Amgen, Biotechnology Stocks Rally on Earnings, Drugmakers' Woes
Bloomberg.com: U.S.

Amgen, Biotechnology Stocks Rally on Earnings, Drugmakers' Woes
Aug. 1 (Bloomberg) -- During Richard Drake's first five years as manager of the ABN Amro Growth Fund, he didn't own a biotechnology stock. That changed in March, when he bought Amgen Inc. and Gilead Sciences Inc. because he saw them as less-risky substitutes for bigger drug companies.

``Biotechs in the past have been one- or two-product companies, and were more volatile,'' said Drake, who oversees the $1.3 billion fund from Chicago. ``But we believe now the earnings stability is there.''

Shares of Amgen, Genentech Inc., Gilead and Genzyme Corp., the four largest biotechnology companies by market value, set records last month as second-quarter profit exceeded estimates.
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