Updated from 4:43 p.m. EDTAmgen ( AMGN) reported a 4% drop in adjusted first-quarter earnings Thursday on lower revenue, both missing Wall Street estimates, as the global recession took its toll on the company's financial performance. The Thousand Oaks, Calif.-based biotech firm reported net income for the first quarter of $1.01 billion, or 98 cents per share, compared to net income of $1.1 billion, or $1.01 a share, in the year-ago quarter. On an adjusted basis, Amgen earned $1.08 a share, below the Street's consensus estimate of $1.15 a share, according to Thomson Reuters. First-quarter revenue fell 8% to $3.3 billion, short of the consensus forecast of $3.63 billion. Amgen lowered its 2009 revenue forecast to the range of $14.4 billion to $14.8 billion from its previous guidance of $14.8 billion to $15.2 billion. The company continues to expect adjusted earnings in 2009 to be in the range of $4.55 a share to $4.75 a share. "Our first quarter sales were affected by the continued deterioration of the global economy which has led to changes in patient and physician behavior," said Amgen CEO Kevin Sharer, in a statement. Worldwide sales of the anemia drug Aranesp totaled $626 million in the quarter, an 18% drop from $761 million sales in the year-ago quarter and below investor expectations. Aranesp sales in the U.S. fell 28% year over year to $292 million. Aranesp sales have fallen over the past two years due new safety-related label restrictions mandated by regulators in the U.S. and Europe. Less expensive copycat versions of Aranesp - so-called biosimilars - are also being marketed by competitors in Europe.