Cash, Cash Equivalents, and Marketable Securities

Operating cash flow was $947 million for the first six months of 2012, an increase of 29 percent compared to 2011. Under our authorized stock repurchase program, we purchased approximately 8.1 million shares during the second quarter of 2012 at a total cost of approximately $558 million. As of June 30, 2012, we had $3,161 million remaining under the existing stock repurchase program that includes the additional $2,500 million authorization that the Board of Directors approved in mid-June. During the second quarter of 2012, we made upfront payments to Epizyme and Inhibrx totaling $75 million related to the formation of strategic collaborations with both companies. We ended the second quarter with $2,562 million in cash and marketable securities.

Key Accomplishments During the First Half of 2012

  • Submitted the REVLIMID marketing application for myelodysplastic syndromes (MDS) deletion 5q to the European Medicines Agency (EMA).
  • Submitted the pomalidomide marketing applications for relapsed refractory multiple myeloma (RRMM) to the Food and Drug Administration (FDA) and EMA.
  • Completed enrollment in the phase III pomalidomide trial (MF-002) for myelofibrosis.
  • Publication in the New England Journal of Medicine of three phase III REVLIMID trials in newly diagnosed multiple myeloma (MM-015, IFM 2005-02, and CALGB 100104) .

  • Completed enrollment in the ABRAXANE phase III trial in metastatic pancreatic cancer.
  • Publication of the phase III ABRAXANE non-small cell lung cancer trial in the Journal of Clinical Oncology.

Inflammation & Immunology
  • Reported the phase III apremilast trial in psoriatic arthritis (PALACE-1) achieved its primary endpoint and key secondary endpoints.
  • Initiated phase III apremilast trial for ankylosing spondylitis (POSTURE).
  • Publications of the phase II apremilast psoriatic arthritis trial (PSA-001) in the journal Arthritis & Rheumatism and the phase II psoriasis trial (PSOR-005) in the Lancet.

Key Milestones Expected During the Second Half of 2012

  • Phase III data with pomalidomide in relapsed refractory multiple myeloma (MM-003).
  • Phase III data with pomalidomide in myelofibrosis (MF-002).
  • Pivotal phase II data with REVLIMID in relapsed refractory mantle cell lymphoma (EMERGE).
  • Data from the phase II portion of the phase II/III REVLIMID trial in diffuse large B cell non-Hodgkin’s lymphoma (DLC-001).
  • Initiate phase III trial with CC-486 (oral azacitidine) in MDS.
  • Committee for Medicinal Products for Human Use (CHMP) decision on REVLIMID for MDS deletion 5q.
  • REVLIMID approval for relapsed refractory multiple myeloma in Brazil and China.
  • Complete enrollment in phase III REVLIMID trial in chronic lymphocytic leukemia (ORIGIN / CLL-008).

  • Phase III ABRAXANE data in melanoma.
  • Phase III ABRAXANE data in metastatic pancreatic cancer.
  • Receive FDA decision on ABRAXANE for non-small cell lung cancer.

Inflammation & Immunology
  • Phase III apremilast data in psoriatic arthritis (PALACE-2 and PALACE-3).
  • Phase III apremilast data in psoriasis (ESTEEM-1).

Second Quarter 2012 Conference Call and Webcast Information

We are hosting a conference call to discuss the second quarter 2012 operating and financial performance on Thursday, July 26, 2012, at 9:00 a.m. ET. The conference call will be available by webcast at An audio replay of the call will be available from noon July 26, 2012, until midnight ET August 3, 2012. To access the replay, in the U.S. dial 800-585-8367; international dial 404-537-3406; and Participant Pass code 99589605. Our third quarter 2012 financial and operational results are expected to be reported in late October.


In the U.S., REVLIMID (lenalidomide) in combination with dexamethasone is indicated for the treatment of multiple myeloma (MM) patients who have received at least one prior therapy. REVLIMID is indicated for patients with transfusion-dependent anemia due to Low- or Intermediate-1-risk myelodysplastic syndromes (MDS) associated with a deletion 5q cytogenetic abnormality with or without additional cytogenetic abnormalities.

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