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Financial Report: Amgen

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Amgen

4Q Revenues: $3.7 billion (-2%)

4Q Earnings: $835 million (flat)

FY Revenues: $14.8 billion (+4%)

FY Earnings: $3.2 billion (+7%)

Comments: Worldwide Aranesp sales were down 25% to $827 million in 4Q07, due to a decline in U.S. demand. FY Aranesp sales were $3.6 billion (-12%). Sales of Epogen were down 3% to $638 million in the quarter and were $2.5 billion for the year (-1%). Combined worldwide sales of Neulasta and Neupogen were $1.1 billion in the quarter (+9%), and $4.3 million for the year (+9%). Enbrel sales increased 8% in the quarter to $856 million and for the year were up 12% to $3.2 billion. R&D expenses were down 22% to $785 million in the quarter and down 4% to $3.0 billion for the year. FY results were impacted by the write-off of $590 million of acquired in-process R&D related to the acquisitions of Alantos and Ilypsa. 4Q and FY results were also negatively impacted by charges of $157 million and $739 million, respectively, related to restructuring costs.

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