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

The main purpose of this 8-K filing is to announce Amgen Inc.'s unaudited financial results for the fourth quarter and the full fiscal year ended December 31, 2010, as detailed in an accompanying press release.

Why does Amgen provide non-GAAP financial measures?

Amgen provides non-GAAP financial measures because they believe these measures offer useful supplementary information to investors and facilitate additional analysis. These adjustments are made to exclude certain items that may not be indicative of ongoing operational performance, such as stock option expensing, amortization of acquired intangibles, asset impairment charges, and certain tax benefits or expenses.

What specific events or charges are being excluded in Amgen's non-GAAP reporting for 2010?

For the period ending December 31, 2010, Amgen's non-GAAP adjustments exclude items such as the impact of expensing stock options, amortization of acquired intangible assets (related to acquisitions like Immunex and Abgenix), an asset impairment charge for a Fremont manufacturing operation, non-cash interest expense, income tax benefits from resolving transfer pricing issues, tax benefits related to prior period charges, and net awards for legal settlements. They also note adjustments related to the 2009 restructuring plan and various tax effects.

Where can I find the detailed financial results and reconciliations?

The detailed financial results, including the reconciliations of non-GAAP financial measures to GAAP, are presented in the press release dated January 24, 2011, which is filed as Exhibit 99.1 to this 8-K report.

AMGN 8-K: Earnings & Results

Summary

Amgen Inc. (AMGN) filed an 8-K on January 24, 2011, to report its unaudited financial results for the fourth quarter and full year ended December 31, 2010. The filing primarily consists of a press release detailing these results and providing a comprehensive overview of the company's financial performance and condition. A key aspect of this report is Amgen's use of non-GAAP financial measures, which they believe offer supplementary insights for investors by excluding certain non-recurring or accounting-specific items. The company highlights adjustments for stock option expensing, amortization of acquired intangible assets (related to significant acquisitions like Avidia, Abgenix, and Immunex), asset impairment charges (specifically mentioning a manufacturing operation in Fremont), non-cash interest expenses, and various tax-related benefits and adjustments from resolving transfer pricing issues and legal settlements. These adjustments are presented to provide a clearer picture of ongoing operational profitability and financial condition, allowing for easier period-over-period comparisons.

Key Highlights

1Amgen announced its unaudited financial results for the three and twelve months ended December 31, 2010.
2The company utilized and explained various non-GAAP financial measures to supplement GAAP results, aiming to provide investors with enhanced analytical tools.
3Key non-GAAP adjustments include excluding stock option expensing, amortization of acquired intangible assets (e.g., from Immunex, Abgenix, Avidia acquisitions), and asset impairment charges.
4The report details specific non-GAAP adjustments for 2010, such as an asset impairment charge related to a Fremont, California manufacturing operation, and benefits from resolving transfer pricing issues and legal settlements.
5Amgen also provided non-GAAP adjusted earnings per share including the impact of stock option expensing as a convenience for investors.
6The filing indicates a focus on providing comparable financial performance metrics by adjusting for items like restructuring costs and non-cash interest expense.
7The press release, included as Exhibit 99.1, contains the detailed financial information and reconciliations of non-GAAP measures to GAAP.

AMGEN INC 8-K Report, Financial Results (Jan 24, 2011)

Summary

Key Highlights

Frequently Asked Questions