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Executive Summary

Amgen Epogen sales are annualizing at over $200 mil. based on sales of the product in the three months ended March 31. The Thousand Oaks, Calif. biotech firm said its product sales, derived almost entirely from Epogen, were $53.6 mil. in the company's fourth fiscal quarter ended March 31, up from $806,000 for the same period last year. For fiscal 1990, Amgen reported product sales of $152.2 mil., up from $2.7 mil. in fiscal 1989. Although Amgen did not specifically break out Epogen sales, the company's product sales figures indicate that the erythropoietin product generated approximately $150 mil. in sales in the 10 months since its launch. Amgen revenues more than doubled in fiscal 1990 to $199 mil. Fiscal 1989 revenues of $78.1 mil. stemmed primarily from corporate partner revenues of $67.4 mil. and interest income of$7.9 mil. Epogen currently is received by an estimated 55,000 patients with anemia associated with chronic renal failure, representing "over 60% of those dialysis patients eligible for Epogen therapy," Amgen CEO Gordon Binder commented. The company reported a profit for the year of $19.1 mil.

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