Amgen Inc. (AMGN)

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Amgen (AMGN)

Q4 2011 Earnings Call

January 26, 2012 5:00 pm ET


Arvind Sood - Vice President of Investor Relations

Anthony C. Hooper - Executive Vice President of Global Commercial Operations

Robert A. Bradway - President, Chief Operating Officer and Director

Roger M. Perlmutter - Executive Vice President of Research & Development

Kevin W. Sharer - Chairman of the Board, Chief Executive Officer, Chairman of Executive Committee and Member of Equity Award Committee

Jonathan M. Peacock - Chief Financial Officer and Executive Vice President


Eun K. Yang - Jefferies & Company, Inc., Research Division

Jim Birchenough - BMO Capital Markets U.S.

Sapna Srivastava - Goldman Sachs Group Inc., Research Division

Michael J. Yee - RBC Capital Markets, LLC, Research Division

Robyn Karnauskas - Deutsche Bank AG, Research Division

John S. Sonnier - William Blair & Company L.L.C., Research Division

Matthew Roden - UBS Investment Bank, Research Division

Mark J. Schoenebaum - ISI Group Inc., Research Division

Rachel L. McMinn - BofA Merrill Lynch, Research Division

Geoffrey C. Porges - Sanford C. Bernstein & Co., LLC., Research Division

Eric Schmidt - Cowen and Company, LLC, Research Division

Yaron Werber - Citigroup Inc, Research Division

Christopher J. Raymond - Robert W. Baird & Co. Incorporated, Research Division

Geoffrey C. Meacham - JP Morgan Chase & Co, Research Division

Joshua Schimmer - Leerink Swann LLC, Research Division

Ravi Mehrotra - Crédit Suisse AG, Research Division

M. Ian Somaiya - Piper Jaffray Companies, Research Division



My name is Marvin, and I will be your conference facilitator today for Amgen's Fourth Quarter and Full Year 2011 Financial Results Conference Call. [Operator Instructions] I would now like to introduce Arvind Sood, Vice President of Investor Relations. Mr. Sood, you may now begin.

Arvind Sood

Thank you, Marvin. Good afternoon, everybody. I would like to welcome you to our Q4 and full year 2011 results conference call. The objective of this call is to review our solid performance in 2011, focus on our outlook for 2012 and provide some additional details on the transaction that we announced this morning with Micromet.

I'm joined today by Kevin Sharer, our Chairman and CEO, and several members of our management team, including some who are participating in such call for the first time. Kevin will provide the introductions today, although we'll still keep our prepared comments brief and focus only on those that provide added color beyond what's in our press release. We'll use slides for our presentation today. These slides have been posted on our website and a link was sent to you separately by e-mail.

I would like to remind you that our comments today will be governed by our Safe Harbor statement, which in a summarized form means that through the course of our presentation today, we may make certain forward-looking statements and actual results may vary materially. I will also note that in connection with the U.S. securities laws and the rules of the Securities and Exchange Commission, we will not be discussing the terms of the Micromet transaction on this call. For more information on the terms of the merger, please review our Form 8-K that was filed earlier today to which the merger agreement with Micromet is attached. Shortly, we'll also follow the tender offer statement on Schedule TO, including the offer to purchase. So with that, I would like to turn the call over to Kevin.

Kevin W. Sharer

Thank you, Arvind. Good afternoon, everyone, and thank you for joining us today. Well, we began 2012 as a year of transition, transition in leadership and transition to more growth across a variety of fronts including financial, strategic and organizational areas. You'll hear about all of that today in our more detailed remarks and in the question and answers.

First, I would like to thank the many Amgen staff who are listening on this call and who will hear it later for a very strong 2011. I really, really appreciate what we accomplished. It positions the company well for the future, and we fulfilled our mission again. It's a job really well done, thank you. Although 2012 is only 26 days old, we're off to a good start. We're very pleased with our acquisition of Micromet. We'll talk more about that today, but it advances our pipeline and our fundamental R&D capability. We should guidance today that puts us well on the path to our 2015 goals and beyond. I feel good about that. And I also have to note the recent increase in stock price. It's about time. I would like to publicly thank Roger for his service these 11 years. Roger is with us today. You know him well. He has transformed R&D at Amgen. He's delivered for millions of patients and has been a superb leader of the business in his function and industry. We'll miss him, but we'll benefit long after his transition from his many, many contributions. Thank you, Roger.

Sean Harper has big shoes to fill. However, I have total confidence he can do just that, and Sean is with us today. We're also joined today for the first time by a new executive team member, Tony Hooper, who joined us a short while ago, but it seems like a long time. He's fully integrated on to the team, and we're very, very happy to have him with us. Tony, welcome. And Bob and I are working very closely to have a seamless transition, and we're pleased with our progress. The company continues to move ahead and get stronger. I'd like to celebrate and acknowledge and say that Bob earned this new job in every way. And I look forward to passing the reins to him soon. So Bob, let me turn the floor over to you to talk in more detail about your views of how we did in 2011 and what's on tap for 2012. So Bob?

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