Amgen 2004 Annual Report Download - page 30

Selected fi nancial information
(1) We began recording ENBREL® sales subsequent to our acquisition of Immunex Corporation (“Immunex”) on July 15, 2002.
(2) In 2004, as part of the accounting for the Tularik Inc. (“Tularik”) acquisition, we recorded a charge to write off acquired in-process research and development (“IPR&D”) of $554 million.
In 2002, as part of the accounting for the Immunex acquisition, we recorded a charge to write off acquired IPR&D of $2,992 million. The IPR&D charge represents an estimate of the fair value
of purchased in-process technology for projects that, as of the acquisition date, had not reached technological feasibility and had no alternative future use. See Note 7 to the Consolidated
Financial Statements included in our 2004 Annual Report on Form 10-K for further discussion of the acquisitions of Tularik and Immunex and the IPR&D write-offs.
(3) On August 13,2004, we acquired all of the outstanding common stock of Tularik for approximately $1.5 billion. On July 15,2002, we acquired all of the outstanding common stock of
Immunex for approximately $17.8 billion. See Note 7 to the Consolidated Financial Statements included in our 2004 Annual Report on Form 10-K for further discussion of the acquisitions
and the related accounting.
Consolidated statement of operations data
(In millions, except per share data)
Years ended December 31, 2004 2003 2002
Revenues:
Product sales
(1) $ 9,977 $ 7,868 $ 4,991
Other revenues 573 488 532
Total revenues 10,550 8,356 5,523
Operating expenses:
Cost of sales (excludes amortization of acquired
intangible assets presented below) 1,731 1,341 736
Research and development 2,028 1,655 1,117
Write-off of acquired in-process research & development
(2) 554
— 2,992
Selling, general and administrative 2,556 1,957 1,449
Amortization of acquired intangible assets 333 336 155
Other items, net
— (24) (141)
Net income (loss) 2,363 2,259 (1,392)
Diluted earnings (loss) per share 1.81 1.69 (1.21)
Consolidated balance sheet data
(In millions)
At December 31, 2004 2003 2002
Total assets
(3) $29,221 $26,113 $24,456
Long-term debt
(4) 3,937 3,080 3,048
Stockholders’ equity
(3) 19,705 19,389 18,286
2004 $2,473
2003 1,544
2002 416
2001 41
02 03 04
01
Aranesp®
product sales
($ in millions )
2004 $2,601
2003 2,435
2002 2,261
2001 2,109
2000 1,963
1999 1,759
1998 1,382
1997 1,161
1996 1,072
1995 883
95 96 97 98 99 00 01 02 03 04
2004 $2,915
2003 2,522
2002 1,844
2001 1,346
2000 1,224
1999 1,257
1998 1,117
1997 1,056
1996 1,016
1995 936
95 96 97 98 99 00 01 02 03 04
NEUPOGEN® /Neulasta®
product sales
($ in millions )
NEUPOGEN®
Neulasta®
EPOGEN® product sales
($ in millions )
Amgen 2004 Annual Report page 28