Summary
Amgen Inc. filed an 8-K on April 21, 2005, reporting its financial results for the three months ended March 31, 2005. A key focus of this report is the presentation of non-GAAP financial measures, which the company uses to provide supplemental information to investors. These adjustments primarily relate to significant acquisitions, including Tularik Inc. and Immunex Corporation, and the impact of debt issuance costs on convertible notes.
Key Highlights
- 1Amgen Inc. reported its Q1 2005 financial results on April 21, 2005, via an 8-K filing.
- 2The company provided non-GAAP financial measures for the three months ended March 31, 2005, and March 31, 2004.
- 3Adjustments to GAAP financial measures for Q1 2005 include expenses related to the Tularik and Immunex acquisitions and debt issuance costs for convertible notes.
- 4Non-GAAP R&D expense for Q1 2005 excludes incremental compensation for certain Tularik employees.
- 5Non-GAAP interest and other (expense)/income, net for Q1 2005 excludes convertible notes expense due to put option exercises.
- 6Non-GAAP adjusted net income and EPS for Q1 2005 exclude acquisition-related expenses and amortization of acquired intangible assets from the Immunex acquisition (primarily Enbrel).
- 7The company states it uses these non-GAAP measures for internal budgeting and financial planning and believes they offer useful supplementary information to investors.