US 3rd Qtr Corporate Results Round-Up

Amgen noted that the fall in earnings per share was primarily due to athird-quarter charge of $0.35 relating to a spillover arbitration award to Ortho Pharmaceuticals, and expects EPS to grow at a low double-digit rate in 1997, excluding the award. Sales of Epogen (epoetin alfa) and Neupogen (filgrastim) both rose 4% to $285 million and $268 million, respectively, compared to the like, year-earlier period. Amgen has also launched its third product Infergen (interferon alfacon-1; Marketletter October 13).

Baxter International president Harry Kraemer said the company had a solid quarter and excluding the impact of the strong dollar, he expected net income to grow into the mid-teens. Baxter suffered a setback, however, with the news that HemAssist (DCLhB), its oxygen-carrying intravenous solution as an alternative to blood in cardiac surgery patients, is unlikely to receive marketing clearance in the USA and Europe until late 1999 or early 2000, which is later than expected.

Chiron Corp recognized a $31 million charge for an impairment loss on its Puerto Rico manufacturing facility, which may be sold. Ed Penhoet, chief executive, said that without the write-down, Chiron achieved growth in its bottom-line numbers while increasing R&D investment to $98 million, a rise of 15.3%.