Amgen Inc. provided an overview of sales and earnings through 2005 at its analyst and investor meeting, saying worldwide product sales could more than double by the end of 2005, from 2002 figures.

Amgen, of Thousand Oaks, Calif., said it expects sales to increase at a compounded annual growth rate in the 30 percent to 32 percent range in that period and expects adjusted earnings per share to grow in the 25 percent to 27 percent range.

Following the meeting, Leerink Swann & Co. analysts William Tanner and Ronald Ellis wrote in a research note that Amgen "is well positioned to remain as one of the premier companies in the biotech sector by virtue of attractive growth prospects for the three core franchises - Epogen/Aranesp, Neupogen/Neulasta and Enbrel."

Also, the note said Amgen management "painted a compelling picture of a company with strong top- and bottom-line growth prospects for at least the next several years."

Specifically, Amgen said for the period from 2002 to 2005, on a compounded annual basis, it expects combined sales growth in the low- to mid-20 percent range for Aranesp (darbepoetin alfa) and Epogen (epoetin alfa). Combined sales growth of Neulasta (pegfilgrastim) and Neupogen (filgrastim) also are expected in the low- to mid-20 percent range. Enbrel (etanercept) is expected to have growth in the mid-90 percent range based on 2002 Enbrel sales of $362 million since July when Amgen acquired the product through its acquisition of Immunex Corp.

But the company's pipeline extends beyond its trio of revenue-generating franchises. Cinacalcet HCl, an oral-acting modulator of the parathyroid gland calcium-sensing receptor designed to treat hyperparathyroidism in end-stage kidney disease, is in three Phase III studies that are nearing completion, and the company plans to file for approval in the second half of 2003. Also in late-stage development is rHu-KGF, recombinant keratinocyte growth factor, designed to treat oral mucositis in the hematologic transplant setting. Amgen is planning a regulatory filing in 2004, and development in the solid tumor setting will continue, it said.

Further back, AMG548, a p38 MAP kinase inhibitor designed to affect the inflammation cascade, is in early clinical development and GDNF, glial-derived neurotrophic factor, has shown benefit in Parkinson's patients. Phase II trials are ongoing.

Amgen said it plans to spend $1 billion in 2003 on stock repurchases, and it plans to double its investments in research and development over the 2002 to 2005 time frame.

SG Cowen Securities Inc., Deutsche Bank-North America and RBC Capital Markets also liked the update, weighing in with "Strong Buy," "Buy" and "Outperform" ratings, respectively. SG Cowen, which ran a banner across a research note by Eric Schmidt and Yaron Werber declaring, "Not Much Not To Like At Amgen These Days," is on board, and even its one criticism might be allayed with time.

"Perhaps the only disappointment from [the meeting] was that Amgen did not raise 2003 earnings guidance," Schmidt and Werber wrote in their note. "Nonetheless, body language from the company on early sales trends was positive and we believe the question will soon become when, not if' Amgen will feel compelled to increase guidance for the year."

Amgen's stock (NASDAQ:AMGN) fell 61 cents Wednesday to close at $53.25.