THOUSAND OAKS, Calif.—Amgen announced financial results for the third quarter of 2012. Key results for the quarter include:
- Total revenues increased 10 percent to $4,319 million, with 8 percent product sales growth driven by strong performance across the portfolio.
- Adjusted EPS grew 19 percent to $1.67 due to 14 percent adjusted operating income growth and lower shares outstanding. Adjusted net income increased 2 percent to $1,311 million.
- GAAP EPS were $1.41 compared to $0.50 and GAAP net income was $1,107 million compared to $454 million. The third quarter of 2011 was negatively impacted by a previously disclosed charge for a legal settlement reserve.
- Free cash flow was approximately $1.6 billion compared to $0.9 billion.
"We delivered solid growth in revenues and earnings," said Robert A. Bradway , president and CEO at Amgen. "Our marketed products are performing well and we continue to make progress with key pipeline projects."
Year-over-Year | ||||||
$Millions, except EPS and percentages |
Q3 '12 |
Q3 '11 |
YOY Δ | |||
Total Revenues |
$4,319 |
$3,944 |
10% | |||
Adjusted Net Income |
1,311 |
1,280 |
2% | |||
Adjusted EPS |
1.67 |
1.40 |
19% | |||
GAAP Net Income |
1,107 |
454 |
144% | |||
GAAP EPS |
$1.41 |
$0.50 |
182% | |||
Adjusted EPS, adjusted operating income, adjusted net income, and free cash flow are non-GAAP financial measures. These adjustments and other items are presented on the attached reconciliations.
