Printer Friendly

AMGEN REPORTS FISCAL YEAR 1991 RESULTS

 AMGEN REPORTS FISCAL YEAR 1991 RESULTS
 THOUSAND OAKS, Calif., Feb. 3 /PRNewswire/ -- Amgen (NASDAQ: AMGN)


today announced its fourth quarter and year end results for the periods ended December 31, 1991. For the fourth quarter, total revenues were $210 million compared with revenues of $91 million for the same quarter a year ago. Net income for this period was $60.0 million, or $0.41 per share on a primary basis, compared with a net loss of $28.0 million, or $0.24 per share, for the comparable period in 1990. The loss in the quarter ended December 31, 1990 reflected a one-time expense of $50 million for a buyout of future royalties. Without the charge, net income for that quarter would have been $19.7 million, or $0.15 per share.
 For the year ended December 31, 1991, total revenues were $682 million compared with $299 million for the prior year. Net income for fiscal 1991 was $97.9 million, or $0.67 per share on a primary basis, compared with net income of $3.9 million, or $0.03 per share, for the prior year. Results for 1991 include a one-time charge of $129 million before taxes assessed in an arbitration. Excluding this one- time charge and the 1990 buyout of future royalties, net income for 1991 would have been $186 million, or $1.28 per share, compared with a net income for 1990 of $56 million, or $0.44 per share.
 "Amgen's capability to deliver highly efficacious, cost-effective pharmaceuticals to patients worldwide improves with our growing financial strength," said Amgen Chairman and CEO Gordon Binder. "Our success, led by the therapeutic products EPOGEN and NEUPOGEN, not only enables Amgen to increase its investment in new products but also enables us to expand operations to additional countries. We are proud to be a contributor to America's world leadership in biotechnology."
 Amgen is an international pharmaceutical company that develops, manufactures and markets human pharmaceuticals based on advanced cellular and molecular biology.
 NOTE: Effective July 24, 1991, Amgen changed its fiscal year end from 3/31 to 12/31. The company has elected to restate financial statements of all prior periods to a calendar year basis to conform with the new fiscal year end. In addition, these results reflect a three- for-one stock split effected in the form of a 200 percent dividend distributed on September 10, 1991 to stockholders of record on August 30, 1991.
 AMGEN INC.
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)"
 (Unaudited)
 Three Months Ended Year Ended (a)
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenues:
 Product sales $203,038 $86,552 $645,251 $281,402
 Corporate partner
 revenues 6,533 4,662 34,498 17,278
 Royalty income 461 --- 2,294 ---
 Total revenues 210,032 91,214 682,043 298,680
 Operating expenses:
 Cost of sales 31,810 18,249 112,660 60,541
 Research and development 33,981 23,316 120,942 72,440
 Royalty obligation buyout --- 50,000 --- 54,700
 Selling, general and
 administrative 61,877 29,533 193,692 101,236
 Legal assessment --- --- 129,055 ---
 Total operating expenses 127,668 121,098 556,349 288,917
 Other income/(expense):
 Interest and other
 income 6,081 3,631 22,999 12,114
 Interest expense, net (58) (366) (1,343) (2,572)
 Equity in earnings of
 affiliated companies 3,641 3,099 10,572 4,966
 Total other
 income/(expense) 9,664 6,364 32,228 14,508
 Income (loss) before
 income taxes 92,028 (23,520) 157,922 24,271
 Provision for income
 taxes 32,067 4,472 60,070 20,406
 Net income (loss) $59,961 ($27,992) $97,852 $3,865
 Earnings (loss) per
 share: (b)
 Primary $0.41 ($0.24) $0.67 $0.03
 Fully diluted $0.40 ($0.24) $0.66 $0.03
 Shares used in
 calculation of: (b)
 Primary earnings
 (loss) per share 147,965 118,704 146,047 125,374
 Fully diluted earnings
 (loss) per share 149,101 118,704 148,440 132,311
 AMGEN INC.
 Condensed Consolidated Balance Sheets
 (In thousands)
 (Unaudited)
 Dec. 31, Dec. 31,
 1991 1990
 Assets
 Current assets:
 Cash and marketable securities $377,771 $170,428
 Trade receivables 88,191 41,039
 Inventories 40,169 33,983
 Deferred tax asset 68,304 19,096
 Other current assets 15,145 20,676
 Total current assets 589,580 285,222
 Property, plant and equipment-net 245,733 149,989
 Other non-current assets 30,218 24,336
 Total assets $865,531 $459,547
 Liabilities and Stockholders' Equity
 Current liabilities $294,669 $87,162
 Long-term debt 39,717 63,272
 Stockholders' equity 531,145 309,113
 Total liabilities and
 stockholders' equity $865,531 $459,547
 (a) Amgen changed its fiscal year end from March 31 to Dec. 31 and restated its financial statements to a calendar year basis to conform to the new fiscal year end.
 (b) Restated to reflect a three-for-one stock split effected in the form of a 200 percent stock dividend distributed on Sept. 10, 1991 to stockholders of record on August 30, 1991.
 -0- 2/3/92
 /CONTACT: Sarah H. Crampton (investors), 805-499-5725, ext. 3250, or Kimberly L. Dorsey (media), 805-499-5725, ext. 4367, both of Amgen/
 (AMGN) CO: Amgen Inc. ST: California IN: MTC SU: ERN


CH -- LA024 -- 6324 02/03/92 16:26 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1992
Words:886
Previous Article:DETROIT BOAT SHOW ANNOUNCES FIRST WEEKEND SALES AND ATTENDANCE INCREASES
Next Article:BETH ISRAEL HOSPITAL: NEW OPTIONS FOR CHRONIC NON-HEALING WOUNDS
Topics:


Related Articles
SPI PHARMACEUTICALS REPORTS RECORD NET INCOME AND SALES FOR THE YEAR ENDED 1991
SYNTEX ESTIMATES FOURTH QUARTER RESULTS
JOHNSON & JOHNSON ANNOUNCES AMGEN ARBITRATION DISPUTE
LEE PHARMACEUTICALS ANNOUNCES YEAR-END RESULTS
GENETICS INSTITUTE AND AMGEN SETTLE EPO DISPUTE
Techne Files Lawsuit.
AMGEN REPORTS REVENUES ROSE 18 PERCENT IN 1995.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters