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

ive (SG&A) expenses decreased 10 percent to $774 million in the first quarter of 2009 versus $862 million in the first quarter of 2008 reflecting lower expenses associated with the Wyeth profit share related to lower ENBREL sales, lower litigation expenses, lower enterprise resource planning (ERP) system related expenses following the implementation of a new ERP system, and lower staff related expenses, partially offset by higher product promotional expenses. Excluding Wyeth profit share, SG&A expenses decreased 6 percent versus the first quarter of 2008.

The adjusted tax rate in the first quarter of 2009 was 21.5 percent compared to 22.4 percent in the first quarter of 2008. The decrease in the adjusted tax rate is primarily due to the fact that the Federal R&D tax credit had not yet been extended in the first quarter of 2008.

During the first quarter of 2009, Amgen repurchased approximately 38 million shares of its common stock at a total cost of $2 billion. The Company currently has $2.2 billion remaining under its authorized stock repurchase program.

Average diluted shares for adjusted EPS in the first quarter of 2009 were 1,037 million versus 1,091 million in the first quarter of 2008.

Capital expenditures for the first quarter of 2009 were approximately $117 million versus $170 million in the first quarter of 2008. Worldwide cash and marketable securities were $10.4 billion and adjusted outstanding debt was $12.2 billion at the end of the first quarter of 2009. The Company's adjusted outstanding debt excludes the impact of adopting FSP APB 14-1 on the carrying values of its convertible debt. The Company's outstanding debt presented in accordance with GAAP was $11.4 billion at the end of the first quarter of 2009.

2009 Guidance Update

The Company now expects total revenue for 2009 to be in the range of $14.4 to $14.8 billion, a decrease from
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SOURCE Amgen
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