AMGEN INC Quarterly Report for Q3 Ended Sep 30, 2010

Summary

Amgen Inc. reported steady revenue growth for the nine months ended September 30, 2010, with total revenues increasing by 3% to $11.212 billion compared to the same period in 2009. While total revenues remained flat year-over-year for the third quarter, the company demonstrated strong operational performance. Net income for the nine-month period saw a slight decrease of 2% to $3.605 billion, primarily impacted by a higher effective tax rate. Diluted Earnings Per Share (EPS) for the nine months increased by 4% to $3.71, benefiting from a reduced share count due to active stock repurchases. The company's balance sheet shows a healthy financial position with total assets of $43.534 billion and total stockholders' equity of $24.071 billion as of September 30, 2010. Cash and cash equivalents, along with marketable securities, stood at $17.049 billion, providing ample liquidity. Amgen continued to return value to shareholders through its stock repurchase program, with $2.7 billion spent on repurchases during the first nine months of 2010.

Key Highlights

• 1Total revenues for the nine months ended September 30, 2010, increased by 3% to $11.212 billion, compared to $10.833 billion in the prior year.
• 2Net income for the nine months decreased by 2% to $3.605 billion, impacted by a higher effective tax rate.
• 3Diluted EPS for the nine months increased by 4% to $3.71, driven by share repurchases.
• 4The company reported $17.049 billion in cash, cash equivalents, and marketable securities as of September 30, 2010, indicating strong liquidity.
• 5Amgen repurchased approximately 46 million shares for $2.7 billion during the first nine months of 2010.
• 6New product, Prolia™, generated $13 million in worldwide sales for the nine months ended September 30, 2010.
• 7The company is actively managing its debt, issuing new notes in March and September 2010 to extend its maturity profile.

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