Amgen (NASDAQ:AMGN) announced financial results for the second quarter of 2012. Key results for the quarter include: Total revenues increased 13 percent to $4,477 million, with 8 percent product sales growth driven by strong performance across the portfolio; Amgen modified its agreement with Takeda to grant exclusive worldwide development rights for motesanib, recognizing income of $206 million in other revenues; Adjusted EPS grew 34 percent to $1.83 due to 23 percent adjusted operating income growth and lower shares outstanding. Adjusted net income increased 12 percent to $1,433 million; GAAP EPS increased 29 percent to $1.61 and GAAP net income increased 8 percent to $1,266 million; Amgen generated approximately $2.2 billion of free cash flow; Four AMG 145 Phase 2 studies have successfully completed and the Company plans to initiate Phase 3 development in early 2013.
"I am very pleased with the performance of the business in the first half," said Bob Bradway, CEO at Amgen. "I am excited about the growth opportunities in our research and development pipeline, particularly our biologic AMG 145 for hypercholesterolemia."
About Amgen
Amgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe, effective medicines from lab to manufacturing plant to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, bone disease and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives.