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

piry of the ENBREL profit share agreement with Pfizer is expected to improve the Company's adjusted operating income by $800 million each year in 2014 and 2015 compared to 2010. The Company also plans to deliver cost savings in all areas of G&A and targeted areas of commercial spend. These benefits will be partially offset by increases in the U.S. Healthcare Reform Excise Fee and the profit share on Prolia international sales.  Peacock also noted the Company's plan to invest between 18 and 20 percent of sales each year in R&D.

Peacock stated that the focus for future acquisition and licensing investments would be to advance the Company's strategy to bring innovative medicines to market and expand the company's operating footprint into emerging markets and Japan. Peacock also highlighted that the Company will be disciplined in ensuring that investments deliver both profitable growth and an attractive return on capital.

Amgen expects several growth drivers for its business beyond 2015 which include Prolia and XGEVA, several pipeline launches, expansion into emerging markets and Japan and investments to build a biosimilars portfolio.

A webcast of the Amgen Business Review meeting with presentation slides and video is available through www.amgen.com

Forward-Looking Non-GAAP Financial Measures

Management has presented herein certain forward-looking statements about the Company's future financial performance that include non-GAAP (or "as-adjusted") financial measures, including Adjusted Net Income, Adjusted Operating Margin, Adjusted Operating Income, Adjusted EPS, Adjusted Cost of Sales, Adjusted R&D and Adjusted SG&A expense. These non–GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The Company believes t
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