Biotech Earnings Review: Celgene, Biogen

Amgen's Research & Development expenses decreased 18% to $661 million.

The company reaffirmed its 2008 guidance of adjusted profit between $4 and $4.30 a share, and revenue in a range of $14.2 billion to $14.6 billion.

For more on Amgen, check out this recent headline from TheStreet.com:

• Amgen to Investors: 'Trust Us'

Cephalon: May 1

Factoring out buyout and restructuring charges and other costs, Cephalon earned $1.12 a share in the recent quarter on revenue of $443.2 million.

Analysts polled by Thomson Reuters had pegged profit of 96 cents a share, on revenue of $444.6 million.

Cephalon reaffirmed expectations for profit between $3.75 and $3.85 per share, or between $5.10 and $5.20 on an adjusted basis. The company updated its total sales guidance to between $1.83 billion and $1.88 billion from between $1.8 billion and $1.85 billion.

Since then, a Food and Drug Administration advisory panel voted 17-to-3 to recommend the regulatory agency not grant wider approval for Cephalon's pain treatment Fentora on the premise that such an expansion could increase the potential for drug abuse.

The drug is currently approved to treat breakthrough pain, or severe pain in cancer patients who are already taking prescription opioids. But Cephalon was seeking to expand the approved uses to include chronic pain in non-cancer patients. FDA action on the Fentora supplemental new-drug application (sNDA) is expected by Sept. 13.

The company has reiterated the above guidance for 2008 since the panel, expecting 2008 financials to be unaffected.