8-KOther Events

AMGEN INC 8-K Report (Jul 25, 2003)

Filed July 25, 2003For Securities:AMGN

Summary

Amgen Inc. (AMGN) filed an 8-K on July 25, 2003, to announce its financial results for the three and six months ended June 30, 2003. The filing primarily serves to furnish a press release detailing these results, including both GAAP and non-GAAP financial measures. The company emphasized its use of non-GAAP measures to provide investors with a clearer view of operational performance by excluding certain items that may distort comparability across periods. Key adjustments made in the non-GAAP reporting include the exclusion of items related to the acquisition of Immunex Corporation, a recovery of costs from an arbitration with Johnson & Johnson, and a cash contribution to the Amgen Foundation. Amgen believes these adjustments offer a more insightful perspective on its core operating performance and profitability, particularly concerning the amortization of acquired intangible assets like Enbrel. Investors should review these non-GAAP figures alongside GAAP results to form a comprehensive understanding of the company's financial health.

Key Highlights

  • 1Amgen released its financial results for the second quarter and first half of 2003 via an 8-K filing, attaching a press release dated July 22, 2003.
  • 2The company provided both GAAP and non-GAAP financial measures to offer investors supplemental insights into its performance.
  • 3Non-GAAP adjustments were made to exclude costs related to the acquisition of Immunex Corporation, including specific employee retention plans.
  • 4The reporting also excluded a cost recovery from an arbitration with Johnson & Johnson and a cash contribution to the Amgen Foundation.
  • 5Amgen adjusted for amortization of acquired intangible assets, notably related to Enbrel, to present a view comparable to internally developed assets.
  • 6These non-GAAP measures are used by Amgen for internal budgeting and financial planning, aiming to facilitate period-over-period comparisons.
  • 7The filing specifies that information furnished under Regulation FD is not deemed 'filed' for the purposes of Section 18 of the Exchange Act.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce and provide Amgen Inc.'s financial results for the three and six months ended June 30, 2003, by furnishing a press release containing this information. It also details the non-GAAP financial measures used by the company.

Amgen is providing non-GAAP financial measures to offer investors supplementary information that they believe enhances the understanding of the company's financial performance. These measures exclude certain items that may distort comparability across periods, such as acquisition-related costs, arbitration recoveries, foundation contributions, and amortization of acquired intangibles.

Amgen's non-GAAP financial measures exclude incremental compensation paid to certain Immunex employees under retention plans, amortization of acquired intangible assets (like Enbrel), a cost recovery from an arbitration with Johnson & Johnson, and a cash contribution to the Amgen Foundation. These adjustments aim to provide a clearer view of core operational performance.

Investors should view the non-GAAP financial measures as supplemental information and not as a substitute for or superior to GAAP measures. They should review these figures alongside Amgen's GAAP results to gain a comprehensive understanding of the company's financial performance and how management views operational trends.