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.

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