Amgen Releases 2012 Revenue

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THOUSAND OAKS, Calif.—Amgen announced financial results for the fourth quarter and full year of 2012. Key results include:

  • For the full year, total revenues increased 11 percent to $17,265 million, with 9 percent product sales growth driven by strong performance across the portfolio. Adjusted EPS grew 22 percent to $6.51 due to 15 percent adjusted operating income growth and lower shares outstanding. 
  • For the fourth quarter, total revenues increased 11 percent to $4,421 million, with product sales growing at the same rate. Adjusted EPS grew 16 percent to $1.40 due to 11 percent adjusted operating income growth and lower shares outstanding. 
  • GAAP EPS were $1.01 in the fourth quarter compared to $1.08 a year ago, and were $5.52 for the full year compared to $4.04 in 2011. Full year 2011 was negatively impacted by a previously disclosed charge for a legal settlement reserve.
  • Free cash flow for the full year was $5.2 billion compared to $4.5 billion in 2011.
  • The Company announced that it has initiated Phase 3 studies for AMG 145 in subjects with high levels of low-density lipoprotein (LDL) cholesterol. 

"We achieved strong operating performance in 2012 as we delivered for patients and created value for shareholders," said Robert A. Bradway, chairman and chief executive officer at Amgen.  "We enter 2013 with good momentum, a broad late-stage pipeline and a continued focus on building our business internationally."

Year-over-Year

Year-over-Year

$Millions, except EPS and percentages

Q4 '12

Q4 '11

YOY ?

FY '12

FY '11

YOY ?

Total Revenues

$4,421

$3,973

11%

$17,265

$15,582

11%

Adjusted Net Income

1,088

1,039

5%

5,119

4,858

5%

Adjusted EPS

1.40

1.21

16%

6.51

5.33

22%

GAAP Net Income

788

934

(16%)

4,345

3,683

18%

GAAP EPS

$1.01

$1.08

(6%)

$5.52

$4.04

37%

References in this release to "adjusted" measures, measures presented "on an adjusted basis" or to free cash flow refer to non-GAAP financial measures.  These adjustments and other items are presented on the attached reconciliations.

 

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