The net earnings of Amgen, the world's largest biotech company, has declined by 15.6 per cent during the fourth quarter ended December 2012 to $788 million from $934 million in the similar period of last year. Higher cost of sales, R&D expenditure and selling & general expenses put pressure on working. Its revenues, however, improved by 11.3 per cent to $4,421 million from $3,973 million. EPS worked out to $1.03 as against $1.09 in the last period.  The company announced that it has initiated phase 3 studies for AMG 145 in subjects with high levels of low-density lipoprotein (LDL) cholesterol.

Robert A. Bradway, chairman and chief executive officer, said, "We achieved strong operating performance in 2012 as we delivered for patients and created value for shareholders. We enter 2013 with good momentum, a broad late-stage pipeline and a continued focus on building our business internationally."

For the full year ended December 2012, Amgen's sales improved by 10.8 per cent to $17, 265 million from $15,582 million in the previous year. Its net profit also increased by 18 per cent to $4,345 million from $3,683 million. Operating profit registered strong growth of 29.3 per cent to $5,577 million. Total product sales increased by 9 per cent during the year 2012, driven by strong performance across the portfolio. The sales of Neulasta/Neupogoen went up by 3 per cent to $5,352 million from $5,212 million and that of Neulasta increased by 4 per cent to $4,092 million from $3,952 million. The sales of Enbrel jumped by 14 per cent to $4,236 million.

The company expects total revenues to be in the range of $17.8 billion and adjusted EPS to be in the range of $6.85 to $7.15. The capital expenditure is projected at $700 million.