What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to report Amgen's unaudited financial results for the second quarter and the first half of 2009. A significant focus is placed on presenting non-GAAP financial measures alongside GAAP results, providing supplementary information for investors.

What types of adjustments does Amgen make to arrive at its non-GAAP financial measures?

Amgen makes several adjustments, including excluding the impact of stock option expensing, charges related to restructuring plans and cost-saving initiatives, acquisition-related costs (e.g., for Avidia, Abgenix, Immunex), legal settlement accruals, non-cash interest expense from convertible debt adoption, amortization of acquired intangible assets, and certain tax adjustments.

Why does Amgen provide non-GAAP financial measures?

Amgen provides non-GAAP measures to offer investors additional perspectives that they believe are useful for analyzing the company's performance. These measures are intended to exclude items that may not be indicative of ongoing operational performance, thus facilitating comparisons across different reporting periods and with companies that may not have similar charges.

Where can I find the specific financial figures and reconciliations?

The detailed financial results, including the reconciliations between GAAP and non-GAAP financial measures for the three and six months ended June 30, 2009, and comparative periods in 2008, are provided in the press release dated July 27, 2009, which is included as Exhibit 99.1 to this 8-K filing.

AMGN 8-K: Earnings & Results

Summary

Amgen Inc. (AMGN) filed an 8-K on July 27, 2009, to report its unaudited financial results for the second quarter and the first half of 2009. The filing primarily focuses on providing non-GAAP financial measures, which the company believes offer valuable supplementary insights to investors by excluding certain charges and adjustments. These adjustments include costs related to stock option expensing, restructuring plans initiated in 2007 and subsequent cost-saving measures, acquisition-related charges (Avidia, Abgenix, Immunex, Alantos), legal settlements, the impact of adopting new accounting standards for convertible debt (FSP APB 14-1), and tax adjustments. The company emphasizes that these non-GAAP measures are presented alongside, and are not a substitute for, GAAP financial results. They aim to facilitate comparisons across periods by removing the impact of specific, often one-time or non-cash, items. For instance, excluding amortization of acquired intangible assets is presented as a way to treat acquired intellectual property similarly to internally developed assets. Investors are encouraged to review the full press release (Exhibit 99.1) for detailed reconciliations between GAAP and non-GAAP figures.

Key Highlights

1Amgen reported its unaudited financial results for the second quarter and first half of 2009 via an 8-K filing on July 27, 2009.
2The report focuses on presenting non-GAAP financial measures, which exclude various charges and accounting impacts to provide supplementary insights.
3Key adjustments to GAAP figures include stock option expensing, restructuring costs, acquisition-related charges, legal accruals, convertible debt accounting impacts, and tax adjustments.
4Amgen believes these non-GAAP measures aid in comparing financial performance across different periods by normalizing for unusual or non-recurring items.
5The company excluded amortization of acquired intangible assets to present a view of profitability comparable to internally developed intellectual property.
6The filing also includes non-GAAP adjusted earnings per share, both with and without the impact of stock option expensing, for investor convenience.
7Exhibit 99.1, the press release dated July 27, 2009, contains the full details and reconciliations between GAAP and non-GAAP financial information.

AMGEN INC 8-K Report, Financial Results (Jul 27, 2009)

Summary

Key Highlights

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