Amgen 2011 Annual Report Download - page 83

Item 6. SELECTED FINANCIAL DATA
Years ended December 31,
Consolidated Statement of Income Data: 2011 2010 2009 2008 2007
(In millions, except per share data)
Revenues:
Product sales .................................. $15,295 $14,660 $14,351 $14,687 $14,311
Other revenues ................................ 287 393 291 316 460
Total revenues ............................ 15,582 15,053 14,642 15,003 14,771
Operating expenses(1):
Cost of sales (excludes amortization of certain acquired
intangible assets presented separately) ............ 2,427 2,220 2,091 2,296 2,548
Research and development ....................... 3,167 2,894 2,864 3,030 3,266
Selling, general and administrative ................ 4,486 3,983 3,820 3,789 3,361
Amortization of certain acquired intangible assets .... 294 294 294 294 298
Write-off of acquired in-process research and
development(2) .............................. ————590
Other(3) ...................................... 896 117 67 380 728
Net income(4) ..................................... 3,683 4,627 4,605 4,052 3,078
Diluted earnings per share(4) .......................... 4.04 4.79 4.51 3.77 2.74
Dividends paid per share ............................ 0.56 ————
As of December 31,
Consolidated Balance Sheet Data: 2011 2010 2009 2008 2007
(In millions)
Total assets ....................................... $48,871 $43,486 $39,629 $36,427 $34,618
Total debt(4)(5)(6) ................................... 21,428 13,362 10,601 9,352 10,114
Total stockholders’ equity(4)(6) ........................ 19,029 23,944 22,667 20,885 18,512
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 Annual Reports on Form 10-K 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. Also, see Item 5. Market for Registrant’s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities for information regarding cash dividends declared per common
share.
(1) On August 15, 2007, we announced a plan to restructure our worldwide operations in order to improve our
cost structure. Under this plan 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 on certain facilities that will not be used in our business.
(2) As part of the accounting for the business combinations of Alantos Pharmaceutical Holding, Inc. and Ilypsa,
Inc. in 2007, under the then existing accounting rules we recorded charges to write-off acquired in-process
R&D (IPR&D) of $270 million and $320 million, respectively. The charges represent the estimated fair
values of the IPR&D that, as of the respective acquisition dates, had not reached technological feasibility
and had no alternative future use.
(3) In 2011, we recorded a $780 million legal settlement charge ($705 million, net of tax) in connection with an
agreement in principle to settle allegations relating to our sales and marketing practices. In 2008, we
recorded loss accruals for settlements of certain commercial legal proceedings aggregating $288 million,
related principally to the settlement of the Ortho Biotech Products L.P. (Ortho Biotech) antitrust suit.
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