Amgen has posted slightly higher net income during the year ended December 2010 to $5,024 million from $5,014 million in the previous year. Its total revenue increased by 3 per cent to $15,053 million from $14,642 million in 2009. It has reported full year 2010 adjusted EPS at $5.21 as against $4.91 in 2009, a 6 per cent increase.

“2010 was a strong year with approvals of Prolia and Xgeva,” said Kevin Sharer, chairman & CEO. “We delivered solid EPS growth while absorbing the impact of health care reform. Our priorities in 2011 are to make Prolia and Xgeva successes, advance and enrich our pipeline, and build value for our shareholders.”

For the year, total product sales increased by two per cent to $14,660 million in 2010 versus $14,351 million in 2009. US product sales increased by one per cent to $11,254 million in 2010 as against $11,135 million in the prior year. For the year, US product sales included a $198 million unfavorable impact due to US Health Care Reform. International product sales increased 6 percent to $3,406 million in 2010 versus $3,216 million in the prior year. Foreign exchange had no material impact on sales for the year.

Worldwide Aranesp (darbepoetin alfa) sales decreased by 6 per cent to $2,486 million in 2010 versus $2,652 million in 2009, due principally to a mid-teens percentage point decline in US unit demand. Epogen (Epoetin alfa) sales decreased by two per cent to $2,524 million in 2010 versus $2,569 million in 2009, due primarily to unit demand.

Combined worldwide Neulasta (pegfilgrastim) and Neupogen (Filgrastim) sales for the year,   increased 4 per cent to $4,844 million in 2010 versus $4,643 million in 2009, principally driven by an increase in the US average net sales price, and to a lesser extent, favorable changes in US wholesaler inventories. Enbrel (etanercept) sales increased 1 per cent to $3,534 million in 2010 versus $3,493 million in 2009. Enbrel continues to maintain a leading position in both the rheumatology and dermatology segments.

For 2010, cost of sales increased to 15.0 percent of sales versus 14.5 percent of sales in 2009. This increase was driven primarily by higher bulk material cost and higher inventory write-offs due to the voluntary Epogen, Procrit (Epoetin alfa) and Enbrel recalls. These increases were partially offset by lower excess capacity charges and lower royalties, primarily for Enbrel.

The total impact of US health care reform in 2011 is expected to be in the range of $400 million to $500 million. This includes the federal excise fee which is expected to be in the range of $150 million to $200 million. The Company expects 2011 capital expenditures to be approximately $600 million.