Amgen reports 21-percent increase in fourth-quarter revenues.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)--Feb. 1, 1995--Amgen Inc. (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) Wednesday announced that its revenues increased by 21 percent to $443 million from $366 million for the fourth quarter 1994 and by 20 percent to $1.648 billion from $1.374 billion for the year ended Dec. 31, 1994. After the Synergen write-off of $116 million, fourth-quarter net income was $5 million, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , and $320 million, or $2.29 per share, for the year. Without the one-time write-off of in-process technology related to the acquisition of Synergen, net income for the fourth quarter would have been $121 million, or $.87 per share, and $436 million, or $3.12 per share, for the year. "1994 was a superb year for Amgen. The strong earnings that we are reporting today were achieved despite a rapidly changing health-care market," 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. "Our financial results are a testament to the impact that our products NEUPOGEN (R) and EPOGEN (R) are making on the lives of people with cancer and kidney disease Kidney Disease Definition Kidney disease is a general term for any damage that reduces the functioning of the kidney. Kidney disease is also called renal disease. worldwide." Worldwide sales of NEUPOGEN (R) (Filgrastim) for the quarter were $220.5 million, an increase of 18 percent over the same period a year ago. Of this total, U.S. sales totaled $167 million and international sales $54 million. For the year, worldwide sales were up 15 percent to $829 million from $719 million. U.S. sales for 1994 were $617 million and international sales $212 million. Fourth-quarter 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: ) sales were $193 million, an increase of 20 percent over the same quarter a year ago. For the year, sales were $721 million, an increase of 23 percent over 1993. "Strong earnings driven by growth in product sales and increases in operating efficiencies, promising clinical development of new product candidates and other positive factors have positioned us strongly for both the short and long term," Binder said. 1994 A Year of Recognition and Innovation During 1994, Amgen agreed to jointly develop and market Megakaryocyte megakaryocyte /mega·karyo·cyte/ (-sit?) the giant cell of bone marrow containing a greatly lobulated nucleus, from which mature blood platelets originate.megakaryocyt´ic meg·a·kar·y·o·cyte n. Growth and Development Factor (MGDF MGDF Megakaryocyte Growth and Development Factor ) with its partner Kirin and announced its merger with Synergen. In the merger, Amgen acquired Synergen's product pipeline, which includes Glial glial /gli·al/ (gli´'l) of or pertaining to the neuroglia. glial of or pertaining to glia or neuroglia. glial limitans a dense network of glial processes at the pia mater. 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 (GDNF GDNF Glial-cell Line-Derived, Neurotrophic Factor GDNF Gesinnungsgemeinschaft der Neue Front (German) ), Tumor Necrosis Factor tumor necrosis factor n. Abbr. TNF A protein that is produced in the presence of an endotoxin, especially by monocytes and macrophages, is able to attack and destroy tumor cells, and exacerbates chronic inflammatory diseases. binding protein (TNFbp) and several other product candidates. The U.S. Food and Drug Administration (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. ) licensed NEUPOGEN (R) to treat severe chronic neutropenia Neutropenia Definition Neutropenia is an abnormally low level of neutrophils in the blood. Neutrophils are white blood cells (WBCs) produced in the bone marrow that ingest bacteria. (SCN SCN Scan SCN Sustainable Communities Network SCN System Change Number (Oracle) SCN Scientology SCN Suprachiasmatic Nucleus SCN Switched Circuit Network SCN Standing Committee on Nutrition (UN) ), a rare, potentially life- threatening blood disorder Noun 1. blood disorder - a disease or disorder of the blood blood disease cytopenia - a deficiency of some cellular element of the blood acidemia - a blood disorder characterized by an increased concentration of hydrogen ions in the blood (which falls , and for use in two types of bone marrow transplants bone marrow transplant: see bone marrow. . In December, the President and the U.S. Department of Commerce recognized Amgen's innovation in commercialization of technology with a National Medal of Technology. Amgen is one of only six companies to have received this award and the only biotechnology company to do so. In December, the FDA licensed Amgen's new fill and finish facility in Juncos, Puerto Rico Juncos is one of the 78 municipalities of Puerto Rico located in the eastern central region of the island, south of Canóvanas and Carolina; southeast of Gurabo; east of San Lorenzo; and west of Las Piedras. . Additionally, the FDA approved an increase in the target hematocrit Hematocrit Definition The hematocrit measures how much space in the blood is occupied by red blood cells. It is useful when evaluating a person for anemia. Purpose Blood is made up of red and white blood cells, and plasma. range for chronic renal failure chronic renal failure Chronic kidney failure Nephrology A slow decline in renal function, which may be 2º to chronic HTN, DM, CHF, SLE, or sickle cell anemia and, if extreme, leads to ESRD, mandating kidney dialysis; an abrupt decline in renal function may be patients to 30-36 percent from 30-33 percent, allowing for greater benefit from EPOGEN (R) therapy, and the European Patent Office Technical Board of Appeals upheld the Kirin-Amgen European patent on recombinant erythropoietin erythropoietin /eryth·ro·poi·e·tin/ (-poi´e-tin) a glycoprotein hormone secreted by the kidney in the adult and by the liver in the fetus, which acts on stem cells of the bone marrow to stimulate red blood cell production (EPO EPO see erythropoietin. EPO Erythropoietin, see there ). Amgen is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. based on advanced 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-
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Dec. 31,
1994 1993
Revenues:
Product sales .......................... $413,566 $347,289
Corporate partner revenues ............. 20,673 12,559
Royalty income ......................... 8,627 5,779
Total revenues ..................... 442,866 365,627
Operating expenses:
Cost of sales .......................... 61,320 57,320
Research and development ............... 88,077 71,555
Write-off of in-process technology
purchased ............................ 116,367 --
Marketing and selling .................. 62,173 62,671
General and administrative ............. 32,539 30,509
Loss of affiliates, net ................ 5,549 2,411
Legal award ............................ -- --
Total operating expenses............ 366,025 224,466
Operating income........................ 76,841 141,161
Other income/(expense):
Interest and other income .............. 5,497 8,773
Interest expense, net .................. (3,247) (2,462)
Total other income/(expense) ....... 2,250 6,311
Income before income taxes and cumulative effect of a change in accounting principle ................ 79,091 147,472 Provision for income taxes ............. 74,306 56,373 Income before cumulative effect of a change in accounting principle ....... 4,785 91,099 Cumulative effect of a change in accounting principle (1) ........................ -- -- Net income ............................. $ 4,785 $ 91,099 Earnings per share:
Primary:
Income before cumulative effect of
a change in accounting principle ... $ 0.03 $ 0.64
Cumulative effect of a change in
accounting principle ............... -- --
Net income ........................... $ 0.03 $ 0.64
Fully diluted:
Income before cumulative effect of
a change in accounting principle ... $ 0.03 $ 0.64
Cumulative effect of a change in
accounting principle ............... -- --
Net income .......................... $ 0.03 $ 0.64
Shares used in calculation of: Primary earnings per share .......... 139,279 142,260 Fully diluted earnings per share .... 139,710 142,806
Year Ended
Dec. 31,
1994 1993
Revenues:
Product sales .......................... $1,549,567 $1,306,322
Corporate partner revenues ............. 70,400 48,631
Royalty income ......................... 27,937 18,889
Total revenues ..................... 1,647,904 1,373,842
Operating expenses:
Cost of sales .......................... 238,123 220,046
Research and development ............... 323,629 255,321
Write-off of in-process technology
purchased ............................ 116,367 --
Marketing and selling .................. 236,858 214,132
General and administrative ............. 122,936 114,295
Loss of affiliates, net ................ 31,227 12,589
Legal award ............................ -- (13,900)
Total operating expenses............ 1,069,140 802,483
Operating income........................ 578,764 571,359
Other income/(expense):
Interest and other income .............. 21,526 27,161
Interest expense, net .................. (12,021) (6,150)
Total other income/(expense) ....... 9,505 21,011
Income before income taxes and cumulative effect of a change in accounting principle ................ 588,269 592,370 Provision for income taxes ............. 268,604 217,795 Income before cumulative effect of a change in accounting principle ....... 319,665 374,575 Cumulative effect of a change in accounting principle (1) ............. -- 8,738 Net income ............................. $ 319,665 $ 383,313 Earnings per share:
Primary:
Income before cumulative effect of
a change in accounting principle ... $2.29 $2.61
Cumulative effect of a change in
accounting principle ............... -- 0.06
Net income ........................... $2.29 $2.67
Fully diluted:
Income before cumulative effect of
a change in accounting principle ... $2.27 $2.60
Cumulative effect of a change in
accounting principle ............... -- 0.06
Net income .......................... $2.27 $2.66
Shares used in calculation of: Primary earnings per share .......... 139,790 143,611 Fully diluted earnings per share .... 141,099 144,322
(1) Reflects the cumulative effect of a change in accounting
principle to adopt SFAS No. 109, "Accounting for Income Taxes."
-0-
AMGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Dec 31, Dec 31,
1994 1993
Assets
Current assets:
Cash and marketable securities ..... $ 696,681 $ 723,184
Trade receivables .................. 194,712 164,337
Inventories ........................ 98,004 74,712
Deferred tax assets, net ........... 70,176 58,937
Other current assets ............... 56,065 33,340
Total current assets ............. 1,115,638 1,054,510
Property, plant and equipment -- net . 665,314 586,912
Other non-current assets ............. 213,195 124,101
Total assets ................... $1,994,147 $1,765,523
Liabilities and Stockholders' Equity
Current liabilities .................. $ 536,430 $ 412,261
Long-term debt ....................... 183,407 181,242
Stockholders' equity.................. 1,274,310 1,172,020
Total liabilities and
stockholders' equity ......... $1,994,147 $1,765,523
Shares outstanding ................... 132,328 134,214 CONTACT: Amgen Inc., Thousand Oaks Sarah H. Crampton, 805/447-1659 (investor) David Kaye David V. Hope (born 14 October 1964), known professionaly as David Kaye, is a Canadian actor who is better known and revered for his work as a voice actor. Career , 805/447-6692 (media) |
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