Summary
Amgen Inc. (AMGN) filed its Annual Report (Form 10-K) for the fiscal year ended December 31, 2019. This filing's primary purpose was to include the conformed signature of its independent auditor, Ernst & Young LLP, which was inadvertently omitted from the original filing. Therefore, this amended filing does not contain new financial information or reflect events occurring after the original filing date of February 12, 2020. Investors should refer to the original Form 10-K for comprehensive financial details. The audit report from Ernst & Young LLP expresses an unqualified opinion on Amgen's consolidated financial statements for the years ended December 31, 2019 and 2018, and its internal control over financial reporting as of December 31, 2019. Two critical audit matters were highlighted: the estimation of sales deductions and the accounting for unrecognized tax benefits, both involving significant management judgment and complexity.
Financial Highlights
55 data points| Revenue | $23.36B |
| Cost of Revenue | $4.36B |
| Gross Profit | $19.01B |
| SG&A Expenses | $5.15B |
| Operating Expenses | $13.69B |
| Operating Income | $9.67B |
| Interest Expense | $1.29B |
| Net Income | $7.84B |
| EPS (Basic) | $12.96 |
| EPS (Diluted) | $12.88 |
| Shares Outstanding (Basic) | 605.00M |
| Shares Outstanding (Diluted) | 609.00M |
Key Highlights
- 1The filing is an amendment to the original 10-K, primarily to add the auditor's signature.
- 2No new financial information or subsequent events are disclosed in this amendment.
- 3Ernst & Young LLP provided an unqualified opinion on Amgen's financial statements for 2019 and 2018.
- 4The auditor also issued an unqualified opinion on Amgen's internal control over financial reporting as of December 31, 2019.
- 5Sales deductions, totaling $3.9 billion as of December 31, 2019, represent a critical audit matter due to complexity and judgment in estimation.
- 6Unrecognized tax benefits, including transfer pricing, amounting to $3.3 billion as of December 31, 2019, are also a critical audit matter due to tax law complexity and judgment.
- 7The auditor has a long-standing relationship with Amgen, serving as its auditor since 1980.