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in 2010. We also expect the results in 2010 of an additional phase 3 study to evaluate denosumab in patients with
non-metastatic prostate cancer to prevent bone metastases. In addition, international expansion into emerging mar-
kets will also be an important opportunity for growth.
Results of Operations
Product sales
For the years ended December 31, 2009, 2008 and 2007, worldwide product sales and total product sales by
geographic region were as follows (dollar amounts in millions):
2009 Change 2008 Change 2007
Aranesp®........................................... $ 2,652 (15)% $ 3,137 (13)% $ 3,614
EPOGEN®.......................................... 2,569 5% 2,456 (1)% 2,489
Neulasta®/NEUPOGEN®.............................. 4,643 0% 4,659 9% 4,277
ENBREL ........................................... 3,493 (3)% 3,598 11% 3,230
Sensipar®........................................... 651 9% 597 29% 463
Other .............................................. 343 43% 240 1% 238
Total product sales ............................... $14,351 (2)% $14,687 3% $14,311
Total U.S. .......................................... $11,135 (3)% $11,460 0% $11,443
Total International .................................... 3,216 0% 3,227 13% 2,868
Total product sales ............................... $14,351 (2)% $14,687 3% $14,311
Product sales are influenced by a number of factors, some of which may impact sales of certain of our exist-
ing products more significantly than others, including: demand, third-party reimbursement availability and
policies, government programs, regulatory developments or guidelines, clinical trial outcomes, clinical practice,
contracting and pricing strategies, wholesaler and end-user inventory management practices, patient population
growth, fluctuations in foreign currency exchange rates, new product launches and indications, expansion into
new countries, competitive products, product supply and acquisitions. In addition, general economic conditions
may effect, or in some cases amplify, certain of these factors with a corresponding impact on our product sales.
(See “Item 1. Business — Marketed Products and Selected Product Candidates” for a discussion of our principal
products and their approved indications.)
Aranesp®
For the years ended December 31, 2009, 2008 and 2007, total Aranesp®sales by geographic region were as
follows (dollar amounts in millions):
2009 Change 2008 Change 2007
Aranesp®— U.S. ....................................... $1,251 (24)% $1,651 (23)% $2,154
Aranesp®— International ................................. 1,401 (6)% 1,486 2% 1,460
Total Aranesp®..................................... $2,652 (15)% $3,137 (13)% $3,614
U.S. Aranesp®sales for the year ended December 31, 2009 decreased 24%. U.S. sales of Aranesp®in 2008
benefited from certain changes in accounting estimates related to product sales return reserves. Excluding the
positive impact of these changes in accounting estimates, U.S. sales of Aranesp®decreased approximately 21%
compared to the year ended December 31, 2008. This decrease was principally driven by a decline in demand re-
flecting the negative impact, primarily in the supportive cancer care setting, of a product safety-related label
change which occurred in August 2008 and a low single digit decrease in the average net sales price. In addition,
the decline in sales also reflects both a decline in the segment and a slight loss of segment share.
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