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

The primary purpose of this 8-K filing is to officially announce and furnish Amgen's earnings press release containing its financial results for the second quarter and first half of 2020. It ensures these results are publicly disclosed in accordance with SEC regulations.

What types of non-GAAP financial measures does Amgen provide, and why?

Amgen provides several non-GAAP measures, including non-GAAP earnings per share, operating income, operating margin, tax rate, net income, and operating expenses. These are used to exclude items like acquisition-related expenses (e.g., amortization of acquired intangibles), restructuring costs, and other items outside the ordinary course of business. The company believes these adjustments allow for a more meaningful evaluation of current and past operating performance and comparisons.

What is Free Cash Flow (FCF) and how is it calculated?

Free Cash Flow (FCF) is presented by Amgen as an additional measure of liquidity. It is calculated by subtracting capital expenditures from operating cash flow, both of which are determined in accordance with Generally Accepted Accounting Principles (GAAP).

Where can I find the detailed financial information and reconciliations?

The detailed financial results, including reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, are contained within the press release that is furnished as Exhibit 99.1 to this 8-K filing.

AMGN 8-K: Earnings & Results

Summary

Amgen Inc. (AMGN) filed an 8-K on July 28, 2020, to announce its financial results for the second quarter and first half of 2020. The report primarily serves as a vehicle to furnish the company's earnings press release, which details both GAAP and non-GAAP financial measures. Investors should note that Amgen provides several non-GAAP metrics, including non-GAAP EPS, operating income, and net income, which exclude items such as acquisition-related expenses, restructuring initiatives, and certain other non-ordinary course of business items. The company believes these adjustments offer a clearer view of ongoing operational performance and facilitate period-over-period comparisons. The press release also includes a discussion of Free Cash Flow (FCF), calculated as operating cash flow less capital expenditures. Management utilizes these non-GAAP measures and FCF to enhance investor understanding of the company's financial performance and liquidity. It is important for investors to review the reconciliations provided in the press release to understand the differences between GAAP and non-GAAP figures.

Key Highlights

1Amgen announced its unaudited financial results for the three and six months ended June 30, 2020.
2The company furnished its earnings press release as part of this 8-K filing.
3Amgen presents both GAAP and non-GAAP financial measures to investors.
4Key non-GAAP adjustments include acquisition-related expenses, restructuring costs, and other non-ordinary course items.
5The company believes non-GAAP measures enhance understanding of ongoing operational performance.
6Free Cash Flow (FCF) is also provided as a measure of liquidity.
7Reconciliations between GAAP and non-GAAP financial measures are included in the press release.

AMGEN INC 8-K Report, Financial Results (Jul 28, 2020)

Summary

Key Highlights

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