NEW YORK (TheStreet) -- Amgen (AMGN) - Get Amgen Inc. Report shares are down 1.37% to $156.72 in trading on Wednesday following the release of the company's fourth quarter earnings after the closing bell yesteray.

The world's largest biotech company reported a 27% increase in fourth quarter profits, earning net income of $1.3 billion, or $2.16 per share on an adjusted basis, as the company was helped by Congress renewing a pharmaceutical industry research tax credit. The company also generated $5.33 billion in revenue during the quarter, a 6% increase over the same period last year.

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Analysts on average were expecting the company to report earnings of $2.05 per share on revenue of $5.2 billion.

The stock's dip today could be attributed to the company's warning that increased competition from generic drugs in the coming year could put a strain on sales.

TheStreet Ratings team rates AMGEN INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

TheStreet Recommends

"We rate AMGEN INC (AMGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, solid stock price performance, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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