Goldman Sees Few Surprises From Biotech Sector - TheStreet

Goldman Sees Few Surprises From Biotech Sector

The firm says most companies should report in-line earnings, but Amgen could top estimates.
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Goldman Sachs is expecting the biotechnology companies it covers to report mostly in-line results for the quarter that just ended, but the firm believes

Amgen

(AMGN) - Get Report

could offer an upside earnings surprise to investors thanks to strong sales.

In a research note Wednesday, Goldman said it raised its earnings estimates on Amgen by 3 cents to $1.87 in 2003, by 5 cents to $2.27 in 2004 and by 5 cents to $2.69 in 2005.

The firm lowered its second-quarter forecast on

Idec Pharmaceuticals

(IDPH)

by 5 cents to 19 cents a share to reflect a licence fee to

Genentech

(DNA)

.

The firm maintained its stock ratings -- Amgen, Genentech,

MedImmune

(MEDI)

and

Trimeris

(TRMS)

are rated outperform -- and its neutral view on the biotech sector.

Goldman also kept its in-line ratings on

Abgenix

(ABGX)

,

Chiron

(CHIR) - Get Report

,

Gilead

(GILD) - Get Report

,

Human Genome Sciences

(HGSI)

and

Millennium

(MLNM)

, among others. Idec and

Biogen

(BGEN)

aren't rated.

The firm is expecting the biotechs it covers to start reporting their quarterly earnings on July 9.

At midday, the Amex Biotech Index was up 3.2%, and the Nasdaq Biotech Index was higher by 2%.