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

, executive vice president for R&D, discussed Amgen's R&D investment, productivity and highlights of the Company's ongoing clinical programs.  

Perlmutter highlighted ongoing studies that will support the growth of Prolia and XGEVA in osteoclast-mediated bone disease. Phase 3 oncology programs highlighted included: AMG 386 for ovarian cancer; AMG 479 for pancreatic cancer and OncoVex(GM-CSF) for melanoma and head and neck cancer.  Perlmutter also announced the Company's intent to advance AMG 827 into Phase 3 for psoriasis and AMG 785 into Phase 3 for postmenopausal osteoporosis after successful results from Phase 2 studies.  Perlmutter expects that these five programs will provide Phase 3 results by 2015.

Perlmutter discussed several earlier stage programs including the advancement of AMG 145 into Phase 2 for hypercholesterolemia and an update on the status of omecamtiv mercarbil for heart failure.  The Company also noted its disciplined approach in stopping certain programs including: AMG 221 in type 2 diabetes; AMG 853 in asthma; AMG 827 in rheumatoid arthritis; AMG 102 and dulanermin in oncology and Nplate® (romiplostim) in myelodysplastic syndrome.

"We will continue to focus on meaningful therapies for grievous illness," said Perlmutter. "Our 10-year record of accomplishment provides a strong basis for future growth."  

Jonathan Peacock, Amgen executive vice president and CFO, outlined the Company's operating plan to deliver an approximately 6 percentage point improvement above 2010 in adjusted operating margins by 2015. This includes plans to deliver an approximately 2 percentage point improvement in adjusted cost of sales through improved product yields, better network utilization and efficiency gains in external purchasing practices.  Adjusted selling, general and administrative (SG&A) expenses are also expected to improve by approximately 4 percent of sales. Peacock stated that the ex
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