March 23, 2012 |
Is your 401(k) plan any good? Given the significant role of 401(k)s in retirement planning, it's important to know how your company's plan stacks up. BrightScope Inc., a 401(k) rating firm in San Diego, issued a list of the 25 best plans in the Los Angeles area. Rankings are based on factors such as fees, company matching contributions, vesting schedules and quality of investment options. Biotech giant Amgen Inc. claimed the top spot. BrightScope's database covers 1,712 plans of companies within 50 miles of Los Angeles.
February 8, 2012
A panel of cancer experts voted against a new use for Amgen Inc.'s Xgeva in prostate cancer on Wednesday, saying the drug's ability to slow the spread of the disease did not translate into meaningful benefits for patients. The Food and Drug Administration's cancer drug panel voted 12 to 1 that the benefits of the drug did not outweigh its risks, which included bone disease in about 6% of patients. The FDA is not required to follow the group's advice, although it often does. Xgeva is already approved to prevent fractures in cancerous bones, and for osteoporosis, in a different formulation called Prolia.
January 27, 2012 |
Biotech giant Amgen, fresh off mixed earnings, said it will shell out $1.16 billion to broaden its product pipeline by buying fellow drug developer Micromet Inc. Thousand Oaks-based Amgen is already one of the world's premier pharmaceutical firms, but it's saddled with mostly older products, such as anemia treatment Epogen and arthritis medication Enbrel. Its portfolio is facing more competition and high expenses as similar products hit the market, analysts said. Amgen's profit in 2011 fell 20.4% year over year - largely because of higher costs - to about $3.7 billion, or $4.07 a share, the company said after the markets closed Thursday.
January 26, 2012 |
Amgen Inc., the world's largest biotechnology company, agreed to buy Micromet Inc. in a $1.16 billion deal to gain an experimental leukemia drug. Investors of Micromet, based in Rockville, Maryland, will get $11 a share, the companies said in a statement today. The acquisition will give Thousand Oaks, California-based Amgen the compound blinatumomab, being tested against two blood cancers, acute lymphoblastic leukemia and non-Hodgkin's lymphoma. While Amgen spends $2.7 billion a year on research and development, the company has "a fairly empty pipeline" and needs to acquire to gain promising new products, said Geoffrey Porges, an analyst for Sanford C. Bernstein in New York.
December 16, 2011 |
Longtime Amgen Inc. Chief Executive Kevin W. Sharer will step down in May and will be replaced by President and Chief Operating Officer Robert Bradway, the biotech giant said. The Thousand Oaks company said Bradway also is expected to be named chairman of the board when Sharer, 63, relinquishes that post at the end of 2012. Sharer has been with the company for 20 years, serving as CEO and chairman since 2000. Amgen said annual revenue has reached nearly $16 billion with operations in 55 countries during Sharer's tenure, up from $3.6 billion in revenue and a presence in 17 countries before he assumed the top jobs.
December 8, 2011 |
Amgen Inc., the world's largest biotechnology company, will buy back about 83.3 million shares at $60 each in a modified Dutch auction, amounting to about 9.5 percent of the stock outstanding. About 98 million shares were tendered at or below $60 each, Thousand Oaks-based Amgen said Thursday. The $5 billion auction, announced last month, is part of a $10 billion buyback program. The offer, which enabled investors to specify a price at which they were willing to sell, is part of a push by the drugmaker to return at least 60 percent of net income to investors.
November 18, 2011 |
Amgen Inc., aiming to secure future sales of its flagship anemia drug Epogen as potential competition emerges, has reached new supply contracts with the two largest operators of U.S. kidney dialysis clinics. The Thousand Oaks biotechnology company said in a regulatory filing Friday that it had signed a seven-year contract to provide clinic operator DaVita Inc. with at least 90% of its anemia drug needs. Amgen also entered into a multiyear agreement, starting in January, to supply Epogen on a nonexclusive basis to Fresenius Medical Care, according to Amgen spokeswoman Christine Regan.
November 8, 2011 |
With their stock prices struggling despite strong profit growth, more big-name companies are trying to set an example for investors: They're channeling cash into buybacks of their own shares. That strategy lit a fire under the stock of Thousand Oaks biotech giant Amgen Inc. on Monday, after the company launched a plan to buy back up to $5 billion of its shares — about 10% of the total outstanding — over the next month. Amgen shares jumped $3.26, or 5.9%, to $58.43 in the biggest one-day gain in 17 months.
October 25, 2011 |
Biotech giant Amgen Inc. reported a 63% drop in third-quarter profit compared with the same period last year, but net income for the Thousand Oaks company beat analysts' expectations. Amgen said profit fell partly because it set aside $780 million for a pending legal settlement. The company reported profit of $454 million, or 50 cents a share, during the three months that ended Sept. 30, compared with net income of $1.24 billion, or $1.28, a year earlier. Net income adjusted for the money set aside and other costs was $1.28 billion, or $1.40 a share.