Amgen Inc. reported a 2 percent drop in revenue for the first quarter of 2008 compared to a year ago, but the company still beat analysts' earnings expectations.

The Thousand Oaks-based biotechnology company announced its first-quarter earnings after the market close Thursday. Revenue totaled $3.62 billion. Earnings per share were $1.04, although the company reported that earnings per share would have been $1.12 excluding stock options and other one-time expenses.

With that factored in, Amgen's earnings beat the average estimate of analysts surveyed by Thomson Financial by 8 cents a share. The company's total revenue matched analysts' predictions.

Last year, the company was shaken by a drop in anemia drug sales after their safety was called into question, leading to cost cutting and layoffs. For 2007, Amgen reported revenue of $14.8 billion, a 4 percent increase from the year before. And earnings per share were up 14 percent at $2.82.

Company officials did not adjust their guidance for this year during Thursday's conference call with investors.

Chief Executive Officer Kevin Sharer said that despite mixed sales numbers in the first quarter, he was confident that the company would generate revenue for the year within its previous guidance range of $14.2 billion to $14.6 billion, and earnings per share from $4 to $4.30.

The guidance was set before a U.S. Food and Drug Administration advisory panel recommended further restrictions on how anemia drugs are administered to cancer patients. But the company based its projections with that outcome in mind. Amgen is currently in discussion with the FDA about anemia drug labels.

There has been speculation that the company may cut costs further this year, with rumors ranging from additional layoffs to the company becoming a prime takeover target.

Amgen is the largest private employer in Ventura County, with about 6,800 employees after the last round of cutbacks.

Sharer said the company's cost-management efforts have paid off. He said it will look for more opportunities to streamline operations and increase efficiency, but he did not see the need for another large restructuring.

The company will maintain strong investment in research and development, and plans to release important clinical data in the coming months, he said.

Amgen's total product sales decreased by 1 percent in the first quarter from a year ago, with U.S. sales down 3 percent.

Sales of the anemia drug Aranesp were down 25 percent worldwide to $761 million, with most of the decline coming from a 38 percent drop in U.S. sales. Epogen, an older anemia drug, had an 11 percent decrease in sales.

Amgen is waiting to see if competitor Roche Holding AG will introduce its anemia drug, Mircera, in the U.S. market. The company got FDA approval for the drug in November.

Roche has accepted a federal judge's conditions, which include royalty payments to Amgen, to begin U.S. sales of Mircera. It will be up to the judge whether to accept the proposal.

A jury previously determined that the drug violates Amgen patents. Sharer said he was confident that Amgen would win its battle against Roche and that Mircera would not launch in the U.S. until after Amgen's patents expire, which will start in 2013.

On May 7, Amgen is scheduled to have its annual shareholder meeting at the Four Seasons Hotel in Westlake Village.

This year, all 11 of the company's board members are up for re-election. Last year, shareholders voted to change from staggered three-year terms for board members to one-year terms, so that all members have to be elected each year.

That proposal came from the board and was created because of investor concern that the three-year terms could make it more difficult to change a majority of directors if a majority of shareholders is dissatisfied with director performance.

Two shareholder proposals also are up for a vote this year: animal welfare and a change to a simple majority vote for bylaw amendments.

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