This document is Amgen's 2001 Annual Report. It discusses Amgen's financial performance in 2001 and key accomplishments. It launched two new products - Aranesp for anemia and Kineret for rheumatoid arthritis. It also received approval for Neulasta to help cancer patients undergoing chemotherapy. R&D efforts advanced several potential new therapies. The report discusses Amgen's continued leadership in manufacturing and its strategic goals to expand capacity. It also highlights leadership changes and an upcoming acquisition of Immunex to strengthen Amgen's position in inflammation research and products.
This document discusses lessons that healthcare can learn from other industries in transforming costs and delivery. It provides three case studies of initiatives in Canada that have improved quality, access, and value through centers of excellence in cataracts, diagnostic imaging, and genomic sequencing. While total healthcare spending is rising, the document argues that unit costs for many procedures and technologies are actually declining over time. It suggests examining longer term trends and managing costs at the basket level, rather than just looking at annual rises in total spending. The core message is that rising quality and availability of services is driving overall costs up more than population aging or inflation alone.
This document provides a summary of the presentation "Understanding the recession and laughing in its face" given by Joe Saxton to the Association of Charity Shops in July 2009. It includes graphs of key economic indicators in the UK such as GDP growth, inflation, interest rates, earnings growth, unemployment, house prices, stock market performance, currency values, and retail sales trends. It also examines consumer confidence data and how the public has been economizing during the recession.
The document examines expected U.S. GDP growth rates based on past trends and forecasts. It analyzes annual GDP growth from 1991 to 2010, which varied from periods of increase to decrease, with the highest growth in 2000 at 6.39%. Forecasts expect 2012 growth in the 3.3-3.7% range. GDP is determined either through the income approach (compensation + profits + taxes - subsidies) or expenditure approach (consumption + government spending + investments + exports - imports). A positive GDP reflects economic growth while negative GDP indicates a recession.
1. The document discusses Erwin Rode's presentation on economic prospects for South Africa and the world.
2. Rode predicts that world and European growth will remain poor for many years, around 10 years, due to the ongoing financial crisis.
3. For South Africa, Rode forecasts lower growth in the coming years as a result of weak global growth and infrastructure constraints domestically, although China may provide some support. Taxes and tariffs are also expected to rise.
This document discusses how strengthening local food economies can help communities economically. It provides data showing that when food is produced and consumed locally, more money stays in the community and creates jobs, rather than leaving the community. However, current industrialized food systems cause wealth to leave communities. The document advocates for policies and programs that support relocalizing food systems through measures like farm to school programs, food hubs, and prioritizing local food procurement. This can boost local economies and reduce health care and infrastructure costs.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
The document is Progressive Corporation's 2005 Annual Report. It summarizes the company's financial highlights for 2005, including a 5% growth in net premiums written to $14 billion and net income of $1.39 billion. Progressive's customer value proposition is based on providing fast, fair, and better service that respects customers' time. The report also discusses Progressive's vision, values and 1.54 Gainshare score, which measures overall company performance, indicating a solid year despite slower growth compared to previous years.
Progressive is scheduled to hold a conference call on August 4, 2006 at 9:00am eastern time to discuss its quarterly financial results. Registration for the teleconference and webcast will be available starting July 19, 2006 on Progressive's website. In June 2006, Progressive reported net premiums written of $1.089.6 million, net income of $115 million, and a combined ratio of 87.4%. Progressive offers auto insurance to personal and commercial customers throughout the US.
This document discusses lessons that healthcare can learn from other industries in transforming costs and delivery. It provides three case studies of initiatives in Canada that have improved quality, access, and value through centers of excellence in cataracts, diagnostic imaging, and genomic sequencing. While total healthcare spending is rising, the document argues that unit costs for many procedures and technologies are actually declining over time. It suggests examining longer term trends and managing costs at the basket level, rather than just looking at annual rises in total spending. The core message is that rising quality and availability of services is driving overall costs up more than population aging or inflation alone.
This document provides a summary of the presentation "Understanding the recession and laughing in its face" given by Joe Saxton to the Association of Charity Shops in July 2009. It includes graphs of key economic indicators in the UK such as GDP growth, inflation, interest rates, earnings growth, unemployment, house prices, stock market performance, currency values, and retail sales trends. It also examines consumer confidence data and how the public has been economizing during the recession.
The document examines expected U.S. GDP growth rates based on past trends and forecasts. It analyzes annual GDP growth from 1991 to 2010, which varied from periods of increase to decrease, with the highest growth in 2000 at 6.39%. Forecasts expect 2012 growth in the 3.3-3.7% range. GDP is determined either through the income approach (compensation + profits + taxes - subsidies) or expenditure approach (consumption + government spending + investments + exports - imports). A positive GDP reflects economic growth while negative GDP indicates a recession.
1. The document discusses Erwin Rode's presentation on economic prospects for South Africa and the world.
2. Rode predicts that world and European growth will remain poor for many years, around 10 years, due to the ongoing financial crisis.
3. For South Africa, Rode forecasts lower growth in the coming years as a result of weak global growth and infrastructure constraints domestically, although China may provide some support. Taxes and tariffs are also expected to rise.
This document discusses how strengthening local food economies can help communities economically. It provides data showing that when food is produced and consumed locally, more money stays in the community and creates jobs, rather than leaving the community. However, current industrialized food systems cause wealth to leave communities. The document advocates for policies and programs that support relocalizing food systems through measures like farm to school programs, food hubs, and prioritizing local food procurement. This can boost local economies and reduce health care and infrastructure costs.
The Progressive Corporation reported its financial results for July 2004. Net premiums written increased 7% to $1.298 billion compared to July 2003. Net income grew 18% to $168.1 million, while earnings per share rose 19% to $0.77. The combined ratio improved 3.3 percentage points to 82.6. Personal lines net premiums written grew 6% and commercial auto rose 19%. Progressive continued to experience strong profitability with only two unprofitable markets.
The document is Progressive Corporation's 2005 Annual Report. It summarizes the company's financial highlights for 2005, including a 5% growth in net premiums written to $14 billion and net income of $1.39 billion. Progressive's customer value proposition is based on providing fast, fair, and better service that respects customers' time. The report also discusses Progressive's vision, values and 1.54 Gainshare score, which measures overall company performance, indicating a solid year despite slower growth compared to previous years.
Progressive is scheduled to hold a conference call on August 4, 2006 at 9:00am eastern time to discuss its quarterly financial results. Registration for the teleconference and webcast will be available starting July 19, 2006 on Progressive's website. In June 2006, Progressive reported net premiums written of $1.089.6 million, net income of $115 million, and a combined ratio of 87.4%. Progressive offers auto insurance to personal and commercial customers throughout the US.
This annual report summarizes Amgen's performance and achievements in 2002. Some key points:
- Amgen served more patients than ever before and launched several new potential blockbuster products. It also delivered strong financial results.
- A major accomplishment was gaining FDA approval for its new ENBREL manufacturing facility in Rhode Island. This relieved a supply shortage and allowed more patients access to this important drug to treat rheumatoid arthritis.
- Amgen combined with Immunex Corporation, advancing scientific programs, bringing organizations together, and filling key roles. Construction also advanced on new research and manufacturing facilities.
- Despite significant growth, Amgen remained focused on its core values of being science-based, creating value for
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
This annual report summarizes Amgen's performance and achievements in 2002. Some key points:
- Amgen served more patients than ever before and launched several new potential blockbuster products.
- Amgen acquired Immunex Corporation, combining the two companies' scientific programs and advancing development of drugs like ENBREL.
- Amgen worked to make its new ENBREL manufacturing facility in Rhode Island ready for FDA approval, overcoming challenges to relieve a supply shortage for patients.
- Overall Amgen delivered strong financial results in 2002 while continuing to invest in research, expand its workforce, and advance its product pipeline.
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
Novartis increased its dividend by 25% based on strong 2008 financial results. Net sales rose 9% to $41.5 billion due to growth in pharmaceuticals, vaccines and diagnostics, and consumer health. Operating income increased 32% to $9 billion. Net income grew 25% to $8.2 billion. The board proposed a dividend of CHF 2.00 per share, up from CHF 1.60 in 2007. Novartis expects another year of record results in 2009.
Volkan emre financial system development in ld csVolkan Emre
The document analyzes potential ways the IMF could have influenced Turkey to prevent the 2001 currency crisis. It finds weaknesses in the IMF program's preparation, timing, and implementation. Specifically:
1) The program was designed too quickly in under 5 months, without enough consideration of structural issues like state banks' bad debts.
2) Inflation targets and exchange rate pegs were based on unrealistic estimates and neglected price stickiness issues.
3) Regulatory weaknesses in Turkey's banking system, like maturity mismatches, were not adequately addressed before the crisis.
Addressing these issues through more preparation time, realistic estimates, and earlier regulatory reforms could have strengthened the program and potentially prevented the currency crisis.
Royal DSM is a global science-based company that connects competences in life sciences and materials sciences to create solutions in health, nutrition and materials. DSM uses "Bright Science" to create "Brighter Living" by addressing global challenges and driving economic, environmental and social progress. DSM believes its continued success depends on creating shared value for all stakeholders through innovation that allows customers to provide better solutions regarding people, planet and profit.
This document is Quest Diagnostics' 1997 annual report. It discusses the company's vision of improving patient health through diagnostic insights. It provides diagnostic testing, information and services across the US through laboratories and patient centers. It faces challenges from industry consolidation and regulatory changes, but achieved stable earnings in 1997 by focusing on strategic goals like cost control, growth opportunities and innovation.
This document provides a summary of Boston Scientific Corporation's consolidated financial statements and results of operations for the years ended December 31, 2002 and 2001. Key highlights include:
- Net sales increased 9% to $2.919 billion in 2002 driven by growth in endoscopy and coronary stent products.
- Gross profit increased to $2.049 billion in 2002 due to sales growth and cost reductions from global operations plans.
- Net income was $373 million in 2002 compared to a net loss of $54 million in 2001, impacted by special charges in both years.
- Research and development expenses increased to support new products like drug-eluting stents and embolic protection devices.
- International sales grew 8%
This document provides a summary of Boston Scientific Corporation's consolidated financial statements and results of operations for the years ended December 31, 2002 and 2001. Key points include:
- Net sales increased 9% to $2.919 billion in 2002, with growth in the US and international markets.
- Net income was $373 million in 2002 compared to a net loss of $54 million in 2001.
- Research and development expenses increased to support new product development programs including drug-eluting stent technologies.
- Gross profit margins improved due to operational improvements and shifts to higher-margin products.
Owens & Minor is the leading distributor of medical and surgical supplies in the US. In 2001, the company grew sales by 9% while maintaining a gross margin of 10.7% and improving earnings per share to $1.03 excluding unusual items. The company strengthened its balance sheet by refinancing debt and increased business with group purchasing organization customers using its CostTrack pricing model. Owens & Minor focuses on service, partnerships, consistency and using technology like WISDOM to meet customer needs, positioning it for continued leadership in the evolving healthcare supply chain.
Stryker Corporation is a global leader in orthopaedics and other medical specialties. The 2004 annual report discusses Stryker's financial results and divisions. It achieved $4.26 billion in net sales in 2004, an 18% increase over 2003. The report highlights Stryker's orthopaedic implants, medical equipment, rehabilitation services, and international operations divisions. Stryker partners with medical professionals around the world to develop innovative solutions and help people lead more active lives.
This annual report summarizes Procter & Gamble's (P&G's) financial performance and strategic goals for 2001. Net sales declined slightly but core earnings grew. P&G aims to focus on core brands and businesses, improve performance in key markets like the US and Western Europe, and drive growth through innovation. The report highlights how P&G employees and brands help improve people's lives through stories like a dog saved by a specialized diet and a woman who used Olay for decades.
The document discusses Vivendi Environnement's annual results for 2002 and outlook for 2003. It notes that in 2002, Vivendi Environnement overcame three potential stress scenarios related to its shareholder structure, sector challenges, and liquidity. It highlights increased cash flow generation and a strengthened financial position in 2002. The document also indicates Vivendi Environnement will track return on capital employed going forward to optimize growth and free cash flow, and that its business model and order backlog of €30 billion in municipal and industrial contracts confirm the soundness of its environmental services strategy.
The document discusses Vivendi Environnement's annual results for 2002 and outlook for 2003. It notes that in 2002, Vivendi Environnement overcame three potential stress scenarios related to its shareholder structure, sector challenges, and liquidity. It highlights increased cash flow generation and a strengthened financial position in 2002. The document also indicates Vivendi Environnement will track return on capital employed going forward to optimize growth and free cash flow, and that its business model and order backlog of €30 billion in municipal and industrial contracts provide a sound foundation.
Lecture 1 - Knowledge, technological change and Innovation StudiesUNU.MERIT
This document outlines the schedule and content for a 10-lecture course on knowledge, technological change, and innovation studies. It includes the following key points:
- Lecture topics will cover sources of technological change, industry evolution, technology diffusion, sectoral patterns of innovation, and the world economy.
- Assignments include a debate and an empirical paper on R&D and industrial innovation.
- Course grades will be based on homework, exam, and class participation.
Credit Suisse Group reported strong financial results for Q2 2001 and the first half of the year, despite challenging market conditions. Net operating profit was CHF 1.6 billion for Q2 and CHF 3.3 billion for the first half, with all business units performing well. Total assets under management grew 4.3% to CHF 1,452.1 billion at the end of June. The Chairman expressed confidence in the Group's medium- and long-term prospects and commitment to serving clients and improving productivity.
The document is Boston Scientific's 2005 Annual Report. It discusses the company achieving $6.28 billion in revenue in 2005, a 12% increase over 2004, driven by market leadership in drug-eluting stents. It summarizes clinical trial results and new product approvals. It also notes the proposed acquisition of Guidant would make Boston Scientific a leader in cardiac rhythm management and expand its technology portfolio. The report discusses initiatives to address quality issues raised by the FDA and invest in growth areas like neuromodulation, drug-eluting stents, and peripheral interventions.
Starbucks is committed to sourcing high quality, sustainably grown coffee to ensure the long term viability of the industry. It has developed guidelines for a new purchasing philosophy focused on quality, economics, environment and social responsibility. The guidelines will be piloted over 2002-2003 and provide financial incentives to promote a healthier industry. Starbucks is working with suppliers and partners to introduce truly sustainable sources for the world's best coffees. It is receiving supportive feedback and is enthusiastic about the potential long term benefits of the program.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
This annual report summarizes Amgen's performance and achievements in 2002. Some key points:
- Amgen served more patients than ever before and launched several new potential blockbuster products. It also delivered strong financial results.
- A major accomplishment was gaining FDA approval for its new ENBREL manufacturing facility in Rhode Island. This relieved a supply shortage and allowed more patients access to this important drug to treat rheumatoid arthritis.
- Amgen combined with Immunex Corporation, advancing scientific programs, bringing organizations together, and filling key roles. Construction also advanced on new research and manufacturing facilities.
- Despite significant growth, Amgen remained focused on its core values of being science-based, creating value for
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
This annual report summarizes Amgen's performance and achievements in 2002. Some key points:
- Amgen served more patients than ever before and launched several new potential blockbuster products.
- Amgen acquired Immunex Corporation, combining the two companies' scientific programs and advancing development of drugs like ENBREL.
- Amgen worked to make its new ENBREL manufacturing facility in Rhode Island ready for FDA approval, overcoming challenges to relieve a supply shortage for patients.
- Overall Amgen delivered strong financial results in 2002 while continuing to invest in research, expand its workforce, and advance its product pipeline.
This document is Amgen's 2002 annual report which summarizes the company's financial and operational performance for the year. Some key points:
- Amgen achieved substantial growth and accomplishments in 2002, including serving more patients, launching new products, advancing its pipeline, adding staff, and investing for the future.
- A highlight was securing FDA approval for its new ENBREL manufacturing facility in Rhode Island, which relieved a supply shortage and allowed more patients to access the drug.
- The acquisition and integration of Immunex Corporation was a major accomplishment, combining scientific programs and organizations to advance key products like ENBREL.
- Financially, Amgen delivered with increased revenues and product sales, though
Novartis increased its dividend by 25% based on strong 2008 financial results. Net sales rose 9% to $41.5 billion due to growth in pharmaceuticals, vaccines and diagnostics, and consumer health. Operating income increased 32% to $9 billion. Net income grew 25% to $8.2 billion. The board proposed a dividend of CHF 2.00 per share, up from CHF 1.60 in 2007. Novartis expects another year of record results in 2009.
Volkan emre financial system development in ld csVolkan Emre
The document analyzes potential ways the IMF could have influenced Turkey to prevent the 2001 currency crisis. It finds weaknesses in the IMF program's preparation, timing, and implementation. Specifically:
1) The program was designed too quickly in under 5 months, without enough consideration of structural issues like state banks' bad debts.
2) Inflation targets and exchange rate pegs were based on unrealistic estimates and neglected price stickiness issues.
3) Regulatory weaknesses in Turkey's banking system, like maturity mismatches, were not adequately addressed before the crisis.
Addressing these issues through more preparation time, realistic estimates, and earlier regulatory reforms could have strengthened the program and potentially prevented the currency crisis.
Royal DSM is a global science-based company that connects competences in life sciences and materials sciences to create solutions in health, nutrition and materials. DSM uses "Bright Science" to create "Brighter Living" by addressing global challenges and driving economic, environmental and social progress. DSM believes its continued success depends on creating shared value for all stakeholders through innovation that allows customers to provide better solutions regarding people, planet and profit.
This document is Quest Diagnostics' 1997 annual report. It discusses the company's vision of improving patient health through diagnostic insights. It provides diagnostic testing, information and services across the US through laboratories and patient centers. It faces challenges from industry consolidation and regulatory changes, but achieved stable earnings in 1997 by focusing on strategic goals like cost control, growth opportunities and innovation.
This document provides a summary of Boston Scientific Corporation's consolidated financial statements and results of operations for the years ended December 31, 2002 and 2001. Key highlights include:
- Net sales increased 9% to $2.919 billion in 2002 driven by growth in endoscopy and coronary stent products.
- Gross profit increased to $2.049 billion in 2002 due to sales growth and cost reductions from global operations plans.
- Net income was $373 million in 2002 compared to a net loss of $54 million in 2001, impacted by special charges in both years.
- Research and development expenses increased to support new products like drug-eluting stents and embolic protection devices.
- International sales grew 8%
This document provides a summary of Boston Scientific Corporation's consolidated financial statements and results of operations for the years ended December 31, 2002 and 2001. Key points include:
- Net sales increased 9% to $2.919 billion in 2002, with growth in the US and international markets.
- Net income was $373 million in 2002 compared to a net loss of $54 million in 2001.
- Research and development expenses increased to support new product development programs including drug-eluting stent technologies.
- Gross profit margins improved due to operational improvements and shifts to higher-margin products.
Owens & Minor is the leading distributor of medical and surgical supplies in the US. In 2001, the company grew sales by 9% while maintaining a gross margin of 10.7% and improving earnings per share to $1.03 excluding unusual items. The company strengthened its balance sheet by refinancing debt and increased business with group purchasing organization customers using its CostTrack pricing model. Owens & Minor focuses on service, partnerships, consistency and using technology like WISDOM to meet customer needs, positioning it for continued leadership in the evolving healthcare supply chain.
Stryker Corporation is a global leader in orthopaedics and other medical specialties. The 2004 annual report discusses Stryker's financial results and divisions. It achieved $4.26 billion in net sales in 2004, an 18% increase over 2003. The report highlights Stryker's orthopaedic implants, medical equipment, rehabilitation services, and international operations divisions. Stryker partners with medical professionals around the world to develop innovative solutions and help people lead more active lives.
This annual report summarizes Procter & Gamble's (P&G's) financial performance and strategic goals for 2001. Net sales declined slightly but core earnings grew. P&G aims to focus on core brands and businesses, improve performance in key markets like the US and Western Europe, and drive growth through innovation. The report highlights how P&G employees and brands help improve people's lives through stories like a dog saved by a specialized diet and a woman who used Olay for decades.
The document discusses Vivendi Environnement's annual results for 2002 and outlook for 2003. It notes that in 2002, Vivendi Environnement overcame three potential stress scenarios related to its shareholder structure, sector challenges, and liquidity. It highlights increased cash flow generation and a strengthened financial position in 2002. The document also indicates Vivendi Environnement will track return on capital employed going forward to optimize growth and free cash flow, and that its business model and order backlog of €30 billion in municipal and industrial contracts confirm the soundness of its environmental services strategy.
The document discusses Vivendi Environnement's annual results for 2002 and outlook for 2003. It notes that in 2002, Vivendi Environnement overcame three potential stress scenarios related to its shareholder structure, sector challenges, and liquidity. It highlights increased cash flow generation and a strengthened financial position in 2002. The document also indicates Vivendi Environnement will track return on capital employed going forward to optimize growth and free cash flow, and that its business model and order backlog of €30 billion in municipal and industrial contracts provide a sound foundation.
Lecture 1 - Knowledge, technological change and Innovation StudiesUNU.MERIT
This document outlines the schedule and content for a 10-lecture course on knowledge, technological change, and innovation studies. It includes the following key points:
- Lecture topics will cover sources of technological change, industry evolution, technology diffusion, sectoral patterns of innovation, and the world economy.
- Assignments include a debate and an empirical paper on R&D and industrial innovation.
- Course grades will be based on homework, exam, and class participation.
Credit Suisse Group reported strong financial results for Q2 2001 and the first half of the year, despite challenging market conditions. Net operating profit was CHF 1.6 billion for Q2 and CHF 3.3 billion for the first half, with all business units performing well. Total assets under management grew 4.3% to CHF 1,452.1 billion at the end of June. The Chairman expressed confidence in the Group's medium- and long-term prospects and commitment to serving clients and improving productivity.
The document is Boston Scientific's 2005 Annual Report. It discusses the company achieving $6.28 billion in revenue in 2005, a 12% increase over 2004, driven by market leadership in drug-eluting stents. It summarizes clinical trial results and new product approvals. It also notes the proposed acquisition of Guidant would make Boston Scientific a leader in cardiac rhythm management and expand its technology portfolio. The report discusses initiatives to address quality issues raised by the FDA and invest in growth areas like neuromodulation, drug-eluting stents, and peripheral interventions.
Starbucks is committed to sourcing high quality, sustainably grown coffee to ensure the long term viability of the industry. It has developed guidelines for a new purchasing philosophy focused on quality, economics, environment and social responsibility. The guidelines will be piloted over 2002-2003 and provide financial incentives to promote a healthier industry. Starbucks is working with suppliers and partners to introduce truly sustainable sources for the world's best coffees. It is receiving supportive feedback and is enthusiastic about the potential long term benefits of the program.
This document provides supplementary financial information for The Chubb Corporation for the quarter ending March 31, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $31.9 billion.
- Summaries of invested assets by corporate and property/casualty segments.
- Investment income after taxes for corporate and property/casualty segments.
- Property/casualty insurance group statutory surplus of $8.25 billion.
- Changes in net unpaid losses for various lines of business.
- Worldwide underwriting results by line of business, showing a total statutory underwriting income of $134.4 million.
The document provides supplementary investor information from The Chubb Corporation as of June 30, 2005. It includes:
- Consolidated balance sheet highlights showing total invested assets of $32.9 billion including fixed maturities and equity securities.
- Summaries of invested assets for Chubb's Corporate and Property & Casualty segments totaling over $31 billion.
- Investment income after taxes for the second quarter and first half of 2005, with Property & Casualty investment income of $261 million and $513 million respectively.
- Property & Casualty underwriting results for the second quarter and first half of 2005, including a $4.3 billion statutory policyholders' surplus for the P
Supplementary Investor Information Y13880_Edgar_992_0333_finance18
The document provides supplementary investor information for The Chubb Corporation for the third quarter of 2005, including:
1) Consolidated balance sheet highlights and summaries of invested assets for both corporate and property/casualty segments.
2) Property/casualty underwriting results for the first nine months of 2005, showing a statutory underwriting income of $293.6 million.
3) Details of changes in net unpaid losses and the estimated impact of catastrophes including Hurricane Katrina of $511 million pre-tax cost.
The document provides supplementary investor information for The Chubb Corporation as of December 31, 2005. It includes a consolidated balance sheet, details on share repurchase activity, summaries of invested assets and investment income for both corporate and property & casualty segments. It also provides property & casualty underwriting results for 2005 and 2004, including net premiums written and earned, losses incurred and expenses by line of business.
This document provides supplementary financial information for The Chubb Corporation as of March 31, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets for corporate and property & casualty segments, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for personal, commercial, and specialty insurance lines of business. Key metrics such as loss ratios, expense ratios, and combined ratios are also presented.
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2006. It includes consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results by line of business for year-to-date and quarterly periods. Key metrics such as loss ratios, expense ratios, and combined ratios are presented.
The document provides financial information for The Chubb Corporation as of September 30, 2006. It includes highlights of consolidated balance sheet items, share repurchase activity, summaries of invested assets and investment income for both corporate and property/casualty segments. Details are also given on property/casualty underwriting results for various lines of business on a year-to-date and quarterly basis, including ratios and comparisons to prior periods. Key terms are defined at the end.
This document provides supplementary investor information from The Chubb Corporation for the period ending December 31, 2006. It includes highlights of consolidated balance sheet items, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in unpaid losses, and worldwide property and casualty underwriting results for 2006 and 2005. Specifically, total invested assets increased to $37.7 billion in 2006 from $34.6 billion in 2005. Net income after taxes from investments was $1.2 billion for property and casualty in 2006. Statutory policyholders' surplus grew to $11.3 billion in 2006 from $8.9 billion in 2005.
This document provides a summary of financial information for The Chubb Corporation as of March 31, 2007. Some key highlights include:
- Total invested assets were $38.7 billion as of March 31, 2007, with fixed maturities making up the majority.
- Statutory policyholders' surplus for Chubb's property and casualty insurance group was estimated at $11.95 billion as of March 31, 2007, with a ratio of statutory net premiums written to surplus of 1.00 to 1.
- For the three months ended March 31, 2007, Chubb's worldwide property and casualty underwriting results showed a total underwriting income of $202 million for personal insurance and $144 million
This document provides supplementary investor information from The Chubb Corporation for the period ending June 30, 2007. It includes highlights of Chubb's consolidated balance sheet, share repurchase activity, summaries of invested assets for Corporate and Property & Casualty segments, and investment income after taxes. Key metrics provided are total invested assets of $39.5 billion, shareholders' equity of $13.8 billion, and year-to-date Property & Casualty investment income of $360 million.
This document provides supplementary investor information for The Chubb Corporation, including consolidated balance sheet highlights, share repurchase activity, summaries of invested assets, investment income after taxes, statutory policyholders' surplus, changes in net unpaid losses, and underwriting results for both the nine months and quarters ended September 30, 2007 and 2006. Key figures include total invested assets of $40.5 billion, shareholders' equity of $14.2 billion, and worldwide property and casualty underwriting income of $543 million for the nine months ended September 30, 2007.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
This document provides financial information about Chubb Corporation's property and casualty underwriting results for 2007 and 2006. It summarizes key metrics like net premiums written, losses incurred, expenses incurred, underwriting income, and combined loss/expense ratios for different business lines including personal, commercial, and specialty insurance. It also notes that beginning in 2008, foreign currency fluctuations will be accounted for differently in the reporting of losses paid and outstanding losses. Overall underwriting income increased from $1.886 billion to $2.064 billion from 2006 to 2007.
The document provides supplementary financial information for Chubb Corporation as of March 31, 2008. Key highlights include:
- Total invested assets were $40.1 billion, with fixed maturities making up the majority.
- Statutory policyholders' surplus for property and casualty insurance was estimated at $13.3 billion, with a ratio of net premiums written to surplus of 0.9 to 1.
- For the three months ended March 31, 2008, worldwide underwriting resulted in a total profit of $138 million for commercial lines and $164 million for personal lines. Loss and expense ratios remained high but stable.
The document is a report from The Chubb Corporation detailing changes to how losses are presented in their property and casualty underwriting results. Specifically, beginning in Q3 2008, foreign currency fluctuations will impact "net losses paid" and "increase (decrease) in outstanding losses" differently than before. The report provides definitions, ratios, and quarterly underwriting results for Q1 2008 and 2007 to reflect these presentation modifications. Incurred losses remain unchanged.
This document provides supplementary investor information from The Chubb Corporation, including:
- Consolidated balance sheet highlights and share repurchase activity as of June 30, 2008.
- Summaries of invested assets for Corporate and Property & Casualty segments.
- Investment income after taxes for Corporate and Property & Casualty segments for the second quarter and first six months of 2008 versus 2007.
- Property & Casualty statutory policyholders' surplus, change in net unpaid losses, and underwriting results by line of business for the first half of 2008 versus the same period in 2007.
This document from Chubb Corporation reports modifications to the presentation of losses incurred in property and casualty underwriting results for the six months ended June 30, 2008 and 2007. Specifically, it notes that beginning in Q3 2008, foreign currency fluctuations will be reflected differently in "net losses paid" and "increase (decrease) in outstanding losses", though incurred losses remain unchanged. It provides definitions of key terms like underwriting income/loss and combined loss/expense ratio used to evaluate underwriting performance. The document then presents detailed underwriting results by line of business and geographic region.
This document provides supplementary investor information from The Chubb Corporation for the quarter ending September 30, 2008. It includes a consolidated balance sheet, share repurchase activity, summaries of invested assets for corporate and property & casualty divisions, and investment income and underwriting results. Beginning in Q3 2008, foreign currency fluctuations will impact property & casualty loss reporting differently than in the past.
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2008. It includes highlights of the consolidated balance sheet, share repurchase activity, summaries of invested assets for the Corporate and Property and Casualty segments, and investment income. It also contains information on statutory policyholders' surplus, changes in unpaid losses, and underwriting results for year-to-date and quarterly periods for the Property and Casualty Insurance Group. Key terms are defined at the end.
Basavarajeeyam is a Sreshta Sangraha grantha (Compiled book ), written by Neelkanta kotturu Basavaraja Virachita. It contains 25 Prakaranas, First 24 Chapters related to Rogas& 25th to Rasadravyas.
Muktapishti is a traditional Ayurvedic preparation made from Shoditha Mukta (Purified Pearl), is believed to help regulate thyroid function and reduce symptoms of hyperthyroidism due to its cooling and balancing properties. Clinical evidence on its efficacy remains limited, necessitating further research to validate its therapeutic benefits.
These lecture slides, by Dr Sidra Arshad, offer a quick overview of the physiological basis of a normal electrocardiogram.
Learning objectives:
1. Define an electrocardiogram (ECG) and electrocardiography
2. Describe how dipoles generated by the heart produce the waveforms of the ECG
3. Describe the components of a normal electrocardiogram of a typical bipolar lead (limb II)
4. Differentiate between intervals and segments
5. Enlist some common indications for obtaining an ECG
6. Describe the flow of current around the heart during the cardiac cycle
7. Discuss the placement and polarity of the leads of electrocardiograph
8. Describe the normal electrocardiograms recorded from the limb leads and explain the physiological basis of the different records that are obtained
9. Define mean electrical vector (axis) of the heart and give the normal range
10. Define the mean QRS vector
11. Describe the axes of leads (hexagonal reference system)
12. Comprehend the vectorial analysis of the normal ECG
13. Determine the mean electrical axis of the ventricular QRS and appreciate the mean axis deviation
14. Explain the concepts of current of injury, J point, and their significance
Study Resources:
1. Chapter 11, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 9, Human Physiology - From Cells to Systems, Lauralee Sherwood, 9th edition
3. Chapter 29, Ganong’s Review of Medical Physiology, 26th edition
4. Electrocardiogram, StatPearls - https://www.ncbi.nlm.nih.gov/books/NBK549803/
5. ECG in Medical Practice by ABM Abdullah, 4th edition
6. Chapter 3, Cardiology Explained, https://www.ncbi.nlm.nih.gov/books/NBK2214/
7. ECG Basics, http://www.nataliescasebook.com/tag/e-c-g-basics
ABDOMINAL TRAUMA in pediatrics part one.drhasanrajab
Abdominal trauma in pediatrics refers to injuries or damage to the abdominal organs in children. It can occur due to various causes such as falls, motor vehicle accidents, sports-related injuries, and physical abuse. Children are more vulnerable to abdominal trauma due to their unique anatomical and physiological characteristics. Signs and symptoms include abdominal pain, tenderness, distension, vomiting, and signs of shock. Diagnosis involves physical examination, imaging studies, and laboratory tests. Management depends on the severity and may involve conservative treatment or surgical intervention. Prevention is crucial in reducing the incidence of abdominal trauma in children.
micro teaching on communication m.sc nursing.pdfAnurag Sharma
Microteaching is a unique model of practice teaching. It is a viable instrument for the. desired change in the teaching behavior or the behavior potential which, in specified types of real. classroom situations, tends to facilitate the achievement of specified types of objectives.
Title: Sense of Taste
Presenter: Dr. Faiza, Assistant Professor of Physiology
Qualifications:
MBBS (Best Graduate, AIMC Lahore)
FCPS Physiology
ICMT, CHPE, DHPE (STMU)
MPH (GC University, Faisalabad)
MBA (Virtual University of Pakistan)
Learning Objectives:
Describe the structure and function of taste buds.
Describe the relationship between the taste threshold and taste index of common substances.
Explain the chemical basis and signal transduction of taste perception for each type of primary taste sensation.
Recognize different abnormalities of taste perception and their causes.
Key Topics:
Significance of Taste Sensation:
Differentiation between pleasant and harmful food
Influence on behavior
Selection of food based on metabolic needs
Receptors of Taste:
Taste buds on the tongue
Influence of sense of smell, texture of food, and pain stimulation (e.g., by pepper)
Primary and Secondary Taste Sensations:
Primary taste sensations: Sweet, Sour, Salty, Bitter, Umami
Chemical basis and signal transduction mechanisms for each taste
Taste Threshold and Index:
Taste threshold values for Sweet (sucrose), Salty (NaCl), Sour (HCl), and Bitter (Quinine)
Taste index relationship: Inversely proportional to taste threshold
Taste Blindness:
Inability to taste certain substances, particularly thiourea compounds
Example: Phenylthiocarbamide
Structure and Function of Taste Buds:
Composition: Epithelial cells, Sustentacular/Supporting cells, Taste cells, Basal cells
Features: Taste pores, Taste hairs/microvilli, and Taste nerve fibers
Location of Taste Buds:
Found in papillae of the tongue (Fungiform, Circumvallate, Foliate)
Also present on the palate, tonsillar pillars, epiglottis, and proximal esophagus
Mechanism of Taste Stimulation:
Interaction of taste substances with receptors on microvilli
Signal transduction pathways for Umami, Sweet, Bitter, Sour, and Salty tastes
Taste Sensitivity and Adaptation:
Decrease in sensitivity with age
Rapid adaptation of taste sensation
Role of Saliva in Taste:
Dissolution of tastants to reach receptors
Washing away the stimulus
Taste Preferences and Aversions:
Mechanisms behind taste preference and aversion
Influence of receptors and neural pathways
Impact of Sensory Nerve Damage:
Degeneration of taste buds if the sensory nerve fiber is cut
Abnormalities of Taste Detection:
Conditions: Ageusia, Hypogeusia, Dysgeusia (parageusia)
Causes: Nerve damage, neurological disorders, infections, poor oral hygiene, adverse drug effects, deficiencies, aging, tobacco use, altered neurotransmitter levels
Neurotransmitters and Taste Threshold:
Effects of serotonin (5-HT) and norepinephrine (NE) on taste sensitivity
Supertasters:
25% of the population with heightened sensitivity to taste, especially bitterness
Increased number of fungiform papillae
2. Contents
1 Letter to Stockholders
2 Selected Financial Information
6 Financial Performance
9 Anemia
13 Cancer
17 Inflammation
21 R&D Targets
24 Products and Product Candidates
25 Management’s Discussion and Analysis
of Financial Condition and Results of Operations
30 Quantitative and Qualitative Disclosures About Market Risk
32 Consolidated Financial Statements
49 Report of Ernst & Young LLP, Independent Auditors
50 Board of Directors and Executive Officers
50 Stockholder Information
3. Kevin Sharer CH A I R M A N CH I E F EX E C U T I V E OF F I C E R
AND
Stockholders
Letter to
The first year of the new century marked ultimate goal – global leadership in the
a transition point for Amgen in several treatment of anemia in all medical settings.
important ways. We launched two signifi- Advancing that goal further were the
cant new products. We made promising worldwide regulatory filings we submitted
for the use of Aranesp™ in the treatment of
advances in clinical and preclinical research.
We brought new leadership into key areas chemotherapy-induced anemia. Given the
of our business. We announced an acquisi- range of conditions that can induce anemia,
tion with great promise. And we affirmed and the growing body of evidence that
our core values and began to transform its early identification and treatment may
key operating processes to prepare for a enhance overall patient outcomes, we
more competitive and demanding future. believe the market for anemia treatments
We are confident these steps will result in will approach $10 billion by 2005.
increased value for patients and stockholders
Kineret™ (anakinra), the first therapeutic
over time.
delivered from our inflammation program,
Among the most important achievements received U.S. approval in 2001 for use in
of the year, we established the means to the treatment of the signs and symptoms
of rheumatoid arthritis. Kineret™ is unique
serve more patients in more ways than ever
before, launching two new products and in its ability to mitigate inflammation by
laying the groundwork for a third approval blocking interleukin-1, a key cytokine
achieved in early 2002. implicated in the immune system’s inflam-
mation cascade. We believe the worldwide
Aranesp™ (darbepoetin alfa) represents market for biologic treatments for rheuma-
a new standard of care for anemia. Its toid arthritis and related diseases will
approval in 2001 in the United States, exceed $8 billion by 2005.
Europe, Australia, and New Zealand for
the treatment of anemia in chronic renal
failure is a significant step toward Amgen’s
1
4. Selected Financial Information
Net Income Diluted Earnings Per Share
Total Revenues
($ in millions)
($ in millions)
2001 $1,119.7 2001 $1.03
2001 $4,015.7
2000 1,138.5 2000 1.05
2000 3,629.4
1999 1,096.4 1999 1.02
1999 3,340.1
1998 863.2 1998 0.82
1998 2,718.2
1997 644.3 1997 0.59
1997 2,401.0
1996 679.8 1996 0.61
1996 2,239.8
1995 537.7 1995 0.48
1995 1,939.9
1994 319.7 1994 0.29
1994 1,647.9
1993 383.3 1993 0.33
1993 1,373.8
1992 357.6 1992 0.30
1992 1,093.0
92 93 94 95 96 97 98 99 00 01 92 93 94 95 96 97 98 99 00 01
92 93 94 95 96 97 98 99 00 01
Consolidated Statement of Operations Data
(In millions, except per share data)
Years ended December 31, 2001 2000 1999
Revenues:
Product sales (1) $3,511.0 $3,202.2 $3,042.8
Other revenues 504.7 427.2 297.3
Total revenues 4,015.7 3,629.4 3,340.1
Research and development expenses 865.0 845.0 822.8
Selling, general, and administrative expenses 970.7 826.9 654.3
Other items, net (2) 203.1 (18.8) (49.0)
Net income 1,119.7 1,138.5 1,096.4
Diluted earnings per share (2) 1.03 1.05 1.02
Cash dividends per share — — —
Consolidated Balance Sheet Data
(In millions)
At December 31, 2001 2000 1999
Total assets $6,443.1 $5,399.6 $4,077.6
Long-term debt 223.0 223.0 223.0
Stockholders’ equity 5,217.2 4,314.5 3,023.5
(1)
Due to Year 2000 contingency planning in the fourth quarter of 1999, the Company offered extended payment terms on limited shipments of EPOGEN® (Epoetin alfa) and
NEUPOGEN® (Filgrastim) to certain wholesalers. These Year 2000 related sales totaled $45 million, or $0.02 per share, in 1999.
(2)
The amount in 2001 is primarily related to the costs of terminating collaboration agreements with various third parties. The amounts in 2000 and 1994 include write-offs of
acquired in-process research and development of $30.1 million and $116.4 million, respectively. The amount in 2000 also includes a charitable contribution of $25 million
to the Amgen Foundation and a $73.9 million benefit related to a legal proceeding. The amounts in other years are comprised of benefits and expenses related to various legal
proceedings. See Notes 4 and 11 to the Consolidated Financial Statements for a discussion of the amounts in 2001, 2000, and 1999. In 2001, the amount in Other items, net
combined with an inventory write-off of $39.5 million recorded in cost of sales decreased earnings per share by $0.15. Other items, net increased/(decreased) earnings per share
by $0.00 in 2000, $0.03 in 1999, $0.01 in 1998, ($0.09) in 1997, ($0.10) in 1994, $0.01 in 1993, and $0.04 in 1992.
2
6. Neulasta™ (pegfilgrastim), Amgen’s new industry-leading position in the manufac-
turing and distribution of biologically
white blood cell stimulator, is less-frequently
based human therapeutics.
administered than NEUPOGEN®
(Filgrastim), Amgen’s breakthrough
All told, Amgen manufactured six
infection-fighting drug therapy introduced
therapeutics last year, once again passing
in 1991 to support cancer patients receiving
rigorous regulatory inspections for both
chemotherapy. With its easier, once-per-
chemotherapy-cycle dosing, Neulasta™ has quality and safety at our manufacturing
facilities. In addition, the groundwork was
the potential to help more cancer patients
laid to expand our manufacturing capacity
than ever before successfully tolerate a
to meet anticipated demand for both new
complete course of chemotherapy by avoid-
and existing products. Our plans include
ing the potential complications of infection.
a significant addition to Amgen’s current
Last year, we submitted U.S., European,
manufacturing facilities in Puerto Rico.
Canadian, and Australian applications for
its use in cancer chemotherapy treatment
Organizationally, we attracted significant
settings. In January 2002, we received
U.S. approval for Neulasta™ in the chemo- new talent to key areas of our business
as we scale up Amgen to meet the chal-
therapy-induced neutropenia setting.
lenges of a growing product line and
an increasingly ambitious research and
Amgen’s research and development
development program.
programs were also productive last year
in identifying and advancing a series of
We’ve added new senior management to
potential new therapeutics. We initiated
the company’s leadership ranks in a number
phase 3 clinical studies for two promising
of areas. Roger Perlmutter joined Amgen
drug candidates, KGF and AMG 073. And,
as executive vice president, research and
more recently, we announced promising
development; Beth Seidenberg as senior
new research collaboration agreements with
vice president, development; George
three companies. Overall, Amgen is poised
Morrow as executive vice president, world-
to introduce more products into develop-
wide sales and marketing; Richard Nanula
ment in 2002 and 2003 than we have in
as executive vice president, finance, strategy
the past ten years combined. To focus our
and communications, and chief financial
resources more efficiently, we also chose
officer; and Brian McNamee as senior
to end collaboration agreements with
vice president, human resources. These
two companies, Praecis Pharmaceuticals
additions bolster what I believe is the
Incorporated and Guilford Pharmaceu-
most talented and committed management
ticals Inc.
team in the biotechnology industry today.
Early this year, we were delighted to have
We continued to meet patient demand for
Patricia Sueltz, executive vice president
our existing product line, maintaining an
4
7. Be science-based
q
Compete intensely and win
q
Work in teams
q
Create value for patients, staff, and stockholders
q
Amgen Values Trust and respect each other
q
Ensure quality
q
Collaborate, communicate, and build consensus
q
Be ethical
q
of Sun Microsystems, Inc., and Frank NEUPOGEN®, Aranesp™, Kineret™, and
Biondi, senior managing director of Neulasta™ represent a product line unparal-
WaterView Advisors LLC, join our board leled in our industry, and with significant
of directors. patent protection until 2012 and beyond.
Let me pause here to underscore just how Amgen and Immunex are a strong combi-
valuable an asset we have in Amgen’s nearly nation for several reasons. Strategically,
8,000-strong workforce. The important the transaction is expected to give Amgen
contributions and personal sacrifices made immediate leadership in inflammation
each day by each of our staff members were therapies and a world-class research organi-
thrown into sharp relief on September 11, zation in inflammation, while enhancing
when we lost Dora Menchaca in the horrific our overall product portfolio. Financially,
attacks on New York and Washington D.C. the acquisition is expected to accelerate
Dora was a dedicated and highly creative our sales growth and increase adjusted
member of our clinical research staff. She earnings-per-share growth by 2004.
was also a wonderful human being. Her loss
has been deeply felt at Amgen by all those With the completion of the proposed
who worked with her. We have made a Immunex acquisition, the potential now
significant contribution in Dora’s memory exists for Amgen to more than double in
to the new UCLA Medical Center Amgen size in the next five years.
oncology wing.
Growth on that scale will require increasing
Finally, and perhaps most exciting of all, at levels of investment in human talent and
year-end we announced plans to acquire corporate capabilities, a rigorous process for
Immunex Corporation and, with it, a third allocating resources, and a clear-eyed view
blockbuster therapeutic and a strong scien- of our competitive stance in world markets.
tific staff with leading research abilities We’ve made an excellent start. Look for
in inflammation. more in the years ahead. I am confident that
Amgen will make solid progress in 2002
Immunex is one of the most successful towards our aspiration to be the world’s
biotechnology companies operating in our best human therapeutics company.
industry today. Its first-to-market inflam-
mation biologic, ENBREL® (etanercept),
acts against tumor necrosis factor, a protein
that plays a key role in autoimmune
diseases such as rheumatoid arthritis. It Kevin W. Sharer
is a blockbuster therapeutic that has the Chairman and
potential to generate product sales of more Chief Executive Officer
than $3 billion annually by 2005. Together,
ENBREL®, EPOGEN® (Epoetin alfa), March 1, 2002
5
8. Investment in human
and technical capabilities
is rising along with our
growth expectations.
Amgen’s R&D investment,
in particular, reached an
industry-leading 25% of
product sales.
Richard Nanula Executive Vice President, Finance, Strategy, and Communications
and Chief Financial Officer
Worth Making
Investments
“Scaling opportunities meetmtheldemandsc oft our tremendous g e .
up Amgen to
is a u t i - f a e e d c h a l l e n
growth
”
It touches every part of our business and every process we have.
We are here to ensure
The capital markets are
that Amgen gets from
watching. They want to
A to B to C as efficiently
see Amgen succeed in
and effectively as possible.
delivering therapeutics
From communications
that benefit patients,
to strategy to finance,
advance health care, and
we must be a source of
reward stockholders.
support and new ideas
that can facilitate the
growth and development
of the company.
6
9. Financial Performance
Total Revenues Research and Development Expenses
($ in millions) ($ in millions)
Research and
Total revenues have development expenses
increased at a compound have increased at a
annual growth rate of compound annual
19.4% over the past growth rate of 21.7%
ten years. over the past ten years.
2001 $4,016 2001 $865.0
1999 3,340 1999 822.8
1997 2,401 1997 630.8
1995 1,940 1995 451.7
1993 1,374 1993 255.3
1991 682 1991 120.9
91 93 95 97 99 01 91 93 95 97 99 01
Earnings Performance In a year marked Successful completion of Amgen’s proposed
by preparations for several new product acquisition of Immunex, which would
introductions, Amgen continued to success- bring with it an additional blockbuster
fully balance the need to invest in the therapeutic targeting inflammation, also
future with the desire to deliver quality has the potential to increase company sales
financial results. and earnings (adjusted to exclude merger-
related items) over the next few years.
Continued growth in demand for the
company’s expanding line of therapeutics Amgen’s substantial annual cashflow
increased total product sales by 10% last from product sales and resulting strong
year. Net income, excluding non-recurring balance sheet has allowed the company to
items, was 36% of sales, among the indus- reinvest profits into ongoing research and
try’s strongest net margins. Adjusted development programs, the lifeblood of
earnings per share, adjusted to exclude non- a successful human therapeutics enterprise.
recurring items in both years, were $1.18 Research and development spending in
versus $1.05 in 2000, a 12% increase. In 2001 was 25% of total product sales,
2001, Amgen invested significant resources among the highest levels in the biotech-
required to launch two new products and nology and pharmaceuticals industries.
to prepare for the launch of a third. This is the seventh consecutive year
Amgen’s research and development
Amgen expects growth in product sales spending has exceeded 24%.
to expand at an even faster rate through
2005 as new Amgen products gather mar- Financial Foundation Cashflow from
ket momentum and the company pursues operations, generated largely by Amgen’s
applications for new products and new product sales, totaled nearly $1.5 billion in
product indications in health care markets 2001. The size and quality of the company’s
around the world. Potential new revenue cashflow has allowed Amgen to finance
and earnings streams from these activities nearly all of its operations since the success-
ful market debuts of EPOGEN® and
could also help to diversify Amgen’s
NEUPOGEN®. Historically, Amgen has
sources of income.
reinvested in the company’s core business,
in capital expenditures, in collaborations
and new initiatives, and in selective
share repurchases.
7
10. $100 Invested in Amgen Share Repurchase Since 1992
vs. S&P 500 Index ($ in billions)
$18.5
S&P 500
Amgen
$5.5
S&P *Based on the
500 Amgen closing price of
1986 $100 $100 Amgen stock on
2001 $688 $12,245 December 31, 2001
12/31/86 12/31/01 Cost 12/31/01*
Theoretical
Value
Amgen holds substantial cash and short- therapeutics become increasingly competi-
term marketable securities on its balance tive, Amgen’s strong financial position is
sheet and also maintains a bank line of a distinct competitive advantage.
credit and other capital market relation-
ships to ensure financial flexibility and Creating Stockholder Value Amgen
adequate liquidity. At year-end 2001, the remains committed to creating long-term
current portion of the company’s assets value for its stockholders, balancing near-
totaled $3,858.6 million. In March 2002, term earnings growth with the need to
Amgen received approximately $2.8 billion continually re-invest substantial portions
from the issuance of 30-year zero coupon of its cashflow in new research and product
senior notes that are convertible into shares development opportunities.
of the company’s common stock. These notes
have a yield to maturity of 1.125% and an Since the company’s initial public offering
initial conversion price of $80.61. Amgen in 1983, shares of Amgen common stock
used $650 million of the proceeds from the have appreciated at a compound annual
sale of the notes to repurchase approxi- growth rate of 30%. An investment of $100
mately 11.3 million shares of its common in Amgen on December 31, 1986 would
stock. The remainder of the proceeds will have been worth approximately $12,000
be used for general corporate purposes. at year-end 2001. Amgen’s stock repurchase
program primarily reduces the dilutive
Amgen’s overall balance sheet strength effect from the employee stock option and
and substantial cash-generating capabilities the stock purchase plans. Our stock repur-
provide important sources of financing, chase program also represents one measure
not only for internal research and develop- of our confidence in the long-term value of
ment activities and ongoing expansion of Amgen’s stock. In 2001, Amgen repur-
company operations, but also for potential chased 12.7 million shares of its common
product candidate in-licensing opportuni- stock at an average price of $58 per share,
ties and strategic acquisitions, such as at a total cost of $737.5 million. Since
the proposed Immunex transaction. As 1992, Amgen has bought back 327.4 mil-
markets for the company’s potential new lion shares at an average price of approxi-
mately $17 per share. The closing price of
Amgen stock on December 31, 2001 was
$56 per share.
8
11. Anemia
More than 1 million people in the U.S. alone
exhibit signs of chronic renal failure.
Up to one-third of these people are believed to have low red blood
cell production, which results in anemia. But these estimates are
just a starting point. The debilitating impact of anemia, which
causes fatigue, impaired cognitive and physical functioning, and
may contribute to cardiovascular disease, occurs in a number
of medical settings.
9
12. the benefit of less-frequent dosing. For
health care staff, this may mean less time
spent managing anemia.
Anemia can result from cancer-related
With the availability of the new
chemotherapy, as well as the underlying
therapeutic, doctors may begin using
cancer itself. It can also accompany many
Aranesp™ for the treatment of anemia
other serious conditions, such as rheuma-
earlier in the progression of renal failure.
toid arthritis and HIV/AIDS. Indeed,
Although only a small proportion of
anemia can be present in any patient who
patients today are treated for anemia prior
suffers substantial blood loss as a result
to the onset of dialysis, as many as one-
of surgical treatment.
third may suffer from the condition. And
The appearance of anemia across such there is a growing body of evidence to
a wide spectrum of medical conditions suggest that early treatment is beneficial.
and treatment settings underscores
Amgen also is pursuing regulatory
the broad potential of Amgen’s newest
approval in the United States, Europe,
anemia treatment, Aranesp™ (darbepoetin
Canada, Australia, and New Zealand
alfa). A more powerful, longer-lasting
Amgen won an important
for Aranesp™ in the treatment of cancer-
therapeutic than Epoetin alfa, Aranesp™ legal victor y in early 2001
related anemia. As many as 60% of cancer upholding the company’s
can simplify anemia management for
intellectual property rights for
patients suffer from anemia, either
patients and health care providers alike its breakthrough therapeutic
because of the cancer itself, or as a side
with the benefit of less-frequent dosing. in the treatment of anemia.
effect of chemotherapy. Clinical trials
Aranesp™ was approved last year in suggest that treatment of cancer-related
the United States, Europe, Australia, and anemia with Aranesp™ may be effective
New Zealand for the treatment of anemia when given once weekly, once every two
associated with chronic renal failure, weeks, or once every three weeks. In over
Amgen’s first area of focus for the new two-thirds of cases, cancer chemotherapy
therapeutic. For chronic renal failure is given in similar one-, two- and three-
patients, both on dialysis and not on dial- week cycles.
ysis, the new molecule retains the efficacy
Amgen developed the first biologically
of EPOGEN® (Epoetin alfa) while adding
derived treatment for anemia more than
13 years ago. EPOGEN® revolutionized
the care of end-stage renal disease patients
with anemia, who must undergo regular
dialysis treatments to remove wastes from
their blood. EPOGEN® is a recombinant
protein with the same mechanism of
10
13. Anemia
action as human erythropoietin, a natu-
rally occurring protein produced by the
kidneys to stimulate the production of blood transfusions. Today, more than
red blood cells. Patients with end-stage 200,000 dialysis patients in the United
renal disease cannot produce erythropoi- States receive EPOGEN® therapy.
etin adequately. Before the development
Since launching EPOGEN®, Amgen has
of EPOGEN®, many of these patients
worked diligently, in concert with renal
suffered from chronic anemia and could
health care professionals, to improve
not maintain vitality without regular
the lives of patients suffering from
chronic renal failure. A long-time advo-
cate of the National Kidney Foundation
and its programs, Amgen supports the
foundation’s revised Kidney Disease
Outcomes Quality Initiative guidelines,
which broaden the treatment of kidney
disease to encompass its early stages. The
company also provides support for the
International Dialysis Outcomes Practice
Patterns Study, a worldwide initiative
designed to identify and communicate
Amgen last year sought best practices in dialysis care to improve
and received approval in
patient morbidity and mortality.
the United States, Europe,
Australia, and New Zealand
More recently, Amgen launched an
for its newest anemia thera-
™
educational initiative with nephrologists
peutic, Aranesp , in the treat-
ment of anemia associated
(doctors who treat kidney-related illness)
with chronic renal failure.
to help them identify and manage anemia
as early as possible in patients suffering
from chronic renal failure.
11
14. We’re entering a more
demanding, more
Aranesp™ is a product with competitive era in thera-
blockbuster potential. Its peutic development.
less-frequent dosing offers Effective products remain
significant advantages. And the essential ingredient
its long-term market potential in our business, to be
is huge – anemia remains a sure. But we must also
frequently undiagnosed, engage the market on its
under-treated condition. Our own terms, addressing
challenge is to ensure that cost and relative efficacy
people understand and act on in addition to long-term
those facts. patient outcomes.
George Morrow Executive Vice President, Worldwide Sales and Marketing
Worth Developing
Markets
“What does brand-building have to do with improving
patients’ lives? Quite a lot, actually. Developing commercially
s u c c e s s f u l t h e r a p e u t i c s is as much about trust and
”
collaboration as it is about good science.
There is a good deal of
uncertainty inherent in
our business. The more
closely we collaborate
and communicate within
Amgen throughout the
development process,
the stronger the platform
from which we will
launch successful new
products in important
new markets.
12
15. Cancer
More than 8 million people around the world
are diagnosed with cancer each year.
In the United States alone, the number exceeds one million.
Although treatments are growing in effectiveness and improving
the survival rates for many types of cancer, the overall growth rate
for new cancer diagnoses worldwide is estimated at more than
2% a year, outpacing the 1.7% estimated growth rate for the
world’s population.
13
16. data collection to assist oncologists by
providing better information on the
use of chemotherapy and NEUPOGEN®,
While potential new treatments for
as well as feedback on patient outcomes.
cancer are being studied in thousands
This information has been particularly
of global research settings, including
useful in helping physicians optimize
Amgen’s oncology research program,
treatment alternatives in the most cost-
chemotherapy remains one of the most
efficient manner.
widely chosen treatment options for
many types of cancer.
Unfortunately, chemotherapy can have
side effects– among them neutropenia,
a decline in the number of neutrophils,
the infection-fighting white blood cells.
For more than a decade, Amgen has
helped cancer patients undergoing myelo-
suppressive chemotherapy combat neu-
tropenia with NEUPOGEN® (Filgrastim).
This groundbreaking therapeutic is a
recombinant form of a naturally occur- Neulasta ™, Amgen’s new
ring human protein that stimulates the white blood cell booster,
received U.S. regulatory
production of neutrophils.
approval early this year for
use in preventing the potential
NEUPOGEN® is approved for use in
complications of infection in
98 countries. Since its introduction the chemotherapy setting.
in 1991, NEUPOGEN® has helped an
estimated 3.5 million cancer patients
tolerate their prescribed doses of
chemotherapy treatment by reducing
the incidence of costly and sometimes Amgen last year submitted
filings with regulator y
life-threatening infections.
authorities in the United States,
Europe, Canada, Australia, and
Amgen supports a number of programs
New Zealand for the use of
in conjunction with the oncology health Amgen’s newest anemia
therapeutic, Aranesp ™, in the
care community to help optimize the
treatment of chemotherapy-
benefits of NEUPOGEN®. These include induced anemia.
14
17. Cancer
In early 2002, Amgen received U.S.
regulatory approval for Neulasta™
factor that may stimulate the develop-
(pegfilgrastim), Amgen’s new white blood
ment of mucosal cells. Amgen initiated
cell stimulator, in the chemotherapy
a phase 3 clinical trial of this product
setting. Patients currently receive daily
candidate in 2001.
injections of NEUPOGEN® following each
Looking beyond supportive cancer-care
cycle of chemotherapy. Clinical trials
indicate that Neulasta™ helps protect treatments, Amgen has in recent years
broadened the reach of its oncology
against neutropenia using only a single
KGF, a potential therapeutic
research program. Amgen scientists now
injection per cycle of chemotherapy.
for the treatment of oral
actively pursue the discovery and develop-
mucositis, advanced to a
Once-per-cycle dosing with Neulasta™
ment of novel therapeutics capable of
phase 3 clinical trial in 2001.
will simplify the management of
targeting and eradicating tumor cells.
chemotherapy-induced neutropenia,
With substantial capabilities in a variety
potentially increasing the number of
of scientific approaches, Amgen research-
patients capable of successfully complet-
ers are studying small molecules and
ing a prescribed cycle of chemotherapy
human antibodies in addition to human
without suffering neutropenic compli-
proteins and growth factors as potential
cations. In 2001, Amgen submitted
new therapeutics.
applications to the U.S., European,
In 2000, Amgen licensed a novel cancer
Canadian, and Australian regulatory
therapeutic antibody, epratuzumab, from
authorities for approval to market
Neulasta™ for use in support of myelo- Immunomedics, Inc. Amgen is evaluating
this antibody to determine if it is effective
suppressive chemotherapy treatment.
Amgen’s research and devel-
in the treatment of non-Hodgkin’s lym-
Another side effect of cancer chemo-
opment program in oncology
phoma, a malignant condition character-
uses a variety of scientific
therapy and radiotherapy is mucositis, a
ized by abnormal cell development of
approaches in the pursuit of
painful ulceration of the mucosal lining
novel therapeutics capable
the lymphatic system. In 2001, Amgen
of targeting and eradicating
of the mouth and gastrointestinal tract.
disclosed encouraging interim results
tumor cells.
This condition can produce mouth and
from a phase 2 clinical trial using
throat sores that prevent patients from
epratuzumab in combination with a com-
eating and may require pain medication.
mercially available antibody, rituximab,
Amgen’s keratinocyte growth factor (KGF)
in the treatment of this disease.
is being investigated for the treatment of
oral mucositis. KGF is a recombinant form
of a naturally occurring human growth
15
18. Kineret™ (anakinra)
represents a significant
step forward in Amgen’s
manufacturing capabilities.
To meet the relatively
large dosage requirements,
we’ll produce more than
a metric ton of this
new recombinant protein
therapeutic annually.
Dennis Fenton, PhD Executive Vice President
Worth Meeting
Challenges
“Operations is where great science ise ftransformedyinto greaty i n g
products. Operations is focused on f i c i e n t l s u p p l
”
all of our patients all the time with our breakthrough therapies.
Much of what we do Manufacturing biologically
requires breaking new derived human therapeutics is a
ground. Ten years ago, relatively young activity, one
Amgen helped pioneer that few companies have mas-
commercial production tered and even fewer pursue on
of recombinant human the scale that we do at Amgen.
proteins. We built the But the bar continues to rise.
first multi-product Expanding our global production
human protein manufac- and distribution capacity is a
turing facility. Today, never-ending challenge.
we’re laying the founda-
tion to significantly scale
up production.
16
19. Inflammation
More than 6 million people worldwide live
with rheumatoid arthritis.
It is one of several debilitating conditions characterized by painful and
destructive inflammation. Normally, the body’s inflammatory response is
an orchestrated set of reactions that defend against harmful invading
organisms and help repair damaged tissues. In diseases such as rheumatoid
arthritis, control mechanisms fail and inflammatory reactions are directed
against normal, healthy tissues, resulting in damage and loss of function.
17
20. Of particular importance in the treat-
ment of rheumatoid arthritis, the most
rapid deterioration of joint function
often occurs within the first few years of
Inflammation has been a target of
the disease. This leaves a small window
Amgen’s research programs for more
of opportunity for intervention before
than a decade. The company has launched Kineret ™ binds to the
irreversible damage can occur. Yet it’s same cellular receptors as
its first therapeutic specifically targeted
estimated that more than half of all people interleukin-1, neutralizing
at inflammation and the disease most the cytokine’s harmful effect
suffering from the condition remain
commonly associated with its destruc- in the overactive inflamma-
undiagnosed or do not seek treatment. tor y process that occurs in
tive effects, rheumatoid arthritis. In patients with rheumatoid
November 2001, Kineret™ was approved The precise causes of the overactive arthritis.
in the United States for use in adult inflammatory process are not fully under-
patients with moderate to severe rheu- stood but several components of the
matoid arthritis unresponsive to other immune system are implicated. One
drug treatments. of these is interleukin-1, one of a class
of proteins called cytokines that deliver
Rheumatoid arthritis commonly
chemical messages between cells. An
involves painful inflammation of small
excess of interleukin-1 has been shown
and large joints. As the disease progresses,
to play an important role in the inflam-
inflamed cells that line the joints may
mation and joint destruction associated
invade and damage bone and cartilage,
with rheumatoid arthritis.
while inflammatory proteins stimulate
Kineret™, a biologically derived
the release of enzymes that actually digest
bone and cartilage. This produces a therapeutic, represents an important new
change in shape and alignment of the option for the reduction of signs and
Amgen’s first therapeutic
joint, along with pain and loss of mobil- symptoms associated with rheumatoid
targeted at inflammation,
ity. Many rheumatoid arthritis patients arthritis. A recombinant form of a Kineret ™ has been approved
become progressively disabled and naturally occurring human protein that for use in the United States
among patients with moder-
experience decreased life expectancy. regulates the cytokine interleukin-1, ately to severely active
Kineret™ binds to the same cellular rheumatoid arthritis.
receptors as the cytokine, in effect block-
ing it and neutralizing its harmful effect
in patients with rheumatoid arthritis.
18
21. Inflammation
Amgen’s potential acquisition
of Immunex will bring with it a
roster of experienced research
talent in inflammation. Amgen
In late 2001, Amgen announced
added more than 350 new staff
members across a range of
plans to acquire Immunex Corporation,
disciplines to its overall talent
one of the fastest growing publicly traded
base during 2001.
biotechnology companies in the United
States. The acquisition is expected to
significantly expand the company’s pres-
ence in this therapeutic area. In 1998,
Immunex launched the first biologically
derived therapeutic specifically targeted
at rheumatoid arthritis. ENBREL®
(etanercept) is a soluble recombinant
form of a receptor for the cytokine tumor
necrosis factor, a protein that has been
shown to play a key role in rheumatoid
arthritis-associated inflammation.
Assuming the successful completion of
this acquisition, Amgen will significantly
improve its research capabilities in
inflammation, while manufacturing and
marketing two of the most significant
new therapeutics for rheumatoid arthritis
available today.
19
22. We’re at a rare and
In our business, most research
exciting inflection point
projects fail. If you’re right 30%
for Amgen. As advanced
of the time, that’s a stupendous
therapeutics prove their
batting average. But to get there,
worth in the health care
you must start with an effective,
marketplace, we have an
disciplined, and seamlessly inte-
opportunity to build an
grated product development
organization with a
process. And at the heart of that
research capacity unlike
process is good decision-making.
any other in the industry.
Roger Perlmutter, MD, PhD Executive Vice President, Research and Development
Worth Pursuing
Science
“R&D is the l i fthan lthat d of any therapeutics the very core
e b oo endeavor, but
it’s much more at Amgen. It goes to
”
of our identity.
To achieve the ambitious
goals we’ve set for ourselves
in each of our therapeutic
areas, we must be willing
to conscript good ideas
wherever they originate.
That includes a strategy
of licensing promising
therapeutic candidates
from other organizations.
20
23. R & D Ta r g e t s
Millions of people worldwide have
benefited from Amgen products.
A pioneer in the biotechnology revolution, Amgen continues to play
a leadership role in the search for breakthrough human therapeutics.
The company pursues research organized around four therapeutic
areas –nephrology, oncology, inflammation, and neurology/metabolism.
These internal programs are enhanced and expanded through external
collaborations and new technology and product licensing opportunities.
21
24. Before specific therapeutic candidates can
be identified for development, extensive
research is required to understand the
alternatives to larger, naturally occurring
biological foundations of a disease and the
proteins. Amgen uses new techniques in
body’s response to combat it. Amgen’s
robotics and miniaturization to synthesize
research programs study disease at the
and test thousands of these small mole-
cellular and molecular level, seeking to
cules quickly and cost-efficiently.
understand the individual impact and
potential therapeutic value of a range of
naturally occurring human proteins and
antibodies, as well as synthetically
derived small molecules.
Amgen’s genomics program uses
genetic tools to implicate human protein
hormones and growth factors in disease
processes. One of the significant discover-
ies to emerge from Amgen’s research is
osteoprotegerin (OPG), a protein found to
be important in maintaining bone density.
Amgen’s genomics research
Its discovery– a seminal event in bone program led to the discover y
of osteoprotegerin, a protein
research– could lead to a therapeutic to
that plays an important role
combat bone-related diseases, including in maintaining bone density
osteoporosis and the consequences of and may lead to an effective
therapeutic in the treatment of
some types of cancer. bone-related diseases.
In addition to its protein discovery
External partnerships and
efforts, Amgen investigates other research collaborations
therapeutic modalities including small continue to play a key role
in Amgen’s search for break-
molecules derived through chemical
through therapeutics based
synthesis. Drugs small enough to be on today’s most advanced
absorbed after oral ingestion and to scientific capabilities.
penetrate and target molecular structures
within the cell could yield therapeutic
22
25. R & D Ta r g e t s
AMG 073 is the company’s first
small molecule therapeutic under
development and was licensed from
NPS Pharmaceuticals, Inc. This orally
In the same month, the company estab-
active compound increases the sensitivity
lished an agreement with ACADIA
of the calcium-sensing receptor on the
Pharmaceuticals to search for novel
surface of the parathyroid gland, inhibit-
small molecule therapeutics using its
ing the secretion of excessive amounts of
proprietary chemical-genomics platform.
parathyroid hormone (PTH). Abnormally
This collaboration seeks to identify small
high levels of PTH can result in a variety
molecule leads for up to 12 genomic
of medical complications. For example,
targets, using those leads to explore the
secondary hyperparathyroidism is present
therapeutic potential of each target. More
in 85% of patients with end-stage renal
recently, Amgen entered a collaboration
disease. Based on promising phase 2
with Hyseq Pharmaceuticals for the
data, Amgen recently initiated a phase 3
development of Amgen’s product candi-
AMG 073, a calcimimetic
clinical trial of AMG 073 in secondary
date Alfimeprase. Based on preclinical
compound, advanced to phase
hyperparathyroidism.
3 clinical trials last year in
studies, Alfimeprase appears to be a
the treatment of secondar y
Licensing and other collaborative promising agent for dissolving blood clots
hyperparathyroidism.
arrangements with external organizations in the possible treatment of peripheral
are an important source of product arterial occlusion.
candidates for Amgen that can comple-
Internal research programs and external
ment internal research and development
collaborations supply Amgen with a
activities. In recent months, the company
robust pipeline of potential therapeutics
has entered into several new agreements
supported by clinical development
with external groups to extend and
capabilities around the world. This
enhance the value of its internal research
international network of clinical facilities
programs.
annually conducts hundreds of human
In December 2001, Amgen agreed to trials. With Amgen’s growing number of
work with Isis Pharmaceuticals, Inc. product candidates, that level of activity
on the discovery of antisense drugs using is expected to increase.
that company’s proprietary technology.
Antisense drugs work by using genetic
information directly to inhibit the
production of disease-causing proteins.
23
26. Amgen Products and Product Candidates
Products/Product Development Phase
Therapeutic Areas Candidates Phase 1 Phase 2 Phase 3 Filed Approved
Nephrology
Anemia EPOGEN® (Epoetin alfa) q q q q q
Aranesp™ (darbepoetin alfa)
Anemia q q q q q
Secondary hyperparathyroidism Calcimimetics Program q q q
Hematology & Oncology
Neutropenia NEUPOGEN® (Filgrastim) q q q q q
PBPC mobilization NEUPOGEN® q q q q q
q (1)
PBPC mobilization STEMGEN® (Ancestim) q q q q
Neulasta™ (pegfilgrastim) q(2)
Neutropenia q q q q
Aranesp™
Anemia q q q q
Non-Hodgkin’s
lymphoma Epratuzumab q q q
KGF (3)
Mucositis q q q
Aplastic anemia STEMGEN® q q
Bone Metastases Osteoprotegerin Program q q
Bone & Inflammation
Kineret™ (anakinra) q (2)
Rheumatoid Arthritis q q q q
PEG-sTNF-RI (4)
Rheumatoid Arthritis q q
Osteoporosis Osteoprotegerin Program q q
Neurology & Endocrinology
Primary hyperparathyroidism Calcimimetics Program q q
Lipodystrophy Leptin Program q q
Phase 1 Clinical Trial
Investigate safety and proper dose ranges of a product candidate in a small number of human subjects.
Phase 2 Clinical Trial
Investigate side effect profiles and efficacy of a product candidate in a larger number of patients who have the disease or condition
under study.
Phase 3 Clinical Trial
Investigate safety and efficacy of product candidate in a large number of patients who have the disease or condition under study.
(1)
Approved in Australia, Canada, and New Zealand only
(2)
Approved in United States only
(3)
Keratinocyte growth factor
(4)
PEGylated soluble tumor necrosis factor-type 1 receptor
24
27. A M G E N 2 0 01 A N N UA L R E PORT
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
Liquidity and Capital Resources is restricted from repurchasing shares. As of December 31,
2001, $1,262.5 million was available for stock repur-
The Company had cash, cash equivalents, and marketable chases through December 31, 2002.
securities of $2,662.2 million and $2,028.1 million On February 22, 2002, the Company announced
at December 31, 2001 and 2000, respectively. Cash that it has agreed to issue $3.5 billion in aggregate
provided by operating activities has been and is expected face amount of 30-year zero coupon senior notes (the
to continue to be the Company’s primary source of funds. “Convertible Notes”) that are convertible into shares of
Cash provided from operations was $1,480.2 million the Company’s common stock. The proceeds from the
and $1,634.6 million in 2001 and 2000, respectively. offering, net of estimated issuance costs, are expected to
Capital expenditures be approximately $2.45 billion. The Company may raise
Cash, Cash Equivalents
totaled $441.8 million up to an additional $321 million upon exercise of an
and Marketable
Securities in 2001 compared with over-allotment option that has been granted in connec-
($ in millions)
$437.7 million in 2000. The tion with the offering. The Company expects to use
Company anticipates spend- approximately $650 million of the net proceeds to repur-
ing approximately $450 mil- chase shares of its common stock simultaneously with the
lion to $550 million in issuance of the Convertible Notes, with the remaining
2002 on capital projects and proceeds to be used for general corporate purposes. The
equipment to expand its terms of the Convertible Notes include a yield to matu-
global operations. rity of 1.125% and an initial conversion premium of
The Company receives 40%. The issuance of the Convertible Notes is subject
cash from the exercise of to customary closing conditions and is expected to be
2001 $2,662.2
employee stock options and completed by March 1, 2002.
2000 2,028.1
1999 1,333.0 proceeds from the sale of stock To provide for financial flexibility and increased
1998 1,276.0
by Amgen pursuant to the liquidity, the Company has established several other
1997 1,026.5
97 98 99 00 01
employee stock purchase plan. sources of debt financing. As of December 31, 2001, the
Employee stock option exercises and proceeds from the Company had $223 million of unsecured long-term debt
sale of stock by Amgen pursuant to the employee stock securities outstanding. These unsecured long-term debt
purchase plan provided $277.7 million and $333.7 mil- securities consisted of: 1) $100 million of debt securities
lion of cash in 2001 and 2000, respectively. Proceeds that bear interest at a fixed rate of 6.5% and mature in
from the exercise of employee stock options will vary 2007 under a $500 million debt shelf registration (the
from period to period based upon, among other factors, “Shelf”), 2) $100 million of debt securities that bear
fluctuations in the market value of the Company’s stock interest at a fixed rate of 8.1% and mature in 2097, and
relative to the exercise price of such options. 3) $23 million of debt securities that bear interest
The Company has a stock repurchase program pri- at a fixed rate of 6.2% and mature in 2003. As of
marily to reduce the dilutive effect of its employee stock December 31, 2001, the Company’s outstanding long-
option and stock purchase plans. In 2001, the Company term debt was rated A2 by Moody’s and A by Standard &
repurchased 12.7 million shares of its common stock Poor’s. Under the Shelf, all of the remaining $400 mil-
at a total cost of $737.5 million. In 2000, the Company lion of debt securities available for issuance may be
repurchased 12.2 million shares of its common stock at offered under the Company’s medium-term note program
a total cost of $799.9 million. In December 2000, the with terms to be determined by market conditions.
Board of Directors authorized the Company to repurchase The Company’s sources of debt financing also include
up to $2 billion of common stock between January 1, a commercial paper program which provides for unse-
2001 and December 31, 2002. The amount the Company cured short-term borrowings up to an aggregate face
spends on and the number of shares repurchased each amount of $200 million. As of December 31, 2001, com-
quarter varies based on a variety of factors, including the mercial paper with a face amount of $100 million was
stock price and blackout periods in which the Company outstanding. These borrowings had maturities of less
25
28. A M G E N 2 0 01 A N N UA L R E PORT
than one month and had effec- EPOGEN®/Aranesp™ In 2001, the Company received
Total Assets
($ in millions) tive interest rates averaging approval to market Aranesp™ in the U.S. (September
1.9%. In addition, the 2001), most countries in the European Union (“EU”),
Company has an unsecured Australia, and New Zealand for the treatment of anemia
$150 million committed associated with chronic renal failure, including patients
credit facility with five partic- on dialysis and patients not on dialysis.
ipating banking institutions Combined EPOGEN® and Aranesp™ sales in 2001
that expires on May 28, 2003. were $2,150.0 million, an increase of $187.1 million or
This credit facility supports 10% over 2000 EPOGEN® EPOGEN / ®
the Company’s commer- sales. This increase was TM
Aranesp Sales
2001 $6,443.1
($ in millions)
cial paper program. As of primarily due to higher
2000 5,399.6
1999 4,077.6 December 31, 2001, no EPOGEN demand, which
®
1998 3,672.2
amounts were outstanding includes the effect of higher
1997 3,110.2
97 98 99 00 01
under this credit facility. prices and growth in the U.S.
The primary objectives for the Company’s fixed dialysis patient population,
income investment portfolio are liquidity and safety of and to a lesser extent, the
principal. Investments are made to achieve the highest launch of Aranesp™ in the U.S.
rate of return to the Company, consistent with these two and Europe. The reported
objectives. The Company’s investment policy limits sales growth was negatively
2001 $2,150.0
investments to certain types of instruments issued by impacted to a slight degree by 2000 1,962.9
institutions with investment grade credit ratings and wholesaler inventory changes. 1999 1,759.1
1998 1,382.0
places restrictions on maturities and concentration by Worldwide Aranesp sales in
™
1997 1,160.7
type and issuer. 2001 were $41.5 million. 97 98 99 00 01
The Company believes that existing funds, cash EPOGEN® sales in 2000 were $1,962.9 million, an
generated from operations, and existing sources of increase of $203.8 million or 12% over the prior year.
debt financing (including the pending issuance of the This increase was primarily due to higher demand, which
Convertible Notes) are adequate to satisfy its working was principally driven by growth in the U.S. dialysis
capital and capital expenditure requirements for the patient population and to a lesser extent, the effect of
foreseeable future, as well as to support its stock repur- higher prices. Sales in 2000 were adversely impacted by
chase program and the proposed acquisition of Immunex Year 2000-related sales to wholesalers in the fourth quar-
Corporation (“Immunex”) (see “Proposed Merger with ter of 1999 for which the Company provided extended
Immunex”). However, the Company may raise additional payment terms and, the Company believes, by dialysis
capital from time to time. provider inventory drawdowns in 2000 of additional
1999 year-end stockpiling. The Company believes
Results of Operations that some of this dialysis provider stockpiling may
have been due to Year 2000 concerns and year-end
Product sales contract expirations.
Product sales primarily consist of sales of EPOGEN®
(Epoetin alfa), Aranesp™ (darbepoetin alfa), and Worldwide NEUPOGEN® sales in 2001
NEUPOGEN®
NEUPOGEN® (Filgrastim). In 2001, product sales were were $1,346.4 million, an increase of $122.7 million
$3,511.0 million, an increase of $308.8 million or 10% or 10% over the prior year. This increase was primarily
over the prior year. Product sales were $3,202.2 million due to world-wide demand growth, which includes the
in 2000, an increase of $159.4 million or 5% over the effect of higher prices in the U.S.
prior year. Product sales are influenced by a number of Worldwide NEUPOGEN® sales were $1,223.7 million
factors, including underlying demand, wholesaler inven- in 2000, a decrease of $32.9 million or 3% from the
tory management practices, and foreign exchange effects.
26
29. A M G E N 2 0 01 A N N UA L R E PORT
prior year. This decrease was the $39.5 million write-off of certain inventory in the
NEUPOGEN® Sales
($ in millions) primarily due to the adverse fourth quarter of 2001. The decrease in 2000 was primar-
impact of wholesaler buying ily due to increased manufacturing efficiencies.
patterns, including Year
2000-related sales to whole- Research and development
salers in the fourth quarter of In 2001, research and development expenses increased
1999 for which the Company $20.0 million or 2% over the prior year. This increase
provided extended payment was primarily due to higher staff-related costs necessary
terms, as well as adverse foreign to support ongoing research and product development
exchange effects. The Company activities, partially offset by lower clinical manufacturing
2001 $1,346.4
believes these factors were par- and product licensing-related costs.
2000 1,223.7
tially offset by a mid-single In 2000, research and development expenses
1999 1,256.6
1998 1,116.6
digit rate increase in demand, increased $22.2 million or 3% over the prior year. This
1997 1,055.7
97 98 99 00 01
which includes the effect of increase was primarily due to higher staff-related costs
higher prices in the U.S. necessary to support ongoing research and product devel-
opment activities and higher clinical trial costs. These
Corporate partner revenues increases were substantially offset by a reduction in clinical
In 2001, corporate partner revenues were $252.0 million, manufacturing and product licensing-related costs.
an increase of $5.8 million or 2% over the prior year.
This increase was due to slightly higher revenues, Selling, general and administrative
primarily related to INFERGEN®, substantially offset In 2001, selling, general and administrative (“SG&A”)
by lower amounts earned from Kirin-Amgen, Inc. In expenses increased $143.8 million or 17% over the prior
2000, corporate partner revenues were $246.2 million, year. This increase Selected Operating Expenses
an increase of $84.8 million was primarily due (as a Percent of Product Sales)
Total Product Sales or 53% over the prior year. to higher outside
($ in millions)
This increase was primarily marketing expenses,
due to amounts earned from staff-related costs,
Kirin-Amgen, Inc. related and consulting
to the development program expenses as support
for Aranesp™. for new product
launches was
Royalty income increased.
In 2001, royalty income was In 2000, SG&A
$252.7 million, an increase expenses increased
2001 $3,511.0
of 40% over the prior year. $172.6 million or
2000 3,202.2
1999 3,042.8
In 2000, royalty income was 26% over the prior 97 98 99 00 01
1998 2,514.4
$181.0 million, an increase of year. This increase
1997 2,219.8 R&D SG&A Cost of Sales
97 98 99 00 01
33% over the prior year. These was primarily due to 2001 24.6% 2001 27.6% 2001 12.6%
2000 26.4 2000 25.8 2000 12.8
increases were primarily due to higher royalties from higher staff-related 1999 27.0 1999 21.5 1999 13.2
Johnson & Johnson relating to their sales of Epoetin alfa. costs and outside 1998 26.4 1998 20.5 1998 13.7
marketing expenses 1997 28.4 1997 21.8 1997 13.6
Cost of sales as the Company continued to support its existing prod-
Cost of sales as a percentage of product sales was 12.6%, ucts and prepared for anticipated new product launches.
12.8%, and 13.2% for 2001, 2000, and 1999, respec-
tively. The decrease in 2001 was primarily due to reduced
royalty obligations, substantially offset by the impact of
27