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Amgen Outlines Strategy, Growth Objectives and Capital Allocation Plans
Date:4/21/2011

ent liquidity, anticipated cash flow from operations and expected capital needs, the Company is planning an annual payout ratio of 20 percent on adjusted net income.  The Company stated that it plans to increase the dividend meaningfully over time.

The Board also authorized repurchases of up to an additional $5 billion in Amgen common stock.  This is in addition to the approximately $2.2 billion remaining under its previous stock repurchase authorization.  The Company said it intends to return an average of approximately 60 percent of adjusted net income in the form of dividends and stock repurchases to stockholders through 2015.

"Our prospects through 2015 are strong and our strategy is clear," said Sharer. "A dividend and future share repurchases are important elements of our commitment to return significant value to shareholders."

During the meeting, Robert A. Bradway, president and COO, provided an update on Amgen's strategy to deliver Prolia and XGEVA worldwide sales of $3-$4 billion by 2015, to sustain the core business and invest in international expansion.

Bradway discussed the outlook for the erythropoiesis stimulating agents (ESA) franchise including regulatory, reimbursement and competitive issues. Bradway also reviewed the significant profitability improvement expected for Enbrel® (etanercept) following the expiry in late 2013 of the profit sharing agreement with Pfizer Inc.

Bradway highlighted the solid foundation for Prolia in the United States (U.S.) as global launches continue to build momentum. Anticipated upcoming catalysts include expanded reimbursement in the U.S. and new launches internationally. Bradway also highlighted the strong uptake of XGEVA.  

Bradway also discussed the Company's plans for continued international expansion resulting in over $1 billion in annual sales from existing products in new and emerging markets by 2015.  

Roger M. Perlmutter, M.D., Ph.D.
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SOURCE Amgen
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