Amgen 2Q

2Q Revenues: $3.8 billion (+1%)

2Q Earnings: $941 million (-8%)

YTD Revenues: $7.4 billion (-1%)

YTD Earnings: $2.0 billion (-2%)

Comments: U.S. sales dropped 1% in 2Q08 to $2.8 billion while international sales rose 17%. Aranesp sales fell 13% in the quarter due to regulatory and reimbursement changes, while Epogen sales were flat. Neulasta and Neupogen combined sales rose 15% to $1.2 billion, driven primarily by Neulasta. Enbrel sales increased 2% to $841 million, as competition curtailed sales growth. Sensipar sales grew 39% to $150 million. R&D expenses were flat, partly as a result of licensing out several R&D programs to Daiichi Sankyo and Takeda.

Matthew T. Mullarkey has been named chief operating officer of West Pharmaceutical Services. Mr. Mullarkey was previously chief executive officer and president of Impact Materials Group of Cleveland, OH, a privately owned engineered materials business. He succeeds Steve Ellers, who will remain President of the company through a transition period and until his planned retirement in 2010. The transfer of management responsibilities will commence immediately.

"I am very pleased to find an executive of Matt's caliber for this critical position and to be able to afford him the opportunity to benefit from Steve's extensive experience during the transition period," said Donald E. Morel, Jr., Ph.D., West's chairman and chief executive officer. "His management of multi-national operations in different industries, including healthcare and rubber manufacturing, and incorporating new product, process and information technologies should fit in very well with our global operations and strategic objectives."

Prior to joining Impact Materials Group, Mr. Mullarkey worked in senior executive and consulting capacities, including most recently as group vice president, global operations at Invacare Corporation, a multi-national manufacturer and distributor of home medical equipment and disposables, and at Delco Remy International, Cambridge Management Consulting and Michelin Tire Group.

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