Amgen and ResMed Shares Surge Higher as Earnings Impress

Amgen Inc. (NASDAQ:AMGN) reported its results for the fourth quarter. Net income for Amgen Inc. fell to $934 million ($1.08 per share) vs. $1.02 billion ($1.08 per share) a year earlier. This is a decline of 8.6% from the year earlier quarter. Revenue rose 3.4% to $3.97 billion from the year earlier quarter. AMGN reported adjusted net income of $1.21 per share. By that measure, the company fell short of mean estimate of $1.24 per share. Analysts were expecting revenue of $3.91 billion.

“We exited 2011 with good momentum and the outlook for 2012 is even stronger,” said Kevin Sharer, chairman & CEO at Amgen. “Our acquisition of Micromet, announced today, further builds our innovative oncology therapeutics pipeline and capabilities.”

Competitors to Watch: Johnson & Johnson (NYSE:JNJ), Pfizer Inc. (NYSE:PFE), Biogen Idec Inc. (NASDAQ:BIIB), GlaxoSmithKline plc (NYSE:GSK), Affymax, Inc. (NASDAQ:AFFY), Genzyme Corporation (NASDAQ:GENZ), Novartis AG (NYSE:NVS), 3SBio Inc. (NASDAQ:SSRX), and NPS Pharmaceuticals, Inc. (NASDAQ:NPSP).

ResMed Inc. (NYSE:RMD) reported net income above Wall Street’s expectations for the second quarter. Net income for ResMed Inc. rose to $62.9 million (42 cents per share) vs. $58.5 million (37 cents per share) in the same quarter a year earlier. This marks a rise of 7.6% from the year earlier quarter. Revenue rose 8.7% to $332.7 million from the year earlier quarter. RMD beat the mean analyst estimate of 38 cents per share. It fell short of the average revenue estimate of $339.6 million.

Peter C. Farrell Ph.D, chairman and chief executive officer, commented, “On a regional basis, revenue in the Americas increased by 12% to $182.5 million over the prior year’s quarter. Revenue outside the Americas was $150.2 million, an increase of 5% over the prior year’s quarter, on both a GAAP and constant currency basis. Our global operating profit for the December quarter was $67.3 million and cash flow from operations was a record $110.6 million, demonstrating excellent operating performance. During the quarter, we also repurchased 4.1 million shares, at a cost of $110.5 million, as part of our ongoing capital management program.”

Competitors to Watch: Allied Healthcare Product (NASDAQ:AHPI), Masimo Corporation (NASDAQ:MASI), Electromed, Inc. (NASDAQ:ELMD), Medtronic, Inc. (NYSE:MDT), Dynatronics Corporation (NASDAQ:DYNT), Thermo Fisher Scientific Inc. (NYSE:TMO), Covidien plc (NYSE:COV), Dehaier Medical Systems Ltd (NASDAQ:DHRM), and CareFusion Corporation (NYSE:CFN).

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com