Amgen's Second Quarter 2007 Adjusted Earnings Per Share Increased 7 Percent to $1.12

THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Jul 26, 2007 - Amgen (NASDAQ: AMGN) reported adjusted earnings per share (EPS), excluding stock option expense and certain other expenses, of $1.12 for the second quarter of 2007, an increase of 7 percent compared to $1.05 during the second quarter of 2006. Adjusted net income, excluding stock option expense and certain other expenses, increased 2 percent to $1,265 million in the second quarter of 2007 compared to $1,235 million in the second quarter of 2006. Stock option expense on a per share basis totaled 3 cents and 4 cents in the second quarter of 2007 and 2006, respectively.

Total revenue increased 3 percent during the second quarter of 2007 to $3,728 million versus $3,604 million in the second quarter of 2006.

Adjusted EPS and adjusted net income for the second quarter 2007 and 2006 exclude stock option expense, certain expenses related to acquisitions, asset impairments and certain other items. These expenses and other items are itemized on the reconciliation tables below. Adjusted EPS including the impact of stock option expense is also itemized on the reconciliation tables below.

On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), Amgen's GAAP EPS was $0.90 in the second quarter of 2007 and includes $289 million of pre-tax charges for asset impairment and related costs. As part of the Company's global review of its business plans, management decided to make changes to various ongoing capital projects. These decisions were primarily focused on rationalizing the Company's network of manufacturing facilities in order to gain cost efficiencies while continuing to meet product demand. In particular, these decisions include a re-scoping of Ireland manufacturing operations, the construction of which was previously reported to have been delayed, certain revisions to planned manufacturing expansion in Puerto Rico and, to a lesser degree, moderated expansion of research facilities. Amgen's GAAP EPS in the second quarter of 2006 was 1 cent and included a $1.1 billion non-tax deductible write-off of acquired in-process research and development related to the acquisition of Abgenix, which closed on April 1, 2006. Amgen's GAAP net income increased to $1,019 million in the second quarter of 2007 versus $14 million in the second quarter of 2006.

"This has been a difficult period and this quarter's low growth is a reflection of that reality," said Kevin Sharer, chairman & CEO. "That said, we are making progress on many fronts to change this trend and return Amgen to strong future performance."

Product Sales Performance

During the second quarter, total product sales increased 3 percent to $3,604 million from $3,491 million in the second quarter of 2006. Sales in the U.S. totaled $2,879 million, an increase of 1 percent versus $2,861 million in the second quarter of 2006. International sales increased 15 percent to $725 million versus $630 million for the second quarter of 2006. Changes in foreign exchange positively impacted second quarter 2007 international sales by $41 million. Excluding the impact of foreign exchange, total product sales increased 2 percent and international product sales increased 9 percent.

Worldwide sales of Aranesp(R) (darbepoetin alfa) decreased 10 percent to $949 million in the second quarter of 2007 versus $1,055 million during the second quarter of 2006. This was principally driven by a decline in U.S. demand. U.S. Aranesp sales were $578 million versus $713 million in the second quarter of the prior year, a decrease of 19 percent, reflecting customer reaction to label and reimbursement changes and to a lesser degree unfavorable wholesaler inventory changes offset by end-user inventory build. International Aranesp sales increased 8 percent to $371 million versus $342 million in the second quarter of 2006, primarily due to changes in foreign exchange which positively impacted second quarter 2007 sales by approximately $21 million. In Europe, growth due to increased demand in the nephrology segment was partially offset by slight dosing conservatism in the oncology segment. Excluding the impact of foreign exchange, worldwide product sales decreased 12 percent and international sales increased 2 percent.

Sales of EPOGEN(R) (Epoetin alfa) increased 2 percent to $624 million in the second quarter of 2007 versus $613 million in the second quarter of 2006. Growth due to patient population growth, positive revised estimates of dialysis demand (spillover) for prior quarters and favorable wholesaler inventory changes was partially offset by a low single-digit decline in dose / utilization and unfavorable changes in customer purchasing patterns versus the second quarter of the prior year. Spillover is a result of the Company's contractual relationship with Johnson & Johnson (please refer to the Company's Form 10-K for a more detailed discussion of this relationship and a description of spillover).

Combined worldwide sales of Neulasta(R) (pegfilgrastim) and NEUPOGEN(R) (Filgrastim), increased 4 percent to $1,041 million in the second quarter of 2007 versus $1,005 million for the second quarter of 2006, driven primarily by increased international demand for Neulasta. Combined sales of Neulasta and NEUPOGEN in the U.S. were $773 million in the second quarter of 2007 versus $785 million in the second quarter of 2006, a decrease of 2 percent reflecting unfavorable wholesaler inventory changes and increased discounts that offset growth in unit demand. Combined international sales increased 22 percent to $268 million in the second quarter of 2007 versus $220 million for the same quarter in the prior year, reflecting both the continued conversion to Neulasta and changes in foreign exchange which positively impacted second quarter 2007 combined international sales by approximately $16 million. Excluding the impact of foreign exchange, combined worldwide sales increased 2 percent and international product sales increased 15 percent.

Sales of Enbrel(R) (etanercept) increased 14 percent in the second quarter to $823 million versus $724 million during the same period in 2006 reflecting an increase in demand due to increases in both patients and net sales price. Sales growth continued in both rheumatology and dermatology, driven by segment growth that was partially offset by slight share declines versus the second quarter of the prior year. ENBREL continues to maintain a leading position in both segments.

Worldwide sales of Sensipar(R) (cinacalcet HCl) increased 37 percent to $108 million in the second quarter of 2007 versus $79 million during the second quarter of 2006. This growth was principally driven by demand.

Vectibix(TM) (panitumumab) sales for the second quarter were $45 million as compared to $51 million in the first quarter of 2007. This decrease was driven by customer reaction to unfavorable PACCE study results released late in the first quarter of 2007 and a decline in EGFr class growth in metastatic colorectal cancer.

Operating Expense Analysis on an Adjusted Basis:

Cost of sales increased 11 percent to $546 million in the second quarter of 2007 versus $492 million in the second quarter of 2006. This increase is primarily driven by product mix, owing to higher ENBREL sales, which is more costly to manufacture, as well as some unusual items. These include an increase in inventory reserves due to expiry risk associated with declining demand in some smaller products and excess inventory related to the introduction of a new product presentation.

R&D expenses increased 7 percent to $777 million in the second quarter of 2007 versus $729 million in the second quarter of 2006. The second quarter increase was primarily to support the increased number and expense of studies to advance the Company's late-stage pipeline, including previously initiated mega-trials, as well as the continued advancement of earlier stage compounds.

Selling, general and administrative (SG&A) expenses increased 5 percent to $840 million in the second quarter of 2007 versus $799 million in the second quarter of 2006. The increase is principally due to higher Wyeth profit share expenses related to ENBREL sales growth. SG&A expense growth is essentially flat year-over-year excluding higher Wyeth profit share expenses.

During the second quarter of 2007, adjusted EPS growth of 7 percent exceeded revenue growth of 3 percent by 4 percentage points. Adjusted EPS leverage for the second quarter was principally driven by fewer shares used in the computation of adjusted diluted EPS and a lower adjusted tax rate. The adjusted tax rate was lower in the second quarter versus the same period in 2006 due to a favorable audit settlement in the second quarter of 2007. In addition, the R&D tax credit was retroactively reinstated late in 2006 and expanded effective in 2007. The second quarter of 2006 adjusted tax rate did not reflect any benefit from the R&D credit.

During the second quarter of 2007, Amgen repurchased approximately 77 million shares of its common stock at a total cost of $4.5 billion. In July 2007, Amgen's Board of Directors authorized a new stock repurchase program of $5.0 billion. The Company currently has $6.5 billion remaining under this and the previously authorized stock repurchase program. Average diluted shares for adjusted EPS in the second quarter of 2007 were 1,132 million versus 1,181 million in the second quarter of 2006.

Capital expenditures for the second quarter of 2007 were approximately $402 million versus $233 million in the second quarter of 2006. Worldwide cash and marketable securities were $5.3 billion and debt was $11.3 billion at the end of the second quarter of 2007.

The Company indicated that current sales and expense trends are consistent with a full year 2007 adjusted EPS target of $4.30. However, the recent acquisitions of Alantos and Ilypsa are expected to reduce adjusted EPS by 2 cents, to $4.28. The outcome of key events, including the National Coverage Determination (NCD) and Cardiovascular and Renal Drugs Advisory Committee (CRDAC) meeting, may affect the outlook for full-year 2007, and the Company will provide updates as appropriate.

Second Quarter Product and Pipeline Update

The Company provided updates on selected late-stage clinical programs (Aranesp, denosumab, Vectibix and motesanib diphosphate).

Aranesp: The Company provided an update on TREAT (Trial to Reduce cardiovascular Events with Aranesp Therapy), which examines outcomes in anemic patients with renal insufficiency. The Data Safety Monitoring Committee (DSMC) for TREAT recently completed an interim analysis (40% of events experienced). Based on the results of the interim analysis and taking into account more rigorous and conservative stopping rules for safety, the DSMC recommended the study continue as planned without modification.

Denosumab: Data from the 252-patient Phase 3 study in breast cancer patients undergoing hormone ablation therapy have become available to the Company. Based on the Company's review of the data, all primary and secondary endpoints were successfully met. The benefit/risk profile for denosumab based on analysis of adverse events remains unchanged.

Vectibix: Enrollment has begun in the Company's Phase 3 study to evaluate Vectibix in the treatment of patients with metastatic and/or recurrent squamous cell cancer of the head and neck. The Company expects to enroll approximately 650 patients in this study. The primary endpoint is overall survival, with secondary endpoints of progression-free survival, overall response rate, time to progression, duration of response and safety.

Motesanib Diphosphate: Enrollment has begun in the Company's Phase 3 study to evaluate motesanib diphosphate in the treatment of patients with advanced non-small cell lung cancer. The Company expects to enroll approximately 1,250 patients in this study. The primary endpoint is overall survival, with secondary endpoints of tumor response rate, duration of response and progression-free survival.

For more product information or the full prescribing information, please refer to the Amgen Web site at www.amgen.com.

As previously announced, the Company has posted in the Investors section of the Company's Web site (www.amgen.com/investors) a slide presentation related to its second quarter financial results conference call, scheduled for 2 p.m. Pacific Time today. The conference call will be broadcast over the Internet and can also be found on Amgen's Web site at the above web address.

Forward-Looking Statements

This news release contains forward-looking statements that involve significant risks and uncertainties, including those discussed below and others that can be found in our Form 10-K for the year ended Dec. 31, 2006, and in our periodic reports on Form 10-Q and Form 8-K. Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. The Company's results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments (domestic or foreign) involving current and future products, sales growth of recently launched products, competition from other products (domestic or foreign) and difficulties or delays in manufacturing our products. In addition, sales of our products are affected by reimbursement policies imposed by third-party payors, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and health care cost containment as well as U.S. legislation affecting pharmaceutical pricing and reimbursement. Government and others' regulations and reimbursement policies may affect the development, usage and pricing of our products. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products after they are on the market. Our business may be impacted by government investigations, litigation and products liability claims. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors. We depend on third parties for a significant portion of our manufacturing capacity for the supply of certain of our current and future products and limits on supply may constrain sales of certain of our current products and product candidate development. In addition, we compete with other companies with respect to some of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers.

About Amgen

Amgen discovers, develops and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. To learn more about our pioneering science and our vital medicines, visit www.amgen.com. -0-

Amgen Inc.

Condensed Consolidated Statements of Operations and

Reconciliation of GAAP Earnings to "Adjusted" Earnings - Excluding

 Stock Option Expense

(In millions, except per share data)

(Unaudited)



                                        Three Months Ended

                                           June 30, 2007

                              ---------------------------------------

                                                       "Adjusted,"

                                                       Excluding

                                                          Stock

                                                         Option

                                 GAAP    Adjustments     Expense

                              ---------------------------------------

Revenues:

 Product sales                $    3,604 $        -    $     3,604

 Other revenues                      124          -            124

                              ---------- -----------   -----------

  Total revenues                   3,728          -          3,728


Operating expenses:

 Cost of sales (excludes

  amortization of acquired

  intangible assets presented

  below)                             558         (7)(a)        546

                                                 (1)(b)

                                                 (4)(c)

 Research and development            817        (21)(a)        777

                                                (18)(d)

                                                 (1)(e)


 Selling, general and

  administrative                     860        (20)(a)        840


 Write-off of acquired in-

  process R&D                          -          -              -

 Amortization of intangible

  assets                              74        (74)(f)          -

 Other items                         289       (289)(g)          -

                              ---------- -----------   -----------

  Total operating expenses         2,598       (435)         2,163


Operating income                   1,130        435          1,565


Interest and other income,

 net                                   7          -              7

                              ---------- -----------   -----------


Income before income taxes         1,137        435          1,572


Provision for income taxes           118         92 (i)        307

                                                 97 (l)

                              ---------- -----------   -----------


Net income                    $    1,019 $      246    $     1,265

                              ========== ===========   ===========


Earnings per share:

 Basic                        $     0.90               $      1.12

 Diluted(n)                   $     0.90               $      1.12(a)


Average shares used in

 calculation of earnings per

 share:

 Basic                             1,129                     1,129

 Diluted(n)                        1,134                     1,132



                                         Three Months Ended

                                           June 30, 2006

                              ----------------------------------------

                                                        "Adjusted,"

                                                        Excluding

                                                           Stock

                                                          Option

                                 GAAP     Adjustments     Expense

                              ----------------------------------------

Revenues:

 Product sales                $     3,491 $        -    $     3,491

 Other revenues                       113          -            113

                              ----------- -----------   -----------

  Total revenues                    3,604          -          3,604


Operating expenses:

 Cost of sales (excludes

  amortization of acquired

  intangible assets presented

  below)                              493         (1)(a)        492



 Research and development             788        (28)(a)        729

                                                 (16)(d)

                                                  (3)(e)

                                                 (12)(j)

 Selling, general and

  administrative                      840        (34)(a)        799

                                                  (7)(j)

 Write-off of acquired in-

  process R&D                       1,101     (1,101)(k)          -

 Amortization of intangible

  assets                               87        (87)(f)          -

 Other items                            -          -              -

                              ----------- -----------   -----------

  Total operating expenses          3,309     (1,289)         2,020


Operating income                      295      1,289          1,584


Interest and other income,

 net                                   21          -             21

                              ----------- -----------   -----------


Income before income taxes            316      1,289          1,605


Provision for income taxes            302         68 (m)        370


                              ----------- -----------   -----------


Net income                    $        14 $    1,221    $     1,235

                              =========== ===========   ===========


Earnings per share:

 Basic                        $      0.01               $      1.05

 Diluted(n)                   $      0.01               $      1.05(a)


Average shares used in

 calculation of earnings per

 share:

 Basic                              1,173                     1,173

 Diluted(n)                         1,185                     1,181




(a)-(n) See explanatory notes below.

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Amgen Inc.

Condensed Consolidated Statements of Operations and

Reconciliation of GAAP Earnings to "Adjusted" Earnings - Excluding

 Stock Option Expense

(In millions, except per share data)

(Unaudited)



                                         Six Months Ended

                                           June 30, 2007

                              ---------------------------------------

                                                       "Adjusted,"

                                                       Excluding

                                                          Stock

                                                         Option

                                 GAAP    Adjustments     Expense

                              ---------------------------------------

Revenues:

 Product sales                $    7,169 $        -    $     7,169

 Other revenues                      246          -            246

                              ---------- -----------   -----------

  Total revenues                   7,415          -          7,415


Operating expenses:

 Cost of sales (excludes

  amortization of acquired

  intangible assets presented

  below)                           1,150         (8)(a)      1,105

                                                 (7)(b)

                                                (30)(c)

 Research and development          1,668        (48)(a)      1,580

                                                (37)(d)

                                                 (3)(e)


 Selling, general and

  administrative                   1,630        (42)(a)      1,588


 Write-off of acquired in-

  process R&D                          -          -              -

 Amortization of intangible

  assets                             148       (148)(f)          -

 Other items                         289       (289)(g)          -

                              ---------- -----------   -----------

  Total operating expenses         4,885       (612)         4,273


Operating income                   2,530        612          3,142


Interest and other income,

 net                                   1         51 (h)         52

                              ---------- -----------   -----------


Income before income taxes         2,531        663          3,194


Provision for income taxes           401         92 (i)        659

                                                166 (l)

                              ---------- -----------   -----------


Net income                    $    2,130 $      405    $     2,535

                              ========== ===========   ===========


Earnings per share:

 Basic                        $     1.86               $      2.21

 Diluted(n)                   $     1.84               $      2.20(a)


Average shares used in

 calculation of earnings per

 share:

 Basic                             1,147                     1,147

 Diluted(n)                        1,155                     1,152




                                          Six Months Ended

                                           June 30, 2006

                              ----------------------------------------

                                                        "Adjusted,"

                                                        Excluding

                                                           Stock

                                                          Option

                                 GAAP     Adjustments     Expense

                              ----------------------------------------

Revenues:

 Product sales                $     6,618 $        -    $     6,618

 Other revenues                       203          -            203

                              ----------- -----------   -----------

  Total revenues                    6,821          -          6,821


Operating expenses:

 Cost of sales (excludes

  amortization of acquired

  intangible assets presented

  below)                            1,045         (1)(a)      1,044



 Research and development           1,443        (57)(a)      1,353

                                                 (16)(d)

                                                  (5)(e)

                                                 (12)(j)

 Selling, general and

  administrative                    1,529        (71)(a)      1,451

                                                  (7)(j)

 Write-off of acquired in-

  process R&D                       1,101     (1,101)(k)          -

 Amortization of intangible

  assets                              174       (174)(f)          -

 Other items                            -          -              -

                              ----------- -----------   -----------

  Total operating expenses          5,292     (1,444)         3,848


Operating income                    1,529      1,444          2,973


Interest and other income,

 net                                  101          -            101

                              ----------- -----------   -----------


Income before income taxes          1,630      1,444          3,074


Provision for income taxes            615        123 (m)        738


                              ----------- -----------   -----------


Net income                    $     1,015 $    1,321    $     2,336

                              =========== ===========   ===========


Earnings per share:

 Basic                        $      0.85               $      1.97

 Diluted(n)                   $      0.84               $      1.95(a)


Average shares used in

 calculation of earnings per

 share:

 Basic                              1,188                     1,188

 Diluted(n)                         1,202                     1,198



(a)-(n) See explanatory notes below.

-0-
Amgen Inc.

Notes to Reconciliation of GAAP Earnings to "Adjusted" Earnings -

 Excluding Stock Option Expense

(In millions, except per share data)

(Unaudited)


(a)  To exclude the impact of stock option expense recorded in

      accordance with Statement of Financial Accounting Standards

      ("SFAS") No. 123R. For the three and six months ended June 30,

      2007 and 2006, the total pre-tax expense for employee stock

      options in accordance with SFAS No. 123R was $48 million and $63

      million and $98 million and $129 million, respectively.


     "Adjusted" diluted EPS including the impact of stock option

      expense for the three and six months ended June 30, 2007 and

      2006 was as follows:


                          Three Months Ended     Six Months Ended

                               June 30,              June 30,

                          -------------------   -------------------

                           2007        2006      2007        2006

                          -------------------   -------------------


     "Adjusted" diluted

      EPS, excluding

      stock option

      expense             $ 1.12      $ 1.05    $ 2.20      $ 1.95


     Impact of stock

      option expense       (0.03)      (0.04)    (0.06)      (0.08)

                          ------- -----------   ------- -----------


     "Adjusted" diluted

      EPS, including

      stock option

      expense             $ 1.09      $ 1.01    $ 2.14      $ 1.87

                          ======= ===========   ======= ===========



(b)  To exclude merger related expenses incurred due to the Abgenix,

      Inc. ("Abgenix") acquisition, primarily related to incremental

      costs associated with recording inventory acquired at fair value

      which is in excess of our manufacturing cost.


(c)  To exclude the impact of writing off the cost of a semi-completed

      manufacturing asset that will not be used due to a change in

      manufacturing strategy.


(d)  To exclude the ongoing, non-cash amortization of the R&D

      technology intangible assets acquired with the acquisition of

      Abgenix, effective April 1, 2006, and Avidia, Inc. ("Avidia"),

      effective October 24, 2006. The non-cash charge for 2007 is

      currently estimated to be approximately $71 million, pre-tax.


(e)  To exclude merger related expenses incurred due to the Tularik

      Inc. ("Tularik") acquisition, primarily related to incremental

      costs associated with retention and/or integration.

      Substantially all related amounts have been incurred.


(f)  To exclude the ongoing, non-cash amortization of acquired

      intangible assets, primarily ENBREL, related to the Immunex

      Corporation ("Immunex") acquisition. The non-cash charge for

      2007 is currently estimated to be approximately $296 million,

      pre-tax.


(g)  To exclude asset impairment charges and related costs primarily

      associated with reduced capital investments as part of the

      rationalization of the Company's worldwide manufacturing

      operations and, to a lesser degree, moderation of the expansion

      of our research facilities.


(h)  To exclude the pro rata portion of the deferred financing and

      related costs that were immediately charged to interest expense

      as a result of certain holders of the convertible notes due in

      2032 exercising their March 1, 2007 put option and the related

      convertible notes being repaid in cash.


(i)  To exclude the income tax benefit recognized as the result of

      resolving certain non-recurring transfer pricing issues with the

      Internal Revenue Service ("IRS") for prior periods.


(j)  To exclude the incremental compensation provided to certain

      Abgenix employees associated with their retention. Substantially

      all related amounts have been incurred.


(k)  To exclude the non-cash expense associated with writing off the

      acquired in-process research and development related to the

      Abgenix acquisition.


(l)  To reflect the tax effect of the above adjustments for 2007,

      excluding (1) the tax benefit recognized as a result of

      resolving certain transfer pricing issues with the IRS (see (i)

      above), (2) certain of the asset impairment charges and related

      costs (see (g) above), and (3) the write-off of the cost of a

      semi-completed manufacturing asset (see (c) above).


(m)  To reflect the tax effect of the above adjustments for 2006,

      excluding the write-off of the acquired in-process research and

      development related to the Abgenix acquisition (see (k) above).


(n)  The following table presents the computations for GAAP and

      "Adjusted" diluted earnings per share, computed under the

      treasury stock method. "Adjusted" earnings per share presented

      below excludes stock option expense:


                          Three Months Ended    Three Months Ended

                             June 30, 2007         June 30, 2006

                          -------------------   -------------------

                                  "Adjusted,"           "Adjusted,"

                                   Excluding             Excluding

                                     Stock                 Stock

                                    Option                Option

                           GAAP     Expense      GAAP     Expense

                          -------------------   -------------------

     Income (Numerator):

      Net income for

       diluted EPS        $1,019      $1,265    $   14      $1,235

                          ======= ===========   ======= ===========


     Shares

      (Denominator):

      Weighted-average

       shares for basic

       EPS                 1,129       1,129     1,173       1,173

      Effect of dilutive

       securities              5           3 (A)    12           8 (A)

                          ------- -----------   ------- -----------

      Weighted-average

       shares for diluted

       EPS                 1,134       1,132     1,185       1,181

                          ======= ===========   ======= ===========


     Diluted earnings per

      share               $ 0.90      $ 1.12    $ 0.01      $ 1.05

                          ======= ===========   ======= ===========



                           Six Months Ended      Six Months Ended

                             June 30, 2007         June 30, 2006

                          -------------------   -------------------

                                  "Adjusted,"           "Adjusted,"

                                   Excluding             Excluding

                                     Stock                 Stock

                                    Option                Option

                           GAAP     Expense      GAAP     Expense

                          -------------------   -------------------

     Income (Numerator):

      Net income for

       diluted EPS        $2,130      $2,535    $1,015      $2,336

                          ======= ===========   ======= ===========


     Shares

      (Denominator):

      Weighted-average

       shares for basic

       EPS                 1,147       1,147     1,188       1,188

      Effect of dilutive

       securities              8           5 (A)    14          10 (A)

                          ------- -----------   ------- -----------

      Weighted-average

       shares for diluted

       EPS                 1,155       1,152     1,202       1,198

                          ======= ===========   ======= ===========


     Diluted earnings per

      share               $ 1.84      $ 2.20    $ 0.84      $ 1.95

                          ======= ===========   ======= ===========


(A)  Dilutive securities used to compute "Adjusted" diluted earnings

      per share for the three and six months ended June 30, 2007 and

      2006 were computed exclusive of the methodology used to

      determine dilutive securities under SFAS No. 123R.

-0-
Amgen Inc.

Product Sales Detail by Product and Geographic Region

(In millions)

(Unaudited)


                                 Three Months Ended   Six Months Ended

                                      June 30,            June 30,

                                 ------------------   ----------------

                                    2007      2006     2007      2006

                                 ------------------   ----------------


Aranesp(R) - U.S.                  $  578    $  713   $1,232    $1,309


Aranesp(R) - International            371       342      737       639


EPOGEN(R) - U.S.                      624       613    1,249     1,217


Neulasta(R) - U.S.                    573       579    1,146     1,076


NEUPOGEN(R) - U.S.                    200       206      404       397


Neulasta(R) - International           161       122      307       233


NEUPOGEN(R) - International           107        98      202       195


Enbrel(R) - U.S.                      777       685    1,470     1,314


Enbrel(R) - International              46        39       83        68


Sensipar(R) - U.S.                     76        57      153       102


Sensipar(R) - International            32        22       60        38


Vectibix(TM) - U.S.                    45         -       96         -


Other product sales - U.S.              6         8       13        17


Other product sales -

 International                          8         7       17        13

                                 ----------- ------   --------- ------


    Total product sales            $3,604    $3,491   $7,169    $6,618

                                 ==================   ================



U.S.                               $2,879    $2,861   $5,763    $5,432


International                         725(a)    630    1,406(b)  1,186

                                 ------------------   ----------------


    Total product sales            $3,604(a) $3,491   $7,169(b) $6,618

                                 ==================   ================



(a) For the second quarter of 2007, the change in foreign exchange

     rates positively impacted product sales by $41 million. Excluding

     this impact, total product sales would have increased 2 percent

     and international product sales would have increased 9 percent

     over the prior year amounts.


(b) For the six months ended June 30, 2007, the change in foreign

     exchange rates positively impacted product sales by $83 million.

     Excluding this impact, total product sales would have increased 7

     percent and international product sales would have increased 12

     percent over the prior year amounts.

-0-
Amgen Inc.

Condensed Consolidated Balance Sheets - GAAP

(In millions)

(Unaudited)


                                          June 30,     December 31,

                                            2007           2006

                                      ---------------- ------------

Assets

Current assets:

     Cash and marketable securities   $          5,306 $      6,277

     Trade receivables, net                      2,163        2,124

     Inventories                                 2,206        1,903

     Other current assets                        1,521        1,408

                                      ---------------- ------------

      Total current assets                      11,196       11,712

Property, plant and equipment, net               5,970        5,921

Intangible assets, net                           3,539        3,747

Goodwill                                        11,265       11,302

Other assets                                     1,001        1,106

                                      ---------------- ------------

      Total assets                    $         32,971 $     33,788

                                      ================ ============


Liabilities and Stockholders' Equity

Current liabilities:

     Accounts payable and accrued

      liabilities                     $          4,129 $      5,144

     Convertible notes                               -        1,698(a)

     Other debt                                    100          100

                                      ---------------- ------------

      Total current liabilities                  4,229        6,942

Deferred tax liabilities                           413          367

Convertible notes                                5,080        5,080

Other long-term debt                             6,132        2,134

Other non-current liabilities                      648          301

Stockholders' equity                            16,469       18,964

                                      ---------------- ------------

      Total liabilities and

       stockholders' equity           $         32,971 $     33,788

                                      ================ ============


Shares outstanding                               1,089        1,166


 (a) On March 2, 2007, as a result of certain holders of the

      convertible notes due in 2032 exercising their March 1, 2007 put

      option, the Company repurchased $1,702 million, or substantially

      all of the outstanding convertible notes due in 2032 at their

      then-accreted value for cash. Accordingly, the convertible notes

      repurchased were classified as current liabilities and the

      remaining notes were classified as non-current liabilities at

      December 31, 2006.

-0-
Amgen Inc.

Reconciliation of "Adjusted" Earnings Per Share Guidance to GAAP

Earnings Per Share Guidance for the Year Ending December 31, 2007


                                                             2007

                                                        --------------


"Adjusted" earnings per share guidance - excluding

 stock option expense                                   $        4.30

 Acquisitions of Alantos Pharmaceutical and Ilypsa  (a)         (0.02)

                                                        --------------

                                                                 4.28


Known adjustments to arrive at GAAP earnings:

 Asset impairment charges and related costs         (b)         (0.23)

 Amortization of acquired intangible assets,

  product technology rights                         (c)         (0.16)

 Stock option expense                               (d)  (0.10 - 0.12)

 Tax settlement                                     (e)          0.08

 Amortization of acquired intangible assets, R&D

  technology rights                                 (f)         (0.04)

 Write off of deferred financing and related costs  (g)         (0.03)

 Write off the cost of a semi-completed

  manufacturing asset                               (h)         (0.03)

 Other merger-related expenses                      (i)         (0.01)


 Write-off of Alantos and Ilypsa acquired in-

  process research & development and other merger-

  related expenses                                  (j)             -

                                                        --------------


GAAP earnings per share guidance                        $3.74 - $3.76

                                                        --------------

-0-
(a) To reduce 2007 adjusted earnings per share guidance by the

     estimated impact of the acquisitions of Alantos Pharmaceutical

     ("Alantos") and Ilypsa.


(b) To exclude asset impairment charges and related costs associated

     with reduced capital investments as part of the rationalization

     of the Company's worldwide manufacturing operations and, to a

     lesser degree, moderation of the expansion of our research

     facilities.


(c) To exclude the ongoing, non-cash amortization of acquired product

     technology rights, primarily ENBREL, related to the Immunex

     acquisition. The total 2007 non-cash charge is currently

     estimated to be approximately $296 million, pre-tax.


(d) To exclude the estimated stock option expense associated with

     Amgen's adoption of SFAS No. 123R.


(e) To exclude the income tax benefit recognized as the result of

     resolving certain non-recurring transfer pricing issues with the

     Internal Revenue Service for prior periods.


(f) To exclude the ongoing, non-cash amortization of the R&D

     technology intangible assets acquired with the Abgenix and Avidia

     acquisitions. The total non-cash charge for 2007 is currently

     estimated to be approximately $71 million, pre-tax.


(g) To exclude the pro rata portion of the deferred financing and

     related costs that were immediately charged to interest expense

     as a result of certain holders of the convertible notes due in

     2032 exercising their March 1, 2007 put option and the related

     convertible notes being repaid in cash.


(h) To exclude the impact of writing off the cost of a semi-completed

     manufacturing asset that will not be used due to a change in

     manufacturing strategy.


(i) To exclude other merger related expenses incurred due to the

     Tularik, Abgenix and Avidia acquisitions.


(j) In connection with the acquisitions of Alantos and Ilypsa, Amgen

     will incur a one-time expense associated with writing off

     acquired in-process research and development. In addition, Amgen

     will incur other merger-related expenses. As the final amount of

     such expenses has not yet been determined, no adjustment is

     reflected above.

Contact

Amgen, Thousand Oaks
David Polk, 805-447-4613 (media)
Arvind Sood, 805-447-1060 (investors)

Posted: July 2007


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