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Amgen's First Quarter 2009 Adjusted Earnings Per Share Decreased 4 Percent to $1.08
Date:4/23/2009

mgen adopted Financial Accounting Standards Board's Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("FSP APB 14-1"), which changed the method of accounting for the Company's convertible notes. In addition, as required, the Company also revised its previously reported financial statements to apply this change in accounting to prior periods. Under this new accounting method, the Company's EPS and net income calculated in accordance with GAAP have been reduced as a result of recognizing incremental non-cash interest expense. In connection with adopting FSP APB 14-1, Amgen recorded $61 million and $57 million of additional non-cash interest expense in the three months ended March 31, 2009 and 2008, respectively. In addition, the Company's previously reported EPS and net income calculated in accordance with GAAP for the three months ended March 31, 2008 have been reduced by $0.03 per share and $36 million to $1.01 per share and $1,100 million, respectively, as a result of adopting this new accounting method.

"Our first quarter sales were affected by the continued deterioration of the global economy which has led to changes in patient and physician behavior," said Kevin Sharer, chairman and chief executive officer. "Our future prospects remain strong. We have made progress on our plans to commercialize denosumab for PMO. Also, we are looking forward to reviewing important data on pipeline products including denosumab in certain oncology indications and Vectibix in colorectal cancer," concluded Sharer.

Product Sales Performance

During the first quarter, total product sales decreased 8 percent to $3,238 million from $3,537 million in the first quarter of 2008. Sales in the U.S. totaled $2,502 million, a decrease of 10 percent versus $2,788 million in the first quarter of 2008. International sales decreased 2 perc
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SOURCE Amgen
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