Amgen again reports 20%+ increase in revenues.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--April 18, 1995--Amgen (NASDAQ:AMGN) Tuesday announced that its revenues for the first quarter of 1995 increased by 21 percent to $439 million from $364 million for the same period last year.

Amgen had previously reported a 21 percent increase in revenues in the fourth quarter of 1994, a 20 percent increase in the third quarter of 1994 and a 21 percent increase in the second quarter of 1994.

Net income for the first quarter of 1995 was $109 million, an increase of 16 percent over $93 million for the same quarter a year ago, and first-quarter earnings per share were $0.78, an increase of 18 percent from $0.66 for the same period last year. Reported earnings reflect the previously announced $20 million signing payment to Rockefeller University for the exclusive license to the ob gene, which represents approximately $0.10 per share.

First-quarter sales of EPOGEN (R) (Epoetin alfa) increased 21 percent to $199 million from $164 million for the same quarter a year ago. Worldwide sales of NEUPOGEN (R) (Filgrastim) increased 17 percent to $212 million from $182 million for the same quarter a year ago.

U.S. NEUPOGEN (R) sales were up 12 percent to $147 million from $132 million for the same quarter a year ago. International sales of NEUPOGEN (R) grew strongly in the first quarter, increasing 31 percent to $65 million from $50 million for the same quarter a year ago.

``Once again, strong growth in sales of our two breakthrough products, along with tough expense management, produced strong growth in earnings. For the long term, progress on several key research and clinical development programs has strengthened our company's future,'' said Gordon Binder, chairman and chief executive officer.

Amgen increased its investment in research and development by 54 percent over the first quarter of 1994 to a total of $114 million. For the quarter, R&D investment represents approximately 28 percent of product sales. The ob gene license milestone payment is included in this amount.

Several significant research, development and legal developments occurred during the quarter. These include the filing of a Product License Application (PLA) with the FDA to expand the U.S. NEUPOGEN (R) package insert to include use in conjunction with peripheral blood progenitor cell (PBPC) transplants, an indication unanimously approved by the CPMP in Europe just before the close of 1994. Also occurring during the quarter was the aforementioned ob gene acquisition from Rockefeller University.

Since acquiring rights to the ob gene, Amgen has cloned and expressed the human gene. Researchers have begun pre-clinical work on the gene, which is involved in obesity.

Also, the Court of Appeals for the Federal Circuit upheld a Superior Court ruling that Johnson & Johnson had no standing in our patent dispute with Genetics Institute. This legal victory clears the way for Amgen to receive the remaining $2 million in damages that was part of the 1993 settlement agreement with Genetics Institute. (NOTE: See separate news release also issued today).

Just after the close of the quarter, Amgen celebrated the 15th anniversary of its incorporation.

Amgen is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics based on advanced cellular and molecular biology. -0-

                            Amgen Inc.
          Condensed Consolidated Statements of Operations
              (In thousands, except per share data)
                           (Unaudited)

                                      Three Months Ended
                                           March 31,
                                       1995         1994
Revenues:
Product sales                        $411,237      $345,731
Corporate partner revenues             19,776        13,991
Royalty income                          8,353         4,276
  Total revenues                      439,366       363,998

Operating expenses:
Cost of sales                          66,573        53,283
Research and development              113,883        73,725
Marketing and selling                  58,761        53,173
General and administrative             34,638        28,308
Loss of affiliates, net                12,685         7,257
  Total operating expenses            286,540       215,746

Operating income                      152,826       148,252

Other income/(expense):
Interest and other income              12,899         5,511
Interest expense, net                  (3,784)       (2,640)
  Total other income/(expense)          9,115         2,871

Income before income taxes            161,941       151,123
Provision for income taxes             53,317        57,663
Net income                           $108,624      $ 93,460
Earnings per share:
  Primary earnings per share         78 cents      66 cents
  Fully diluted earnings per share   78 cents      66 cents

Shares used in calculation of:
  Primary earnings per share          139,752       141,371
  Fully diluted earnings per share    140,131       141,371

                           Amgen Inc.
              Condensed Consolidated Balance Sheets
                        (In thousands)
                         (Unaudited)

                                         March 31,      Dec. 31,
                                           1995           1994

Assets
Current assets:
 Cash and marketable securities        $  767,383     $  696,681
 Trade receivables                        189,128        194,712
 Inventories                               92,497         98,004
 Deferred tax assets, net                  70,176         70,176
 Other current assets                      49,746         56,065
Total current assets                    1,168,930      1,115,638

Property, plant and equipment, net        670,596        665,314
Other non-current assets                  212,885        213,195
Total assets                           $2,052,411     $1,994,147

Liabilities and Stockholders' Equity
Current liabilities                    $  533,943     $  536,430
Long-term debt                            181,205        183,407
Stockholders' equity                    1,337,263      1,274,310
Total liabilities and stockholders'
 equity                                $2,052,411     $1,994,147

Shares outstanding                        132,344        132,328

CONTACT: Amgen, Thousand Oaks

David Kaye, 805/447-6692 (media contact)

Sarah H. Crampton, 805/447-1659 (investor contact)