Amgen 2008 outlook short of forecast

Biotech giant Amgen Inc. reported Thursday its fourth-quarter profits held steady despite government warnings about the safety of its popular anemia drugs, but it forecast earnings well short of expectations for 2008.

The company saw a profit of $835 million, or 76 cents per share, compared with $833 million, or 71 cents per share, during the fourth quarter a year earlier. Revenue fell 2 percent to $3.75 billion from $3.84 billion a year earlier.

Excluding a mix of one-time buyout and restructuring charges, the company said it earned $1 per share, compared with 90 cents per share in adjusted profit a year earlier. Analysts polled by Thomson Financial expected a profit of 97 cents per share on revenue of $3.54 billion.

The pharmaceutical maker, based in Thousand Oaks, earned an adjusted total of $4.30 per share for the year, excluding stock options expenses, on revenue of $14.78 billion.

It forecast earnings per share in 2008 of $4 to $4.30 per share on revenue of $14.2 billion to $14.6 billion, while Wall Street analysts forecast earnings per share of $4.37 on revenue of $14.49 billion.

Separately, Amgen said a trial showed its menopause drug denosumab was 40 percent more effective on some measures than Merck's Fosamax.

Amgen shares rose more than 5 percent to $48.50 in after-hours trading from its closing price of $46.12 before the results were released.

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AP Business Writer Damian J. Troise in New York contributed to this report.