Summary
Amgen Inc. reported strong performance in its 2001 fiscal year, driven by its key biopharmaceutical products. Total revenues reached $4.016 billion, a significant increase driven by product sales, which grew by 10% to $3.511 billion. This growth was primarily fueled by EPOGEN® and its newer counterpart Aranesp™, which saw combined sales rise by 10% to $2.150 billion, bolstered by new market approvals for Aranesp™ and increased demand for EPOGEN®. NEUPOGEN®, another cornerstone product, also demonstrated robust growth, with worldwide sales increasing by 10% to $1.346 billion due to increased demand and pricing. The company is actively investing in research and development, with R&D expenses at $865 million, focusing on therapeutic areas such as nephrology, cancer, inflammation, and neurology. A major strategic development was the announcement of a definitive agreement to acquire Immunex Corporation for an estimated $17.6 billion, signaling a significant move to expand its product portfolio and market presence.
Key Highlights
- 1Total revenues reached $4.016 billion in 2001, up from $3.629 billion in 2000, driven by a 10% increase in product sales.
- 2EPOGEN® and Aranesp™ combined sales grew 10% to $2.150 billion, supported by Aranesp™'s new market approvals and increased EPOGEN® demand.
- 3NEUPOGEN® sales increased by 10% to $1.346 billion, reflecting worldwide demand growth and higher U.S. prices.
- 4The company invested $865 million in Research and Development, underscoring its commitment to innovation.
- 5Amgen announced a definitive agreement to acquire Immunex Corporation for approximately $17.6 billion, a significant strategic move expected to close in the second half of 2002.
- 6The company ended the year with substantial liquidity, holding $2.662 billion in cash, cash equivalents, and marketable securities.
- 7A new product, Neulasta™, received FDA approval in January 2002 for decreasing the incidence of infection in patients undergoing myelosuppressive chemotherapy.