was under pressure Wednesday morning after pushing back an analyst meeting and being sued by an Israeli outfit for alleged patent infringement.
Shares of the Thousand Oaks, Calif., biotech were down 5% to $47.50 on the Instinet premarket session after last night saying an analyst meeting scheduled for Nov. 21 won't take place until Feb. 25 as it sorts out various regulatory and development issues.
The company said it will provide 2003 financial guidance on a Dec. 12 investor conference call.
Specifically, Amgen wants to wait until it has relaunched its arthritis drug Enbrel and seen a ruling in a
appeal of a patent litigation ruling. The company also believes there are errors in new Medicare reimbursement rules and wants to wait until they are resolved.
Separately, a group called Israel Bio-Engineering Project filed suit over the Enbrel patent, seeking damages based on royalties or license fees paid to a third party and triple damages for alleged willful infringement.