from several of the companies that will be attending and presenting at this year's ASCO event.Bristol-Myers Squibb (BMY) will be presenting updated survival data of its melanoma candidate, ipilimumab, from several phase II and phase III trials, both as a monotherapy and ...