THOUSAND OAKS, Calif., Oct. 24, 2011 /PRNewswire/ -- Amgen (NASDAQ: AMGN) reported total revenue increased 3 percent during the third quarter of 2011 to $3,944 million versus $3,816 million in the third quarter of 2010. Total product sales increased 3 percent in the third quarter of 2011 to $3,877 million versus $3,759 million in the third quarter of 2010.
Adjusted earnings per share (EPS) were $1.40 for the third quarter of 2011, an increase of 3 percent compared to $1.36 for the third quarter of 2010. Adjusted net income decreased 3 percent to $1,280 million in the third quarter of 2011 compared to $1,313 million in the third quarter of 2010.
Amgen's Board of Directors has authorized an increase to the Company's stock repurchase program to a total amount of $10 billion. The Company intends to use this authorization to accelerate its stock repurchase program, reflecting confidence in its long-term value and the attractive interest rate environment.
“Our business has performed well this year, which has given us confidence to increase our full-year revenue and EPS guidance,” said Kevin Sharer, chairman & CEO. “We are also confident in our outlook and long-term value and intend to accelerate our stock repurchase program.”
Adjusted EPS and adjusted net income for the third quarter of 2011 and 2010 exclude, for the applicable periods, a legal settlement reserve, stock option expense, certain expenses related to acquisitions, expenses resulting from actions to improve cost efficiencies, non-cash interest expense associated with our convertible notes and certain other items. These adjustments and other items are presented on the attached reconciliations.
The Company has reached an agreement in principle to settle allegations relating to its sales and marketing practices arising out of the previously di
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