January 26, 2007 -- Yesterday, Amgen reported record revenues and profits for 2006, thanks in large part to its huge franchise in the anemia market with drugs Epogen and Aranesp. These two drugs produced $6.6 billion in revenue over the year, almost half of the total $14.3 billion revenue of the company. Most biotechs would be very happy to be in this wonderful position. After all, Amgen has a 32% profit margin (before charges for options and mergers) on big 2006 revenue numbers. But, the Q4 earnings per share figure was a disappointment. And there are other signs of trouble as well for Amgen. We look at the issues that have investors worried...
