Summary
Amgen Inc. (AMGN) filed an 8-K on January 29, 2019, to report its unaudited financial results for the fourth quarter and full year ended December 31, 2018. The filing primarily references a press release (Exhibit 99.1) which details these results and includes a significant focus on non-GAAP financial measures. Investors should note that Amgen utilizes non-GAAP metrics such as non-GAAP earnings per share, operating income, and net income, alongside Free Cash Flow (FCF), to provide a potentially clearer view of ongoing operational performance and liquidity by excluding items like acquisition-related expenses, restructuring costs, certain legal settlements, and the impact of tax reforms. The company's management believes these non-GAAP presentations offer a more meaningful comparison of performance across periods by excluding expenses that can be inconsistent or outside the ordinary course of business. While the press release itself is furnished and not deemed 'filed' under Section 18 of the Securities Exchange Act, the information presented is crucial for understanding Amgen's financial health and operational trends as perceived by management.
Key Highlights
- 1Amgen Inc. reported unaudited financial results for the fourth quarter and full year ended December 31, 2018.
- 2The company furnished a press release (Exhibit 99.1) containing detailed financial information.
- 3Amgen provided and explained the use of several non-GAAP financial measures, including non-GAAP EPS, operating income, and net income.
- 4Key non-GAAP adjustments include acquisition-related expenses, restructuring costs, and certain legal settlement expenses.
- 5The company also presented Free Cash Flow (FCF) as a measure of liquidity.
- 6Amgen explained its rationale for using non-GAAP measures, citing enhanced comparability and a better understanding of ongoing business operations.
- 7The filing clarifies that the press release information is furnished and not subject to Section 18 of the Exchange Act liabilities.