Amgen reported total revenue increased 4 percent during the
second quarter of 2011 to $3,959 million versus $3,804 million in the second
quarter of 2010. Total product sales increased 8 percent in the second quarter
of 2011 to $3,893 million versus $3,613 million in the second quarter of 2010. The
increase in total revenue in the second quarter of 2011 included a decline in
other revenue due to certain milestone payments earned in the second quarter of
2010.
Adjusted earnings per share (EPS) were $1.37 for the second
quarter of 2011, a decrease of 1 percent compared to $1.38 for the second
quarter of 2010. Adjusted net income decreased 3 percent to $1,281
million in the second quarter of 2011 compared to $1,326 million in the second
quarter of 2010.
“Our products recorded a strong 8 percent growth during the
quarter,” said Kevin Sharer, chairman & CEO at Amgen. “Our business has
momentum and we expect to be at the upper end of our revenue and EPS guidance
ranges for the year.”
Adjusted EPS and adjusted net income for the second quarter
of 2011 and 2010 exclude, for the applicable periods stock option expense,
certain expenses related to acquisitions and actions to improve cost
efficiencies, non-cash interest expense resulting from a change in accounting for
our convertible notes, and certain other items. These adjustments and
other items are presented on the attached reconciliations.
On a reported basis in accordance with United States (U.S.)
Generally Accepted Accounting Principles (GAAP), Amgen’s GAAP diluted EPS were $1.25
in the second quarter of 2011, unchanged from the same quarter last year. GAAP
net income of $1,170 million in the second quarter of 2011 decreased 3 percent
from $1,202 million in the second quarter of 2010.
