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Amgen 2008 Annual Report
and Financial Summary

Table of contents

  • Page 1
    Amgen 2008 Annual Report and Financial Summary

  • Page 2
    ... 15 million patients worldwide have been treated with Amgen products. With a broad and deep pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. Products Aranesp® (darbepoetin alfa) Enbrel® (etanercept) EPOGEN ® (Epoetin alfa...

  • Page 3
    ..., 2008 was a good year for Amgen, its stockholders and the patients we serve. Amgen's most important news in 2008 was our progress in advancing our drug development pipeline. In July we received the clinical data from the pivotal denosumab postmenopausal osteoporosis trial, which compared denosumab...

  • Page 4
    ... spent 15 years working on this important new medicine, from doing the fundamental research to developing manufacturing processes that we expect will result in exceptionally efficient and high-quality production capabilities. The denosumab story is Amgen at our best. Developing these medicines is...

  • Page 5
    ... and your results. KEVIN W. SHARER Chairman and Chief Executive Officer February 6, 2009 Over the years we have had a consistent strategy, and I am convinced our strategy will serve us well in 2009 and beyond. Amgen's strategy includes putting patients first, focusing solely on human therapeutics...

  • Page 6
    ... drug benefit counseling; and grants to KaBOOM!, an organization that builds playgrounds in high-need areas with the help of Amgen staff volunteers. Pipeline • As of year-end 2008, more than 47,000 patients in 53 countries around the world were enrolled in Amgen clinical trials. • Six new...

  • Page 7
    ...an employee transportation program and reduction of energy consumption and waste. Denosumab Data Shows Reduction in Fractures "I'm really excited about denosumab," says clinical investigator Dr. Ethel Siris (right), director of the Toni Stabile Osteoporosis Center of the Columbia University Medical...

  • Page 8
    ...of human subjects. Phase 2 clinical trials investigate side effect profiles and efficacy of a product candidate in a large number of patients who have the disease or condition under study. AMG 191 Inï¬,ammatory diseases AMG 208 Various cancer types AMG 221 Type 2 diabetes AMG 477 Type 2 diabetes...

  • Page 9
    ..., and shows the status of selected clinical programs and molecules in Amgen's product pipeline. Amgen's product pipeline will change over time as programs and molecules move through the drug development process, including progressing to market or failing in clinical trials, due to the nature of the...

  • Page 10
    ..., product technology rights Restructuring costs Stock option expense Write-off of inventory Amortization of acquired intangible assets, research and development (R&D) technology rights Write-off of acquired in-process (R&D) Tax settlement Write-off of deferred financing costs Other merger-related...

  • Page 11
    ... and Chief Compliance Officer David J. Scott Senior Vice President, General Counsel and Secretary Kevin W. Sharer Chairman of the Board, CEO and President Geoffrey F. Slaff Senior Vice President, Quality Stockholder Information Amgen Inc. Corporate Office One Amgen Center Drive Thousand Oaks...

  • Page 12
    Form 10-K 2008 Annual Report For the fiscal year ended December 31, 2008

  • Page 13
    ... One Amgen Center Drive, Thousand Oaks, California (Address of principal executive offices) (805) 447-1000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(g) of the Act: Common stock, $0.0001 par value; preferred share purchase rights (Title of class...

  • Page 14
    ...Research and Development and Selected Product Candidates ...Manufacturing, Distribution and Raw Materials ...Joint Ventures and Business Relationships ...Government Regulation ...Human Resources ...Executive Officers of the Registrant ...Geographic Area Financial Information ...Investor Information...

  • Page 15
    ...private insurance plans and administration of those programs. Governments may regulate access to, prices or reimbursement levels of our products to control costs or to affect levels of use of our products and private insurers may be influenced by government reimbursement methodologies. Worldwide use...

  • Page 16
    ... sales and marketing forces primarily in the United States, Europe and Canada. We market our products to healthcare providers, including physicians or their clinics, dialysis centers, hospitals and pharmacies. We market ENBREL under a co-promotion agreement with Wyeth in the United States and Canada...

  • Page 17
    ... in the labeling information in the United States. This updated box warning states that ESAs shorten overall survival and/or time-to-tumor progression in clinical studies in patients with breast, non-small cell lung, head and neck, lymphoid and cervical cancers when dosed to a target Hb level of...

  • Page 18
    ...the FDA and plan to initiate the study in 2009. In addition, in response to the FDA's request under authority prescribed by the Food and Drug Administration Amendments Act of 2007 (the "FDAAA"), we continue to work closely with the FDA to develop a REMS program for the class of ESA products. We have...

  • Page 19
    ... that data shared with the ODAC supports the suggestion that KRAS is a predictive biomarker for the anti-EGFr class of drugs in the monotherapy setting. In March 2008, the Journal of Clinical Oncology published results from an analysis of the first randomized, controlled clinical trial ("Study 408...

  • Page 20
    ... three-year, international, phase 3 study of approximately 7,800 women with osteoporosis, patients were randomized to receive either denosumab, given by subcutaneous injection once every six months, or placebo injections. For the primary endpoint, treatment with denosumab resulted in a statistically...

  • Page 21
    ... payors, including governments and private insurance plans, wholesale distributors, customers, service providers and suppliers is unclear. However, it may result in reduced demand for our products. (See "Item 1A. Risk Factors - The volatility of the current financial markets and the general economic...

  • Page 22
    ... from products marketed by large pharmaceutical corporations, which may have greater clinical, research, regulatory, manufacturing, marketing, financial and human resources than we do. In addition, the introduction of new products or the development of new processes by competitors or new information...

  • Page 23
    ... - Kirin Holdings Company, Limited"), to manufacture and market darbepoetin alfa in the United States, all European countries, Canada, Australia, New Zealand, Mexico, all Central and South American countries and certain countries in Central Asia, North Africa and the Middle East. We market Aranesp...

  • Page 24
    ... dialysis patients. We granted Ortho Pharmaceutical Corporation (which has assigned its rights under the Product License Agreement to Ortho Biotech) a license to commercialize recombinant human erythropoietin as a human therapeutic in the United States in all markets other than dialysis (see "Joint...

  • Page 25
    ...by managing tumor growth. We were granted an exclusive license to manufacture and market pegfilgrastim and G-CSF in the United States, Europe, Canada, Australia and New Zealand under a licensing agreement with KA (see "Joint Ventures and Business Relationships - Kirin Holdings Company, Limited"). We...

  • Page 26
    ... chemotherapy for stem cell transplantation; and reducing the recovery time of neutrophils and the duration of fever following induction or consolidation chemotherapy treatment in adult patients with acute myeloid leukemia ("AML"). Worldwide Neulasta® sales for the years ended December 31...

  • Page 27
    ...inflammation. We acquired the rights to ENBREL in July 2002 as part of our acquisition of Immunex Corporation ("Immunex"). We market ENBREL under a co-promotion agreement with Wyeth in the United States and Canada (see "Joint Ventures and Business Relationships - Wyeth"). The rights to market ENBREL...

  • Page 28
    ...in patients with parathyroid carcinoma. We market Sensipar®/ Mimpara® primarily in the United States and Europe. Sensipar® sales for the years ended December 31, 2008, 2007 and 2006 were $597 million, $463 million and $321 million, respectively. Our outstanding material patents for cinacalcet are...

  • Page 29
    ... of four Sensipar® patents. The lawsuit is based on the Abbreviated New Drug Application ("ANDA") filed by Teva and Barr which seeks approval to market generic versions of Sensipar®. (See Note 10, "Contingencies" to the Consolidated Financial Statements.) These generic versions could compete with...

  • Page 30
    ... Study Tumor Type Target Hb (g/dL) Study Results Amgen 20010145 Small cell lung 13 At median follow-up of 2 1⁄ 2 years, ESA and placebo group had similar PFS and overall survival; PFS based on blinded central review similar between ESA and placebo(1) 5-year locoregional control poorer in ESA...

  • Page 31
    ... a proposed REMS program for the class of ESAs and an update to the existing REMS for ENBREL. Marketing and Distribution We maintain sales and marketing forces primarily in the United States, Europe and Canada to support our currently marketed products. We market our products to healthcare providers...

  • Page 32
    ... have granted J&J a license to commercialize recombinant human erythropoietin as a human therapeutic in the United States in all markets other than dialysis (see "Joint Ventures and Business Relationships - Johnson & Johnson"). Under a co-promotion agreement with Wyeth, we and Wyeth market ENBREL in...

  • Page 33
    ...drugs and local coverage decisions. Generally, a national coverage determination ("NCD") is a national policy statement granting, limiting or excluding Medicare coverage for a specific medical item or service. The primary Medicare programs that affect reimbursement for our products are Medicare Part...

  • Page 34
    ... a result of our methodology changes, our ASP reimbursement rate for EPOGEN® was reduced for the third quarter of 2007. ENBREL Reimbursement. The majority of prescription claims for ENBREL are paid through private insurance companies. Under Medicare, ENBREL is reimbursed through the Part D program...

  • Page 35
    ...- Results of Operations - EPOGEN®.") On March 14, 2007, CMS announced that the agency began a review of all Medicare policies related to the administration of ESAs in non-renal disease applications as part of a national coverage analysis ("NCA"), which is generally CMS' first step toward developing...

  • Page 36
    ... States and in the United Kingdom, as well as smaller research centers in Canada and Germany, and smaller development facilities throughout Europe and in Canada, Australia, Mexico, Hong Kong and India (see "Item 2. Properties"). As part of our restructuring efforts, we have also moderated expansion...

  • Page 37
    ... cancer types Bone-related conditions Therapeutic Area Nephrology Nephrology Nephrology Bone Hematology/Oncology Hematology/Oncology Hematology/Oncology Hematology/Oncology Hematology/Oncology Hematology/Oncology Hematology/Oncology Inflammation General Medicine Nephrology Inflammation Hematology...

  • Page 38
    ... cancer) phase 3 studies having met primary and key secondary endpoints. The following chart is an overview of the phase 3 clinical development program for denosumab: Program Area Indication Enrollment Status Project Data Availability Osteoporosis Osteoporosis Osteoporosis Osteoporosis Oncology...

  • Page 39
    ... for Medicinal Products for Human Use ("CHMP") adopted a positive opinion for the renewal of this conditional marketing authorization. In May 2008, we presented data from the phase 2 Panitumumab Regimen Evaluation in Colorectal Cancer to Estimate Primary Response to Treatment ("PRECEPT") trial and...

  • Page 40
    ...(4,000 patient), multi-center, randomized, double-blind, controlled trial designed to determine the impact of anemia therapy with darbepoetin alfa on mortality and non-fatal cardiovascular events in patients with CKD, anemia and type 2 diabetes. In December 2007, the TREAT study completed enrollment...

  • Page 41
    ... therapies. Amgen is evaluating other options for the overall development program. AMG 222 AMG 222 is an orally-administered small molecule antagonist of DPP-IV. It is being investigated as a treatment of type 2 diabetes. AMG 222 is being developed in partnership with Servier. A phase 2a study is...

  • Page 42
    ... the trial resume enrollment of patients with non-squamous NSCLC. Amgen, Millennium and Takeda plan to follow this recommendation, which will require modifications to the trial's study design. Enrollment is expected to resume once these changes are sanctioned by appropriate global health authorities...

  • Page 43
    ... In addition to the manufacturing and distribution activities noted above, our operations in the United States and Puerto Rico perform key manufacturing support functions, including quality control, process development, procurement, distribution and production scheduling. Our global supply of our...

  • Page 44
    ... manufacturers. Joint Ventures and Business Relationships From time to time, we may enter into joint ventures and other business relationships to provide additional development, manufacturing and marketing capabilities. In addition to our internal R&D efforts, we have acquired certain product rights...

  • Page 45
    ...promotion agreement, a management committee comprised of equal representation from Wyeth and Amgen is responsible for overseeing the marketing and sales of ENBREL, including strategic planning, the approval of an annual marketing plan, product pricing and the establishment of a brand team. The brand...

  • Page 46
    ... total worldwide bulk supply of ENBREL produced by our Rhode Island manufacturing facility, BI Pharma's manufacturing facility in Germany and Wyeth's manufacturing facility in Ireland. Our agreements with Wyeth do not include a change of control provision. Fresenius Medical Care North America, Inc...

  • Page 47
    ... manage these trials we may not be able to sell future products and our sales could be adversely affected.") Applications. The results of preclinical and clinical trials are submitted to the FDA in the form of a BLA for biologic products subject to the Public Health Service Act or a new drug...

  • Page 48
    ... trials or change the labeling of our products or conduct other potentially limiting or costly risk management activities if we or others identify side effects or safety concerns after our products are on the market.") FDA Regulation of Product Marketing and Promotion. The FDA closely reviews...

  • Page 49
    ... (including Medicare and Medicaid), claims for reimbursed drugs or services that are false or fraudulent, claims for items or services not provided as claimed or claims for medically unnecessary items or services. Our activities relating to the sale and marketing of our products may be subject to...

  • Page 50
    ...users of the Federal Supply Schedule ("FSS") of the General Services Administration. Since 1993, as a result of the Veterans Health Care Act of 1992 (the "VHC Act"), federal law has required that we offer deeply discounted FSS contract pricing for purchases by the Department of Veterans Affairs, the...

  • Page 51
    ... and Corporate Vice President, Quality System. Mr. Robert A. Bradway, age 46, became Executive Vice President and Chief Financial Officer in April 2007. He joined the Company in 2006 as Vice President, Operations Strategy. Previously, Mr. Bradway had an 18 year career at Morgan Stanley in New York...

  • Page 52
    ... Operations of Glaxo. Mr. Morrow currently serves on the Board of Directors of Align Technology, Inc. Dr. Roger M. Perlmutter, age 56, became Executive Vice President, Research and Development in January 2001. From July 1999 to December 2000, Dr. Perlmutter was Executive Vice President, Worldwide...

  • Page 53
    ... of our licensees and partners conduct research, preclinical testing and clinical trials for our product candidates and marketed products for both their existing indications as well as for new and/or expanded indications. In addition, we manufacture and contract manufacture, and certain of our...

  • Page 54
    ... safety-related product labeling changes. (See "- Recent labeling changes or risk management activities required by regulatory authorities, as well as the results or meta-analyses of clinical trials, may adversely impact the use, sales and reimbursement of our ESAs.") On March 17, 2008, we and Wyeth...

  • Page 55
    ... costs and resources to negotiate, develop and implement, including sales force time to educate physicians on REMS requirements and compliance, and/or may require additional or more extensive clinical trials as part of a pharmacovigilance program of our product or for approval of a new indication...

  • Page 56
    ...the use of our products.") Recent labeling changes or risk management activities required by regulatory authorities, as well as the results or meta-analyses of clinical trials, may adversely impact the use, sales and reimbursement of our ESAs. On March 9, 2007, based upon data from our AoC 103 Study...

  • Page 57
    ... cell transfusions and (iii) the removal of reference to the upper safety limit of 12 g/dL. We revised the ESA labeling on August 6, 2008, as the FDA directed, and have experienced a reduction in our ESA sales, in particular Aranesp® sales in the U.S. supportive cancer care setting, since that time...

  • Page 58
    ... trials using ESAs. For example, on September 30, 2008, we announced that we had received a summary of preliminary results from the Cochrane Collaboration's independent meta-analysis of patient-level data from previously conducted, randomized, controlled, clinical studies evaluating ESAs in cancer...

  • Page 59
    ... We are required to conduct clinical trials using an appropriate number of trial sites and patients to support the product label claims we are seeking or to support our existing label. The length of time, number of trial sites and patients required for clinical trials vary substantially according to...

  • Page 60
    ... governments and private insurance plans. Generally, in Europe and other countries outside the United States, the government-sponsored healthcare system is the primary payor of healthcare costs of patients. Governments may regulate access to, prices or reimbursement levels of our products to control...

  • Page 61
    ... announced that the agency had begun reviewing all Medicare policies related to the administration of ESAs in non-renal disease applications as part of a NCA which is generally CMS' first step toward developing a NCD. Generally, an NCD is a national policy statement granting, limiting or excluding...

  • Page 62
    ... price and usage of our products, which may adversely impact product sales. In addition, we believe the new U.S. presidential administration, together with Congress, will shape U.S. healthcare policy in the coming months and years, and we expect that healthcare reform efforts could include long-term...

  • Page 63
    ... be the subject of patent litigation with generic competitors before the five year period of data exclusivity provided for under the HatchWaxman Act has expired and prior to the expiration of the patents listed for the product. For example, on July 25, 2008, we, NPS Pharmaceuticals and Brigham and...

  • Page 64
    ...the nephrology community final updated Kidney Disease Outcomes Quality Initiative ("KDOQI") clinical practice guidelines and clinical practice recommendations for anemia in CKD. The NKF's Anemia Work Group conducted an extensive review of results from 26 new and existing randomized controlled trials...

  • Page 65
    ..., and very few R&D projects produce a commercial product. Product candidates or new indications for existing products (collectively, "product candidates") that appear promising in the early phases of development, such as in early human clinical trials, may fail to reach the market for a number of...

  • Page 66
    ...to consumer fraud laws and state false claims acts. In general, the subpoenas request documents relating to the sales and marketing of our products, and our collection and dissemination of information reflecting clinical research as to the safety and efficacy of our ESAs. To the extent it is alleged...

  • Page 67
    ...changes in our product contracting and related pricing strategies • changes in wholesaler buying patterns • increased competition from new or existing products • fluctuations in foreign currency exchange rates • announcements in the scientific and research community • intellectual property...

  • Page 68
    ... and opportunistically accessed the capital markets to support certain business activities including acquisitions, in-licensing activities, share repurchases and to refinance existing debt. In the future, we may not be able to obtain capital market financing on similar favorable terms, or at...

  • Page 69
    ... third-parties for certain parts of our business, including licensees and partners, wholesale distributors of our products, contract clinical trial providers, contract manufacturers and single thirdparty suppliers. Because of the recent volatility in the financial markets, there may be a disruption...

  • Page 70
    ...after our products are on the market.") We currently manufacture our products and product candidates at our manufacturing facilities located in Thousand Oaks and Fremont, California; Boulder and Longmont, Colorado; West Greenwich, Rhode Island; Bothell, Washington and Juncos, Puerto Rico. (See "- We...

  • Page 71
    .... Key manufacturing projects include: (i) construction, qualification and licensure of a new formulation and filling facility at our Puerto Rico site and (ii) expansion and the related qualification and licensure of our existing bulk protein facilities at our Puerto Rico site for the production of...

  • Page 72
    ... collaboration and global supply agreement, we and Wyeth share the total worldwide bulk supply of ENBREL produced by our Rhode Island manufacturing facility, BI Pharma's manufacturing facility in Germany and Wyeth's manufacturing facility in Ireland. (See also "- We face uncertainties related to the...

  • Page 73
    ... segments and ENBREL has experienced and continues to experience share loss to competitors. The following table reflects companies and their currently marketed products that primarily compete with Aranesp® in the United States and Europe in the supportive cancer care and nephrology segments, unless...

  • Page 74
    ...some of these companies may seek to develop biosimilar products to compete with our products. Large pharmaceutical corporations may have greater clinical, research, regulatory, manufacturing, marketing, financial and human resources than we do. In addition, some of our competitors may have technical...

  • Page 75
    ...Fresenius own or manage a large number of the outpatient dialysis facilities located in the United States and account for a significant majority of all EPOGEN® sales in the free-standing dialysis clinic setting. In October 2006, we entered into a five-year sole sourcing and supply agreement with an...

  • Page 76
    ... programs cannot guarantee that we are in compliance with all potentially applicable U.S. federal and state regulations and all potentially applicable foreign regulations and/or that we effectively manage all operational risks. The development, manufacturing, distribution, pricing, sales, marketing...

  • Page 77
    ... Research and/or Development Other Functions Sales and Marketing NEUPOGEN ® Other Products Epoetin alfa Neulasta ® Aranesp ® Location United States: Thousand Oaks, California ...Fremont, California ...San Francisco, California ...Boulder, Colorado ...Longmont, Colorado ...Washington...

  • Page 78
    ..., we have undeveloped land at certain locations, principally in Thousand Oaks, California; Longmont, Colorado; Louisville, Kentucky; Allentown, Pennsylvania; West Greenwich, Rhode Island; Seattle and Bothell, Washington; Cork, Ireland and Juncos, Puerto Rico, to accommodate future expansion, as...

  • Page 79
    ...to pay any dividends. The following table sets forth, for the periods indicated, the range of high and low quarterly closing sales prices of the common stock as quoted on The NASDAQ Stock Market: High Low Year ended December 31, 2008: 4th Quarter ...3rd Quarter ...2nd Quarter ...1st Quarter ...Year...

  • Page 80
    ... calculated as of December 31st of each year. The historical stock price performance of the Company's Common Stock shown in the performance graph below is not necessarily indicative of future stock price performance. Amgen vs. Amex Biotech, Amex Pharmaceutical and S&P 500 Indices Comparison of Five...

  • Page 81
    Stock repurchase program Repurchases under our stock repurchase program reflect, in part, our confidence in the long-term value of our common stock. Additionally, we believe that it is an effective way of returning cash to our stockholders. The manner of purchases, the amount we spend and the number...

  • Page 82
    ...three years ended December 31, 2008 were $1 million, $22 million and $26 million, respectively. Acquisition charges consist of, where applicable, the incremental compensation provided to certain employees under short-term retention plans, including non-cash compensation expense associated with stock...

  • Page 83
    ... of acquired product technology rights, primarily ENBREL, related to the Immunex acquisition. Amortization charges, net of tax, for the three years ended December 31, 2008 were $183 million, $185 million and $200 million, respectively. As part of the accounting for the acquisitions of Alantos...

  • Page 84
    ... of supportive cancer care, nephrology and inflammation. Our principal products include Aranesp®, EPOGEN®, Neulasta®/NEUPOGEN® and ENBREL all of which are sold in the United States. ENBREL is marketed under a co-promotion agreement with Wyeth in the United States and Canada. Our international...

  • Page 85
    ...private insurance plans and administration of those programs. Governments may regulate access to, prices or reimbursement levels of our products to control costs or to affect levels of use of our products and private insurers may be influenced by government reimbursement methodologies. Worldwide use...

  • Page 86
    ... payors, including governments and private insurance plans, wholesale distributors, customers, service providers and suppliers is unclear. However, it may result in reduced demand for our products. (See "Item 1A. Risk Factors - The volatility of the current financial markets and the general economic...

  • Page 87
    ...regulatory developments or guidelines, clinical trial outcomes, clinical practice, contracting and pricing strategies, wholesaler and end-user inventory management practices, patient population growth, fluctuations in foreign currency exchange rates, general economic conditions, new product launches...

  • Page 88
    ...® for the year ended December 31, 2008 benefited from a slight change in an accounting estimate related to product sales return reserves. The regulatory and reimbursement developments negatively impacting sales, discussed in more detail in "Item 1. Business - Key Developments," include (i) the...

  • Page 89
    ... - Key Developments." The decline in sales for the year ended December 31, 2007 was partially offset by favorable changes in wholesaler inventory and spillover. Spillover is a result of the Company's contractual relationship with J&J (see Note 1, "Summary of significant accounting policies - Product...

  • Page 90
    ... medical guidelines and reimbursement practices; • our current and future contracting and related pricing strategies; • changes in future patient population growth or dose/utilization; and • development of new modalities to treat anemia associated with CRF. See "Item 1. Business - Key...

  • Page 91
    ... to the use of our products; cost containment pressures from governments and private insurers on healthcare providers; our current and future contracting and related pricing strategies; patient population growth; and development of new treatments for cancer and future chemotherapy treatments. For...

  • Page 92
    ... use of our product; • cost containment pressures from governments and private insurers on healthcare providers; • current and future contracting and related pricing strategies; • patient population growth; and • penetration of existing segments. See "Item 1. Business - Key Developments" and...

  • Page 93
    .... Research and development R&D costs are expensed as incurred and primarily include salaries, benefits and other staff-related costs; facilities and overhead costs; clinical trial and related clinical manufacturing costs; contract services and other outside costs; information systems' costs...

  • Page 94
    ...-promotion agreement with Wyeth and $11 million of benefit associated with the reversal of previously accrued expenses for bonuses and stock-based compensation awards, which were forfeited as a result of the employees' termination. See Note 2, "Restructuring" to the Consolidated Financial Statements...

  • Page 95
    ... treatment of bone loss associated with hormone ablation therapy in patients with breast and prostate cancer. In addition, we are continuing to develop the product candidate acquired in the Alantos acquisition. We have reviewed data from recently-completed phase 1 and 2 clinical trials for AMG 223...

  • Page 96
    ...that changes the method of accounting for convertible debt securities that require or permit settlement in cash either in whole or in part upon conversion, including our convertible debt securities (see Note 6, "Financing arrangements" to the Consolidated Financial Statements). We will adopt FSP APB...

  • Page 97
    ... cash generated from operations and existing sources of and access to financing are adequate to satisfy our working capital, capital expenditure and debt service requirements for the foreseeable future. In addition, we plan to opportunistically pursue our stock repurchase programs and other business...

  • Page 98
    ... value of our long-term borrowings under our various financing arrangements as of December 31, 2008 and 2007 (in millions): 2008 2007 0.125% convertible notes due 2011 (2011 Convertible Notes) ...0.375% convertible notes due 2013 (2013 Convertible Notes) ...Floating rate notes due 2008 (2008...

  • Page 99
    calendar quarter if the closing price of our common stock exceeds 130% of the respective conversion price per share during a defined period at the end of the previous quarter, (ii) if we make specified distributions to holders of our common stock or specified corporate transactions occur or (iii) ...

  • Page 100
    ...Cash provided by operating activities remained relatively unchanged in 2007 as higher cash receipts from customers were substantially offset by the timing of payments in the ordinary course of business. Investing Net purchases of marketable securities were $2.6 billion for the year ended December 31...

  • Page 101
    investment in our global ERP system and other information systems' projects. Capital expenditures in 2007 were primarily associated with manufacturing capacity and site expansions in Puerto Rico and other locations and investment in our global ERP system. Capital expenditures in 2006 were primarily ...

  • Page 102
    ... as of December 31, 2008, aggregated by type (in millions): Payments Due by Period Less than 2-3 4-5 1 Year Years Years More than 5 Years Contractual Obligations Total Long-term debt obligations(1) ...Operating lease obligations ...Purchase obligations(2) ...Unrecognized tax benefits(3) ...Total...

  • Page 103
    ... (including those related to clinical trials) for new and existing products; (iii) capital expenditures; (iv) open purchase orders for the acquisition of goods and services in the ordinary course of business and (v) our agreement with International Business Machines Corporation ("IBM"), which...

  • Page 104
    ...statutory requirements, specific known market events and trends, internal and external historical data and forecasted customer buying patterns. Sales incentives are product-specific and, therefore, for any given year, can be impacted by the mix of products sold. For the years ended December 31, 2008...

  • Page 105
    ...that the related product sales are recorded and are recognized as reductions in product sales. Returns are estimated through comparison of historical return data to their related sales on a production lot basis. Historical rates of return are determined for each product and are adjusted for known or...

  • Page 106
    ...-for-sale securities were comprised of U.S. Treasury securities, obligations of U.S. government agencies, FDIC guaranteed bank debt, corporate debt securities, mortgage and asset backed securities, other short-term interest bearing securities, including money market funds, and publicly traded equity...

  • Page 107
    ... in the credit markets and volatility in the capital markets. In an attempt to increase liquidity and stabilize the global financial markets, the U.S. federal government acted in concert with other foreign governments through various forms of direct market intervention. Short-term interest rates on...

  • Page 108
    ... also exposed to price risk on equity securities included in our portfolio of investments, which were acquired primarily for the promotion of business and strategic objectives. These investments are generally in small capitalization stocks in the biotechnology industry sector. Price risk relative to...

  • Page 109
    ... in Amgen's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to Amgen's management, including its Chief Executive Officer and Chief Financial Officer, as...

  • Page 110
    ... designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and reporting. Management assessed the effectiveness of the Company's internal control over financial reporting as of...

  • Page 111
    ... or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of...

  • Page 112
    Item 9B. OTHER INFORMATION Not applicable. PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE REGISTRANT Information about our Directors is incorporated by reference from the section entitled "ELECTION OF DIRECTORS" in our Proxy Statement for the 2009 Annual Meeting of ...

  • Page 113
    ...ethics, if any, by posting such information on our website as set forth above. Item 11. EXECUTIVE COMPENSATION Information about director and executive compensation is incorporated by reference from the sections entitled "EXECUTIVE COMPENSATION" and "CORPORATE GOVERNANCE" in our Proxy Statement. 99

  • Page 114
    ... shares of Common Stock at a purchase price of $56.31 per share on September 30, 2008. Such purchase price reflects 95% of the closing price of the Common Stock on the Purchase Date. These plans were assumed pursuant to the terms of the merger agreement between Amgen and Immunex which was approved...

  • Page 115
    ...Amended and Restated 1999 Equity Incentive Plan The Amended and Restated 1999 Equity Incentive Plan (formerly known as the Immunex Corporation 1999 Stock Option Plan) (the "1999 Plan") was assumed pursuant to the terms of the merger agreement between the Company and Immunex which was approved by the...

  • Page 116
    ... optionee, (iii) by delivering already-owned stock of Amgen or (iv) by a combination of these means. Terms of Non-Discretionary Options Awarded to Non-Employee Directors. The Board of Directors may from time to time adopt award programs under the 1999 Plan providing for the grant of formula or 102

  • Page 117
    ... of Amgen who are not employees of Amgen or any affiliate. The terms and conditions of any such program shall be established by the Board of Directors in its sole discretion, subject to the terms and conditions of the 1999 Plan. Terms of Stock Bonuses and Purchases of Restricted Stock. Stock bonuses...

  • Page 118
    ... development, research, in-licensing, out-licensing, litigation, human resources, information services, manufacturing, manufacturing capacity, production, inventory, site development, plant, building or facility development, government relations, product market share, mergers, acquisitions or sales...

  • Page 119
    ... of Amgen Technology (Ireland) Limited ("ATI"), the Company's indirectly whollyowned Ireland subsidiary, and approved by the Board of Directors of the Company in March 2007. In general, the Ireland Share Plan permits certain employees of Amgen Limited to buy shares of the Company's common stock...

  • Page 120
    ...applicable, not required or because the required information is included in the Consolidated Financial Statements or notes thereto. (a)3. Exhibit No. Exhibits Description 3.1 Restated Certificate of Incorporation (As Restated December 6, 2005). (Filed as an exhibit to Form 10-K for the year ended...

  • Page 121
    ... which are dated December 15, 2008, replaces the current trustee under the agreements listed as Exhibits 4.8 and 4.16, respectively, with Bank of New York Mellon. Amgen Inc. hereby agrees to furnish copies of these agreements to the Securities and Exchange Commission upon request. First Supplemental...

  • Page 122
    ...reference.) Registration Rights Agreement, dated as of May 30, 2007, among Amgen Inc. and Morgan Stanley & Co. Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan...

  • Page 123
    ...Retirement Plan (As Amended and Restated effective January 1, 2009.) (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2008 on November 7, 2008 and incorporated herein by reference.) Amgen Inc. Change of Control Severance Plan. (Filed as an exhibit to Form 10-K for the year ended...

  • Page 124
    Exhibit No. Description 10.25+ 10.26+ 2002 Special Severance Pay Plan for Amgen Employees. (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2002 on August 13, 2002 and incorporated herein by reference.) Restricted Stock Purchase Agreement, dated March 3, 2003, between Amgen Inc. ...

  • Page 125
    ... to the Enbrel® Supply Agreement, dated June 3, 2002, among Immunex Corporation, Wyeth (formerly known as American Home Products Corporation) and Boehringer Ingelheim Pharma KG (with certain confidential information deleted therefrom). (Filed as an exhibit to Form 10-Q for the quarter ended June 30...

  • Page 126
    ...quarter ended September 30, 2008 on November 7, 2008 and incorporated herein by reference.) Agreement Regarding Governance and Commercial Matters, dated December 16, 2001, by and among American Home Products Corporation, American Cyanamid Company and Amgen Inc. (with certain confidential information...

  • Page 127
    ... 12, 2008 and incorporated herein by reference.) Sale and Purchase Agreement between Amgen Inc. and Takeda Pharmaceutical Company Limited dated February 1, 2008 (with certain confidential information deleted therefrom). (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2008 on May 12...

  • Page 128
    ... Services Agreement, dated October 22, 2008, between Amgen Inc. and International Business Machines Corporation (with certain confidential information deleted therefrom). Integrated Facilities Management Services Agreement, dated February 4, 2009 between Amgen Inc. and Jones Lang LaSalle Americas...

  • Page 129
    ... Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized. AMGEN INC. (Registrant) Date: 02/27/09 By: /s/ ROBERT A. BRADWAY Robert A. Bradway Executive Vice President and Chief Financial Officer 115

  • Page 130
    .../S/ KEVIN W. SHARER Kevin W. Sharer Chairman of the Board, Chief Executive Officer and President, and Director (Principal Executive Officer) Executive Vice President and Chief Financial Officer (Principal Financial Officer) Vice President Finance and Chief Accounting Officer (Principal Accounting...

  • Page 131
    Signature Title Date /S/ JUDITH C. PELHAM Judith C. Pelham Director 02/27/09 /S/ J. PAUL REASON J. Paul Reason Director 02/27/09 /S/ LEONARD D. SCHAEFFER Leonard D. Schaeffer Director 02/27/09 117

  • Page 132
    ... known as the Immunex Corporation Profit Sharing 401(k) Plan and Trust), in the Registration Statement (Form S-3 No. 333-107639 and Amendment 1 thereto) relating to debt securities, common stock and associated preferred share repurchase rights, preferred stock, warrants to purchase debt securities...

  • Page 133
    ... to the consolidated financial statements and schedule of Amgen Inc., and the effectiveness of internal control over financial reporting of Amgen Inc., included in this Annual Report (Form 10-K) for the year ended December 31, 2008. /s/ Ernst & Young LLP Los Angeles, California February 24, 2009...

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  • Page 135
    ... in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Amgen Inc.'s internal control over...

  • Page 136
    ... STATEMENTS OF INCOME Years ended December 31, 2008, 2007 and 2006 (In millions, except per share data) 2008 2007 2006 Revenues: Product sales ...Other revenues ...Total revenues ...Operating expenses: Cost of sales (excludes amortization of acquired intangible assets presented below) ...Research...

  • Page 137
    ...: Accounts payable ...Accrued liabilities ...Current portion of other long-term debt ...Total current liabilities ...Convertible notes ...Other long-term debt ...Other non-current liabilities ...Commitments and contingencies Stockholders' equity: Common stock and additional paid-in capital...

  • Page 138
    ... loss ...Comprehensive income ...Issuance of common stock in connection with the Company's equity award programs ...Fair value of options assumed from acquisitions ...Stock-based awards ...Tax benefits related to employee stock options ...Convertible note hedge and warrants ...Reclassification...

  • Page 139
    ... research and development ...- 590 1,231 Stock-based compensation expense ...262 263 403 Deferred income taxes ...(46) 136 (540) Property, plant and equipment impairments ...59 404 - Other items, net ...17 81 (81) Changes in operating assets and liabilities, net of acquisitions: Trade receivables...

  • Page 140
    ... INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2008 1. Summary of significant accounting policies Business Amgen Inc., including its subsidiaries, ("Amgen") is a global biotechnology company that discovers, develops, manufactures and markets human therapeutics based on advances in...

  • Page 141
    ... value December 31, 2007 Type of security: U.S. Treasury securities ...Obligations of U.S. government agencies ...Corporate debt securities ...Mortgage and asset backed securities ...Other short-term interest bearing securities ...Total debt securities ...Equity securities ... $1,257 1,520 1,789...

  • Page 142
    ... investment policy limits investments to certain types of debt and money market instruments issued by institutions primarily with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer. We review periodically our available-for-sale securities for...

  • Page 143
    AMGEN INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Inventories Inventories are stated at the lower of cost or market. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner which approximates the first-in, first-out ("FIFO") method. During ...

  • Page 144
    ..., general and administrative" expense in the Consolidated Statements of Income. Acquired product technology rights relate to the identifiable intangible assets acquired in connection with the Immunex Corporation ("Immunex") acquisition in July 2002. Intangible assets also include acquired research...

  • Page 145
    ... (collectively "sales incentives") and returns. Taxes assessed by government authorities on the sales of the Company's products, primarily in Europe, are excluded from revenues. We have the exclusive right to sell Epoetin alfa for dialysis, certain diagnostics and all non-human, non-research uses in...

  • Page 146
    ..." in the Consolidated Statements of Income. The rights to market ENBREL outside of the United States and Canada are reserved to Wyeth. We also have a global supply agreement with Wyeth related to the manufacture, supply and allocation of bulk supply of ENBREL. For the years ended December 31, 2008...

  • Page 147
    ...treasury stock method (collectively "Dilutive Securities"). The convertible note hedges purchased in connection with the issuance of our 2011 Convertible Notes and 2013 Convertible Notes are excluded from the calculation of diluted EPS as their impact is always anti-dilutive. For further information...

  • Page 148
    ... future growth. This restructuring plan was primarily the result of regulatory and reimbursement developments that began in 2007 involving erythropoiesis-stimulating agent ("ESA") products, including our marketed ESA products Aranesp® and EPOGEN®, and the resulting impact on our operations. F-14

  • Page 149
    ...are net of amounts recovered from our ENBREL co-promotion partner, Wyeth. The following tables summarize the charges (credits) recorded during the years ended December 31, 2008 and 2007 related to the restructuring plan by type of activity (in millions): Year ended December 31, 2008 Separation costs...

  • Page 150
    ... postponement of our planned Ireland manufacturing operations, certain revisions to our planned manufacturing expansion in Puerto Rico and the closure of a clinical manufacturing facility in Thousand Oaks, California. In addition, in connection with the rationalization of our worldwide network of...

  • Page 151
    ... Plans and for Termination Benefits, SFAS 144, Accounting for the Impairment and Disposal of Long-Lived Assets and SFAS 146, Accounting for Costs Associated with Exit or Disposal Activities. 3. Employee stock-based payments We have employee compensation plans under which various types of stock...

  • Page 152
    ... granted ...$ 14.50 $ 19.06 $ 21.70 Risk-free interest rate ...2.9% 4.5% 4.8% Expected life (in years) ...4.6 4.7 4.8 Expected volatility ...31.6% 24.9% 24.1% Expected dividend yield ...0% 0% 0% Stock option information with respect to our stock-based compensation plans during the three years ended...

  • Page 153
    ... 1, 2006, we recognize compensation cost on a straight-line basis over the service period for the entire award. Performance award program Certain management-level employees receive annual grants of performance units, which give the recipient the right to receive common stock that is contingent upon...

  • Page 154
    ... non-current) totaling $104 million. 4. Related party transactions We own a 50% interest in KA, a corporation formed in 1984 with Kirin Holdings Company, Limited ("Kirin") for the development and commercialization of certain products based on advanced biotechnology. We account for our interest in KA...

  • Page 155
    ... INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) rights. All of our rights to manufacture and market certain products including darbepoetin alfa, pegfilgrastim, granulocyte colony-stimulating factor ("G-CSF") and recombinant human erythropoietin are pursuant to exclusive licenses from...

  • Page 156
    ... 31, 2008 2007 Deferred tax assets: Intercompany inventory related items ...Expense accruals ...Acquired net operating loss and credit carryforwards ...Expenses capitalized for tax ...Convertible debt ...Stock-based compensation ...Deferred revenue ...Other ...Total deferred tax assets ...Valuation...

  • Page 157
    ... Internal Revenue Service ("IRS") for the years ended December 31, 2002, 2003, and 2004. We agreed to certain adjustments proposed by the IRS arising out of this examination primarily related to transfer pricing tax positions. Our closing agreement with the IRS also covers certain transfer pricing...

  • Page 158
    ... tax rates in effect. For the years ended December 31, 2008, 2007 and 2006, our total foreign income before income taxes was approximately $2.6 billion, $2.4 billion, and $2.3 billion, respectively. These earnings include income from manufacturing operations in Puerto Rico under tax incentive grants...

  • Page 159
    ... value of our long-term borrowings under our various financing arrangements as of December 31, 2008 and 2007 (in millions): 2008 2007 0.125% convertible notes due 2011 (2011 Convertible Notes) ...0.375% convertible notes due 2013 (2013 Convertible Notes) ...Floating rate notes due 2008 (2008...

  • Page 160
    ...). These conversion rates will be adjusted if we make specified types of distributions or enter into certain other transactions in respect to our common stock. The 2011 Convertible Notes and 2013 Convertible Notes may only be converted: (i) during any calendar quarter if the closing price of our...

  • Page 161
    ... Notes will be settled for a "conversion value" equal to the product of the conversion rate (8.8601 shares of Amgen common stock per note as of December 31, 2008) multiplied by the average closing price of our common stock during a specified period following the conversion date. The conversion value...

  • Page 162
    ... a fixed interest rate of 8.125% due in 2097 (the "Century Notes"). During the year ended December 31, 2007, we repaid $135 million of other debt securities. Shelf registration statements and other facilities In 2008, we filed a shelf registration statement with the SEC, which replaced our previous...

  • Page 163
    ... the stock price, blackout periods in which we are restricted from repurchasing shares, and our credit rating and may include private block purchases as well as market transactions. In addition to the shares repurchased under our publicly announced stock repurchase program, for the years ended...

  • Page 164
    ... loss related to the reacquisition of marketing rights previously granted to Dompé as a result of this business combination. The results of Dompé's operations have been included in the consolidated financial statements commencing January 4, 2008. Pro forma results of operations for the year ended...

  • Page 165
    ... significant accounting policies - Acquired in-process research and development"). The results of Ilypsa's operations have been included in the consolidated financial statements commencing July 18, 2007. Pro forma results of operations for the year ended December 31, 2007 assuming the acquisition of...

  • Page 166
    ...significant accounting policies - Acquired in-process research and development"). The results of Abgenix's operations have been included in the consolidated financial statements commencing April 1, 2006. Pro forma results of operations for the year ended December 31, 2006 assuming the acquisition of...

  • Page 167
    ...-party contract manufacturers at December 31, 2008 (in millions): Year ending December 31, Commitments 2009 ...2010 ...2011 ...2012 ...2013 ...Thereafter ...Total contractual purchases ... $165 141 114 59 - - $479 The amounts above primarily relate to our long-term supply agreement with Boehringer...

  • Page 168
    ... has been taken. Average Wholesale Price ("AWP") Litigation Amgen and Immunex are named as defendants, either separately or together, in numerous civil actions broadly alleging that they, together with many other pharmaceutical manufacturers, reported prices for certain products in a manner that...

  • Page 169
    ...the Massachusetts District Court issued an order granting in part and denying in part Amgen's renewed Motion to Dismiss the First Amended Consolidated Complaint filed by New York City and 44 New York counties in the MDL Proceeding. The judge dismissed claims relating to all of Amgen's products named...

  • Page 170
    ... the motion was granted in part, denied in part on August 29, 2008. Certain AWP litigation cases are not a part of the MDL Proceeding. These cases are: Robert J. Swanston v. TAP Pharmaceutical Products, Inc., et al. This Arizona state class action was filed against Amgen and Immunex on December 20...

  • Page 171
    ...Laboratories, Inc., et al. This case was filed against Amgen and Immunex, along with several other pharmaceutical manufacturers, on October 20, 2005 in the Chancery Court of Hinds County, Mississippi, First Judicial District. The complaint alleges that defendants reported prices for certain products...

  • Page 172
    ... agreement. County of Erie v. Abbott Laboratories, Inc., et al. This case was filed against Amgen and Immunex on March 8, 2005, in the Supreme Court of New York, Erie County. The complaint alleges that all defendants participated in a scheme to market the spread between the true wholesale price...

  • Page 173
    ... manufacturers misrepresented product pricing information reported to the state by falsely inflating those prices. Roche Matters Amgen Inc. v. F. Hoffmann-La Roche Ltd., et al. On November 8, 2005, Amgen filed a lawsuit in the U.S. District Court for the District of Massachusetts (the "Massachusetts...

  • Page 174
    AMGEN INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Roche's defenses and counterclaims of invalidity based on obviousness-type double patenting and unenforceability based on alleged inequitable conduct were tried to the Massachusetts District Court in separate proceedings. On October ...

  • Page 175
    .... NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Amgen Inc., et al., v. Ariad Pharmaceuticals, Inc. On April 20, 2006, Amgen, Immunex, Amgen USA Inc., Amgen Manufacturing, Limited and Immunex Rhode Island Corporation (the "Amgen Entities") filed a complaint against Ariad Pharmaceuticals, Inc...

  • Page 176
    ... these officers and directors made false statements that resulted in: (i) deceiving the investing public regarding Amgen's prospects and business; (ii) artificially inflating the prices of Amgen's publicly traded securities and (iii) causing plaintiff and other members of the class to purchase Amgen...

  • Page 177
    ... based on a purported failure to implement adequate internal controls and to oversee the Company's operations, which plaintiff claims resulted in numerous lawsuits and investigations over a number of years. Plaintiff seeks damages on behalf of Amgen, including costs and expenses, allegedly incurred...

  • Page 178
    ... studies, marketed both Aranesp® and EPOGEN® for off-label uses and that these actions or inactions as well as the Amgen market strategy caused damage to the Company resulting in several inquiries, investigations and lawsuits that are costly to defend. The complaint also alleges insider trading...

  • Page 179
    ... from the Attorney General of the State of New York seeking documents related to Amgen's promotional activities, sales and marketing activities, medical education, clinical studies, pricing and contracting, license and distribution agreements and corporate communications. Amgen continues to fully...

  • Page 180
    ... the U.S. Attorney's Office, Western District of Washington, pursuant to the Health Insurance Portability and Accountability Act of 1996 (18 U.S.C. 3486), which requests documents relating generally to Amgen's collection and dissemination of information regarding clinical research on the efficacy...

  • Page 181
    AMGEN INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Geographic information Outside the United States, we principally sell Aranesp®, Neulasta® and NEUPOGEN® in Europe. We sell ENBREL only in the United States and Canada. Information regarding revenues and long-lived assets (...

  • Page 182
    ... our larger customers and limit our credit exposure by setting credit limits, requiring letters of credit, and obtaining credit insurance, as we deem appropriate. We had product sales to three large wholesaler customers each accounting for more than 10% of total revenues for the years ended December...

  • Page 183
    ...-for-sale securities were comprised of U.S. Treasury securities, obligations of U.S. government agencies and FDIC guaranteed bank debt, corporate debt securities, mortgage and asset backed securities, other short-term interest bearing securities, including money market funds, and publicly traded...

  • Page 184
    ...fair value information for our convertible notes, modified convertible notes and other long-term notes. The fair values shown are based on significant other observable inputs (Level 2) (in millions): December 31, 2008 2007 2011 Convertible Notes ...2013 Convertible Notes ...2008 Floating Rate Notes...

  • Page 185
    ... marketed products and loss accruals for leases for certain facilities that will not be used in our business associated with our restructuring plan; charge of $84 million ($64 million, net of tax) related to the write-off of inventory resulting from a strategic decision to change manufacturing...

  • Page 186
    ... recognized as the result of resolving certain non-routine transfer pricing issues with the IRS for prior periods. (8) In the first quarter of 2007, we recorded the following in the Consolidated Statement of Income: a. pro-rata portion of the deferred financing and related costs of $51 million...

  • Page 187
    SCHEDULE II AMGEN INC. VALUATION ACCOUNTS Years ended December 31, 2008, 2007 and 2006 (In millions) Balance at beginning of period Additions charged to costs and expenses Other additions Balance at end of period Deductions Year ended December 31, 2008: Allowance for doubtful accounts ...Year ...

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    Amgen Mission To serve patients Amgen Values Be science-based Compete intensely and win Create value for patients, staff and stockholders Be ethical Trust and respect each other Ensure quality Work in teams Collaborate, communicate and be accountable

  • Page 190
    Amgen Inc. One Amgen Center Drive Thousand Oaks, CA 91320-1799 www.amgen.com ©2009 Amgen Inc. All rights reserved. MC45347