Amgen's Third Quarter 2013 Revenues Increased 10 Percent To $4.7 Billion And Adjusted Earnings Per Share (EPS) Increased 16

 Amgen's Third Quarter 2013 Revenues Increased 10 Percent To $4.7 Billion And
       Adjusted Earnings Per Share (EPS) Increased 16 Percent To $1.94

Third Quarter 2013 GAAP EPS Were $1.79

2013 Total Revenues and Adjusted EPS Guidance Increased to $18.3-$18.5 Billion
and $7.35-$7.45

PR Newswire

THOUSAND OAKS, Calif., Oct. 22, 2013

THOUSAND OAKS, Calif., Oct. 22, 2013 /PRNewswire/ --Amgen (NASDAQ:AMGN) today
announced results for the third quarter of 2013. Key financial results for
the quarter include:

  oTotal revenues increased 10 percent to $4,748 million, with 11 percent
    product sales growth driven by strong performance across the portfolio,
    particularly from Neulasta^® (pegfilgrastim), Enbrel^® (etanercept),
    Prolia^® (denosumab) and XGEVA^® (denosumab). Product sales included a
    $155 million order for NEUPOGEN^® (filgrastim) from the U.S. government.
  oAdjusted EPS grew 16 percent to $1.94, with higher revenues and a lower
    tax rate partially offset by increased Research & Development (R&D)
    investment. Adjusted net income increased 13 percent to $1,481 million.
  oGAAP EPS were $1.79 compared to $1.41 and GAAP net income was $1,368
    million compared to $1,107 million.
  oThe Company generated approximately $1.6 billion of free cash flow.

"We delivered excellent operating performance this quarter," said Robert A.
Bradway, chairman and chief executive officer of Amgen. "We also delivered
excellent strategic progress with the acquisition of Onyx Pharmaceuticals in
oncology, the opening of our alliances in Japan and China, and the repurchase
of our rights to NEUPOGEN and Neulasta in key emerging growth markets around
the world."

                                       Year-over-Year
$Millions, except EPS and percentages  Q3 '13   Q3 '12   YOY Δ
Total Revenues                         $ 4,748  $ 4,319  10%
Adjusted Net Income                    $ 1,481  $ 1,311  13%
Adjusted EPS                           $ 1.94   $ 1.67   16%
GAAP Net Income                        $ 1,368  $ 1,107  24%
GAAP EPS                               $ 1.79   $ 1.41   27%

References in this release to "adjusted" measures, measures presented "on an
adjusted basis" or to free cash flow refer to non-GAAP financial measures.
These adjustments and other items are presented on the attached
reconciliations.

The Company also noted significant progress on key strategic priorities:

  oThe acquisition of Onyx Pharmaceuticals closed on Oct. 1, 2013. Kyprolis
    sales grew 6 percent sequentially in the third quarter to $65 million.
  oAmgen advanced its efforts to develop a presence in cardiovascular disease
    by acquiring U.S. commercial rights to ivabradine, an innovative product
    already approved in over 100 countries for heart failure and angina.
  oIn Japan, the Amgen-Astellas strategic alliance began operations on Oct.
    1, 2013, and will develop and launch five Phase 3 molecules, starting with
    evolocumab (AMG 145).
  oIn China, the joint venture with Betta Pharma Co. Ltd. to commercialize
    Vectibix^® (panitumumab) also began operations, and Amgen announced a R&D
    partnership with ShanghaiTech University.
  oIn emerging growth markets, Amgen repurchased rights to Neulasta and
    NEUPOGEN from Roche. Effective Jan. 1, 2014, Amgen will assume
    responsibility for these products in markets outside the U.S. and Europe
    with annual sales of approximately $200 million.

Product Sales Performance

  oTotal product sales increased  11 percent driven by strong year-over-year
    performance from NEUPOGEN, Neulasta, ENBREL, Prolia and XGEVA.
  oCombined Neulasta ^ and NEUPOGEN sales increased 18 percent
    year-over-year.

       oGlobal Neulasta sales increased 9 percent driven mainly by price.
       oGlobal NEUPOGEN sales increased 50 percent including a $155 million
         order from the U.S. government.

  oEnbrel  sales  increased 7 percent year-over-year driven mainly by price.
  oAranesp^® (darbepoetin alfa) sales decreased 10 percent year-over-year.
  oEPOGEN^® (epoetin alfa) sales were flat year-over-year.
  oSensipar^®/Mimpara^® (cinacalcet) sales increased 7 percent year-over-year
    driven by increases in unit demand.
  oCombined sales of Vectibix and Nplate^® (romiplostim) increased 19 percent
    year-over-year mainly due to unit growth.
  oXGEVA sales increased 30 percent year-over-year and 5 percent on a
    sequential basis, reflecting increased segment share.
  oProlia sales increased 62 percent year-over-year due to increased segment
    share and decreased 5 percent on a sequential basis impacted by
    seasonality.

Product Sales Detail by Product and Geographic Region

$Millions, except percentages  Q3 '13                Q3 '12  YOY Δ
                               US     ROW    TOTAL   TOTAL   TOTAL
Neulasta^®/ NEUPOGEN^®         $1,314 $287   $1,601  $1,355  18%
Neulasta^®                     905    230    1,135   1,044   9%
NEUPOGEN^®                     409    57     466     311     50%
Enbrel^®                       1,073  82     1,155   1,079   7%
Aranesp^®                      171    278    449     497     (10%)
EPOGEN^®                       491    0      491     491     0%
Sensipar^® / Mimpara^®         183    76     259     243     7%
Vectibix^®                     32     75     107     88      22%
Nplate^®                       58     48     106     91      16%
XGEVA^®/ Prolia^®              303    136    439     311     41%
XGEVA^®                        194    67     261     201     30%
Prolia^®                       109    69     178     110     62%
Other                         0      40     40      46      (13%)
Total product sales            $3,625 $1,022 $4,647  $4,201  11%

Operating Expense and Tax Rate Analysis, on an Adjusted Basis

  oCost of Sales margin decreased 0.6 points.
  oR&D expenses increased 14 percent in the third quarter of 2013 primarily
    in support of our later-stage clinical programs, particularly evolocumab
    (AMG 145) and the $50 million upfront payment to Servier for the U.S.
    rights to ivabradine.
  oSelling, General & Administrative (SG&A) expenses increased 10 percent
    driven primarily by higher ENBREL profit share expenses and the U.S.
    healthcare reform federal excise fee. ENBREL profit share expenses
    increased 12 percent to $432 million.

$Millions, except percentages
On an Adjusted Basis                     Q3 '13  Q3 '12  YOY Δ
Cost of Sales                            $715    $674    6%
  % of sales                             15.4%   16.0%   (0.6) pts
  % of sales (Excluding PR excise tax)   13.4%   14.0%   (0.6) pts
Research & Development                   $966    $849    14%
  % of sales                             20.8%   20.2%   0.6 pts
Selling, General & Administrative        $1,218  $1,110  10%
  % of sales                             26.2%   26.4%   (0.2) pts
TOTAL Operating Expenses                 $2,899  $2,633  10%
pts: percentage points

  oAdjusted Tax Rate for the third quarter of 2013 reflects the favorable tax
    impacts of changes in the jurisdictional mix of income and expenses and
    the current year benefit from the federal R&D credit.

On an Adjusted Basis                       Q3 '13  Q3 '12  YOY Δ
Tax Rate                                   12.1%   16.0%   (3.9) pts
Tax Rate (Excluding PR excise tax credits) 16.3%   20.2%   (3.9) pts
pts: percentage points

Cash Flow and Balance Sheet Discussion

  oThe Company generated $1.6 billion of free cash flow in the third quarter
    of 2013, in-line with the third quarter of 2012.
  oDebt outstanding and cash as of Sept. 30, 2013, included $3.1 billion from
    bank loans to fund the acquisition of Onyx Pharmaceuticals, which closed
    on Oct. 1, 2013. The Company received an additional $5 billion of bank
    loans on Oct. 1, 2013, to complete the acquisition financing.
  oThe Company's fourth quarter dividend of $0.47 per share declared on Oct.
    16, 2013, will be paid on Dec. 6, 2013, to all stockholders of record as
    of the close of business on Nov. 14, 2013.
  oThe Company did not repurchase shares in the quarter and has $1.6 billion
    remaining under its stock repurchase authorization.

$Billions, except shares                            Q3 '13    Q3 '12    YOY Δ
Operating Cash Flow                                 $1.8      $1.7      0.1
Capital Expenditures                                (0.2)     (0.2)     0.0
Free Cash Flow                                      1.6       1.6       0.1
Dividend Paid                                       0.4       0.3       0.1
Cost of Shares Repurchased                          0.0       0.8       (0.8)
Adjusted Avg. Diluted Shares (millions)             765       783       (18)
Cash and Investments*                               26.5      25.4      1.1
Debt Outstanding                                    27.2      26.5      0.7
Stockholders' Equity                                21.7      19.9      1.8
*  Includes cash, cash equivalents and marketable securities, receivable from
    sale of investments, and long-term restricted investments
    Note: Numbers may
    not add due to
    rounding

2013 Guidance

For the full year 2013, the Company expects:

  oTotal revenues to be in the range of $18.3 billion to $18.5 billion.
  oAdjusted EPS to be in the range of $7.35 to $7.45.
  oAdjusted tax rate to be in the range of 9 percent to 10 percent, unchanged
    from previous guidance. Excluding the Puerto Rico excise tax, Amgen
    expects the adjusted tax rate for 2013 to be in the range of 13 percent to
    14 percent.
  oCapital expenditures to be approximately $700 million, unchanged from
    previous guidance.

Third Quarter Pipeline Update

The Company provided the following information on selected clinical programs:

Evolocumab (AMG 145):

  oThe Company announced that all of the pivotal lipid lowering studies of
    evolocumab have completed enrollment and the data are expected in the
    first quarter of 2014.

Trebananib:

  oThe Company announced that the primary analysis of the event-driven
    overall survival secondary endpoint from the ongoing pivotal Phase 3 study
    in recurrent ovarian cancer (TRINOVA-1) is projected to occur in the
    second half of 2014.
  oThe Company announced that enrollment has been closed in a Phase 3 study
    in recurrent ovarian cancer (TRINOVA-2) due to DOXIL^® (doxorubicin HCl
    liposome injection) supply issues.

Brodalumab:

  oThe Company announced that all Phase 3 studies in subjects with psoriasis
    have completed enrollment and data are expected in 2014.

Biosimilars:

  oThe Company announced that it has commenced a pivotal study in subjects
    with psoriasis for its biosimilar Humira^® (adalimumab).

Note: DOXIL® is a product of Janssen Products, LP a Johnson & Johnson
subsidiary; Humira® is a product of AbbVie Inc.

Non-GAAP Financial Measures
The Adjusted non-GAAP (U.S. Generally Accepted Accounting Principles)
financial measures included above for the third quarters of 2013 and 2012
exclude, for the applicable periods, certain expenses related to acquisitions,
cost-savings initiatives, various legal proceedings, non-cash interest expense
associated with our convertible notes and certain other adjustments, as
applicable. These adjustments and other items are presented on the attached
reconciliations.

Management has presented its operating results in accordance with GAAP and on
an "adjusted" (or non-GAAP) basis and Free Cash Flow which is a non-GAAP
financial measure for the third quarters of 2013 and 2012. In addition,
management has presented its full year 2013 EPS and tax rate guidance in
accordance with GAAP and on an "adjusted" (or non-GAAP) basis. The Company
believes that the presentation of non-GAAP financial measures provides useful
supplementary information to and facilitates additional analysis by
investors. The Company uses these non-GAAP financial measures in connection
with its own budgeting and financial planning. These non-GAAP financial
measures are in addition to, not a substitute for, or superior to, measures of
financial performance prepared in conformity with GAAP.

About Amgen
Amgen is committed to unlocking the potential of biology for patients
suffering from serious illnesses by discovering, developing, manufacturing and
delivering innovative human therapeutics. This approach begins by using tools
like advanced human genetics to unravel the complexities of disease and
understand the fundamentals of human biology.

Amgen focuses on areas of high unmet medical need and leverages its biologics
manufacturing expertise to strive for solutions that improve health outcomes
and dramatically improve people's lives. A biotechnology pioneer since 1980,
Amgen has grown to be the world's largest independent biotechnology company,
has reached millions of patients around the world and is developing a pipeline
of medicines with breakaway potential.

For more information, visit www.amgen.com and follow us on
www.twitter.com/amgen.

Forward-Looking Statements
This news release contains forward-looking statements that involve significant
risks and uncertainties, including those discussed below and others that can
be found in our Form 10-K for the year ended Dec. 31, 2012, and in any
subsequent periodic reports on Form 10-Q and Form 8-K. Amgen is providing
this information as of the date of this news release and does not undertake
any obligation to update any forward-looking statements contained in this
document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ
materially from those we project. The Company's results may be affected by
our ability to successfully market both new and existing products domestically
and internationally, clinical and regulatory developments (domestic or
foreign) involving current and future products, sales growth of recently
launched products, competition from other products (domestic or foreign), and
difficulties or delays in manufacturing our products. In addition, sales of
our products are affected by reimbursement policies imposed by third-party
payors, including governments, private insurance plans and managed care
providers and may be affected by regulatory, clinical and guideline
developments and domestic and international trends toward managed care and
healthcare cost containment as well as U.S. legislation affecting
pharmaceutical pricing and reimbursement. Government and others' regulations
and reimbursement policies may affect the development, usage and pricing of
our products. Furthermore, our research, testing, pricing, marketing and
other operations are subject to extensive regulation by domestic and foreign
government regulatory authorities. We or others could identify safety, side
effects or manufacturing problems with our products after they are on the
market. Our business may be impacted by government investigations, litigation
and product liability claims. If we fail to meet the compliance obligations
in the corporate integrity agreement between us and the U.S. government, we
could become subject to significant sanctions. Further, while we routinely
obtain patents for our products and technology, the protection offered by our
patents and patent applications may be challenged, invalidated or circumvented
by our competitors. We depend on third parties for a significant portion of
our manufacturing capacity for the supply of certain of our current and future
products and limits on supply may constrain sales of certain of our current
products and product candidate development. In addition, we compete with
other companies with respect to some of our marketed products as well as for
the discovery and development of new products. Discovery or identification of
new product candidates cannot be guaranteed and movement from concept to
product is uncertain; consequently, there can be no guarantee that any
particular product candidate will be successful and become a commercial
product. Further, some raw materials, medical devices and component parts for
our products are supplied by sole third-party suppliers. Our business
performance could affect or limit the ability of our Board of Directors to
declare a dividend or our ability to pay a dividend or repurchase our common
stock.



Amgen Inc
Condensed Consolidated Statements of Income - GAAP
(In millions, except per share data)
(Unaudited)
                                    Three months ended    Nine months ended
                                    September 30,        September 30,
                                    2013       2012       2013       2012
Revenues:
   Product sales                    $      $      $       $    
                                    4,647       4,201    13,393     12,302
   Other revenues                   101        118        272        542
          Total revenues            4,748      4,319      13,665     12,844
Operating expenses:
   Cost of sales                    788        775        2,317      2,277
   Research and development         989        880        2,834      2,442
   Selling, general and             1,249      1,131      3,663      3,441
   administrative
   Other                            34         110        171        195
          Total operating expenses  3,060      2,896      8,985      8,355
Operating income                    1,688      1,423      4,680      4,489
Interest expense, net               257        271        761        762
Interest and other income, net      72         111        332        359
Income before income taxes          1,503      1,263      4,251      4,086
Provision for income taxes          135        156        191        529
Net income                          $      $      $      $    
                                    1,368       1,107    4,060       3,557
Earnings per share:
   Basic                            $      $      $      $    
                                     1.81       1.44    5.40       4.57
   Diluted                          $      $      $      $    
                                     1.79       1.41    5.31       4.51
Average shares used in calculation
of earnings per share:
   Basic                            754        771        752        779
   Diluted                          766        783        764        789





Amgen Inc
Condensed Consolidated Balance Sheets - GAAP
(In millions)
(Unaudited)
                                              September 30,   December 31,
                                              2013             2012
Assets
Current assets:
 Cash, cash equivalents and marketable        $          $      
 securities                                   22,558          24,061
 Receivable from sale of investments          560              -
 Trade receivables, net                       2,670            2,518
 Inventories                                  2,838            2,744
 Other current assets                         2,049            1,886
  Total current assets                 30,675           31,209
Property, plant and equipment, net            5,283            5,326
Intangible assets, net                        3,682            3,968
Goodwill                                      12,572           12,662
Restricted investments                        3,411            -
Other assets                                  1,450            1,133
Total assets                                  $          $      
                                              57,073          54,298
Liabilities and Stockholders' Equity
Current liabilities:
 Accounts payable and accrued liabilities     $         $       
                                              4,832           5,696
 Current portion of long-term debt            11               2,495
  Total current liabilities            4,843            8,191
Long-term debt                                27,178           24,034
Other non-current liabilities                 3,324            3,013
Stockholders' equity                          21,728           19,060
Total liabilities and stockholders' equity    $          $      
                                              57,073          54,298
Shares outstanding                            754              756



Amgen Inc.
GAAP to "Adjusted" Reconciliations
(In millions)
(Unaudited)
                                         Three months ended  Nine months ended
                                         September 30,      September 30,
                                         2013       2012     2013      2012
 GAAP cost of sales                      $       $     $       $  
                                         788       775     2,317     2,277
 Adjustments to cost of sales:
  Stock option expense (a)            (3)        (3)      (6)       (9)
  Acquisition-related expenses (b)    (70)       (77)     (211)     (218)
  Certain charges pursuant to our
 efforts to improve cost efficiencies in
 our operations related to accelerated   -          (21)     -         (42)
 depreciation of a manufacturing
 facility
  Total adjustments to cost of    (73)       (101)    (217)     (269)
 sales
 Adjusted cost of sales                  $       $     $       $  
                                         715       674     2,100     2,008
 GAAP research and development expenses  $       $     $       $  
                                         989       880     2,834     2,442
 Adjustments to research and development
 expenses:
  Stock option expense (a)            (2)        (5)      (10)      (17)
  Acquisition-related expenses (c)    (21)       (14)     (63)      (34)
  Certain charges pursuant to our
 efforts to improve cost efficiencies in -          (12)     -         (12)
 our operations related to a lease
 abandonment
  Total adjustments to research   (23)       (31)     (73)      (63)
 and development expenses
 Adjusted research and development       $       $     $       $  
 expenses                                966       849     2,761     2,379
 GAAP selling, general and               $        $      $       $  
 administrative expenses                 1,249      1,131    3,663     3,441
 Adjustments to selling, general and
 administrative expenses:
  Stock option expense (a)            (3)        (6)      (10)      (20)
  Acquisition-related expenses (d)    (28)       (15)     (54)      (55)
  Total adjustments to selling,   (31)       (21)     (64)      (75)
 general and administrative expenses
 Adjusted selling, general and           $        $      $       $  
 administrative expenses                 1,218      1,110    3,599     3,366
 GAAP operating expenses                 $        $      $       $  
                                         3,060      2,896    8,985     8,355
 Adjustments to operating expenses:
  Adjustments to cost of sales        (73)       (101)    (217)     (269)
  Adjustments to research and         (23)       (31)     (73)      (63)
 development expenses
  Adjustments to selling, general and (31)       (21)     (64)      (75)
 administrative expenses
  Expense resulting from changes in
 the estimated fair values of the
 contingent considerationobligations    -          (2)      (111)     (5)
 related to a prior year business
 combination
  Write-off of a non-key contract
 asset acquired in a prior year business -          (19)     -         (19)
 combination
  Certain charges pursuant to our
 efforts to improve cost efficiencies in (35)       (36)     (46)      (106)
 our operations (e)
  Benefit/(Expense) related to        1          (53)     (14)      (65)
 various legal proceedings
  Total adjustments to operating  (161)      (263)    (525)     (602)
 expenses
 Adjusted operating expenses             $        $      $       $  
                                         2,899      2,633    8,460     7,753
 GAAP income before income taxes         $        $      $       $  
                                         1,503      1,263    4,251     4,086
 Adjustments to income before income
 taxes:
  Adjustments to operating expenses   161        263      525       602
  Adjustments to other                22         35       34        104
 income/(expense)
  Total adjustments to income     183        298      559       706
 before income taxes
 Adjusted income before income taxes     $        $      $       $  
                                         1,686      1,561    4,810     4,792
 GAAP provision for income taxes         $       $     $      $   
                                         135       156     191      529
 Adjustments to provision for income
 taxes:
  Income tax effect of the above      60         94       148       232
 adjustments (f)
  Other income tax adjustments (g)    10         -        48        -
  Total adjustments to provision  70         94       196       232
 for income taxes
 Adjusted provision for income taxes     $       $     $      $   
                                         205       250     387      761
 GAAP net income                         $        $      $       $  
                                         1,368      1,107    4,060     3,557
 Adjustments to net income:
  Adjustments to income before income
 taxes, net of the tax effect of the     123        204      411       474
 above adjustments
  Other income tax adjustments (g)    (10)       -        (48)      -
  Total adjustments to net income 113        204      363       474
 Adjusted net income                     $        $      $       $  
                                         1,481      1,311    4,423     4,031



Amgen Inc
GAAP to "Adjusted" Reconciliations
(In millions, except per share data)
(Unaudited)
      The following table presents the computations for GAAP and "Adjusted"
      diluted EPS, computed under the treasury stock method.
      "Adjusted" EPS presented below excludes stock option expense:
                         Three months ended          Three months ended
                         September 30, 2013          September 30, 2012
                         GAAP       "Adjusted"     GAAP     "Adjusted"
      Income
      (Numerator):
      Net income for     $                         $  
      basic and diluted  1,368      $   1,481      1,107    $   1,311
      EPS
      Shares
      (Denominator):
      Weighted-average
      shares for basic   754        754              771      771
      EPS
      Effect of dilutive 12         11           (*) 12       12           (*)
      securities
      Weighted-average
      shares for diluted 766        765              783      783
      EPS
      Diluted EPS        $       $    1.94     $     $    1.67
                         1.79                        1.41
                         Nine months ended           Nine months ended
                         September 30, 2013          September 30, 2012
                         GAAP       "Adjusted"      GAAP     "Adjusted"
      Income
      (Numerator):
      Net income for     $                         $  
      basic and diluted  4,060      $   4,423      3,557    $   4,031
      EPS
      Shares
      (Denominator):
      Weighted-average
      shares for basic   752        752              779      779
      EPS
      Effect of dilutive 12         12           (*) 10       10           (*)
      securities
      Weighted-average
      shares for diluted 764        764              789      789
      EPS
      Diluted EPS        $       $    5.79     $     $    5.11
                         5.31                        4.51
      Dilutive securities used to compute "Adjusted" diluted EPS for the three
(*)   and nine months ended September 30, 2013 and 2012, were computed under
      the treasury stockmethod assuming that we do not expense stock
      options.
      For the three and nine months ended September 30, 2013, the total
(a)   pre-tax expense for employee stock options was $8 million and $26
      million, respectively, compared with $14 million and $46 million for the
      corresponding periods of the prior year.
      "Adjusted" diluted EPS including the impact of stock option expense were
      as follows:
                         Three months ended          Nine months ended
                         September 30,              September 30,
                         2013       2012             2013     2012
      "Adjusted" diluted
      EPS, excluding     $       $    1.67     $     $    5.11
      stock option       1.94                        5.79
      expense
      Impact of stock
      option expense     (0.01)     (0.01)           (0.02)   (0.04)
      (net of tax)
      "Adjusted" diluted
      EPS, including     $       $    1.66     $     $    5.07
      stock option       1.93                        5.77
      expense
      The adjustments related to non-cash amortization of product technology
(b)   rights acquired in a prior year business combination. The adjustments in
      2012 also included$7 million of other costs.
      The adjustments in 2013 related primarily to non-cash amortization of
(c)   intangible assets acquired in prior year business combinations. The
      adjustments in 2012 related primarily to non-cash amortization of
      intangible assets as well as retention and severance expenses.
      The adjustments in 2013 related primarily to non-cash amortization of
      intangible assets acquired in prior year business combinations as well
      as $15 million of transactioncosts associated with the Onyx business
(d)   combination which closed in the fourth quarter of 2013. For the three
      months ended September 30, 2012, the adjustmentsrelated primarily to
      non-cash amortization of intangible assets. For the nine months ended
      September 30, 2012, the adjustments related primarily to transaction
      costsas well as non-cash amortization of intangible assets.
(e)   The adjustments in 2013 related primarily to severance expenses. The
      adjustments in 2012 related primarily to lease abandonment costs.
      The tax effect of the adjustments between our GAAP and "Adjusted"
      results takes into account the tax treatment and related tax rate(s)
      that apply to each adjustment in the applicable tax jurisdiction(s).
      Generally, this results in a tax impact at the U.S. marginal tax rate
      for certain adjustments, including the majority of amortization of
      intangible assets and non-cash interest expense associated with our
      convertible notes, whereas the tax impact of other adjustments,
(f)   including stock option expense, depends on whether the amounts are
      deductible in the tax jurisdictions where the expenses are incurred or
      the asset is located and the applicable tax rate(s) in those
      jurisdictions. Due to these factors, the effective tax rates for the
      adjustments to our GAAP income before income taxes, for the three and
      nine months ended September 30, 2013, were 32.8% and 26.5%,
      respectively, compared with 31.5% and 32.9% for the corresponding
      periods of the prior year.
      The income tax impact from resolving certain non-routine
(g)   transfer-pricing and acquisition-related issues with tax authorities as
      well as the impact related to certainprior period items excluded from
      adjusted earnings.
      The 2012 expenses related to amortization of certain acquired intangible
Note: assets within operating expenses have been reclassified to conform to
      the current year presentation



Amgen Inc
Reconciliation of Free Cash Flow
(In millions)
(Unaudited)
                            Three months ended
                            September 30,
                            2013                       2012
 Cash Flows from Operations $                 $        
                            1,807                     1,723
 Capital Expenditures       (175)                      (173)
 Free Cash Flow             $                 $        
                            1,632                     1,550

Reconciliation of GAAP EPS Guidance to "Adjusted"
EPS Guidance for the Year Ending December 31, 2013
(Unaudited)
                                          2013
GAAP diluted EPS guidance                 $      -   $   
                                          6.79         6.89
Known adjustments to arrive at
"Adjusted" earnings*:
        Acquisition-related         (a)   0.53
        expenses
        Charges associated with           0.04
        cost savings initiatives
        Stock option expense              0.02
        Expense related to various        0.02
        legal proceedings
        Non-cash interest expense
        associated with our               0.01
        convertible notes
        Other tax adjustments       (b)   (0.06)
"Adjusted" diluted EPS guidance           $      -   $   
                                          7.35         7.45
*    The known adjustments are presented net of their related tax impact which
     amount to approximately $0.25 per share in the aggregate.
     To exclude acquisition-related expenses related primarily to non-cash
(a)  amortization of intangible assets and expense resulting from changes
     inthe estimated fair values of the contingent consideration obligations
     related to prior year business combinations.
     To exclude the income tax impact from resolving certain non-routine
(b)  transfer-pricing and acquisition-related issues with tax authorities as
     well asthe impact related to certain prior period items excluded from
     adjusted earnings.
     On October 1, 2013, we acquired Onyx Pharmaceuticals.Many of the
     adjustments from this transaction have not been determined.As a result,
     we expect significantly more adjustments in the fourth quarter that are
     not included in the table above.



Reconciliation of GAAP Tax Rate Guidance to "Adjusted"
Tax Rate Guidance for the Year Ending December 31, 2013
(Unaudited)
                                    2013 with             2013 without
                                    PR excise tax credit  PR excise tax credit
GAAP tax rate guidance              6%     -     7%          11%   -   12%
 Tax rate effect of known           3%                       2%
 adjustments discussed above
"Adjusted" tax rate guidance        9%     -     10%         13%   -   14%



CONTACT: Amgen, Thousand Oaks
Christine Regan, 805-447-5476 (media)
Arvind Sood, 805-447-1060 (investors)

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SOURCE Amgen

Website: http://www.amgen.com
 
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