Earnings Preview: Amgen (AMGN, BIIB, DNDN)

Amgen AMGN is set to report earnings tonight after the bell. Wall Street analysts are looking for earnings of $1.29 per share, up 11 cents per share from last year. Revenue is expected to rise to $3.50 billion for this quarter. At last check, shares of Amgen were up 77 cents to $55.95, a gain of 1.4%. The stock is trading at 11.6 times 2011 earnings, and has a 1.46 price to earnings growth (PEG) ratio. If Amgen reports better than expected earnings, names like Biogen Idec BIIB and Dendreon DNDN could see a boost, given these companies compete with Amgen. Amgen Inc., a biotechnology medicines company, discovers, develops, manufactures, and markets human therapeutics based on advances in cellular and molecular biology for grievous illnesses primarily in the United States, Europe, and Canada.