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AMGEN 2002 ANNUAL REPORT
Consolidated Statements of Cash Flows
(In millions)
Years ended December 31, 2002 2001 2000
Cash flows from operating activities:
Net (loss) income $(1,391.9) $1,119.7 $1,138.5
Write-off of acquired in-process research and development 2,991.8 — 30.1
Depreciation and amortization 447.3 265.9 211.8
Tax benefits related to employee stock options 251.6 244.5 376.6
Deferred income taxes 174.7 (148.3) 6.6
Other non-cash expenses 24.9 97.8 (8.3)
Cash provided by (used in) changes in operating assets
and liabilities, net of acquisitions:
Trade receivables, net (121.9) (123.0) 23.0
Inventories (101.7) (85.5) (120.9)
Other current assets (5.2) (31.5) (51.4)
Accounts payable 11.0 (6.5) 59.8
Accrued liabilities (31.8) 147.1 (31.2)
Net cash provided by operating activities 2,248.8 1,480.2 1,634.6
Cash flows from investing activities:
Cash paid for Immunex, net of cash acquired (1,899.0) ——
Proceeds from the sale of the Leukine
®
business 389.9 ——
Purchases of property, plant, and equipment (658.5) (441.8) (437.7)
Purchase of certain rights from Roche (137.5) ——
Proceeds from maturities of marketable securities 778.2 490.3 —
Proceeds from sales of marketable securities 1,621.5 301.7 1,067.8
Purchases of marketable securities (2,952.8) (918.2) (1,638.7)
Other (5.6) 28.4 (27.7)
Net cash used in investing activities (2,863.8) (539.6) (1,036.3)
Cash flows from financing activities:
Issuance of zero-coupon convertible notes, net
of issuance costs 2,764.7 ——
Net proceeds from issuance of common stock upon the
exercise of employee stock options and in
connection with an employee stock purchase plan 427.8 277.7 333.7
Repurchases of common stock (1,420.4) (737.5) (799.9)
Other 5.5 (18.2) (36.5)
Net cash provided by (used in) financing activities 1,777.6 (478.0) (502.7)
Increase in cash and cash equivalents 1,162.6 462.6 95.6
Cash and cash equivalents at beginning of period 689.1 226.5 130.9
Cash and cash equivalents at end of period $ 1,851.7 $ 689.1 $ 226.5
See accompanying notes.
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