Amgen's First Quarter 2008 Adjusted Earnings Per Share Increased 4 percent to $1.12

Amgen (NASDAQ:AMGN) reported adjusted earnings per share (EPS), excluding stock option expense and certain other expenses, of $1.12 for the first quarter of 2008, an increase of 4 percent compared to $1.08 for the first quarter of 2007. Adjusted net income, excluding stock option expense and certain other expenses, decreased 4 percent to $1,218 million in the first quarter of 2008 compared to $1,270 million in the first quarter of 2007. Stock option expense on a per share basis totaled 2 cents and 3 cents for the first quarter of 2008 and 2007, respectively.

Total revenue decreased 2 percent during the first quarter of 2008 to $3,613 million versus $3,687 million in the first quarter of 2007.

Adjusted EPS and adjusted net income for the first quarter 2008 and 2007 exclude, for the applicable periods, stock option expense, certain expenses related to acquisitions, restructuring charges and certain other items. These expenses and other items are itemized on the attached reconciliation tables. Adjusted EPS including the impact of stock option expense are also itemized in the notes to the attached reconciliation tables.

On a reported basis and calculated in accordance with United States (U.S.) Generally Accepted Accounting Principles (GAAP), Amgen's GAAP EPS were $1.04 in the first quarter of 2008, an 11 percent increase compared to $0.94 in the same quarter last year. GAAP net income increased 2 percent to $1,136 million in the first quarter of 2008 from $1,111 million in the first quarter of 2007.

"Though first quarter product sales were mixed, based on current trends and expectations, we are confident that revenues for the year will be within our previously announced guidance," said Kevin Sharer, chairman and CEO. "We continue to be encouraged by the lasting effects of our cost management efforts. These combined with our revenue and expense expectations place us solidly within our adjusted EPS guidance for the year. Most importantly, we will sustain a strong R&D investment as we look forward to disclosing important clinical data in the next 6 to 12 months."

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 and 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 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. To learn more about our pioneering science and our vital medicines, visit www.amgen.com.

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