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Amgen's Fourth Quarter 2008 Adjusted Earnings Per Share Increased 6 Percent to $1.06; Full Year 2008 Adjusted Earnings Per Share Increased 6 Percent to $4.55
Date:1/26/2009

of ENBREL to wholesaler distribution in that quarter.

Worldwide sales of Sensipar(R) (cinacalcet) increased 20 percent to $153 million in the fourth quarter of 2008 versus $128 million during the fourth quarter of 2007. For the full year, Sensipar sales were $597 million in 2008 versus $463 million in 2007, a 29 percent increase. This growth was principally driven by demand.

Vectibix(R) (panitumumab) sales for the fourth quarter were $46 million as compared to $33 million in the fourth quarter of 2007. Sales growth for the fourth quarter was driven by international demand as a result of the recent launch of Vectibix in Europe, partially offset by a decline in U.S. demand. For the full year, worldwide Vectibix sales were $153 million in 2008 versus $170 million in 2007, a 10 percent decrease. This decrease was primarily driven by a decline in segment share.

Operating Expense Analysis on an Adjusted Basis:

Cost of sales decreased 3 percent to $549 million in the fourth quarter of 2008 versus $565 million in the fourth quarter of 2007. This decrease was due to lower cost ENBREL partially offset by higher sales volume and excess capacity charges.

For the full year, cost of sales was $2,193 million in 2008 versus $2,255 million in 2007, a decrease of 3 percent. The decrease for the full year was primarily driven by lower excess inventory write-offs and lower cost ENBREL, offset by higher sales volume and excess capacity charges.

Research & Development (R&D) expenses were $770 million in the fourth quarter of 2008 versus $785 million in the fourth quarter of 2007, a decrease of 2 percent. The reduced spend was mainly driven by lower late-stage clinical trial costs, including denosumab, as well as the benefit of our licensing agreement with Takeda in Japan. These decreases were partially offset by higher clinical trial spend for our
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SOURCE Amgen
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