File this under: Just when you thought things can’t get any worse. The biotech ended a key clinical trial of its Vectibix colon cancer med after discovering it reduced chances of survival. An interim peek at the data show patients treated only with chemo and Genentech’s Avastin were more likely to live than patients who also received Vectibix.

“The fact that the drug had a negative impact on survival is shocking,” Geoffrey Porges, an analyst at Sanford Bernstein, tells Reuters. He adds that the problems with Amgen’s anemia drugs and now Vectibix have created questions about management’s judgment. Amgen stock is already down 13 percent this year and fell nearly 5 percent in after-hours trading.

Amgen is struggling these days. Recent studies linked its anemia treatments, which account for more than half of sales, to a higher risk of stroke, heart attack, blood clots and death in certain patients. The FDA issued new black box warnings and the SEC is investigating the company’s failure to release study results on a timely basis.

Despite it all, ceo Kevin Sharer is doing just fine, thank you. He received $18.6 million in compensation, according to analysis by the Associated Press. This included $4.5 million for meeting short-term and long-term objectives. Yes, a stellar performance, which led investors to the more recent successes. What might the Amgen board do about this year?

More on these topics…
Amgen’s statement;
Reuters;
Bloomberg News;
Associated Press;
Amgen’s proxy.[tags]Amgen, Genentech, Kevin Sharer, Vectibix[/tags]