Cash Flow and Balance Sheet Discussion
- The Company generated $1.6 billion of free cash flow in the quarter versus $0.9 billion in the third quarter of 2011. The increase was primarily driven by higher operating income and lower cash taxes.
- During the quarter, Amgen repurchased approximately 10 million shares of common stock at a total cost of $797 million and at an average price of $82.18. This brings the total shares repurchased under its $10 billion authorized stock repurchase program to 131 million at a total cost of $8.4 billion and at an average price of $64.19.
- During the quarter, the Company raised $2 billion of bonds with a weighted average maturity of 13 years and an effective pre-tax coupon of 3.6 percent. The funds will be used to retire the Company's $2.5 billion convertible bonds due February 2013.
- The Company previously announced that its Board of Directors declared a $0.36 per share dividend for the fourth quarter of 2012. The dividend will be paid on Dec. 7, 2012, to all stockholders of record as of the close of business on Nov. 15, 2012.
$Billions, except shares |
Q3 '12 |
Q3 '11 |
YOY Δ | ||
Operating Cash Flow |
$1.7 |
$1.0 |
$0.8 | ||
Capital Expenditures |
0.2 |
0.1 |
0.1 | ||
Free Cash Flow |
1.6 |
0.9 |
0.7 | ||
Dividend Paid |
0.3 |
0.3 |
0.0 | ||
Cost of Shares Repurchased |
0.8 |
2.4 |
(1.6) | ||
Adjusted Avg. Diluted Shares (millions) |
783 |
913 |
(130) | ||
Cash Balance |
25.4 |
17.7 |
7.7 | ||
Adjusted Debt Outstanding |
26.5 |
14.5 |
12.0 | ||
Stockholders' Equity |
19.9 |
23.6 |
(3.7) | ||
Note: Numbers may not add due to rounding |
