8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

January 23, 2013

AMGEN INC.

(Exact name of registrant as specified in its charter)

Delaware	000-12477	95-3540776
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
One Amgen Center Drive Thousand Oaks, CA		91320-1799
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code

805-447-1000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On January 23, 2013, Amgen Inc. (the Company) issued a press release announcing its unaudited results of operations for the three and twelve months ended December 31, 2012 and its unaudited financial position as of December 31, 2012. The full text of the press release is set forth in Exhibit 99.1 attached hereto.

In its press release the Company included certain historical non-U.S. Generally Accepted Accounting Principles (non-GAAP) financial measures as defined in Regulation G promulgated by the Securities and Exchange Commission with respect to December 31, 2012 and 2011 and for the three and twelve months ended December 31, 2012 and 2011. Reconciliations for such historical non-GAAP financial measures are attached to the press release set forth as Exhibit 99.1 attached hereto. The Company believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. These historical non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

As of December 31, 2012

As of December 31, 2012, the Company reported a non-GAAP financial measure for total outstanding debt which excluded the impact of bifurcating the debt and equity components of its convertible notes as required by U.S. accounting standards for these securities commencing in 2009. The Company believes that excluding this impact provides a supplemental measure of financial condition that will facilitate comparisons before, during and after its convertible notes are outstanding.

Three and twelve months ended December 31, 2012

For the three and twelve months ended December 31, 2012, the Company’s adjustments to GAAP financial measures relate to amounts associated with:

• certain charges related to cost of sales (COS) pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2012 COS Cost-Savings Initiatives Expense);

• the impact of expensing stock options;

• acquisition-related expenses;

• the non-cash amortization of product technology rights acquired in a prior year business combination (the Product Technology Rights’ Amortization);

• certain charges pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2012 Cost-Savings Initiatives Expenses);

• expenses related primarily to contract assets acquired in a business combination (the Contract Assets Expenses);

• the expense/benefit resulting from changes in the estimated fair values of the contingent consideration obligations related to a prior year business combination (the Contingent Consideration Costs);

• benefit/expenses related to various legal proceedings (the 2012 Legal Expense);

• the non-cash interest expense associated with our convertible notes (the Non-Cash Interest Expense);

• the tax effect of the adjustments above in 2012 (the 2012 Tax Effect); and

• the income tax net expense related to certain prior period items excluded from adjusted earnings (the 2012 Prior Period Items Tax Expense).

For the twelve months ended December 31, 2012, the Company’s adjustments to GAAP financial measures also relate to amounts associated with certain charges related to research and development (R&D) pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2012 R&D Cost-Savings Initiatives Expense).

For the three and twelve months ended December 31, 2012, the Company reported non-GAAP financial results for COS (excludes amortization of certain acquired intangible assets) expense, R&D expense, selling, general and administrative (SG&A) expense, and weighted average shares used in the calculation of adjusted diluted earnings per share:

• COS expense, R&D expense and SG&A expense were adjusted to exclude the effects of expensing stock options and acquisition-related expenses;

• COS expense was also adjusted to exclude the 2012 COS Cost-Savings Initiatives Expense; and

• weighted average shares used in the calculation of adjusted diluted earnings per share were adjusted to exclude the related effects of expensing stock options.

For the twelve months ended December 31, 2012, R&D expense was also adjusted to exclude the 2012 R&D Cost-Savings Initiatives Expense.

The Company believes that excluding the impact of expensing stock options and the related effects of expensing stock options provides supplemental measures of profitability that will facilitate comparisons between periods before and during when such expenses are incurred. The Company believes that excluding the 2012 COS Cost-Savings Initiatives Expense, acquisition-related expenses and the 2012 R&D Cost-Savings Initiatives Expense provides supplemental measures of profitability that will facilitate comparisons before, during and after such expenses are incurred.

For the three and twelve months ended December 31, 2012, the Company reported non-GAAP adjusted operating expenses, adjusted operating income, adjusted provision for income taxes, adjusted net income and adjusted earnings per share excluding, where applicable:

• the foregoing COS, R&D and SG&A expense amounts and the related effects of expensing stock options on weighted average shares used in the calculation of adjusted diluted earnings per share for the reasons discussed above;

• the Product Technology Rights’ Amortization;

• the 2012 Cost-Savings Initiatives Expenses;

• the Contract Assets Expenses;

• the Contingent Consideration Costs;

• the 2012 Legal Expense;

• the Non-Cash Interest Expense;

• the 2012 Tax Effect; and

• the 2012 Prior Period Items Tax Expense.

The Company believes that excluding the Product Technology Rights’ Amortization treats those assets as if the Company had developed them internally in the past, and thus provides a supplemental measure of profitability in which the Company’s acquired intellectual property is treated in a comparable manner to its internally developed intellectual property. The Company believes that excluding the 2012 Cost-Savings Initiatives Expenses, the 2012 Legal Expense and the 2012 Prior Period Items Tax Expense provides supplemental measures of profitability that will facilitate comparisons between periods in which such items did not occur. The Company believes that excluding the Contract Assets Expenses, the Contingent Consideration Costs and the Non-Cash Interest Expense provides supplemental measures of profitability that will facilitate comparisons before, during and after such expenses are incurred. The Company believes that excluding the 2012 Tax Effect provides a supplemental measure of profitability that will facilitate comparisons before, during and after the related adjustments have occurred.

As of December 31, 2011

As of December 31, 2011, the Company reported a non-GAAP financial measure for total outstanding debt which excluded the impact of bifurcating the debt and equity components of its convertible notes as required by U.S. accounting standards for these securities commencing in 2009. The Company believes that excluding this impact provides a supplemental measure of financial condition that will facilitate comparisons before, during and after its convertible notes are outstanding.

Three and twelve months ended December 31, 2011

For the three and twelve months ended December 31, 2011, the Company’s adjustments to GAAP financial measures relate to amounts associated with:

• certain charges related to COS pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2011 COS Cost-Savings Initiatives Expense);

• the impact of expensing stock options;

• acquisition-related expenses;

• the Product Technology Rights’ Amortization;

• certain charges pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2011 Cost-Savings Initiatives Expenses);

• the Contingent Consideration Costs;

• expenses related to various legal proceedings (the 2011 Legal Expense);

• the Non-Cash Interest Expense; and

• the tax effect of the adjustments above in 2011 (the 2011 Tax Effect).

For the twelve months ended December 31, 2011, the Company’s adjustments to GAAP financial measures also relate to amounts associated with:

• the reversal of previously accrued expenses for bonuses and stock-based compensation awards, which were forfeited as a result of the employees’ termination pursuant to our continuing efforts to improve cost efficiencies in our operations (the 2011 Expense Reversal Due To Cost-Savings Initiatives); and

• the income tax benefit related to certain prior period items excluded from adjusted earnings (the 2011 Prior Period Items Tax Benefit).

For the three and twelve months ended December 31, 2011, the Company reported non-GAAP financial results for COS expense, R&D expense, SG&A expense, and weighted average shares used in the calculation of adjusted diluted earnings per share:

• COS expense, R&D expense and SG&A expense were adjusted to exclude the effects of expensing stock options;

• R&D expense and SG&A expense were also adjusted to exclude acquisition-related expenses;

• COS expense was also adjusted to exclude the 2011 COS Cost-Savings Initiatives Expense; and

• weighted average shares used in the calculation of adjusted diluted earnings per share were adjusted to exclude the related effects of expensing stock options.

For the twelve months ended December 31, 2011, the Company also reported non-GAAP financial results for COS expense and R&D expense:

• COS expense was adjusted to exclude the acquisition-related expenses; and

• R&D expense was adjusted to exclude the 2011 Expense Reversal Due To Cost-Savings Initiatives.

The Company believes that excluding the impact of expensing stock options and the related effects of expensing stock options provides supplemental measures of profitability that will facilitate comparisons between periods before and during when such expenses are incurred. The Company believes that excluding the 2011 COS Cost-Savings Initiatives Expense, acquisition-related expenses and the 2011 Expense Reversal Due To Cost-Savings Initiatives provides supplemental measures of profitability that will facilitate comparisons before, during and after such expenses are incurred.

For the three and twelve months ended December 31, 2011, the Company reported non-GAAP adjusted operating expenses, adjusted operating income, adjusted provision for income taxes, adjusted net income and adjusted earnings per share excluding, where applicable:

• the foregoing COS, R&D and SG&A expense amounts and the related effects of expensing stock options on weighted average shares used in the calculation of adjusted diluted earnings per share for the reasons discussed above;

• the Product Technology Rights’ Amortization;

• the 2011 Cost-Savings Initiatives Expenses;

• the Contingent Consideration Costs;

• the 2011 Legal Expense;

• the Non-Cash Interest Expense; and

• the 2011 Tax Effect.

For the twelve months ended December 31, 2011, the Company reported non-GAAP adjusted provision for income taxes, adjusted net income and adjusted earnings per share excluding the 2011 Prior Period Items Tax Benefit.

The Company believes that excluding the Product Technology Rights’ Amortization treats those assets as if the Company had developed them internally in the past, and thus provides a supplemental measure of profitability in which the Company’s acquired intellectual property is treated in a comparable manner to its internally developed intellectual property. The Company believes that excluding the 2011 Cost-Savings Initiatives Expenses, the 2011 Legal Expense and the 2011 Prior Period Items Tax Benefit provides supplemental measures of profitability that will facilitate comparisons between periods in which such items did not occur. The Company believes that excluding the Contingent Consideration Costs and the Non-Cash Interest Expense provides supplemental measures of profitability that will facilitate comparisons before, during and after such expenses are incurred. The Company believes that excluding the 2011 Tax Effect provides a supplemental measure of profitability that will facilitate comparisons before, during and after the related adjustments have occurred.

For the three and twelve months ended December 31, 2011 and 2012, the Company reported Free Cash Flow (FCF) which is a non-GAAP financial measure. FCF is computed by subtracting capital expenditures from cash flow from operations, each as determined in accordance with GAAP and as reflected in the statement of cash flows. The Company believes that FCF provides a further measure of the Company’s liquidity. The Company uses this measure internally and believes that providing FCF to investors facilitates additional analysis.

The Company uses the foregoing non-GAAP financial measures in connection with its own budgeting and financial planning.

Due to the differing treatments of expensing stock options for the purpose of presenting adjusted earnings per share within and across industries, the Company also reported non-GAAP adjusted earnings per share including the impact of expensing stock options for the three and twelve months ended December 30, 2012 and 2011, as a convenience to investors.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release dated January 23, 2013

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMGEN INC.
Date: January 23, 2013	By:	/s/ Jonathan M. Peacock
	Name:	Jonathan M. Peacock
	Title:	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Document Description
99.1	Press release dated January 23, 2013

EX-99.1

Exhibit 99.1

	One Amgen Center Drive Thousand Oaks, CA 91320-1799 Telephone 805-447-1000 www.amgen.com
News Release

AMGEN’S FULL YEAR 2012 REVENUES

INCREASED 11 PERCENT TO $17.3 BILLION AND

ADJUSTED EARNINGS PER SHARE (EPS)

INCREASED 22 PERCENT TO $6.51

Full Year 2012 GAAP EPS Were $5.52

2013 Total Revenues and Adjusted EPS Expected to be in the Range of

$17.8–$18.2 Billion and $6.85–$7.15, Respectively

THOUSAND OAKS, Calif. (Jan. 23, 2013) – Amgen (NASDAQ:AMGN) today announced financial results for the fourth quarter and full year of 2012. Key results include:

• For the full year, total revenues increased 11 percent to $17,265 million, with 9 percent product sales growth driven by strong performance across the portfolio. Adjusted EPS grew 22 percent to $6.51 due to 15 percent adjusted operating income growth and lower shares outstanding.

• For the fourth quarter, total revenues increased 11 percent to $4,421 million, with product sales growing at the same rate. Adjusted EPS grew 16 percent to $1.40 due to 11 percent adjusted operating income growth and lower shares outstanding.

• GAAP EPS were $1.01 in the fourth quarter compared to $1.08 a year ago, and were $5.52 for the full year compared to $4.04 in 2011. Full year 2011 was negatively impacted by a previously disclosed charge for a legal settlement reserve.

• Free cash flow for the full year was $5.2 billion compared to $4.5 billion in 2011.

• The Company announced that it has initiated Phase 3 studies for AMG 145 in subjects with high levels of low-density lipoprotein (LDL) cholesterol.

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

	Year-over-Year							Year-over-Year
$Millions, except EPS and percentages	Q4 ‘12		Q4 ‘11		YOY D			FY ‘12		FY ‘11		YOY D
Total Revenues	$	4,421	$	3,973		11	%	$	17,265	$	15,582		11	%
Adjusted Net Income		1,088		1,039		5	%		5,119		4,858		5	%
Adjusted EPS		1.40		1.21		16	%		6.51		5.33		22	%
GAAP Net Income		788		934		(16	%)		4,345		3,683		18	%
GAAP EPS	$	1.01	$	1.08		(6	%)	$	5.52	$	4.04		37	%

References in this release to “adjusted” measures, measures presented “on an adjusted basis” or to free cash flow refer to non-GAAP financial measures. These adjustments and other items are presented on the attached reconciliations.

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 2

Product Sales Performance

• Total product sales increased 9 percent for the full year, driven by strong performance across the portfolio. Product sales increased 11 percent for the fourth quarter of 2012 versus the fourth quarter of 2011 driven by Enbrel^® (etanercept), XGEVA^® (denosumab) and Prolia^® (denosumab).

• Combined Neulasta^® (pegfilgrastim) and NEUPOGEN^® (Filgrastim) sales declined 1 percent for the fourth quarter of 2012 versus the fourth quarter of 2011, and increased 3 percent for the full year.

• Global Neulasta sales for the fourth quarter of 2012 versus the fourth quarter of 2011 were flat as price increases were offset by unit declines and unfavorable inventory changes. Sales increased 4 percent for the full year mainly due to price increases.

• Global NEUPOGEN sales for the fourth quarter of 2012 versus the fourth quarter of 2011 declined 3 percent driven by a decrease in unit demand from loss of share to biosimilars in Europe. Sales were flat for the full year as price increases offset unit declines.

• ENBREL sales for the fourth quarter of 2012 versus the fourth quarter of 2011 increased 23 percent driven by increases in the average net sales price and unit demand. Sales increased 14 percent for the full year due mainly to price increases and unit growth.

• Aranesp^® (darbepoetin alfa) sales decreased 9 percent for the fourth quarter of 2012 versus the fourth quarter of 2011 and 11 percent for the full year due to changes in practice patterns. Sequentially, sales were down 2 percent.

• EPOGEN^® (epoetin alfa) sales for the fourth quarter of 2012 versus the fourth quarter of 2011 decreased 1 percent driven by a reduction in dose utilization, offset largely by a reduction in customer discounts and favorable changes in accounting estimates. Sales for the full year decreased 5 percent as unit declines were offset partially by a reduction in customer discounts and favorable changes in accounting estimates.

• Sensipar^®/Mimpara^® (cinacalcet) sales increased 19 percent for the fourth quarter of 2012 versus the fourth quarter of 2011 and 18 percent for the full year due to unit growth and price increases.

• Combined sales of Vectibix^® (panitumumab) and Nplate^® (romiplostim) increased 15 percent for the fourth quarter of 2012 versus the fourth quarter of 2011 and 17 percent for the full year due to unit growth.

• XGEVA^® sales increased 7 percent on a sequential basis and 113 percent for the full year due to unit growth.

• Prolia^® sales increased 40 percent on a sequential basis and 133 percent for the full year due to unit growth.

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 3

Product Sales Detail by Product and Geographic Region

$Millions, except percentages	Q4 ‘12						Q4 ‘11		YOY D
	US		ROW		TOTAL		TOTAL		TOTAL
Neulasta®/ NEUPOGEN®	$	1,026	$	280	$	1,306	$	1,319		(1	%)
Neulasta®		775		219		994		998		0	%
NEUPOGEN®		251		61		312		321		(3	%)
Enbrel®		1,086		75		1,161		945		23	%
Aranesp®		187		302		489		538		(9	%)
EPOGEN®		479		0		479		486		(1	%)
Sensipar® / Mimpara®		177		79		256		216		19	%
Vectibix®		30		61		91		87		5	%
Nplate®		57		44		101		80		26	%
XGEVA®		178		37		215		134		60	%
Prolia®		95		59		154		81		90	%
Other		0		85		85		21		*
Total product sales	$	3,315	$	1,022	$	4,337	$	3,907		11	%
*  Change in excess of 100%
$Millions, except percentages	FY ‘12						FY ‘11		YOY D
	US		ROW		TOTAL		TOTAL		TOTAL
Neulasta®/ NEUPOGEN®	$	4,214	$	1,138	$	5,352	$	5,212		3	%
Neulasta®		3,207		885		4,092		3,952		4	%
NEUPOGEN®		1,007		253		1,260		1,260		0	%
Enbrel®		3,967		269		4,236		3,701		14	%
Aranesp®		782		1,258		2,040		2,303		(11	%)
EPOGEN®		1,941		0		1,941		2,040		(5	%)
Sensipar® / Mimpara®		639		311		950		808		18	%
Vectibix®		122		237		359		322		11	%
Nplate®		214		154		368		297		24	%
XGEVA®		644		104		748		351		*
Prolia®		292		180		472		203		*
Other		0		173		173		58		*
Total product sales	$	12,815	$	3,824	$	16,639	$	15,295		9	%
* Change in excess of 100%

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 4

Operating Expense and Tax Rate Analysis, on an Adjusted Basis

• Cost of Sales, excluding the impact of the Puerto Rico excise tax, increased 0.3 points to 14.7 percent in the fourth quarter of 2012 and increased 0.4 points to 14.4 percent for the full year due to product mix, offset partially by manufacturing efficiencies and higher average net sales price.

• Research & Development (R&D) expenses increased 9 percent in the fourth quarter of 2012 driven by later-stage clinical programs, primarily AMG 145 and romosozumab (AMG 785). For the full year, R&D expenses increased 6 percent driven by later-stage clinical programs, primarily AMG 145 and romosozumab (AMG 785), offset partially by reduced expenses associated with marketed product support.

• Selling, General & Administrative (SG&A) expenses increased 13 percent in the fourth quarter of 2012 driven by higher ENBREL profit share expenses and international expansion. ENBREL profit share expenses increased 27 percent to $414 million in the fourth quarter. For the full year, SG&A expenses increased 6 percent, driven primarily by higher ENBREL profit share expenses and international expansion, offset partially by a favorable change to the estimated U.S. healthcare reform federal excise fee. ENBREL profit share expenses increased 16 percent to $1,495 million in 2012.

$Millions, except percentages On an Adjusted Basis	Q4 ‘12			Q4 ‘11			YOY D			FY ‘12			FY ‘11			YOY D
Cost of Sales	$	727		$	643			13	%	$	2,735		$	2,345			17	%
% of sales		16.8	%		16.5	%		0.3	pts.		16.4	%		15.3	%		1.1	pts.
% of sales (Excluding PR excise tax)		14.7	%		14.4	%		0.3	pts.		14.4	%		14.0	%		0.4	pts.
Research & Development	$	917		$	842			9	%	$	3,296		$	3,116			6	%
% of sales		21.1	%		21.6	%		(0.5	) pts.		19.8	%		20.4	%		(0.6	) pts.
Selling, General & Administrative	$	1,351		$	1,199			13	%	$	4,717		$	4,434			6	%
% of sales		31.2	%		30.7	%		0.5	pts.		28.3	%		29.0	%		(0.7	) pts.
TOTAL Operating Expenses	$	2,995		$	2,684			12	%	$	10,748		$	9,895			9	%
pts: percentage points

• Tax Rate increased by 1.8 points to 16.1 percent in the fourth quarter of 2012 due primarily to the unfavorable tax impact of changes in the jurisdictional mix of income and expenses, as well as the benefit in the fourth quarter of 2011 from the federal R&D tax credit which was not reinstated prior to 2012 year-end. This increase was offset partially by the favorable resolution of certain state tax matters related to prior years. For the full year, the adjusted tax rate increased 1.6 points to 15.9 percent due primarily to the federal R&D tax credit included in 2011 but not in 2012, the unfavorable tax impact of changes in the jurisdictional mix of income and expenses, offset partially by the favorable resolution of certain state tax matters related to prior years.

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 5

On an Adjusted Basis	Q4 ‘12			Q4 ‘11			YOY D			FY ‘12			FY ‘11			YOY D
Tax Rate		16.1	%		14.3	%		1.8	pts.		15.9	%		14.3	%		1.6	pts.
Tax Rate (Excluding PR excise tax credits)		20.3	%		18.1	%		2.2	pts.		20.3	%		19.2	%		1.1	pts.

pts: percentage points

Cash Flow and Balance Sheet Discussion

• The Company generated $0.6 billion of free cash flow in the fourth quarter of 2012 versus $1.4 billion in the fourth quarter of 2011. The decrease was driven by a $0.8 billion payment related to a previously disclosed legal settlement. For the full year, free cash flow increased $0.7 billion to $5.2 billion driven by improved collections of receivables, termination of fixed to floating interest rate swap agreements, and higher net income, offset partially by the aforementioned legal settlement payment.

• During the fourth quarter, Amgen repurchased approximately 14 million shares of common stock at a total cost of $1.2 billion and at an average price of $86.56. This brings the total shares repurchased under its $10 billion authorized stock repurchase program to 146 million at a total cost of $9.7 billion and at an average price of $66.37. The Company previously announced a $2 billion increase in share repurchase authorization by its Board of Directors. Amgen expects that this increase will cover the Company’s share repurchase activity into 2014.

• The Company previously announced that its Board of Directors declared a $0.47 per share dividend for the first quarter of 2013. The dividend will be paid on March 7, 2013, to all stockholders of record as of the close of business on Feb. 13, 2013. This represents a 31 percent increase from that paid in each of the previous four quarters.

$Billions, except shares	Q4 ‘12		Q4 ‘11		YOY D			FY ‘12		FY ‘11		YOY D
Operating Cash Flow	$	0.8	$	1.6	($	0.8	)	$	5.9	$	5.1	$	0.8
Capital Expenditures		0.2		0.2		0.0			0.7		0.6		0.1
Free Cash Flow		0.6		1.4		(0.8	)		5.2		4.5		0.7
Dividend Paid		0.3		0.2		0.1			1.1		0.5		0.6
Cost of Shares Repurchased		1.2		5.2		(4.0	)		4.7		8.3		(3.6	)
Adjusted Avg. Diluted Shares (millions)		778		860		(82	)		786		912		(126	)
Cash Balance		24.1		20.6		3.5			24.1		20.6		3.5
Adjusted Debt Outstanding		26.5		21.6		4.9			26.5		21.6		4.9
Stockholders’ Equity		19.1		19.0		0.1			19.1		19.0		0.1

Note: Numbers may not add due to rounding

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 6

2013 Guidance

For the full year 2013, the Company expects:

• Total revenues to be in the range of $17.8 billion to $18.2 billion and adjusted EPS to be in the range of $6.85 to $7.15.

• Adjusted tax rate to be in the range of 14 percent to 15 percent. This reflects the impact of the foreign tax credit associated with the Puerto Rico excise tax. Excluding the Puerto Rico excise tax, Amgen expects the adjusted tax rate for 2013 to be in the range of 17 percent to 18 percent.

• Capital expenditures to be approximately $700 million.

Product and Pipeline Update

• AMG 145: The Company recently initiated Phase 3 studies in subjects with high levels of LDL cholesterol.

• Trebananib (AMG 386): Enrollment has resumed for the Phase 3 study in recurrent ovarian cancer that was previously suspended due to DOXIL^® (doxorubicin HCl liposome injection) supply issues.

• Aranesp: The Company announced top-line results of the Phase 3 RED-HF^® (Reduction of Events With Darbepoetin Alfa in Heart Failure) Trial.

• deCODE Genetics: The Company completed the acquisition of deCODE Genetics in December 2012.

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 7

Non-GAAP Financial Measures

The Adjusted non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures included above for the three and twelve months ended Dec. 31, 2012 and 2011 exclude, for the applicable periods, certain expenses related to acquisitions, cost-savings initiatives, various legal proceedings, non-cash interest expense associated with our convertible notes and certain other adjustments, as applicable. These adjustments and other items are presented on the attached reconciliations.

Management has presented its operating results in accordance with GAAP and on an “adjusted” (or non-GAAP) basis and Free Cash Flow which is a non-GAAP financial measure for the three and twelve months ended Dec. 31, 2012 and 2011. In addition, management has presented its outstanding debt in accordance with GAAP and on an “adjusted” (or non-GAAP) basis as of Dec. 31, 2012 and 2011. The Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses these non-GAAP financial measures in connection with its own budgeting and financial planning. These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in conformity with GAAP.

About Amgen

Amgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science’s promise by bringing safe, effective medicines from lab to manufacturing plant to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, bone disease and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people’s lives. To learn more about our pioneering science and vital medicines, visit www.amgen.com. Follow us on www.twitter.com/amgen.

Forward-Looking Statements

This news release contains forward-looking statements that involve significant risks and uncertainties, including those discussed below and others that can be found in our Form 10-K for the year ended Dec. 31, 2011, and in our periodic reports on Form 10-Q and Form 8-K. Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. The Company’s results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments (domestic or foreign) involving current and future products, sales growth of recently launched products, competition from other products (domestic or foreign) and difficulties or delays in manufacturing our products. In addition, sales of our products are affected by reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and health care cost containment as well as U.S. legislation affecting pharmaceutical pricing and reimbursement. Government and others’ regulations and reimbursement policies may affect the development, usage and pricing of our products. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We, or others, could identify safety, side effects or manufacturing problems with our products after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 8

sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors. We depend on third parties for a significant portion of our manufacturing capacity for the supply of certain of our current and future products and limits on supply may constrain sales of certain of our current products and product candidate development. In addition, we compete with other companies with respect to some of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock.

CONTACT: Amgen, Thousand Oaks

Ashleigh Koss, 805-313-6151 (media)

Arvind Sood, 805-447-1060 (investors)

###

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 9

Amgen Inc.

Condensed Consolidated Statements of Income - GAAP

(In millions, except per share data)

(Unaudited)

	Three months ended				Years ended
	December 31,				December 31,
	2012		2011		2012		2011
Revenues:
Product sales	$	4,337	$	3,907	$	16,639	$	15,295
Other revenues		84		66		626		287
Total revenues		4,421		3,973		17,265		15,582
Operating expenses:
Cost of sales (excludes amortization of certain acquired intangible assets presented below)		852		656		2,918		2,427
Research and development		938		851		3,380		3,167
Selling, general and administrative		1,370		1,208		4,801		4,486
Amortization of certain acquired intangible assets		73		73		294		294
Other		100		23		295		896
Total operating expenses		3,333		2,811		11,688		11,270
Operating income		1,088		1,162		5,577		4,312
Interest expense, net		291		195		1,053		610
Interest and other income, net		126		84		485		448
Income before income taxes		923		1,051		5,009		4,150
Provision for income taxes		135		117		664		467
Net income	$	788	$	934	$	4,345	$	3,683
Earnings per share:
Basic	$	1.03	$	1.09	$	5.61	$	4.07
Diluted	$	1.01	$	1.08	$	5.52	$	4.04
Average shares used in calculation of earnings per share:
Basic		763		854		775		905
Diluted		778		861		787		912

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 10

Amgen Inc.

Condensed Consolidated Balance Sheets - GAAP

(In millions)

(Unaudited)

	December 31,		December 31,
	2012		2011
Assets
Current assets:
Cash, cash equivalents and marketable securities	$	24,061	$	20,641
Trade receivables, net		2,518		2,896
Inventories		2,744		2,484
Other current assets		1,886		1,572
Total current assets		31,209		27,593
Property, plant and equipment, net		5,326		5,420
Intangible assets, net		3,968		2,584
Goodwill		12,662		11,750
Other assets		1,133		1,524
Total assets	$	54,298	$	48,871
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	5,608	$	5,670
Current portion of long-term debt		2,495		84
Total current liabilities		8,103		5,754
Long-term debt		24,034		21,344
Other non-current liabilities		3,101		2,744
Stockholders’ equity		19,060		19,029
Total liabilities and stockholders’ equity	$	54,298	$	48,871
Shares outstanding		756		796

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 11

Amgen Inc.

GAAP to “Adjusted” Reconciliations

(In millions)

(Unaudited)

	Three months ended						Years ended
	December 31,						December 31,
	2012			2011			2012			2011
GAAP cost of sales	$	852		$	656		$	2,918		$	2,427
Adjustments to cost of sales:
Certain charges pursuant to our continuing efforts to improve cost efficiencies in our operations (a)		(118	)		(11	)		(160	)		(65	)
Acquisition-related expenses		(4	)		—			(11	)		(7	)
Stock option expense (b)		(3	)		(2	)		(12	)		(10	)
Total adjustments to cost of sales		(125	)		(13	)		(183	)		(82	)
Adjusted cost of sales	$	727		$	643		$	2,735		$	2,345
GAAP research and development expenses	$	938		$	851		$	3,380		$	3,167
Adjustments to research and development expenses:
Acquisition-related expenses		(16	)		(1	)		(50	)		(28	)
Certain charges pursuant to our continuing efforts to improve cost efficiencies in our operations		—			—			(12	)		—
Reversal of previously accrued expenses for bonuses and stock-based compensation awards, which were forfeited as a result of the employees’ termination pursuant to our continuing efforts to improve cost efficiencies in our operations		—			—			—			12
Stock option expense (b)		(5	)		(8	)		(22	)		(35	)
Total adjustments to research and development expenses		(21	)		(9	)		(84	)		(51	)
Adjusted research and development expenses	$	917		$	842		$	3,296		$	3,116
GAAP selling, general and administrative expenses	$	1,370		$	1,208		$	4,801		$	4,486
Adjustments to selling, general and administrative expenses:
Acquisition-related expenses		(14	)		(1	)		(59	)		(12	)
Stock option expense (b)		(5	)		(8	)		(25	)		(40	)
Total adjustments to selling, general and administrative expenses		(19	)		(9	)		(84	)		(52	)
Adjusted selling, general and administrative expenses	$	1,351		$	1,199		$	4,717		$	4,434
GAAP operating expenses	$	3,333		$	2,811		$	11,688		$	11,270
Adjustments to operating expenses:
Adjustments to cost of sales		(125	)		(13	)		(183	)		(82	)
Adjustments to research and development expenses		(21	)		(9	)		(84	)		(51	)
Adjustments to selling, general and administrative expenses		(19	)		(9	)		(84	)		(52	)
Non-cash amortization of product technology rights acquired in a prior year business combination		(73	)		(73	)		(294	)		(294	)
Certain charges pursuant to our continuing efforts to improve cost efficiencies in our operations		(69	)		(30	)		(175	)		(109	)
Acquisition-related expenses		(6	)		—			(25	)		—
(Expense)/benefit resulting from changes in the estimated fair values of the contingent consideration obligations related to a prior year business combination		(26	)		8			(31	)		(1	)
Benefit/(expenses) related to various legal proceedings		1			(1	)		(64	)		(786	)
Total adjustments to operating expenses		(338	)		(127	)		(940	)		(1,375	)
Adjusted operating expenses	$	2,995		$	2,684		$	10,748		$	9,895
GAAP operating income	$	1,088		$	1,162		$	5,577		$	4,312
Adjustments to operating expenses		338			127			940			1,375
Adjusted operating income	$	1,426		$	1,289		$	6,517		$	5,687
GAAP income before income taxes	$	923		$	1,051		$	5,009		$	4,150
Adjustments to income before income taxes:
Adjustments to operating expenses		338			127			940			1,375
Non-cash interest expense associated with our convertible notes		36			34			140			143
Total adjustments to income before income taxes		374			161			1,080			1,518
Adjusted income before income taxes	$	1,297		$	1,212		$	6,089		$	5,668
GAAP provision for income taxes	$	135		$	117		$	664		$	467
Adjustments to provision for income taxes:
Income tax effect of the above adjustments (c)		97			56			329			331
Income tax net expense/(benefit) related to certain prior period items excluded from “Adjusted” earnings		(23	)		—			(23	)		12
Total adjustments to provision for income taxes		74			56			306			343
Adjusted provision for income taxes	$	209		$	173		$	970		$	810
GAAP net income	$	788		$	934		$	4,345		$	3,683
Adjustments to income before income taxes, net of the tax effect of the above adjustments		277			105			751			1,187
Income tax net expense/(benefit) related to certain prior period items excluded from “Adjusted” earnings		23			—			23			(12	)
Adjusted net income	$	1,088		$	1,039		$	5,119		$	4,858

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 12

Amgen Inc.

GAAP to “Adjusted” Reconciliations

(In millions, except per share data)

(Unaudited)

The following table presents the computations for GAAP and “Adjusted” diluted EPS, computed under the treasury stock method.

“Adjusted” EPS presented below excludes stock option expense:

	Three months ended December 31, 2012					Three months ended December 31, 2011
	GAAP		“Adjusted”			GAAP		“Adjusted”
Income (Numerator):
Net income for basic and diluted EPS	$	788	$	1,088		$	934	$	1,039
Shares (Denominator):
Weighted-average shares for basic EPS		763		763			854		854
Effect of dilutive securities		15		15	(*)		7		6	(*)
Weighted-average shares for diluted EPS		778		778			861		860
Diluted EPS	$	1.01	$	1.40		$	1.08	$	1.21
	Year ended December 31, 2012					Year ended December 31, 2011
	GAAP		“Adjusted”			GAAP		“Adjusted”
Income (Numerator):
Net income for basic and diluted EPS	$	4,345	$	5,119		$	3,683	$	4,858
Shares (Denominator):
Weighted-average shares for basic EPS		775		775			905		905
Effect of dilutive securities		12		11	(*)		7		7	(*)
Weighted-average shares for diluted EPS		787		786			912		912
Diluted earnings per share	$	5.52	$	6.51		$	4.04	$	5.33

(*) Dilutive securities used to compute “Adjusted” diluted EPS for the three months and years ended December 31, 2012 and 2011 were computed under the treasury stock method assuming that we do not expense stock options.

(a) The adjustments during the years ended 2012 and 2011 include incremental expenses resulting from our transaction with Boehringer Ingelheim. The adjustment during the three months ended December 31, 2012, relates to a charge in connection with the rationalization of our worldwide manufacturing operations.

(b) For the three months and years ended December 31, 2012 and 2011, the total pre-tax expense for employee stock options was $13 million and $59 million, respectively and $18 million and $85 million, respectively.

“Adjusted” diluted EPS including the impact of stock option expense for the three months and years ended December 31, 2012 and 2011 was as follows:

	Three months ended						Years ended
	December 31,						December 31,
	2012			2011			2012			2011
“Adjusted” diluted EPS, excluding stock option expense	$	1.40		$	1.21		$	6.51		$	5.33
Impact of stock option expense (net of tax)		(0.01	)		(0.02	)		(0.06	)		(0.07	)
“Adjusted” diluted EPS, including stock option expense	$	1.39		$	1.19		$	6.45		$	5.26

(c) The tax effect of the adjustments between our GAAP and “Adjusted” results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, this results in a tax impact at the U.S. marginal tax rate for certain adjustments, including amortization of intangible assets and non-cash interest expense associated with our convertible notes, whereas the tax impact of other adjustments, including stock option expense, depends on whether the amounts are deductible in the tax jurisdictions where the expenses are incurred or the asset is located and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rates for the adjustments to our GAAP income before income taxes, for the three months and years ended December 31, 2012, were 25.9% and 30.5%, respectively, compared with 34.8% and 21.8% for the corresponding periods of the prior year.

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 13

Amgen Inc.

Reconciliation of GAAP Debt Outstanding to “Adjusted” Debt Outstanding

(In millions)

(Unaudited)

	GAAP		Adjustments for accounting standard (a)		“Adjusted”
December 31, 2011	$	21,428	$	154	$	21,582
December 31, 2012	$	26,529	$	12	$	26,541

(a) To exclude the impact of bifurcating the debt and equity components of our convertible notes as required by U.S. accounting standards for these securities commencing in 2009.

Reconciliation of Free Cash Flow

(In millions)

(Unaudited)

	Three months ended						Years ended
	December 31,						December 31,
	2012			2011			2012			2011
Cash Flows from Operations	$	812		$	1,584		$	5,882		$	5,119
Capital Expenditures		(200	)		(224	)		(689	)		(567	)
Free Cash Flow	$	612		$	1,360		$	5,193		$	4,552

Full Year 2012 Revenues Increased 11 Percent to $17.3 Billion and Adjusted

Earnings Per Share Increased 22 Percent to $6.51

Page 14

Amgen Inc.

Reconciliation of GAAP EPS Guidance to “Adjusted”

EPS Guidance for the Year Ending December 31, 2013

(Unaudited)

			2013
GAAP EPS (diluted) guidance			$	6.46	-	$	6.76
Known adjustments to arrive at “Adjusted” earnings*:
Amortization of acquired intangible assets	(a	)			0.34
Stock option expense	(b	)			0.04
Non-cash interest expense associated with our convertible notes	(c	)			0.01
“Adjusted” EPS (diluted) guidance			$	6.85	-	$	7.15

* The known adjustments are presented net of their related aggregate tax impact of approximately $0.19 per share.

(a) To exclude the non-cash amortization of intangible assets acquired in prior year business combinations.

(b) To exclude stock option expense.

(c) To exclude the non-cash interest expense associated with our convertible notes.

Reconciliation of GAAP Tax Rate Guidance to “Adjusted”

Tax Rate Guidance for the Year Ending December 31, 2013

(Unaudited)

	2013 with PR excise tax credit				2013 without PR excise tax credit
GAAP tax rate guidance		12.5%	-	13.6%		15.8%	-	16.9%
Tax rate effect of known adjustments discussed above		1.5%	-	1.4%		1.2%	-	1.1%
“Adjusted” tax rate guidance		14.0%	-	15.0%		17.0%	-	18.0%