Amgen 2012 Annual Report Download - page 148
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F-49
Major customers
In the United States, we sell primarily to pharmaceutical wholesale distributors. We utilize those wholesale distributors as
the principal means of distributing our products to healthcare providers. In Europe, we sell principally to healthcare providers and/
or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition
of our larger customers, and we limit our credit exposure by setting credit limits and, for certain customers, by requiring letters of
credit.
We had product sales to three customers each accounting for more than 10% of total revenues for the years ended December 31,
2012, 2011 and 2010. For 2012, on a combined basis, these customers accounted for 76% and 94% of worldwide gross revenues
and U.S. gross product sales, respectively, as noted in the following table. Certain information with respect to these customers for
the years ended December 31, 2012, 2011 and 2010, was as follows (dollar amounts in millions):
2012 2011 2010
AmerisourceBergen Corporation:
Gross product sales $ 7,556 $ 7,574 $ 7,678
% of total gross revenues 34% 36% 38%
% of U.S. gross product sales 43% 45% 47%
McKesson Corporation:
Gross product sales $ 5,898 $ 4,591 $ 3,913
% of total gross revenues 27% 22% 19%
% of U.S. gross product sales 32% 27% 24%
Cardinal Health, Inc.:
Gross product sales $ 3,245 $ 3,021 $ 2,813
% of total gross revenues 15% 14% 14%
% of U.S. gross product sales 19% 18% 17%
At December 31, 2012 and 2011, amounts due from these three customers each exceeded 10% of gross trade receivables
and accounted for 61% and 60%, respectively, of net trade receivables on a combined basis. At December 31, 2012 and 2011, 36%
and 39%, respectively, of trade receivables, net were due from customers located outside the United States, primarily in Europe.
Our total allowance for doubtful accounts as of December 31, 2012 and 2011, was not material.