Biotech Earnings Preview: A Place to Hide?

The company will likely give an update for how many patients are now taking Pompe disease treatment Myozyme. Production of the larger-scale version of the drug has been stymied by an FDA delay. An FDA advisory panel will meet on Oct. 21, and the company expects the agency to make a decision by Nov. 29.

Earlier this year, because of the delay, Genzyme scaled back its 2008 adjusted profit guidance by 10 cents a share to $3.90 a share.

Investors seemed concerned when Genzyme didn't raise that guidance with second quarter earnings. Wall Street is expecting the company to earn $3.95 a share, on $4.65 billion in revenue in 2008.

Amgen, Oct. 22

Depleting sales in Amgen's (AMGN Quote) anemia drug franchise -- marred by safety concerns -- have in recent years been the bane of Amgen's quarterly revenue. But last quarter Amgen beat earnings expectations, fueled by better-than-expected sales of anemia drugs Aranesp and Epogen.

The FDA since announced label changes for the class of drugs that includes Amgen's Aranesp and Johnson & Johnson's (JNJ Quote) Procrit.

This quarter, the Street expects $1.08 a share on $3.697 billion, supported by $799 million in worldwide sales from Aranesp ($397 million in the U.S. and $392 million outside of the U.S.) and $610 from Epogen.

Analysts caution that the Aranesp sales likely haven't hit a bottom. Moreover, IMS data indicate they may come in below consensus for the quarter.

Other products to watch: the Street view sees $335 million in revenue from Neupogen, $856 million from Neulasta, and $855 million from Enbrel.