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
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
by 5 cents to 19 cents a share to reflect a licence fee to
The firm maintained its stock ratings -- Amgen, Genentech,
are rated outperform -- and its neutral view on the biotech sector.
Goldman also kept its in-line ratings on
Human Genome Sciences
, among others. Idec and
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%.