Amgen (AMGN) reports earnings today after the close, and I expect the news to be good.

The Street is expecting earnings of $1.27 per share, but I’m looking for AMGN to report somewhere between $1.35 to $1.37 a share.

As the largest biotechnology company in the world, AMGN has a number of highly-popular lifesaving drugs fueling its current growth. Some of the better-known Amgen medications are Epogen and Aranesp, which treat anemia, and Enbrel, a leading arthritis drug. Together, these medications account for more than one-third of the company’s sales.

Amgen currently has five “blockbuster” drugs on the market, representing more than $1 billion in annual sales. These big-name treatments are really doing wonders for Amgen.

At the end of July, AMGN reported it earned $1.27 billion in the second quarter, up 54% from the same period a year ago. Amgen has seen strong recession-proof sales and earnings, even during the turmoil on Wall Street over the last year or so, and continued success as the market recovers.

What’s more, Amgen has a promising drug pipeline and key marketing alliances to add future revenue. Recently, the company announced that it expects to have three more drugs on the market over the next five years that are projected to net $1 billion or more in annual sales each — and that’s before any legislation to expand drug coverage is factored in.

In addition, AMGN has great fundamentals — it gets top marks for its cash flow, earnings growth and margin expansion.

While the stock’s earnings took a bit of stumble at the beginning of 2009, the company blew away Wall Street expectations in the second quarter. There have been a number of positive revisions to AMGN’s estimates over the last few weeks, and typically such a trend indicates another earnings surprise is right around the corner.

That’s why I see a 6% to 8% earnings surprise coming out today, and why I recommend AMGN as a buy. You can also hold this stock with confidence over the months ahead, since health care reforms indicate a bright future beyond just the Q3 reporting season.

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