Fear Steals the Day from Amgen

Despite a better-than-expected earnings report, the biotech's stock drops as its decision to delay release of clinical-trial data fuels concern

A year ago, Amgen (AMGN) Chief Executive Kevin Sharer got a chilly reception from Wall Street when he predicted that the world's largest biotech might grow at only single-digit rates in 2005. The mood should have been more upbeat on Jan. 26, when he announced to investors in New York that 2005 sales actually rose 18%, to $12.4 billion, and earnings jumped 55%, to $3.7 billion.

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