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Amgen's Third Quarter 2008 Adjusted Earnings Per Share Increased 14 Percent to $1.23
Date:10/22/2008

on an Adjusted Basis:

Cost of sales increased 1 percent to $590 million in the third quarter of

2008 versus $585 million in the third quarter of 2007. This increase was

due to higher sales volume offset by lower excess inventory write-offs,

lower excess capacity charges and lower cost ENBREL. The Company now

expects full year 2008 adjusted Cost of Sales expense as a percent of

sales to be approximately 15 percent.

Research & Development (R&D) expenses were relatively unchanged at $700

million in the third quarter of 2008 versus $699 million in the third

quarter of 2007. Higher staff-related costs as well as clinical trial

spend for our emerging pipeline were offset by lower clinical trial costs

for our denosumab registrational studies due to completion of enrollment

and the benefit derived from our licensing transaction with Takeda in

Japan. The Company now expects full year 2008 adjusted R&D expense

dollars to be slightly lower than 2007. Consistent with historical

spending patterns, the Company expects an increase in the fourth quarter

versus the third quarter that should be similar in magnitude to the

increase in 2007, though actual results may vary depending on licensing

activities and pipeline progress.

Selling, General & Administrative (SG&A) expenses increased 11 percent to

$890 million in the third quarter of 2008 versus $804 million in the

third quarter of 2007 reflecting higher Wyeth profit share expenses and

staff-related costs offset by lower litigation expense. Wyeth profit

share expenses increased 22 percent to $298 million in the third quarter

of 2008 versus $245 million in the third quarter of 2007. The Company

still expects Wyeth profit share to be one third of adjusted SG&A

expenses for the full year 2008. Excluding Wyeth profit share, adjusted

SG&A ex
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SOURCE Amgen
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