Updated from 4:26 p.m. EST

Amgen ( AMGN) had a mixed quarter to wrap up 2006, posting earnings that fell short of Wall Street's consensus target but revenue that was stronger than expected.

Excluding stock option expenses and other items, Amgen earned 90 cents a share in the fourth quarter, a nickel below the Thomson Financial estimate. On the same basis, the company earned 75 cents in the year-ago quarter.

Once all items were factored in, Amgen earned $833 million, or 71 cents a share, compared with $824 million and 66 cents a share last year. Total revenue increased 17% from the 2005 fourth quarter to $3.84 billion, surpassing the $3.77 billion analyst forecast.

"I expect that we will continue on a solid growth path in 2007 while key products in our pipeline continue to progress," said Chairman and CEO Kevin Sharer.

For 2007, Amgen is projecting revenue of $15.4 billion to $16 billion and an adjusted profit of $4.30 to $4.50 a share. The average estimates fall in the middle of both ranges, with $15.73 billion expected for revenue and $4.43 a share for earnings.

Shares of Amgen fell 3.3% to $72.35 in extended trading Thursday.

Total product sales increased 18% to $3.74 billion in the fourth quarter. Revenue in the U.S. was $3.10 billion.

Worldwide sales of Aranesp rose 27% to $1.11 billion in the quarter, and sales of Epogen increased 6% to $661 million. Combined worldwide sales of Neulasta and Neupogen advanced 10% to $1.02 billion.

North American sales of Enbrel climbed 18% to $792 million in the fourth quarter. Meanwhile, sales of the new cancer drug Vectibix, launched in the U.S. in the fourth quarter, were off to a strong start at $39 million. Analysts had expected around $25 million.