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Amgen shares drop as earnings report reveals ‘embarrassingly bare’ drug pipeline

Amgen shares fell more than 2 percent in trading Wednesday, after the biotech's second-quarter earnings report revealed profits may slow down in the future.

Despite beating Wall Street's expectations, the second-quarter earnings report showed the company's growth is slowing and a buildup in inventories – rather than an increase in prescriptions – contributed to recent profits.

"While Amgen's growth products are performing nicely … they don't have enough size to offset the flattening legacy products," Leerink Partners biotech analyst Geoffrey Porges wrote in a note. "The company requires new opportunities to offset the...