Amgen Announces $2 Billion Stock Repurchase Plan
OAKS, Calif., -- June 12, 2002 -- Amgen (Nasdaq:AMGN),
the world's largest biotechnology company, today announced that
its Board of Directors has authorized an additional repurchase of
up to $2 billion in Amgen common stock through June 30, 2004. The
company has approximately $260 million remaining under a previous
stock repurchase program. In 2002, Amgen has repurchased 18.4 million
shares or approximately $1 billion of its common stock.
"The current valuation of Amgen stock makes
repurchases of Amgen stock a solid investment and represents an
attractive opportunity to enhance long-term shareholder value,"
said Kevin Sharer, Amgen's Chairman and Chief Executive Officer.
This news release contains forward-looking statements
that involve significant risks and uncertainties, including those
discussed below and more fully described in the Securities and Exchange
Commission reports filed by Amgen, including our most recent Form
10-Q. Amgen conducts research in the biotechnology/pharmaceutical
field where 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.
Furthermore, our research, testing, pricing,
marketing and other operations are subject to extensive regulation
by domestic and foreign government regulatory authorities. 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. These government regulations and
reimbursement policies may affect the development, usage and pricing
of our products.
In addition, 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.
Because forward-looking statements involve risks and uncertainties,
actual results may differ materially from current results expected
by Amgen. Amgen is providing this information as of June 12, 2002
and expressly disclaims any duty to update information contained
in this press release.
Amgen is a global biotechnology company that discovers, develops,
manufactures and markets important human therapeutics based on advances
in cellular and molecular biology.
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Jeff Richardson, (805) 447-3227 (media)
Cary Rosansky, (805) 447-4634 (investors)