8-KEarnings & ResultsExhibits & Filings

AMGEN INC 8-K Report, Financial Results (Apr 26, 2017)

Filed April 26, 2017For Securities:AMGN

Summary

Amgen Inc. (AMGN) filed an 8-K on April 26, 2017, to furnish a press release detailing its unaudited financial results for the first quarter ended March 31, 2017. The report highlights the company's use of non-GAAP financial measures, such as non-GAAP earnings per share and operating income, to provide a more insightful view of its ongoing business performance by excluding items like acquisition-related expenses, restructuring costs, and legal settlements. These adjustments are intended to facilitate better comparisons of operating performance across different periods. Investors should note that while Amgen uses these non-GAAP measures to enhance understanding, they are not a substitute for GAAP reporting. The company also provided Free Cash Flow (FCF) as an additional liquidity measure. The press release itself contains the detailed financial information and reconciliations of non-GAAP to GAAP measures. This information is furnished and not deemed 'filed' for regulatory purposes.

Key Highlights

  • 1Amgen reported its unaudited financial results for the first quarter ended March 31, 2017.
  • 2The company furnished a press release (Exhibit 99.1) containing these financial results.
  • 3Amgen utilizes non-GAAP financial measures, including non-GAAP EPS and operating income, for enhanced investor analysis.
  • 4Key adjustments to GAAP figures to derive non-GAAP measures include acquisition-related expenses, restructuring costs, and legal settlements.
  • 5The company believes these non-GAAP measures provide a more meaningful evaluation of ongoing operating performance and facilitate period-to-period comparisons.
  • 6Free Cash Flow (FCF) was also presented as a measure of liquidity.
  • 7Reconciliations between GAAP and non-GAAP financial measures are included in the furnished press release.

Frequently Asked Questions

The primary purpose of this 8-K filing is to furnish Amgen's unaudited financial results for the first quarter ended March 31, 2017, as announced in their press release dated April 26, 2017. It also details the non-GAAP financial measures the company uses and why.

Amgen excludes acquisition-related expenses (primarily amortization of purchased intangible assets), net charges from restructuring initiatives, and expenses related to legal judgments or settlements from its non-GAAP financial results. The company states these are often inconsistent or outside the ordinary course of business.

Free Cash Flow (FCF) is calculated by subtracting capital expenditures from operating cash flow, both determined in accordance with GAAP. Amgen reports FCF as it provides an additional measure of the company's liquidity.

No, the information contained in the press release furnished with this 8-K is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it automatically incorporated into other SEC filings unless specifically stated.