Amgen Reports Third Quarter 2001 Earnings Per Share Of 30 Cents

26-Oct-2001

THOUSAND OAKS, Calif., October 25, 2001 -- Amgen reported that earnings per share for the third quarter of 2001 were 30 cents, compared with 33 cents per share for the third quarter of 2000. Earnings per share for the third quarter of 2000 included a legal award of 4 cents per share for certain legal costs and expenses associated with the spillover arbitration with Johnson & Johnson.

Net income increased five percent for the third quarter of 2001 to $330 million, excluding the prior year non-recurring item.

Worldwide product sales increased to $880 million in the third quarter of 2001, from $851 million for the third quarter last year.

Also in the third quarter, Amgen's share repurchases totaled $320 million representing the buy-back of approximately 5.5 million shares.

In early October, Amgen launched Aranesp™ (darbepoetin alfa) in the United States for the treatment of anemia associated with chronic renal failure including patients on dialysis and patients not on dialysis, following U.S. Food and Drug Administration (FDA) approval. Aranesp™ requires fewer injections than current anemia therapy, thus simplifying anemia management for patients and healthcare providers. Aranesp™ allows the company to compete beyond the U.S. dialysis market.

"With the recent introduction of Aranesp™, Amgen can now provide the benefits of less frequent dosing to patients with chronic renal failure. I'm pleased that within days of the Aranesp™ approval, Amgen submitted supplemental license applications for Aranesp™ for patients suffering from anemia associated with chemotherapy in both the United States and Europe," said Kevin Sharer, Amgen's chief executive officer. "In addition, I'm enthusiastic about the continued progress of our product candidates at regulatory authorities around the world," Sharer added.

Amgen still expects earnings per share and total product sales in 2001 to grow at low-double digit rates versus last year, excluding non-recurring items.

Amgen will provide financial guidance for 2002 on an investor conference call scheduled for 2 p.m. PST on November 20, 2001. Details for this conference call will be communicated in the near future.

Product Sales Performance

Third quarter combined sales of EPOGEN® (Epoetin alfa), Amgen's anemia therapy for patients on dialysis, and Aranesp™, its next-generation anemia treatment, reached $520 million, a five-percent increase from $496 million for EPOGEN®-only sales in the third quarter of 2000. Amgen believes that sales growth was primarily driven by demand. Amgen continues to expect combined EPOGEN® and Aranesp™ sales in 2001 to grow at a low-double digit rate over last year's EPOGEN® sales.

Worldwide sales of NEUPOGEN® (Filgrastim), used to decrease the incidence of infection during many types of cancer chemotherapy treatments, increased to $360 million in the third quarter of 2001, from $353 million in the same period last year. Amgen believes that demand grew at a high-single digit rate during the current quarter. The company believes that growth was primarily due to an increase in the use of chemotherapy in elderly patients and a better understanding of the benefits of NEUPOGEN® in this patient population. Amgen continues to expect NEUPOGEN® sales to grow at a high-single digit rate in 2001.

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