Amgen Reports Strong Earnings Growth in 1994, Driven by Product Sales and Efficiency Gains

Strategic Insights -

Thousand Oaks, CA-based Amgen Inc. announced on February 1, 1995, that its revenues increased by 21 percent to $443 million for the fourth quarter of 1994 and by 20 percent to $1.648 billion for the year. The company's strong earnings growth was driven by the success of its products NEUPOGEN (Filgrastim) and EPOGEN (Epoetin alfa), as well as operating efficiencies. Gordon Binder, chairman and chief executive officer, attributed the company's success to the impact its products are making on the lives of people with cancer and kidney disease worldwide.

Key Takeaways:

  • Amgen's revenues increased by 21 percent to $443 million for the fourth quarter of 1994, driven by strong sales of NEUPOGEN (R) and EPOGEN (R).
  • Worldwide sales of NEUPOGEN (R) grew by 18 percent to $220.5 million for the quarter, with U.S. sales totaling $167 million and international sales totaling $54 million.
  • For the year, worldwide sales of NEUPOGEN (R) rose by 15 percent to $829 million, with U.S. sales of $617 million and international sales of $212 million.
  • EPOGEN (R) sales increased by 20 percent to $193 million for the fourth quarter, with year-end sales growing by 23 percent to $721 million.
  • Amgen's strong earnings growth and innovation in commercialization of technology earned the company a National Medal of Technology, recognizing its achievement as one of only six companies to receive this award.

Statistics:

  • 21% increase in revenues for the fourth quarter of 1994.
  • 20% increase in revenues for the year 1994.
  • $443 million in revenues for the fourth quarter of 1994.
  • $1.648 billion in revenues for the year 1994.
  • $220.5 million in worldwide sales of NEUPOGEN (R) for the fourth quarter of 1994.
  • 18% increase in sales of NEUPOGEN (R) for the fourth quarter of 1994.
  • 15% increase in worldwide sales of NEUPOGEN (R) for the year 1994.

Sources:

  • Amgen Inc. press release, February 1, 1995.
  • Business Wire, February 1, 1995.
  • Gordon Binder, Chairman and Chief Executive Officer of Amgen.