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Summary Box: Amgen details health care reform hit

Wed, 04/21/2010 - 2:17pm
The Associated Press

GOOD NEWS, BAD NEWS: Amgen Inc.'s first-quarter profit beat Wall Street expectations as sales of its anti-infection drugs improved. However the company said 2010 results will come in at the low end of its forecast due to health reform costs.

DISCOUNTS: Amgen said new requirements under the reform bill will cost it $200 million to $250 million this year. Among other provisions, the law gives bigger drug discounts to Medicaid recipients, and makes more managed care groups eligible for Medicaid drug rebates.

WAITING ON PROLIA: The FDA is scheduled to make a decision on the potential blockbuster osteoporosis drug by July 25. Amgen is hoping sales of this drug could offset declines in sales of anemia treatments Aranesp and Epogen.

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