Navigation Links
Amgen's Full Year 2011 Revenue Increased 4 Percent to $15.6 Billion and Adjusted Earnings Per Share (EPS) Increased 2 Percent to $5.33
Date:1/26/2012

THOUSAND OAKS, Calif., Jan. 26, 2012 /PRNewswire/ -- Amgen (NASDAQ: AMGN) reported total revenue increased 3 percent during the fourth quarter of 2011 to $3,973 million versus $3,841 million in the fourth quarter of 2010.  For the full year 2011, total revenue increased 4 percent to $15,582 million from $15,053 million in 2010.

Adjusted earnings per share (EPS) were $1.21 for the fourth quarter of 2011, an increase of 3 percent compared to $1.17 for the fourth quarter of 2010.  Adjusted net income decreased 6 percent to $1,039 million in the fourth quarter of 2011 compared to $1,103 million in the fourth quarter of 2010.

Full year 2011 adjusted EPS were $5.33 versus $5.21 in 2010, a 2 percent increase.  Full year 2011 adjusted net income decreased 3 percent to $4,858 million versus $5,024 million in 2010.

“We exited 2011 with good momentum and the outlook for 2012 is even stronger,” said Kevin Sharer, chairman & CEO at Amgen.  “Our acquisition of Micromet, announced today, further builds our innovative oncology therapeutics pipeline and capabilities.”

Adjusted EPS and adjusted net income for the fourth quarter and full year 2011 and 2010 exclude, for the applicable periods, a charge for a legal settlement; certain expenses related to acquisitions, impairments and cost-savings initiatives; non-cash interest expense associated with our convertible notes; the income tax benefit as a result of resolving certain non-routine transfer pricing issues with tax authorities and certain other items. These adjustments and other items are presented on the attached reconciliation tables.

On a reported basis in accordance with United States (U.S.) Generally Accepted Accounting Principles (GAAP), Amgen’s GAAP diluted EPS were $1.08 for the fourth quarter of 2011, unchanged from the same quarter last year. GAAP net income of $934 million in the fourth quarter of 2011 decreased 9 percent from $1,022 million in the same quarter last year.  For the full year 2011, Amgen’s reported GAAP diluted EPS were $4.04, a decrease of 16 percent compared to $4.79 for the full year 2010. For the full year 2011, GAAP net income decreased 20 percent to $3,683 million versus $4,627 million for the full year 2010.  GAAP diluted EPS and net income for the full year 2011 were negatively impacted by a previously disclosed charge for a legal settlement.

Product Sales PerformanceTotal product sales increased 4 percent to $3,907 million in the fourth quarter of 2011 versus $3,760 million in the fourth quarter of 2010.  U.S. product sales increased 5 percent to $3,007 million in the fourth quarter of 2011 versus $2,869 million in the fourth quarter of 2010. International product sales increased 1 percent to $900 million in the fourth quarter of 2011 versus $891 million in the fourth quarter of 2010.  Excluding the $28 million unfavorable impact of foreign exchange in the fourth quarter of 2011, total product sales increased 5 percent and international product sales increased 4 percent.  For the year, total product sales increased 4 percent to $15,295 million in 2011 versus $14,660 million in 2010.  U.S. product sales increased 4 percent to $11,725 million in 2011 versus $11,254 million in 2010.  International product sales increased 5 percent to $3,570 million in 2011 versus $3,406 million in 2010.  Excluding the $33 million favorable impact of foreign exchange for the year 2011, total product sales and international product sales both increased 4 percent.

XGEVA® (denosumab) sales were $134 million in the fourth quarter of 2011, an increase of 31 percent over the third quarter, and $351 million for the full year 2011, reflecting increased segment share as well as overall segment growth.  

Prolia® (denosumab) sales were $81 million in the fourth quarter of 2011, an increase of 59 percent over the third quarter, and $203 million for the full year 2011, reflecting significant growth globally.

Combined Neulasta® (pegfilgrastim) and NEUPOGEN® (Filgrastim) sales increased 7 percent to $1,319 million in the fourth quarter of 2011 versus $1,237 million in the fourth quarter of 2010.  Combined U.S. Neulasta and NEUPOGEN sales increased 12 percent to $1,021 million in the fourth quarter of 2011 versus $914 million in the fourth quarter of 2010, primarily driven by an increase in the average net sales price, and to a lesser extent, favorable changes in wholesaler inventories.  Combined Neulasta and NEUPOGEN international sales decreased 8 percent to $298 million in the fourth quarter of 2011 versus $323 million in the fourth quarter of 2010.  Excluding the $10 million unfavorable impact of foreign exchange, international Neulasta and NEUPOGEN product sales decreased 5 percent primarily driven by a NEUPOGEN unit decline.  For the year, combined Neulasta and NEUPOGEN sales increased 8 percent to $5,212 million in 2011 versus $4,844 million in 2010, principally driven by an increase in the U.S. average net sales price and Neulasta unit growth.

Enbrel® (etanercept) sales increased 1 percent to $945 million in the fourth quarter of 2011 versus $939 million in the fourth quarter 2010, primarily driven by low single-digit percentage point unit growth, offset partially by unfavorable changes in wholesaler inventories. For the year, ENBREL sales increased 5 percent to $3,701 million in 2011 versus $3,534 million in 2010, primarily driven by an increase in the average net sales price.  ENBREL remains the segment share leader in both the rheumatology and dermatology segments.

Aranesp® (darbepoetin alfa) sales decreased 15 percent to $538 million in the fourth quarter of 2011 versus $633 million in the fourth quarter of 2010. U.S. Aranesp sales decreased 22 percent to $223 million in the fourth quarter of 2011 versus $285 million in the fourth quarter of 2010, due principally to a unit decline, offset partially by an increase in the average net sales price.  The unit decline reflects segment contraction resulting from changes to the product label and reimbursement environment that occurred during 2011. International Aranesp sales decreased 9 percent to $315 million in the fourth quarter of 2011 versus $348 million in the fourth quarter of 2010.  Excluding the $12 million unfavorable impact of foreign exchange in the fourth quarter of 2011, international Aranesp sales decreased 6 percent primarily due to a unit decline reflecting segment contraction, while share remained stable.  For the year, worldwide Aranesp sales decreased 7 percent to $2,303 million in 2011 versus $2,486 million in 2010, due principally to a high-teens percentage point unit decline in the U.S.

EPOGEN® (epoetin alfa) sales decreased 18 percent to $486 million in the fourth quarter of 2011 versus $591 million in the fourth quarter of 2010. For the year, EPOGEN sales decreased 19 percent to $2,040 million in 2011 versus $2,524 million in 2010.  This was due to a decrease in dose utilization related to changes in reimbursement and the product label, offset partially by an increase in the average net sales price and patient population growth.  Relative to the third quarter of 2011, fourth quarter EPOGEN sales increased 2 percent reflecting signs of dose stabilization.

Sales of our other, growth-phase products increased 16 percent to $1,427 million for the full year 2011 as compared to 2010.  Sales of Sensipar®/Mimpara® (cinacalcet) increased 15 percent to $216 million in the fourth quarter of 2011 versus $188 million in the fourth quarter of 2010.  Sales of Vectibix® (panitumumab) increased 10 percent to $87 million in the fourth quarter of 2011 versus $79 million in the fourth quarter of 2010.  Sales of Nplate® (romiplostim) increased 23 percent to $80 million in the fourth quarter of 2011 versus $65 million in the fourth quarter of 2010. For the year, Sensipar/Mimpara sales increased 13 percent to $808 million in 2011 versus $714 million in 2010, Vectibix sales increased 12 percent to $322 million versus $288 million in 2010, and Nplate sales increased 30 percent to $297 million versus $229 million in 2010.  These increases were driven primarily by global unit growth for both the fourth quarter and the full year.

Operating Expense Analysis on an Adjusted Basis:Cost of sales increased to 16.5 percent of sales in the fourth quarter of 2011 versus 15.1 percent of sales in the fourth quarter of 2010.  Excluding the $79 million impact of the Puerto Rico excise tax, cost of sales would have been 14.4 percent of sales for the quarter, down 0.7 percentage points versus the fourth quarter of 2010.  For 2011, cost of sales increased to 15.3 percent of sales versus 15.0 percent of sales in 2010.  Excluding the $211 million impact of the Puerto Rico excise tax, cost of sales would have been 14.0 percent of sales for the year, down 1.0 percentage point versus 2010. These decreases were driven primarily by improved productivity, offset partially by less favorable product mix.

Research & Development (R&D) expenses increased 2 percent to $842 million in the fourth quarter of 2011 versus $825 million in the fourth quarter of 2010.  The increase was due to costs associated with supporting our later stage clinical programs including AMG 145, talimogene laherparepvec, AMG 386 and ganitumab (AMG 479).  This increase was largely offset by reduced expenses related to Discovery Research, Translational Sciences and marketed product support.  For 2011, R&D expenses were $3,116 million in 2011 versus $2,773 million in 2010, an increase of 12 percent.  This change was primarily due to increased later stage clinical program support including AMG 386, ganitumab, talimogene laherparepvec and AMG 145.Selling, General & Administrative (SG&A) expenses increased 5 percent to $1,199 million in the fourth quarter of 2011 versus $1,142 million in the fourth quarter of 2010.  This increase was driven primarily by the U.S. healthcare reform federal excise fee.  For 2011, SG&A expenses increased 13 percent to $4,434 million versus $3,925 million in 2010.  This increase was driven primarily by the U.S. healthcare reform federal excise fee, higher ENBREL profit share expenses, the unfavorable impact of foreign exchange, as well as increased expenses related to the launches of Prolia and XGEVA and expansion of our international operations.

The adjusted tax rate for the fourth quarter of 2011 was 14.3 percent compared with 15.5 percent for the fourth quarter of 2010.  The decrease was due primarily to the recognition of foreign tax credits associated with the Puerto Rico excise tax.  This decrease was offset partially by the non-deductible U.S. healthcare reform federal excise fee and the full-year benefit in the fourth quarter of 2010 from the enactment of the federal R&D credit.  Excluding the impact of the Puerto Rico excise tax, the adjusted tax rate for the fourth quarter of 2011 would have been 18.1 percent.

For 2011, the adjusted tax rate was 14.3 percent compared to 18.8 percent for 2010. The decrease in the full year adjusted tax rate was due primarily to the aforementioned foreign tax credits associated with the Puerto Rico excise tax offset partially by the non-deductible U.S. healthcare reform federal excise fee; excluding the impact of the Puerto Rico excise tax, the adjusted tax rate for 2011 would have been 19.2 percent.

During the fourth quarter of 2011, Amgen repurchased approximately 86 million shares of common stock at a total cost of $5.2 billion.  During the fourth quarter of 2010, Amgen repurchased approximately 20 million shares of common stock at a total cost of $1.1 billion.  

During 2011, Amgen repurchased approximately 144 million shares of common stock at a total cost of $8.3 billion and an average price of $57.55.  During 2010, Amgen repurchased approximately 66 million shares of common stock at a total cost of $3.8 billion and an average price of $57.14.  The Company currently has $5.0 billion remaining under its authorized stock repurchase program.

Average diluted shares for adjusted EPS for the fourth quarter of 2011 were 860 million versus 946 million for the fourth quarter of 2010 and 912 million for the full year 2011 versus 965 million for the full year 2010.

Capital expenditures for the fourth quarter of 2011 were approximately $241 million versus $182 million in the fourth quarter of 2010.  For 2011, capital expenditures were $584 million versus $580 million in 2010.  Operating cash flow for 2011 decreased 12 percent to approximately $5.1 billion versus approximately $5.8 billion in 2010 due primarily to increased interest expense and working capital increases related to the launches of Prolia and XGEVA.  Worldwide cash and marketable securities were $20.6 billion and adjusted outstanding debt was $21.6 billion as of Dec. 31, 2011.

2012 Guidance The Company expects total revenue for 2012 to be in the range of $16.1 billion to $16.5 billion.  Amgen expects 2012 adjusted EPS to be in the range of $5.90 to $6.15, excluding certain expenses related to acquisitions, the non-cash interest expense associated with our convertible notes, stock option expense and certain expenses related to a cost-saving initiative. 

With respect to other guidance, Amgen expects the adjusted tax rate for 2012 to be in the range of 14 percent to 15 percent.  This reflects the impact of the foreign tax credit associated with the Puerto Rico excise tax.  Excluding the Puerto Rico excise tax, Amgen expects the adjusted tax rate for 2012 to be in the range of 19 percent to 20 percent.

The Company expects 2012 capital expenditures to be approximately $700 million.

Fourth Quarter Product and Pipeline UpdateThe Company provided the following information on selected products and clinical programs:

XGEVA:  The Company discussed the Oncologic Drugs Advisory Committee (ODAC) meeting scheduled on Feb. 8, 2012 to review the Supplemental Biologics License Application (sBLA) to treat men with castration-resistant prostate cancer (CRPC) at high risk of developing bone metastases.

Vectibix:  The Company discussed the previously announced European Union (EU) marketing authorization for the treatment of first- and second-line metastatic colorectal cancer (mCRC).

Prolia:  The Company announced that on Nov. 21, 2011, the sBLA was filed with the U.S. Food and Drug Administration (FDA) to increase bone mass in men with osteoporosis at high risk for fracture.  The FDA will target a Prescription Drug User Fee Act (PDUFA) action date of Sept. 20, 2012.

Nplate:  The Company discussed the FDA modification of the requirements of the Risk Evaluation and Mitigation Strategy (REMS) Program. Prescribing physicians, patients and institutions are no longer required to enroll in the safety monitoring program in order to prescribe or receive Nplate. 

AMG 386:  The Company announced that enrollment has been suspended in the Phase 3 study in second-line ovarian cancer due to DOXIL® (doxorubicin HCl liposome injection) supply issues.  Another larger pivotal study in the same indication continues to enroll.

The Company expects the following clinical data in 2012:

  • Sensipar/Mimpara Phase 3 Evaluation of Cinacalcet Therapy to Lower Cardiovascular Events (EVOLVE) study
  • Talimogene laherparepvec Phase 3 melanoma study - interim data for the primary endpoint (durable response)
  • AMG 785 - Phase 2 fracture healing studies
  • AMG 145 - Phase 2 studies

  • Non-GAAP Financial MeasuresManagement has presented its operating results in accordance with GAAP and on an “adjusted” (or non-GAAP) basis for the three and twelve months ended Dec. 31, 2011 and 2010. In addition, management has presented its outstanding debt in accordance with GAAP and on an “adjusted” (or non-GAAP) basis as of Dec. 31, 2011.  The Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors.  The Company uses these non-GAAP financial measures in connection with its own budgeting and financial planning.  These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in conformity with GAAP. Further, our reconciliations of GAAP to "adjusted" operating results, which are included on the attached tables, are presented in the format of condensed consolidated statements of income solely to facilitate a reader's understanding of the impact of the various adjustments to our GAAP operating results, individually and in the aggregate, and are not intended to place any undue prominence on our adjusted operating results.

    About AmgenAmgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science’s promise by bringing safe, effective medicines from lab to manufacturing plant to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, bone disease and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people’s lives. To learn more about our pioneering science and vital medicines, visit www.amgen.com.  Follow us on www.twitter.com/amgen.

    Forward-Looking StatementsThis news release contains forward-looking statements that involve significant risks and uncertainties, including those discussed below and others that can be found in our Form 10-K for the year ended Dec. 31, 2010, and in our periodic reports on Form 10-Q and Form 8-K.  Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. 

    No forward-looking statement can be guaranteed and actual results may differ materially from those we project.  The Company’s results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments (domestic or foreign) involving current and future products, sales growth of recently launched products, competition from other products (domestic or foreign) and difficulties or delays in manufacturing our products.  In addition, sales of our products are affected by reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and health care cost containment as well as U.S. legislation affecting pharmaceutical pricing and reimbursement.  Government and others’ regulations and reimbursement policies may affect the development, usage and pricing of our products.  Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities.  We, or others, could identify safety, side effects or manufacturing problems with our products after they are on the market.  Our business may be impacted by government investigations, litigation and product liability claims.  Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors.  We depend on third parties for a significant portion of our manufacturing capacity for the supply of certain of our current and future products and limits on supply may constrain sales of certain of our current products and product candidate development.  In addition, we compete with other companies with respect to some of our marketed products as well as for the discovery and development of new products.  Discovery or identification of new product candidates cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate will be successful and become a commercial product.  Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers.  Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to successfully complete the acquisition of Micromet, Inc.

    DOXIL is a registered trademark of Janssen Biotech Products, LP (formerly known as Centocor Ortho Biotech Products, LP).Amgen Inc.Condensed Consolidated Statements of Income andReconciliation of GAAP Earnings to "Adjusted" Earnings(In millions, except per share data)(Unaudited)Three months endedThree months endedDecember 31, 2011December 31, 2010GAAPAdjustments

    "Adjusted"GAAPAdjustments

    "Adjusted"Revenues:Product sales

    $ 3,907$
    -$
    3,907$ 3,760$   -$
    3,760Other revenues

    66-6681-81Total revenues

    3,973-3,9733,841-3,841Operating expenses:Cost of sales (excludes amortization of certainacquired intangible assets presented below)

    656(13)

    (a)643572(4)

    (a)568Research and development

    851(9)

    (b)842854(29)

    (b)825Selling, general and administrative

    1,208(9)

    (c)1,1991,156(14)

    (c)1,142Amortization of certain acquired intangible assets

    73(73)

    (d)-73(73)

    (d)-Other

    23(23)

    (e)-118(118)

    (e)-Total operating expenses

    2,811(127)2,6842,773(238)2,535Operating income

    1,1621271,2891,0682381,306Interest expense, net

    195(34)

    (f)161162(68)

    (f)94Interest and other income, net

    84-8493-93Income before income taxes

    1,0511611,2129993061,305Provision (benefit) for income taxes

    11756

    (g)173

    (h)(23)225

    (g)202Net income

    $
    934$ 105$
    ,039$ 1,022$  81$
    ,103Earnings per share:Basic

    $   1.09$
    .22$   1.09$
    .17Diluted (i)$   1.08$
    .21$   1.08$
    .17Average shares used in calculationof earnings per share:Basic

    854854940940Diluted (i)861860946946(a) - (i)

    See explanatory notes on the following pages.Amgen Inc.Condensed Consolidated Statements of Income andReconciliation of GAAP Earnings to "Adjusted" Earnings(In millions, except per share data)(Unaudited)Year endedYear endedDecember 31, 2011December 31, 2010GAAPAdjustments

    "Adjusted"GAAPAdjustments

    "Adjusted"Revenues:Product sales

    $ 15,295$
    -$  15,295$ 14,660$
    -$  14,660Other revenues

    287-287393-393Total revenues

    15,582-15,58215,053-15,053Operating expenses:Cost of sales (excludes amortization of certainacquired intangible assets presented below)

    2,427(82)

    (a)2,3452,220(15)

    (a)2,205Research and development

    3,167(51)

    (b)3,1162,894(121)

    (b)2,773Selling, general and administrative

    4,486(52)

    (c)4,4343,983(58)

    (c)3,925Amortization of certain acquired intangible assets

    294(294)

    (d)-294(294)

    (d)-Other

    896(896)

    (e)-117(117)

    (e)-Total operating expenses

    11,270(1,375)9,8959,508(605)8,903Operating income

    4,3121,3755,6875,5456056,150Interest expense, net

    610(143)

    (f)467604(266)

    (f)338Interest and other income, net

    448-448376-376Income before income taxes

    4,1501,5185,6685,3178716,188Provision for income taxes

    467343

    (g)810

    (h)690474

    (g)1,164Net income

    $   3,683$ 1,175$
    4,858$   4,627$ 397$
    5,024Earnings per share:Basic

    $
    4.07$
    5.37$
    4.82$
    5.23Diluted (i)$
    4.04$
    5.33$
    4.79$
    5.21Average shares used in calculationof earnings per share:Basic

    905905960960Diluted (i)912912965965(a) - (i)

    See explanatory notes on the following pages.Amgen Inc.Notes to Reconciliation of GAAP Earnings to "Adjusted" Earnings(In millions, except per share data)(Unaudited)Three months ended
    December 31,Year ended
    December 31,2011201020112010(a)Adjustments to cost of sales:Stock option expense (j)$
    (2)$
    (4)$
    (10)$
    (15)Incremental expense resulting from accelerating depreciation and accruing losses for facility operating
    leases as a result of our transaction with Boehringer Ingelheim involving our Fremont, California
    manufacturing facility (the BI transaction)

    (11)-(65)-Incremental expense resulting from recording inventory acquired at fair value, which is in excess
    of historical cost, in the Laboratorio Quimico Farmaceutico Bergamo Ltd business combination  

    --(7)-Total adjustments to cost of sales

    $
    (13)$
    (4)$
    (82)$
    (15)(b)Adjustments to research and development expenses:Stock option expense (j)$
    (8)$
    (11)$
    (35)$
    (51)Non-cash amortization of R&D technology intangible assets acquired in business combinations
    in prior years

    (1)(18)(21)(70)Reversal of previously accrued expenses for bonuses and stock-based compensation awards,
    which were forfeited as a result of the employees' termination pursuant to our continuing efforts
    to improve cost efficiencies in our operations

    --12-Expense resulting from the cash settlement of unvested employee stock options in connection
    with the BioVex Group, Inc. (BioVex) business combination

    --(7)-Total adjustments to research and development expenses

    $
    (9)$
    (29)$
    (51)$
    (121)(c)Adjustments to selling, general and administrative expenses:Stock option expense (j)$
    (8)$
    (14)$
    (40)$
    (58)Merger-related expenses associated with certain of our recent business combinations

    (1)-(12)-Total adjustments to selling, general and administrative expenses

    $
    (9)$
    (14)$
    (52)$
    (58)(d)Adjustments to amortization of certain acquired intangible assets:Non-cash amortization of product technology rights acquired in a prior year business combination

    $
    (73)$
    (73)$  (294)$
    (294)(e)Adjustments to other operating expenses:Certain charges, primarily severance, pursuant to our continuing efforts to improve cost
    efficiencies in our operations.

    $
    (30)$
    -$  (109)$
    -Asset impairment charge associated with the BI transaction

    -(118)-(118)Benefit/(expense) resulting from changes in the estimated fair values of the contingent consideration
    obligations related to the BioVex business combination

    8-(1)-(Expense)/benefit related to certain legal proceedings

    (1)-(786)1Total adjustments to other operating expenses

    $
    (23)$
    (118)$  (896)$
    (117)(f)Adjustments to interest expense, net:Non-cash interest expense associated with our convertible notes

    $
    (34)$
    (68)$  (143)$
    (266)(g)Adjustments to provision for income taxes:Income tax effect of the above adjustments (k)$
    56$
    7$
    331$
    318Income tax benefit related to certain prior period charges excluded from "Adjusted" earnings

    -5125Income tax benefit from resolving certain non-routine transfer pricing issues with tax authorities

    -113-151Total adjustments to provision for income taxes

    $
    56$
    225$
    343$
    474(h)The "Adjusted" tax rate for the three months and year ended December 31, 2011 was 14.3%, which includes the impact of the Puerto Rico excise tax.The following table reconciles the "Adjusted" tax rate including and excluding the Puerto Rico excise tax:Three months endedYear endedDecember 31, 2011December 31, 2011"Adjusted" tax rate including Puerto Rico excise tax

    14.3%14.3%Impact of Puerto Rico excise tax

    3.8%4.9%"Adjusted" tax rate excluding Puerto Rico excise tax

    18.1%19.2%(i)The following table presents the computations for GAAP and "Adjusted" diluted EPS, computed under the treasury stock method."Adjusted" EPS presented below excludes stock option expense:Three months endedThree months endedDecember 31, 2011December 31, 2010GAAP"Adjusted"GAAP"Adjusted"Income (Numerator):Net income for basic and diluted EPS

    $
    934$
    ,039$ 1,022$
    ,103Shares (Denominator):Weighted-average shares for basic EPS

    854854940940Effect of dilutive securities

    76

    (*)66

    (*)Weighted-average shares for diluted EPS

    861860946946Diluted EPS

    $   1.08$
    .21$   1.08$
    .17Year ended Year ended December 31, 2011December 31, 2010GAAP"Adjusted"GAAP"Adjusted"Income (Numerator):Net income for basic and diluted EPS

    $ 3,683$
    4,858$ 4,627$
    5,024Shares (Denominator):Weighted-average shares for basic EPS

    905905960960Effect of dilutive securities

    77

    (*)55

    (*)Weighted-average shares for diluted EPS

    912912965965Diluted earnings per share

    $   4.04$
    5.33$   4.79$
    5.21(*)  Dilutive securities used to compute "Adjusted" diluted EPS for the three months and years ended December 31, 2011 and 2010 were computed under the treasury stock method assuming that we do not expense stock options.(j)For the three months and years ended December 31, 2011 and 2010, the total pre-tax expense for employee stock options was $18 million and $85 million, respectively and $29 million and $124 million, respectively."Adjusted" diluted EPS including the impact of stock option expense for the three months and years ended December 31, 2011 and 2010 was as follows:Three months endedYear ended December 31, December 31, 2011201020112010"Adjusted" diluted EPS, excluding stock option expense

    $   1.21$
    .17$   5.33$
    5.21Impact of stock option expense (net of tax)

    (0.02)(0.02)(0.07)(0.09)"Adjusted" diluted EPS, including stock option expense

    $   1.19$
    .15$   5.26$
    5.12(k)The tax effect of the adjustments between our GAAP and “Adjusted” results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).  Generally, this results in a tax impact at the U.S. marginal tax rate for certain adjustments, including amortization of intangible assets and non-cash interest expense associated with our convertible notes, whereas the tax impact of other adjustments, including the charge for certain legal proceedings and stock option expense, depends on whether the amounts are deductible in the tax jurisdictions where the expenses are incurred or the asset is located and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rates for the adjustments to our GAAP results noted in notes (a) - (f) above, for the three months and years ended December 31, 2011 and 2010 were 34.8% and 21.8% and 35.0% and 36.5%, respectively.Amgen Inc.Product Sales Detail by Product and Geographic Region(In millions)(Unaudited)Three months endedYear endedDecember 31, December 31, 2011201020112010Neulasta® - U.S.

    $
    770$
    82$   3,006$   2,654NEUPOGEN® - U.S.

    251232959932Neulasta® - International

    228236946904NEUPOGEN® - International

    7087301354Enbrel® - U.S.

    8808753,4583,304Enbrel® - Canada

    6564243230XGEVA® - U.S.

    12883438XGEVA® - International

    6-8-Prolia® - U.S.

    521613026Prolia® - International

    294737Aranesp® - U.S.

    2232859861,103Aranesp® - International

    3153481,3171,383EPOGEN® - U.S.

    4865912,0402,524Sensipar® - U.S.

    143115518459Sensipar® (Mimpara®) - International

    7373290255Vectibix® - U.S.

    3131122115Vectibix® - International

    5648200173Nplate® - U.S.

    4334163129Nplate® - International

    3731134100Other - International

    21-58-Total product sales

    $ 3,907$ 3,760$ 15,295$ 14,660U.S.

    $ 3,007$ 2,869$ 11,725$ 11,254International

    9008913,5703,406Total product sales

    $ 3,907$ 3,760$ 15,295$ 14,660Amgen Inc.Condensed Consolidated Balance Sheets - GAAP(In millions)(Unaudited)December 31, December 31,20112010AssetsCurrent assets:Cash, cash equivalents and marketable securities

    $
    20,641$
    7,422Trade receivables, net

    2,8962,335Inventories

    2,4842,022Other current assets

    1,5721,350Total current assets

    27,59323,129Property, plant and equipment, net

    5,4205,522Intangible assets, net

    2,5842,230Goodwill11,75011,334Other assets

    1,5241,271Total assets

    $
    48,871$
    43,486Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable and accrued liabilities

    $
    5,670$
    4,082Current portion of long-term debt

    842,488Total current liabilities

    5,7546,570Long-term debt

    21,34410,874Other non-current liabilities

    2,7442,098Stockholders' equity

    19,02923,944Total liabilities and stockholders' equity

    $
    48,871$
    43,486Shares outstanding

    796932Amgen Inc.Reconciliation of GAAP Debt Outstanding to "Adjusted" Debt Outstanding(In millions)(Unaudited)December 31, 2011GAAPAdjustments for

    accounting

    standard"Adjusted"Total debt outstanding

    $
    21,428 $
    54

    (a) $
    21,582 (a)To exclude the impact of adopting an accounting standard on January 1, 2009 that changed the method of accounting for our convertible notes.Amgen Inc.Reconciliation of GAAP EPS Guidance to "Adjusted" EPS Guidance for the Year Ending December 31, 2012(Unaudited)2012GAAP EPS (diluted) guidance$ 5.43

    -

    $ 5.70Known adjustments to arrive at "Adjusted" earnings*:Amortization of acquired intangible assets.

    (a)0.25Non-cash interest expense associated with our convertible notes

    (b)0.12Stock option expense

    (c)

    0.05

    -

    0.07Charges associated with the BI transaction

    (d)0.03"Adjusted" EPS (diluted) guidance $ 5.90

    -

    $ 6.15*  The known adjustments are presented net of their related aggregate tax impact of approximately $0.25 to $0.26 per share.(a)  To exclude the ongoing, non-cash amortization of intangible assets acquired in prior year business combinations.   (b)  To exclude the non-cash interest expense associated with our convertible notes.   (c)  To exclude stock option expense.   (d)  To exclude incremental expense, related to our cost-saving initiative, resulting from accelerating depreciation as a result of the BI transaction.    On January 26, 2011, we announced that we have entered into a definitive acquisition agreement to acquire Micromet, Inc.    Any resulting adjustments from this transaction have not been determined.  As a result, no adjustments are included in the table above.   Reconciliation of GAAP Tax Rate Guidance to "Adjusted" Tax Rate Guidance for the Year Ending December 31, 2012(Unaudited)2012 with PR excise tax2012 without PR excise taxGAAP tax rate guidance11.7%

    -

    12.8%17.3%

    -

    18.4%Tax rate effect of known adjustments discussed above2.2%

    -

    2.3%1.6%

    -

    1.7%"Adjusted" tax rate guidance 14.0%

    -

    15.0%19.0%

    -

    20.0%CONTACT:  Amgen, Thousand Oaks
    Christine Regan, 805-447-5476 (media)
    Arvind Sood, 805-447-1060 (investors)

    (Logo:  http://photos.prnewswire.com/prnh/20081015/AMGENLOGO)


    '/>"/>

    SOURCE Amgen
    Copyright©2010 PR Newswire.
    All rights reserved


    Related medicine technology :

    1. MDHI Provides Update on FirstFitness Merger - Operation Expected to Produce 2012 Revenues in Excess of $12 Mil - Warrants of 15.5 Mil Cancelled
    2. China Health Resource Pharmaceutical Grade Gastrodia Product Line Expected to Contribute $8 Million in Revenue to 2011 Year End
    3. Volcano Corporation Announces Preliminary Fourth Quarter 2011 Revenues
    4. Mental Health Partners Selects Stockell Healthcares InsightCS® Revenue Cycle Information Management System
    5. InterMune Reports Preliminary Fourth Quarter 2011 Esbriet® (pirfenidone) Revenue and Other Recent Business Highlights
    6. PDL BioPharma Provides Fourth Quarter 2011 Revenue Guidance of $72 Million
    7. Carl Zeiss: Revenue Tops Four Billion Euro Mark for Very First Time
    8. University Behavioral HealthCare Goes Live with Stockell Healthcare Systems InsightCS® Revenue Cycle Information Management System
    9. HealthWarehouse.com Reports 129% Quarter-Over-Quarter Revenue Growth in the Third Quarter 2011
    10. VolitionRX Subsidiary Enters Into its First Revenue-Generating Agreement to Profile Blood-Based Epigenetic Signatures
    11. VirtualScopics Reports 3rd Quarter 2011 Results; YTD Revenues Rise 9%
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:12/5/2016)... Research and Markets has announced the addition of the ... Biochemical Research, Disease Diagnostics), End User (Academic & Research Institutes, Pharmaceutical ... their offering. ... The western blotting market is ... Million in 2016, growing at a CAGR of 4.9%. ...
    (Date:12/5/2016)...   BIOTRONIK today announced the first patients ... the safety and feasibility of performing the minimally invasive ... BioMonitor 2 is an insertable cardiac remote monitor ... a patient,s skin to help physicians accurately detect and ... a leading cause of stroke and heart failure. BioMonitor ...
    (Date:12/5/2016)... R.I. , Dec. 5, 2016  CVS Health, ... it has received a perfect score of 100 percent ... consecutive year. The CEI is an annual national benchmarking ... to LGBT equality, administered by the Human Rights Campaign ... the rich diversity that our colleagues, customers and suppliers ...
    Breaking Medicine Technology:
    (Date:12/6/2016)... , ... December 06, 2016 , ... "Add realistic flares ... flicker, flash, and flare from clip to clip with high quality 4K lens flare ... 4K Jewel contains 44 lens flares filmed on the RED Dragon. Utilizing the Dragon ...
    (Date:12/5/2016)... , ... December 05, 2016 , ... What: Shriners Hospitals ... the North Pole to our patients – using a video monitor and web-enabled camera. ... hospital will transform the Auditorium into a Christmas Wonderland, which is where the video ...
    (Date:12/5/2016)... ... December 05, 2016 , ... Edward ... to announce the arrival of the newest Sciton laser in January 2017. The ... use tunable non-ablative and ablative wavelengths for exceptional results. Outperforming more traditional lasers, ...
    (Date:12/5/2016)... ... ... For many years, Andrew G. Zubinas has accumulated over 130 ... the Lithuanian language and its poetry inspired him in writing “ Forest ... all aspects of a living, breathing forest where nothing ever stays the same. His ...
    (Date:12/5/2016)... ... December 05, 2016 , ... ... networking and relationship-marketing firm, announced today that nominations will be accepted from ... Executive® (ISE®) Central Awards. , Awards include the Information Security Executive® of ...
    Breaking Medicine News(10 mins):