8-KEarnings & ResultsLeadership ChangesExhibits & Filings

AMGEN INC 8-K Report, Financial Results (Jul 30, 2015)

Filed July 30, 2015For Securities:AMGN

Summary

Amgen Inc. (AMGN) filed an 8-K on July 30, 2015, primarily to report its financial results for the second quarter and first half of 2015, as detailed in a press release issued on July 30, 2015. The filing includes a discussion of both U.S. GAAP and certain non-GAAP financial measures, such as adjusted earnings per share and free cash flow, with reconciliations provided to facilitate investor understanding. Additionally, the report announces a significant board appointment: Fred Hassan was elected as a director, effective immediately. Mr. Hassan brings extensive experience in the pharmaceutical and private equity sectors, having previously held CEO and Chairman roles at major companies like Schering-Plough and Pharmacia. He will serve on the Audit Committee and the Compensation and Management Development Committee, and his compensation arrangements, including a retainer and equity grant, are outlined. This appointment could signal a focus on strategic guidance and financial oversight.

Key Highlights

  • 1Amgen reported its unaudited financial results for the three and six months ended June 30, 2015.
  • 2The company utilized and explained certain non-U.S. GAAP financial measures, including adjusted EPS and free cash flow, in its earnings release.
  • 3Fred Hassan was appointed to Amgen's Board of Directors, effective immediately on July 28, 2015.
  • 4Mr. Hassan has a strong background in the pharmaceutical industry, previously serving as CEO of Schering-Plough and Pharmacia.
  • 5He also possesses experience in private equity as a Partner and Managing Director at Warburg Pincus.
  • 6Mr. Hassan will serve on the Audit Committee and the Compensation and Management Development Committee.
  • 7His compensation includes a pro-rated annual retainer, committee meeting fees, expense reimbursement, and a pro-rated restricted stock unit grant.

Frequently Asked Questions

The 8-K primarily announces Amgen's unaudited financial results for the second quarter and the first half of 2015. It references a press release issued on July 30, 2015, which contains these results and a discussion of both GAAP and non-GAAP financial measures.

Fred Hassan is a seasoned executive with extensive experience in the pharmaceutical industry, having led companies like Schering-Plough and Pharmacia. He was appointed as a director to Amgen's Board of Directors, effective July 28, 2015, to leverage his strategic and operational expertise. He also has experience in private equity and has served on other corporate boards.

Mr. Hassan will serve as a member of the Audit Committee and the Compensation and Management Development Committee of Amgen's Board of Directors.

Mr. Hassan will receive a pro-rated annual retainer of $100,000 for the remainder of 2015, fees for attending board and committee meetings ($2,000 in-person, $1,000 telephonic), reimbursement for expenses, and a pro-rated annual grant of restricted stock units valued at $200,000 (based on closing market price on grant date).