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Associated Press 01.26.07, 7:52 AM ET

Analysts on Friday noted Amgen Inc.'s fourth-quarter sales were better-than-expected but said disappointing clinical trial data overshadowed results.

Amgen (nasdaq: AMGN - news - people ) missed earnings per share estimates by a nickel but posted sales of $3.84 billion, ahead of Wall Street's $3.76 billion consensus view. However, the company said trial data showed colon cancer patients had a similar response when treated with Amgen's Vectibix as they did treated with a combination of Vectibix and another colon cancer drug.

In addition, Wall Street said a trial of Amgen's anemia treatment Aranesp saw some setbacks.

Merrill Lynch (nyse: MER - news - people ) analyst Eric Ende maintained a "Neutral" rating on Amgen, saying the upcoming year reflects an uncertain environment for the company. Issues ahead include a trend toward lower dosing levels of some drugs, Medicaid rebates and more potential negative study results.

Lehman Brothers (nyse: LEH - news - people ) analyst Craig Parker said Amgen's inability to reign in costs led to poor bottom-line results during the quarter. However, Parker thinks the company will score with an upcoming late-stage trial of osteoporosis treatment Denosumab. He maintained an "Overweight" rating on the stock and $91 price target.

"While Q4 was decidedly a negative end to a year with few catalysts, we think that most of the risks are priced into the stock and we would be buyers on potential weakness," he said in a note to clients.

Amgen shares slipped $2.62, or 3.5 percent, to $72.23 in premarket electronic trading, having closed Thursday at $74.85 on the Nasdaq.