Biotech giant Amgen reported a 5 percent dip in second-quarter earnings despite slightly better revenues on July 29. The Thousand Oaks-based company earned $1.2 billion, or $1.25 per share, compared with $1.3 billion, or $1.25 for the same quarter in 2009. It blamed the loss in profitability on higher taxes.

Revenue edged up to $3.8 billion from $3.7 billion, but product sales decreased 1 percent to $3.6 billion, largely because Amgen saw sales of its two leading drugs, Enbrel and Aranesp, drop. Analysts and investors have long pinned their hopes on Amgen getting promising drugs it has in the pipeline to market before revenues from its existing products begin to dry up.

Worlwide sales of its signature Aranesp drug were down 13 percent to $603 million. Enbrel, another Amgen former moneymaker, saw sales decline 2 percent to $877 million.

Prolia, the bone density drug for post-menopausal women that investors have pinned hopes on, is also being tested for cancer patients.

“We delivered a solid quarter,” Kevin Sharer, Amgen chairman and CEO, said in an earnings release. “We are in the process of launching Prolia worldwide and look forward to working with global regulatory authorities to gain approval for [Prolia] in patients with advanced cancer.”

The company said that the weak euro prompted it to lower its full-year revenue forecast. The company said it now sees 2010 sales coming in “slightly below” $15.1 million, down from its previous forecast of revenue toward the lower end of the $15.1 billion to $15.5 billion spectrum. Its adjusted earnings forecast remains unchanged at $5.05 to $5.25 per share.

Amgen shares remained fairly flat in after-hours trading, staying in the $53 range, on news of its earnings.

Occam losses narrow

Santa Barbara-based broadband technology supplier Occam Networks reported a $320,000 second-quarter loss on revenue of $23.8 million. The 2-cent per share loss compares to 12-cent per share, or $2.4 million, loss in the same quarter last year.

“This quarter marked the start of first revenue shipments on stimulus-related customer orders,” Occam President and CEO Bob Howard-Anderson said in an earnings release. “Service providers who have secured government funding are now moving ahead with their plans, and we look forward to the continued adoption of Occam solutions into their network plans.”

Occam offered third-quarter guidance, saying it expects a high single digit to low double digit percent increase in revenue over the second quarter of 2010.

Teledyne profits rise sharply

Thousand Oaks-based defense conglomerate Teledyne Technologies said on July 20 that second-quarter earnings were up 11.8 percent to $28.6 million. Earnings per share were up 13 percent to 69 cents. Based on its second-quarter performance, the company raised its full-year outlook.

Teledyne’s sales, led by its aerospace engines and components segment, were up slightly, from $441.1 million in the second quarter of last year to $442.5 million in the most recent quarter.

Its aerospace segment saw revenue jump 16.2 percent to $34.5 million, an increase the company said was led by higher sales of engines for new aircraft, aftermarket engines and spare parts.

Teledyne’s electronics and communications segments also saw strong growth, with revenue up 6.1 percent to $323.8 million.

However, Teledyne’s engineered systems segment, its largest business division, saw revenue plummet 25 percent to $67.3 million, a decrease the company blamed on lower sales of its missile defense programs.

“Our commercial businesses continued to recover nicely in the quarter,” Robert Mehrabian, Teledyne’s chairman, president and CEO, said in an earnings release. “Our electronics and communications segment performed well as a result of double-digit sales growth and margin improvement in our commercial electronic instrumentation businesses.”

In June, Teledyne acquired Optimum Optical Systems, its second investment in tactical military imaging and optics businesses in 2010, and in July it acquired England-based microwave systems manufacturer Intelek.

Based on a solid second quarter, Teledyne raised its full-year earnings outlook. It estimates that full-year earnings per diluted share will be in the  $2.95 to $3 range, an increase from a prior outlook of $2.89 to $2.96. The company said it now believes third quarter earnings per diluted share will be in the 74 cents to 76 cents range.