Amgen announces 23 percent increase in earnings per share.

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Oct. 15, 1996--Amgen (NASDAQ:AMGN) Tuesday announced that earnings per share for the third quarter ended Sept. 30 increased 23 percent to 64 cents from 52 cents in the third quarter of 1995.

Net income also increased 23 percent to $179 million from $146 million in the same quarter of 1995.

For the nine-month period ended Sept. 30, earnings per share increased by 27 percent, to $1.78 from $1.40 for the same period of 1995, and net income increased 28 percent, to $502 million from $392 million.

During the third quarter, total revenues increased 15 percent, to $567 million from $493 million for the same quarter of 1995. Total product sales increased 16 percent, to $533 million from $461 million for the same period a year ago.

For the nine-month period, total revenues increased 15 percent, to $1.65 billion from $1.43 billion in 1995. Total product sales also increased 15 percent, to $1.53 billion from $1.33 billion for the nine months.

Sales of EPOGEN(R) (Epoetin alfa) increased 19 percent during the quarter, to $274 million from $230 million in the same quarter of 1995, and sales of NEUPOGEN(R) (Filgrastim) increased 12 percent, to $259 million from $230 million.

Investment in research and development increased 24 percent for the quarter to $130 million from $105 million for the same quarter a year ago. R&D investment constituted 24 percent of sales during the quarter.

``This was another solid quarter, and strong earnings continue to drive further development of NEUPOGEN and EPOGEN as well as advance clinical development of Amgen's 12 potential products being studied in human trials,'' said Gordon Binder, chairman and chief executive officer.

Several Amgen pipeline candidates reached significant clinical development milestones during the third quarter. Amgen reached its goal of beginning initial Phase 1 trials of five potential products this year.

Clinical development of GDNF, or Glial Cell Line-Derived Neurotrophic Factor, advanced for two potential neurological indications, Parkinson's disease and ALS.

An initial safety and tolerability study was begun in Parkinson's disease, and an Investigational New Drug application (IND) was filed to request Food and Drug Administration approval to begin a safety and tolerability study in ALS, also known as Lou Gehrig's disease.

Early clinical trial results on MGDF were received during the quarter. These results have established the biologic activity of stimulating growth of platelets. These trials, however, indicated that AML (acute myeloid leukemia) is not a promising indication.

For PBPC, the probability of success is not high, although work on this indication is continuing. Clinical development on other potential indications, including platelet donations, is continuing, and resources devoted to these indications have been increased.

Also during the quarter, Amgen filed a supplement to its NEUPOGEN Product License with the FDA for AML. If approved, AML would expand the number of approved NEUPOGEN indications to five. Similarly, an AML submission was filed with TGA, the Australian regulatory body, during the quarter.

During the quarter, Amgen senior management decided to seek a development and commercialization partner for SPI, recombinant Serine Protease Inhibitor (also known as SLPI, Secretory Leucocyte Protease Inhibitor), which is in preclinical development for the treatment of asthma.

SPI was discovered and developed by scientists at Synergen, the company Amgen acquired in December, 1994. Amgen decided that a company with existing asthma expertise and infrastructure could more effectively realize SPI's clinical and commercial potential.

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

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. -0-

                              AMGEN INC.
            Condensed Consolidated Statements of Operations
                  (In millions, except per-share data)
                             (Unaudited)

                                             Three months ended
                                                  Sept. 30,
                                               1996       1995
Revenues:
 Product sales                               $533.3     $460.6
 Corporate partner revenues                    23.1       23.8
 Royalty income                                10.6        8.9
 Total revenues                               567.0      493.3

Operating expenses:
 Cost of sales                                 73.1       64.1
 Research and development                     130.4      105.5
 Marketing and selling                         76.4       69.1
 General and administrative                    42.1       37.6
 Loss of affiliates, net                       11.3       15.2
 Total operating expenses                     333.3      291.5

Operating income                              233.7      201.8

Other income/(expense):
 Interest and other income                     16.8       15.4
 Interest expense, net                         (1.2)      (3.6)
 Total other income/(expense)                  15.6       11.8

Income before income taxes                    249.3      213.6

Provision for income taxes                     69.8       67.8

Net income                                   $179.5     $145.8

Earnings per share:
 Primary earnings per share                   $0.64      $0.52
 Fully diluted earnings per share             $0.64      $0.51

Shares used in calculation of:
 Primary earnings per share                   279.4      281.8
 Fully diluted earnings per share             280.8      283.2


                                              Nine months ended
                                                  Sept. 30,
                                               1996       1995
Revenues:
 Product sales                             $1,529.1   $1,334.4
 Corporate partner revenues                    86.9       65.1
 Royalty income                                30.3       26.9
 Total revenues                             1,646.3    1,426.4

Operating expenses:
 Cost of sales                                208.3      207.1
 Research and development                     384.6      327.7
 Marketing and selling                        222.5      197.8
 General and administrative                   119.1      106.8
 Loss of affiliates, net                       39.5       41.2
 Total operating expenses                     974.0      880.6

Operating income                              672.3      545.8

Other income/(expense):
 Interest and other income                     48.0       46.7
 Interest expense, net                         (5.2)     (11.2)
 Total other income/(expense)                  42.8       35.5

Income before income taxes                    715.1      581.3

Provision for income taxes                    213.3      189.2

Net income                                   $501.8     $392.1

Earnings per share:
 Primary earnings per share                   $1.78      $1.40
 Fully diluted earnings per share             $1.78      $1.38

Shares used in calculation of:
 Primary earnings per share                   281.3      280.2
 Fully diluted earnings per share             282.3      283.8
-0-

                Condensed Consolidated Balance Sheets
                            (In millions)
                             (Unaudited)
                                             Sept. 30,   Dec. 31,
                                               1996       1995
Assets:
 Current assets:
  Cash and marketable securities           $  994.1   $1,050.3
  Trade receivables                           207.2      199.3
  Inventories                                  91.0       88.8
  Other current assets                        113.7      115.7
  Total current assets                      1,406.0    1,454.1
  Property, plant and equipment, net          831.6      743.8
 Other noncurrent assets                      311.6      234.9
 Total assets                              $2,549.2   $2,432.8

Liabilities and stockholders' equity:
 Current liabilities                       $  565.0   $  583.8
 Noncurrent liabilities                       216.4      177.2
 Stockholders' equity                       1,767.8    1,671.8
 Total liabilities and stockholders'
  equity                                   $2,549.2   $2,432.8

Shares outstanding                            264.5      265.7

CONTACT: Amgen, Thousand Oaks

David Kaye, 805/447-6692 (media)

Denise Powell, 805/447-4346 (investors)