Amgen announces full-year financials

Amgen has announced its financial figures for the 2007 fiscal year, with the company reporting a four per cent increase in revenue to $14.8 billion (7.48 billion pounds).

Earnings per share on a GAAP basis for the year rose by 14 per cent to $2.82, while net income increased from $4.62 billion in 2006 to $4.8 billion in 2007.

This figure excludes stock option expense, some acquisition-related expenses and certain other items, including restructuring costs, with these figures itemised by the firm and included in its financial report.

Amgen said that it would restructure its worldwide operations with a view to enhancing its cost framework while continuing to build future growth and invest in research and development work as a consequence of changes to the regulation and reimbursement to erythropoiesis stimulating agent products.

Kevin Sharer, chairman and chief executive officer of Amgen, said: “2007 was Amgen’s most challenging year.

“Despite the unexpected reduction in revenues of our erythropoietin products, we delivered earnings per share very close to the low end of our original guidance.”

He added that 2008 presents a number of opportunities and challenges for the firm, which is optimistic that it is well prepared for any future eventualities.

Earlier this month, Mr Sharer told analysts at the JP Morgan Healthcare Conference that the company had effectively implemented cost actions, which included a reduction in staff of 13 per cent.