Amgen announces 23% increase in earnings per share.THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. , Calif.--(BUSINESS WIRE)--Jan. 23, 1997--Amgen (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMGN) Thursday announced that earnings per share for the fourth quarter ending Dec. 31 increased by 23 percent, to $0.64 from $0.52 for the same quarter a year ago. Net income increased by 22 percent, to $178 million from $146 million for the same quarter last year. Total revenues increased by 16 percent, to $594 million from $514 million for the same quarter of 1995. Earnings per share for the year increased by 26 percent, to $2.42 from $1.92 in 1995. Net income for the year increased by 26 percent, to $680 million from $538 million in 1995. Total revenues for the year were $2.2 billion, up 15 percent from $1.9 billion for 1995. The year 1996 marked the first year in which sales of NEUPOGEN(R) (Filgrastim) and EPOGEN(R) (Epoetin alfa e·po·e·tin al·fa n. A recombinant preparation of human erythropoietin used to treat some forms of anemia. epoetin alfa Epogen, Eprex (CA) (UK), Procrit Pharmacologic class: ) each exceeded $1 billion. Total sales of NEUPOGEN for the quarter ending Dec. 31, 1996 increased by 10 percent, to $270 million from $246 million for the same quarter a year ago. For the year, total NEUPOGEN sales increased by 9 percent, to $1 billion from $936 million for 1995. Sales of EPOGEN for the quarter increased by 22 percent, to $289 million from $238 million for the same quarter of 1995. For the year, EPOGEN sales increased by 21 percent, to $1.1 billion from $883 million for 1995. "Our core businesses of EPOGEN and NEUPOGEN continue to be strong, reflecting our focused marketing initiatives and additional indications," said Gordon Binder Gordon Binder is currently managing director of Coastview Capital, LLC, and previously was chairman of Amgen[1]. He joined Amgen in 1982, and previously had executive roles at the United Geophysical Corporation and the System Development Corporation. , chairman and chief executive officer. "We began clinical trials of five potential new products in 1996 and announced a sixth this week, and we made substantial progress throughout the year developing the other product candidates in our pipeline," he said. During the quarter, Amgen began the first human clinical trials of NESP NESP Neuroendocrine Secretory Protein NESP Navy EHF SATCOM Program NESP Nurse Educator Scholarship Program NESP Navy EHF Satellite Program NESP National Environmental Studies Project NESP National Education Supercomputer Program , the company's Novel Erythropoiesis erythropoiesis /eryth·ro·poi·e·sis/ (-poi-e´sis) the formation of erythrocytes.erythropoiet´ic e·ryth·ro·poi·e·sis n. The formation or production of red blood cells. Stimulating Protein. The trials are designed to evaluate the safety and efficacy of this novel, recombinant protein recombinant protein Molecular biology A protein encoded by recombinant DNA or generated from a recombinant gene. See Recombinant pharmacology. . NESP is being developed to stimulate the production of red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells . Also during the quarter, Amgen announced positive results from its Phase 3 clinical trial phase 3 clinical trial Phase 3 study. See Phase study. of Stem Cell Factor stem cell factor n. A cytokine that promotes the differentiation and growth of hematopoietic stem cells into other types of cells. (SCF SCF Service Canadien des Forêts (Canadian Forest Service) SCF Stem Cell Factor SCF Scientific Committee on Food (European Commission) SCF Service Canadien de la Faune ). SCF, trade name STEMGEN(R), is the early-acting blood cell factor discovered by Amgen scientists. The trial demonstrated that a median of approximately one-third fewer blood cell collection procedures were required using a combination of SCF and NEUPOGEN compared with NEUPOGEN alone. SCF was generally well tolerated, with most patients experiencing mild injection-site redness that resolved itself in one to two days. Several other key events occurred during the quarter and earlier this month. Amgen and Regeneron Pharmaceuticals, Inc. announced that the Phase 3 clinical trial of Brain Derived Neurotrophic Factor neurotrophic factor A generic term for any of a family of substances with roles in maintenance and survival of neurons–eg, secretory proteins, nerve growth factors–see there, brain-derived growth factor, neurotrophin-3 (BDNF BDNF Brain-Derived Neurotrophic Factor BDNF Beaverhead-Deerlodge National Forest (Montana) ) administered subcutaneously did not demonstrate clinical efficacy in patients with ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. . Amgen filed a license supplement with the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for the use of EPOGEN in pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. dialysis patients. The Board of Directors authorized the repurchase of up to $450 million of Amgen stock during 1997. During the year, Amgen strengthened the patent protection of both NEUPOGEN and EPOGEN, obtaining product patents that extend the U.S. patent lives of each to the year 2013. Amgen is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics based on advances in cellular and molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller . -0- NOTE: This news release contains forward-looking statements that involve risks and uncertainties, including risks associated with clinical development, regulatory approvals, product commercialization and other risks described from time to time in the SEC reports filed by Amgen, including the most recently-filed Form 10-Q Form 10-Q See 10-Q. . An electronic version of this news release may be accessed via Amgen's web site at www.Amgen.com. Visit the Corporate Center and click on Amgen News. Journalists and media representatives may sign up to receive all news releases electronically at time of announcement by filling out a short form in the Amgen News section of the web site. -0-
Amgen Inc.
Condensed Consolidated Statements of Operations
(In millions, except per-share data)
(Unaudited)
Three Months Ended Year Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Revenues:
Product sales $ 559.1 $ 484.2 $2,088.2 $1,818.6
Corporate partner
revenues 23.0 20.1 109.9 85.2
Royalty income 11.4 9.2 41.7 36.1
Total revenues 593.5 513.5 2,239.8 1,939.9
Operating expenses:
Cost of sales 74.9 65.8 283.2 272.9
Research and development 143.7 124.0 528.3 451.7
Marketing and selling 87.6 75.1 310.1 272.9
General and administrative 41.4 38.7 160.5 145.5
Loss of affiliates, net 13.3 12.1 52.8 53.3
Total operating expenses 360.9 315.7 1,334.9 1,196.3
Operating income 232.6 197.8 904.9 743.6
Other income (expense):
Interest and other income 15.6 19.4 63.6 66.1
Interest expense, net (1.0) (4.1) (6.2) (15.3)
Total other income/(expense) 14.6 15.3 57.4 50.8
Income before income taxes 247.2 213.1 962.3 794.4
Provision for income taxes 69.2 67.5 282.5 256.7
Net income $178.0 $145.6 $679.8 $537.7
Earnings per share:
Primary earnings per share $0.64 $0.52 $2.42 $1.92
Fully diluted earnings
per share $0.64 $0.51 $2.42 $1.88
Shares used in calculation of:
Primary earnings per share 278.8 282.4 280.7 280.7
Fully diluted earnings
per share 279.0 284.7 280.9 285.3
-0-
Amgen Inc.
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
Dec. 31, Dec. 31,
1996 1995
Assets
Current assets:
Cash and marketable securities $1,077.0 $1,050.3
Trade receivables 225.4 199.3
Inventories 97.4 88.8
Other current assets 102.8 115.7
Total current assets 1,502.6 1,454.1
Property, plant and equipment, net 910.5 743.8
Other non-current assets 352.5 234.9
Total assets $2,765.6 $2,432.8
Liabilities and Stockholders' Equity
Current liabilities $ 642.9 $ 583.8
Non-current liabilities 216.4 177.2
Stockholders' equity 1,906.3 1,671.8
Total liabilities and
stockholders' equity $2,765.6 $2,432.8
Shares outstanding 264.7 265.7
CONTACT: Amgen, Thousand Oaks David Kaye, 805/447-6692 (media) Denise Powell, 805/447-4346 (investors) |
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