Amgen Inc. (Amgen) has reported total revenues of $15 billion for the full year 2008, compared with the total revenues of $14.7 billion in the previous year-end. It has also reported net income of $4.1 billion, or $3.90 per diluted share, for the full year 2008, compared with the net income of $3.1 billion, or $2.82 per diluted share, in the previous year-end.

Adjusted net income, excluding stock option expense and certain other expenses, increased 3% to $1,124 million in the fourth quarter of 2008 compared to $1,088 million in the fourth quarter of 2007. Stock option expense on a per share basis totaled 2 cents and 3 cents in the fourth quarter of 2008 and the fourth quarter of 2007, respectively.

Full year 2008 adjusted EPS, excluding stock option expense and certain other expenses, were $4.55 versus $4.29 in 2007, a 6% increase. Full year 2008 adjusted net income, excluding stock option expense and certain other expenses, was $4,885 million versus $4,804 million in 2007, a 2% increase. Stock option expense on a per share basis totaled 7 cents and 12 cents in 2008 and 2007, respectively.

Total revenue of $3,751 million in the fourth quarter of 2008 was essentially flat compared to $3,745 million in the fourth quarter of 2007.

Adjusted EPS and adjusted net income for the fourth quarter and full year 2008 and 2007 exclude, for the applicable periods, stock option expense, certain expenses related to acquisitions, restructuring charges and certain other items. These expenses and other items are set forth on the attached reconciliation tables. Adjusted EPS including the impact of stock option expense are also set forth in the notes to the attached reconciliation tables.

Calculated in accordance with United States (US) Generally Accepted Accounting Principles (GAAP), Amgen’s GAAP EPS were $0.91 in the fourth quarter of 2008 compared to $0.76 in the same quarter last year. GAAP net income was $961 million in the fourth quarter of 2008 compared to $835 million in the fourth quarter of 2007. For the full year 2008, Amgen’s reported GAAP EPS were $3.90, compared to $2.82 for the full year 2007. Full year 2008 GAAP net income was $4,196 million versus $3,166 million in 2007. GAAP reported results for the fourth quarter and full year of 2007 were negatively impacted by $60 million and $591 million, respectively, of incremental charges related to our previously announced restructuring plan. In addition, GAAP reported results for the full year 2007 were negatively impacted by the write-offs of $590 million of acquired in-process research and development related to the acquisitions of Alantos Pharmaceutical Holdings, Inc. and Ilypsa, Inc.

“I am proud of Amgen’s performance in 2008 and excited about our prospects in 2009 and beyond. While Amgen faces a range of challenges in today’s environment, I am confident we are ready,” said Kevin Sharer, chairman and chief executive officer.

Product Sales Performance

During the fourth quarter, total product sales increased 2% to $3,674 million from $3,618 million in the fourth quarter of 2007. Sales in the U.S. totaled $2,900 million, an increase of 1% versus $2,871 million in the fourth quarter of 2007. International sales increased 4% to $774 million versus $747 million for the fourth quarter of 2007. Changes in foreign exchange negatively impacted fourth quarter 2008 sales by $30 million. Excluding the impact of foreign exchange, total product sales increased 2% and international product sales increased 8%. For the full year, total product sales were $14,687 million in 2008 versus $14,311 million in 2007, a 3% increase. U.S. sales for the full year were relatively unchanged at $11,460 million versus $11,443 million in the prior year. International sales for the full year increased 13% to $3,227 million versus $2,868 million in the prior year. Changes in foreign exchange positively impacted full year sales by $213 million. Excluding the impact of foreign exchange, total product sales increased 1% and international sales increased 5%.

Worldwide sales of Aranesp (darbepoetin alfa) decreased 15% to $706 million in the fourth quarter of 2008 versus $827 million during the fourth quarter of 2007. In the U.S., Aranesp sales decreased 22% to $361 million in the fourth quarter of 2008 versus $462 million in the fourth quarter of 2007. U.S. sales of Aranesp for the fourth quarter of 2007 benefited $37 million from changes in accounting estimates related to sales discounts and product sales returns reserve. Excluding the positive impact of these changes in accounting estimates, U.S. sales of Aranesp decreased 15% in the fourth quarter of 2008 versus the prior year. This decrease in U.S. sales in the fourth quarter of 2008 primarily reflects a decline in demand, partially offset by favorable changes in wholesaler inventories. The decline in demand reflects the negative impact, primarily in the supportive cancer care setting, from regulatory changes which principally occurred in the second half of 2007, additional product label changes which occurred in the third quarter of 2008, and, to a lesser extent, loss of segment share. International Aranesp sales decreased 5% to $345 million versus $365 million in the fourth quarter of 2007 due to changes in foreign exchange which negatively impacted fourth quarter 2008 sales by approximately $12 million, pricing pressure, and ESA (erythropoiesis stimulating agent) dosing conservatism in our oncology business. Excluding the impact of foreign exchange, worldwide product sales decreased 13% and international product sales decreased 2%. For the full year, worldwide Aranesp sales were $3,137 million in 2008 versus $3,614 million in 2007, a 13% decrease. This decrease in sales was primarily due to a decline in demand reflecting reaction to regulatory and reimbursement developments and, to a lesser extent, loss of segment share noted above.

Sales of EPOGEN (Epoetin alfa) increased 1% to $646 million in the fourth quarter of 2008 versus $638 million in the fourth quarter of 2007, primarily due to favorable changes in wholesaler inventories, partially offset by a decline in demand and to a lesser degree spillover. The decline in demand is principally due to a decline in the average net sales price and lighter year end customer demand, partially offset by an increase in patient population growth. For the full year, EPOGEN sales were $2,456 million in 2008 versus $2,489 million in 2007, a 1% decrease. This decrease in sales is principally due to a slight decline in demand. Spillover is a result of the Company’s contractual relationship with Johnson & Johnson. (Please refer to the Company’s Form 10-K for a more detailed discussion of this relationship and a description of spillover).

Combined worldwide sales of Neulasta (pegfilgrastim) and NEUPOGEN (Filgrastim) increased 6% to $1,180 million in the fourth quarter of 2008 versus $1,118 million for the fourth quarter of 2007, driven primarily by increased demand for Neulasta. Combined sales of Neulasta and NEUPOGEN in the U.S. were $884 million in the fourth quarter of 2008 versus $832 million in the fourth quarter of 2007, an increase of 6% primarily reflecting favorable changes in wholesaler inventories and an increase in demand for Neulasta. The increase in demand was driven by an increase in average net sales price, partially offset by a decline in units sold. Combined international sales increased 3% to $296 million in the fourth quarter of 2008 versus $286 million for the same quarter in the prior year. This growth reflects increased demand driven by the continued conversion from NEUPOGEN to Neulasta, partially offset by the impact of changes in foreign exchange which negatively impacted fourth quarter 2008 combined international sales by approximately $11 million. Excluding the impact of foreign exchange, combined worldwide product sales and international product sales each increased 7%. For the full year, worldwide combined sales of Neulasta and NEUPOGEN were $4,659 million in 2008 versus $4,277 million in 2007, a 9% increase primarily driven by increased demand for Neulasta.