DOW JONES NEWSWIRES Amgen Inc.'s (AMGN) fourth-quarter earnings fell 8.6% on tax impacts and charges as the biopharmaceutical company reported stronger revenue and margins. The company gave full-year guidance mostly in line with expectations. Amgen, the biggest stand-alone biotechnology company, needs to bolster its research-and-development pipeline because sales growth for older drugs has slowed, and some products may face intensifying competition in coming years. Earlier Thursday, Amgen agreed to acquire Micromet Inc. (MITI) for about $1.16 billion in a deal aimed at strengthening Amgen's cancer-drug research pipeline. Amgen has been looking to osteoporosis drugs Prolia and Xgeva--which share the same active ingredient--to spur growth. In the latest quarter, sales of Prolia sales reached $81 million, while Xgeva were $134 million. Amgen reported a profit of $934 million, down from $1.02 billion a year earlier. On a per-share basis, earnings were flat at $1.08 on fewer shares outstanding. Excluding acquisition and restructuring-related impacts and other items, earnings were up at $1.21, from $1.17. Revenue increased 3.4% to $3.97 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.22 on revenue of $3.91 billion. Gross margin rose to 29.3% from 27.8%. For the year, the company projected per-share earnings of $5.90 to $6.15 on revenue of $16.1 billion to $16.5 billion. Analysts polled by Thomson Reuters recently expected $5.94 and $16.05 billion, respectively. Sales of antianemia drugs Aranesp and Epogen continued to decline, down 15% and 18%, respectively. Combined sales of Neulasta and Neupogen, which are used to boost white blood cells to ward off infection, rose 7%. Sales of anti-inflammatory drug Enbrel--Amgen co-markets the drug with Pfizer Inc. (PFE)--were up 1%. Shares rose 52 cents to $68.60 in afterhours trading. Through the close, the stock is up 21% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
