Amgen Inc. on Monday said it has begun Phase I trials of stemcell factor, an early-acting blood cell growth factor.
Although the company hasn't announced its target indications,stem cell factor will be used in the cancer setting, saidspokeswoman Kimberly Dorsey. The factor possibly could beused to restore bone marrow and would complement Neupogengranulocyte colony stimulating factor, which restores whiteblood cells.
Also on Monday, Amgen (NASDAQ:AMGN) reported net incomefor the year ended Dec. 31 of $97.9 million, or 67 cents pershare, on revenues of $682 million.
The results include a one-time charge of $129 million beforetaxes assessed in the erythropoietin arbitration with Johnson &Johnson. Excluding the charge, net income for 1991 would havebeen $186 million, or $1.28 per share.
The Thousand Oaks, Calif., company had net income of $3.9million, or 3 cents, for 1990. Those figures include a one-time$50 million expense in the fourth quarter for a buy out offuture royalties on Neupogen. Without the charge, net incomewould have been $56 million, or 44 cents per share.
For the 1991 fourth quarter, net income was $60 million, or 41cents, on revenues of $210 million. For the 1990 period, Amgenlost $28 million, or 24 cents, on revenues of $91 million. If thebuy out is excluded, fourth-quarter 1990 net would have been$19.7 million, or 15 cents a share.
Product sales of Neupogen and Epogen erythropoietinaccounted for the bulk of revenues: $645 million for the yearand $203 million for the quarter.
Montgomery Securities analyst Brandon Fradd said he expectsAmgen to earn $2 per share this year.
The stock lost 75 cents to $69.75 Monday. -- Karen Bernstein
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