Amgen CFO Resigns

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Amgen Inc. said Tuesday that it has promoted Robert Bradway to chief financial officer. He replaces Richard Nanula, who the company said is leaving the company to pursue other opportunities.


Bradway, 44, joined Amgen last year as vice president, operations strategy. Prior to joining Amgen, he spent 18 years at Morgan Stanley.


Nanula has been Amgen’s CFO since August 2001. He will remain at Amgen for the next 90 days to assist in the transition, the company said.


Amgen is scheduled to report first quarter earnings on April 19, the first report since reporting that 2006 net income fell 20 percent from the previous year to $2.95 billion. Several analysts have scaled back their expectations for the quarter and the rest of 2007, in part because the company’s top-selling anemia drug franchise has come under pressure over safety concerns with off-label uses.


The company also has been beleagured by questions over why executives during a January conference call did not to disclose findings from one of the negative studies, which was later reported in the trade press. The Securities and Exchange Commission has opened an inquiry into the delay.


Amgen shares, which closed down 7 cents to $57.12 on the Nasdaq prior to the announcement, dropped another 22 cents to $56.90 in after-market trading. Shares have lost 16.5 percent since the beginning of the year.

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