Amgen 2010 Annual Report Download - page 81

Item 6. SELECTED FINANCIAL DATA
Consolidated Statement of Income Data: 2010 2009 2008 2007 2006
Years ended December 31,
(In millions, except per share data)
Revenues:
Product sales . . . ............................ $14,660 $14,351 $14,687 $14,311 $13,858
Other revenues . ............................ 393 291 316 460 410
Total revenues .......................... 15,053 14,642 15,003 14,771 14,268
Operating expenses
(1)(2)
:
Cost of sales (excludes amortization of certain
acquired intangible assets presented below)
(3)
..... 2,220 2,091 2,296 2,548 2,095
Research and development
(4)
................... 2,894 2,864 3,030 3,266 3,366
Selling, general and administrative ............... 3,983 3,820 3,789 3,361 3,366
Amortization of certain acquired intangible assets
(5)
. . 294 294 294 298 370
Write-off of acquired in-process research and
development
(6)
............................ — — — 590 1,231
Other charges
(7)
............................. 117 67 380 728 —
Net income
(11)
................................. 4,627 4,605 4,052 3,078 2,809
Diluted earnings per share
(11)
...................... 4.79 4.51 3.77 2.74 2.36
Cash dividends declared per share ................... —————
Consolidated Balance Sheet Data: 2010 2009 2008 2007 2006
As of December 31,
(In millions)
Total assets
(2)
.................................. $43,486 $39,629 $36,427 $34,618 $33,711
Total debt
(8)(9)(11)
............................... 13,362 10,601 9,352 10,114 7,725
Stockholders’ equity
(9)(10)(11)
....................... 23,944 22,667 20,885 18,512 19,841
In addition to the following notes, see Item 7. Management’s Discussion and Analysis of Financial Condition
and Results of Operations and the consolidated financial statements and accompanying notes and previously filed
Form 10-K’s for further information regarding our consolidated results of operations and financial position for
periods reported therein and for known factors that will impact comparability of future results.
(1) In 2009, 2008 and 2007, we incurred restructuring charges of $70 million ($44 million, net of tax),
$148 million ($111 million, net of tax) and $739 million ($576 million, net of tax), respectively, related
primarily to staff separation costs, asset impairment charges, accelerated depreciation (primarily in 2007) and
loss accruals for leases for certain facilities that will not be used in our business.
(2) In 2008, we completed the acquisition of Dompé Biotec, S.p.A (“Dompé”). The purchase price paid was
approximately $168 million, which included the carrying value of our existing 49% ownership in Dompé. In
July 2007, we acquired all of the outstanding shares of Ilypsa, Inc. (“Ilypsa”) for a net purchase price of
approximately $400 million. Also in July 2007, we acquired all of the outstanding shares of Alantos
Pharmaceuticals Holding, Inc. (“Alantos”) for a net purchase price of approximately $300 million. In October
2006, we acquired all of the outstanding stock of Avidia, Inc. (“Avidia”) for a net purchase price of
approximately $275 million. In April 2006, we acquired all of the outstanding common stock of Abgenix
for a purchase price of approximately $2.2 billion.
(3) Included in cost of sales (excludes amortization of certain acquired intangible assets) for 2007 is a charge of
$30 million related to the write-off of the cost of a semi-completed manufacturing asset that will not be used
due to a change in manufacturing strategy.
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