8-KEarnings & ResultsExhibits & Filings

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

Filed October 24, 2011For Securities:AMGN

Summary

Amgen Inc. (AMGN) filed an 8-K on October 24, 2011, primarily to announce its unaudited financial results for the third quarter and the first nine months of 2011, along with its financial position as of September 30, 2011. The filing highlights the company's use of non-GAAP financial measures to provide supplemental information to investors, aiming to facilitate analysis by excluding certain non-recurring or non-cash items. Key adjustments to GAAP measures include impacts from stock option expensing, depreciation charges related to the Boehringer Ingelheim (BI) Fremont facility transaction, amortization of acquired R&D technology and product rights, cost-saving initiatives leading to expense reversals and severance costs, merger-related expenses, contingent consideration adjustments from the BioVex acquisition, legal expenses, and non-cash interest expense on convertible notes. The company believes these adjustments offer a clearer view of ongoing operational performance and comparability across periods.

Key Highlights

  • 1Amgen reported its unaudited financial results for the three and nine months ended September 30, 2011.
  • 2The company provided its unaudited financial position as of September 30, 2011.
  • 3Amgen utilized non-GAAP financial measures, excluding specific items to provide supplemental investor insights.
  • 4Key non-GAAP adjustments include the impact of stock option expensing, depreciation related to the BI Fremont transaction, and amortization of acquired intangible assets.
  • 5Other significant adjustments involve cost-saving initiatives, merger-related expenses, and contingent consideration from acquisitions like BioVex.
  • 6The filing also noted non-cash interest expense on convertible notes and certain legal expenses as items excluded from non-GAAP measures.
  • 7Amgen believes these non-GAAP measures aid in comparing performance across different periods, especially concerning the impact of acquisitions and cost efficiencies.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Amgen's unaudited financial results for the third quarter and the first nine months of 2011, as well as its financial position as of September 30, 2011. It also details the non-GAAP financial measures the company is presenting to investors.

Amgen is adjusting for several items, including the impact of expensing stock options, incremental depreciation from the BI Fremont transaction, amortization of acquired R&D technology and product rights, expenses related to cost-saving initiatives and business combinations, contingent consideration changes from the BioVex acquisition, legal expenses, and non-cash interest expense on convertible notes.

Amgen believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. They are intended to offer a clearer view of the company's ongoing operational performance and to allow for better comparisons between different reporting periods, especially when considering the impact of acquisitions, cost-saving initiatives, and specific accounting treatments.

This refers to an additional depreciation expense resulting from a transaction with Boehringer Ingelheim (BI) involving Amgen's Fremont, California manufacturing facility. This charge is excluded from Amgen's non-GAAP financial measures to provide a clearer picture of operational profitability.