Amgen 2nd Qtr 2008 Beats The Street - Guidance Is Up

Amgen's Second Quarter 2008 Adjusted Earnings Per Share Increased 2 Percent to $1.14

>Second Quarter 2008 Revenue Increased 1 percent to $3.8 Billion

>Second Quarter 2008 GAAP Earnings Per Share Decreased 3 percent to $0.87

>Full Year Revenue Guidance Raised from $14.2 Billion - $14.6 Billion to $14.6 Billion - $14.9 Billion

>Full Year Adjusted EPS Guidance Raised from $4.00 - $4.30 to $4.25 - $4.45

THOUSAND OAKS, Calif., Jul 28, 2008 (BUSINESS WIRE) -- Amgen (NASDAQ:AMGN) reported adjusted earnings per share (EPS), excluding stock option expense and certain other expenses, of $1.14 for the second quarter of 2008, an increase of 2 percent compared to $1.12 for the second quarter of 2007. Adjusted net income, excluding stock option expense and certain other expenses, decreased 2 percent to $1,235 million in the second quarter of 2008 compared to $1,265 million in the second quarter of 2007. Stock option expense on a per share basis totaled 1 cent and 3 cents for the second quarter of 2008 and 2007, respectively.
Total revenue increased 1 percent during the second quarter of 2008 to $3,764 million versus $3,728 million in the second quarter of 2007.

2008 Revenue and EPS Guidance Raised
The Company is raising its revenue guidance range from the previously provided range of $14.2 billion to $14.6 billion to an increased range of $14.6 billion to $14.9 billion. The Company is also raising its 2008 adjusted EPS guidance range from the prior range of $4.00 to $4.30 to an increased range of $4.25 to $4.45, excluding stock option expense and certain other expenses, based upon sales momentum and lower operating expense due to continuing efficiencies