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Amgen's Second Quarter 2009 Adjusted Earnings Per Share Increased 13 Percent To $1.29
Date:7/27/2009

quarter of 2009 from $906 million in the second quarter of 2008. GAAP net income for the second quarter of 2009 was positively impacted by a $115 million income tax benefit as a result of resolving certain non-routine transfer pricing issues with the IRS. GAAP net income for the second quarter of 2008 was negatively impacted by $263 million in loss accruals for settlements of certain commercial legal proceedings. Effective Jan. 1, 2009, Amgen 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 GAAP EPS and net income have been reduced as a result of recognizing incremental non-cash interest expense. In connection with adopting FSP APB 14-1, Amgen recorded $62 million and $58 million of additional non-cash interest expense in the second quarter of 2009 and 2008, respectively. In addition, the Company's previously reported GAAP EPS and net income for the second quarter of 2008 have been reduced by $0.03 per share and $35 million to $0.84 per share and $906 million, respectively, as a result of adopting this new accounting method.

Product Sales Performance

During the second quarter of 2009, total product sales decreased 2 percent to $3,634 million from $3,692 million in the second quarter of 2008. Sales in the U.S. totaled $2,833 million in the second quarter of 2009, relatively unchanged versus $2,843 million in the second quarter of 2008. International sales decreased 6 percent to $801 million versus $849 million for the second quarter of 2008. The decline in second quarter 2009 sale
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SOURCE Amgen
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