What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to officially report Amgen's unaudited financial results for the fourth quarter and full year ended December 31, 2019, through the furnishing of a press release. It also explains the company's use of non-GAAP financial measures in presenting these results.

Why does Amgen use non-GAAP financial measures?

Amgen uses non-GAAP financial measures to provide investors with supplementary information that it believes enhances the understanding of its financial performance. These measures exclude certain items like acquisition-related expenses, restructuring costs, and legal settlements, which can be irregular or non-recurring, to offer a clearer view of the company's ongoing business operations and facilitate comparisons across periods.

What specific items are excluded from Amgen's non-GAAP financial measures?

Amgen excludes several items from its non-GAAP financial measures. These typically include acquisition-related expenses (such as amortization of acquired intangible assets and impairments of acquired R&D), net charges related to restructuring initiatives, and other items outside the ordinary course of business like certain legal judgments or settlements. The tax effects of these adjustments are also reconciled.

Is the information in this 8-K considered 'filed' for legal liability purposes?

No, the information furnished under Item 2.02 of this Current Report, including the press release, is explicitly stated as not being 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934, nor is it subject to the liabilities of that section. This means the company is not legally liable for the accuracy of this specific furnished information in the same way it would be for formally filed information.

AMGN 8-K: Earnings & Results

Summary

Amgen Inc. (AMGN) filed an 8-K on January 30, 2020, to furnish a press release detailing its financial results for the fourth quarter and full year ended December 31, 2019. The report highlights the company's use of non-GAAP financial measures to provide investors with a clearer view of ongoing operational performance by excluding items such as acquisition-related expenses, restructuring costs, and legal settlements. These adjustments are intended to facilitate better comparisons of Amgen's performance across different periods. Key to this filing is the supplementary information provided through these non-GAAP metrics, which management believes offer valuable insights into the company's core business operations. Investors are encouraged to review these non-GAAP figures alongside GAAP results, as they are presented to enhance the understanding of Amgen's financial health and future prospects. The report also references Free Cash Flow (FCF) as an additional liquidity measure, calculated by subtracting capital expenditures from operating cash flow.

Key Highlights

1Amgen reported its unaudited results for the three months and year ended December 31, 2019.
2The company furnished a press release (Exhibit 99.1) detailing these financial results.
3Amgen utilizes non-GAAP financial measures to present its results, including non-GAAP EPS, operating income, and net income.
4Key exclusions from GAAP to arrive at non-GAAP figures include acquisition-related expenses, restructuring costs, and certain legal settlement charges.
5The company believes these non-GAAP measures provide a more meaningful evaluation of current and past operating performance.
6Free Cash Flow (FCF) is also presented as a measure of liquidity.
7The filing explicitly states that the information furnished under Item 2.02 is not deemed 'filed' for the purpose of Section 18 of the Securities Exchange Act.

AMGEN INC 8-K Report, Financial Results (Jan 30, 2020)

Summary

Key Highlights

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