Summary
Amgen Inc. (AMGN) filed an 8-K on July 25, 2017, primarily furnishing a press release detailing its unaudited financial results for the second quarter and first half of 2017, along with its financial position as of June 30, 2017. The release includes both GAAP and non-GAAP financial measures, with Amgen explaining its rationale for using non-GAAP figures to provide investors with a clearer view of ongoing operational performance by excluding items such as acquisition-related expenses, restructuring charges, and certain legal settlements. Investors should note that the press release also provides information on Free Cash Flow (FCF), calculated as operating cash flow less capital expenditures. While Amgen believes these non-GAAP measures and FCF offer valuable supplementary insights, it's crucial for investors to review the provided reconciliations to understand the differences between GAAP and non-GAAP reporting. The information furnished in this 8-K is not considered 'filed' for regulatory purposes under Section 18 of the Exchange Act.
Key Highlights
- 1Amgen released its Q2 and H1 2017 unaudited financial results via an 8-K filing on July 25, 2017.
- 2The filing includes both U.S. Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures.
- 3Non-GAAP measures presented include earnings per share, operating income, operating margin, tax rate, net income, and operating expenses.
- 4Amgen utilizes non-GAAP measures to enhance investor understanding of ongoing business operations and facilitate period-to-period comparisons.
- 5Excluded from non-GAAP calculations are acquisition-related expenses (like amortization of purchased intangibles), restructuring initiative costs, and certain legal settlement expenses.
- 6Free Cash Flow (FCF) is also provided as a liquidity measure, calculated as operating cash flow minus capital expenditures.
- 7The press release containing these results is furnished as Exhibit 99.1 and is not considered 'filed' under Section 18 of the Exchange Act.