Summary
Amgen Inc. reported total revenues of $15.0 billion for the fiscal year ended December 31, 2008, representing a 3% increase over the prior year. Net income was $4.2 billion, or $3.90 per diluted share. The company faced significant headwinds, particularly from regulatory and reimbursement developments affecting its erythropoiesis-stimulating agent (ESA) products, including Aranesp® and EPOGEN®. These challenges led to a material adverse impact on Aranesp® sales, especially in the U.S. supportive cancer care setting, and also affected EPOGEN® sales due to revised reimbursement policies. Despite these challenges, Amgen demonstrated resilience with strong sales growth in ENBREL® and Neulasta®/NEUPOGEN®. The company also made progress in its late-stage product candidate pipeline, notably with denosumab, for which a biologics license application was submitted to the FDA in December 2008. Amgen continued to manage its cost structure through restructuring initiatives, incurring $887 million in charges through December 31, 2008, with remaining estimated costs to be incurred in 2009.
Financial Highlights
51 data points| Revenue | $15.00B |
| SG&A Expenses | $3.79B |
| Operating Expenses | $9.79B |
| Operating Income | $5.21B |
| Interest Expense | $551.00M |
| Net Income | $4.05B |
| EPS (Basic) | $3.79 |
| EPS (Diluted) | $3.77 |
| Shares Outstanding (Basic) | 1.07B |
| Shares Outstanding (Diluted) | 1.07B |
Key Highlights
- 1Total revenues reached $15.0 billion, a 3% increase year-over-year, driven by strong performance in ENBREL® and Neulasta®/NEUPOGEN®.
- 2Net income was $4.2 billion, or $3.90 per diluted share.
- 3Aranesp® and EPOGEN® sales experienced a decline primarily due to significant regulatory and reimbursement changes impacting the ESA class.
- 4The company incurred $887 million in restructuring charges through December 31, 2008, as part of a plan to improve its cost structure.
- 5Denosumab, a key late-stage product candidate, advanced with an FDA submission for the treatment and prevention of postmenopausal osteoporosis and bone loss.
- 6Amgen continued its robust share repurchase program, repurchasing $2.3 billion of common stock during 2008.
- 7The company ended the year with strong liquidity, reporting $9.6 billion in cash, cash equivalents, and marketable securities.