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Kevin Sharer's theme song could be "Stop Me If You Think That You've Heard This One Before." During his company's fourth-quarter earnings call Thursday, the Amgen Inc. CEO brushed aside the need for M&A, promising that the firm's scientists will drive growth despite last year's cutbacks. The biotech pioneer took a hit last year when government agencies put safety warnings on its blockbuster franchise of blood-boosting products, known as erythropoetic stimulating agents, or ESAs. Sales of the products were about $6 billion, down more than 12% from 2006.
"We'd like to have more products in more therapeutic areas," Sharer said and insisted that "we're not so concentrated that it's imperative to make M&A moves to change that profile." Three years ago, Sharer downplayed M&A ambitions after earnings were dragged down by two huge acquisitions, saying that "organic growth is much more preferable." Later that year, Amgen bought development partner Abgenix Inc. for $2.2 billion. The main drug from that deal, the colorectal cancer therapy Vectibix, earned $170 million last year but saw sales declines each quarter. - Alex Lash See story from TheDeal.com: Amgen pays $420M for Ilypsa Categories Deal Video
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