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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amgen Inc | NASDAQ:AMGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
33.02 | 11.86% | 311.41 | 311.40 | 320.00 | 322.54 | 308.68 | 313.42 | 9,644,684 | 05:00:03 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 95-3540776 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
One Amgen Center Drive | 91320-1799 | |||||||
Thousand Oaks | ||||||||
California | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.0001 par value | AMGN | The Nasdaq Stock Market LLC | ||||||
2.00% Senior Notes due 2026 | AMGN26 | The Nasdaq Stock Market LLC |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Page No. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Term | Description | ||||
ANDA | Abbreviated New Drug Application | ||||
AOCI | accumulated other comprehensive income (loss) | ||||
ASR | accelerated share repurchase | ||||
BeiGene | BeiGene, Ltd. | ||||
BiTE® | bispecific T-cell engager | ||||
COVID-19 | coronavirus disease 2019 | ||||
EPS | earnings per share | ||||
ESA | erythropoiesis-stimulating agent | ||||
EU | European Union | ||||
FASB | Financial Accounting Standards Board | ||||
FDA | U.S. Food and Drug Administration | ||||
Fitch | Fitch Ratings, Inc. | ||||
GAAP | U.S. generally accepted accounting principles | ||||
HGRAC | Human Genetic Resources Administration of China | ||||
IPR&D | in-process research and development | ||||
IRS | Internal Revenue Service | ||||
LIBOR | London Interbank Offered Rate | ||||
mCRPC | metastatic castration-resistant prostate cancer | ||||
MD&A | management’s discussion and analysis | ||||
Moody’s | Moody’s Investors Service, Inc. | ||||
Neumora | Neumora Therapeutics, Inc. | ||||
NSCLC | non-small cell lung cancer | ||||
OECD | Organization for Economic Co-operation and Development | ||||
ORR | objective response rate | ||||
PFS | progression-free survival | ||||
PTAB | Patent Trial and Appeal Board | ||||
R&D | research and development | ||||
RAR | Revenue Agent Report | ||||
ROW | rest of world | ||||
S&P | Standard & Poor’s Financial Services LLC | ||||
SEC | U.S. Securities and Exchange Commission | ||||
SOFR | Secured Overnight Financing Rate | ||||
SG&A | selling, general and administrative | ||||
Teneobio | Teneobio, Inc. | ||||
U.S. Treasury | U.S. Department of Treasury | ||||
UTB | unrecognized tax benefit | ||||
Term | Description | |||||||
Aimovig | Aimovig® (erenumab-aooe) | |||||||
AMGEVITA | AMGEVITA™ (adalimumab) | |||||||
Aranesp | Aranesp® (darbepoetin alfa) | |||||||
BLINCYTO | BLINCYTO® (blinatumomab) | |||||||
ENBREL | Enbrel® (etanercept) | |||||||
EPOGEN | EPOGEN® (epoetin alfa) | |||||||
EVENITY | EVENITY® (romosozumab-aqqg) | |||||||
KANJINTI | KANJINTI® (trastuzumab-anns) | |||||||
KYPROLIS | KYPROLIS® (carfilzomib) | |||||||
LUMAKRAS/LUMYKRAS | LUMAKRAS® / LUMYKRAS™ (sotorasib) | |||||||
MVASI | MVASI® (bevacizumab-awwb) | |||||||
Neulasta | Neulasta® (pegfilgrastim) | |||||||
NEUPOGEN | NEUPOGEN® (filgrastim) | |||||||
Nplate | Nplate® (romiplostim) | |||||||
Onpro | Onpro® | |||||||
Otezla | Otezla® (apremilast) | |||||||
Parsabiv | Parsabiv® (etelcalcetide) | |||||||
Prolia | Prolia® (denosumab) | |||||||
Repatha | Repatha® (evolocumab) | |||||||
Sensipar/Mimpara | Sensipar®/Mimpara™ (cinacalcet) | |||||||
TEZSPIRE | TEZSPIRE™ (tezepelumab-ekko) | |||||||
Vectibix | Vectibix® (panitumumab) | |||||||
XGEVA | XGEVA® (denosumab) |
Item 1. | FINANCIAL STATEMENTS |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Product sales | $ | 5,731 | $ | 5,592 | |||||||
Other revenues | 507 | 309 | |||||||||
Total revenues | 6,238 | 5,901 | |||||||||
Operating expenses: | |||||||||||
Cost of sales | 1,561 | 1,490 | |||||||||
Research and development | 959 | 967 | |||||||||
Selling, general and administrative | 1,228 | 1,254 | |||||||||
Other | (10) | 61 | |||||||||
Total operating expenses | 3,738 | 3,772 | |||||||||
Operating income | 2,500 | 2,129 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (295) | (285) | |||||||||
Other (expense) income, net | (530) | 13 | |||||||||
Income before income taxes | 1,675 | 1,857 | |||||||||
Provision for income taxes | 199 | 211 | |||||||||
Net income | $ | 1,476 | $ | 1,646 | |||||||
Earnings per share: | |||||||||||
Basic | $ | 2.69 | $ | 2.85 | |||||||
Diluted | $ | 2.68 | $ | 2.83 | |||||||
Shares used in calculation of earnings per share: | |||||||||||
Basic | 548 | 577 | |||||||||
Diluted | 551 | 581 |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 1,476 | $ | 1,646 | |||||||
Other comprehensive income, net of reclassification adjustments and taxes: | |||||||||||
Foreign currency translation | (51) | (39) | |||||||||
Cash flow hedges | 84 | 190 | |||||||||
Other | — | 1 | |||||||||
Other comprehensive income, net of reclassification adjustments and taxes | 33 | 152 | |||||||||
Comprehensive income | $ | 1,509 | $ | 1,798 |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 6,528 | $ | 7,989 | |||||||
Marketable securities | 16 | 48 | |||||||||
Trade receivables, net | 5,077 | 4,895 | |||||||||
Inventories | 4,411 | 4,086 | |||||||||
Other current assets | 2,488 | 2,367 | |||||||||
Total current assets | 18,520 | 19,385 | |||||||||
Property, plant and equipment, net | 5,142 | 5,184 | |||||||||
Intangible assets, net | 14,567 | 15,182 | |||||||||
Goodwill | 14,897 | 14,890 | |||||||||
Other noncurrent assets | 6,070 | 6,524 | |||||||||
Total assets | $ | 59,196 | $ | 61,165 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,403 | $ | 1,366 | |||||||
Accrued liabilities | 10,639 | 10,731 | |||||||||
Current portion of long-term debt | 844 | 87 | |||||||||
Total current liabilities | 12,886 | 12,184 | |||||||||
Long-term debt | 36,010 | 33,222 | |||||||||
Long-term tax liabilities | 6,652 | 6,594 | |||||||||
Other noncurrent liabilities | 2,732 | 2,465 | |||||||||
Contingencies and commitments | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—534.2 shares in 2022 and 558.3 shares in 2021 | 31,247 | 32,096 | |||||||||
Accumulated deficit | (29,568) | (24,600) | |||||||||
Accumulated other comprehensive loss | (763) | (796) | |||||||||
Total stockholders’ equity | 916 | 6,700 | |||||||||
Total liabilities and stockholders’ equity | $ | 59,196 | $ | 61,165 |
Number of shares of common stock | Common stock and additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total | |||||||||||||||||||||||||
Balance as of December 31, 2021 | 558.3 | $ | 32,096 | $ | (24,600) | $ | (796) | $ | 6,700 | ||||||||||||||||||||
Net income | — | — | 1,476 | — | 1,476 | ||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 33 | 33 | ||||||||||||||||||||||||
Dividends declared on common stock ($1.94 per share) | — | — | (1,034) | — | (1,034) | ||||||||||||||||||||||||
Issuance of common stock in connection with the Company’s equity award programs | 0.5 | 18 | — | — | 18 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 78 | — | — | 78 | ||||||||||||||||||||||||
Tax impact related to employee stock-based compensation expense | — | (45) | — | — | (45) | ||||||||||||||||||||||||
Repurchases of common stock (Note 10) | (24.6) | (900) | (5,410) | — | (6,310) | ||||||||||||||||||||||||
Balance as of March 31, 2022 | 534.2 | $ | 31,247 | $ | (29,568) | $ | (763) | $ | 916 | ||||||||||||||||||||
Number of shares of common stock | Common stock and additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Total | |||||||||||||||||||||||||
Balance as of December 31, 2020 | 578.3 | $ | 31,802 | $ | (21,408) | $ | (985) | $ | 9,409 | ||||||||||||||||||||
Net income | — | — | 1,646 | — | 1,646 | ||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 152 | 152 | ||||||||||||||||||||||||
Dividends declared on common stock ($1.76 per share) | — | — | (1,012) | — | (1,012) | ||||||||||||||||||||||||
Issuance of common stock in connection with the Company’s equity award programs | 0.7 | 6 | — | — | 6 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 57 | — | — | 57 | ||||||||||||||||||||||||
Tax impact related to employee stock-based compensation expense | — | (59) | — | — | (59) | ||||||||||||||||||||||||
Repurchases of common stock | (3.7) | — | (865) | — | (865) | ||||||||||||||||||||||||
Balance as of March 31, 2021 | 575.3 | $ | 31,806 | $ | (21,639) | $ | (833) | $ | 9,334 | ||||||||||||||||||||
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 1,476 | $ | 1,646 | |||||||
Depreciation, amortization and other | 841 | 841 | |||||||||
Deferred income taxes | (251) | (91) | |||||||||
Adjustments for equity method investments | 305 | (85) | |||||||||
Other items, net | 240 | 164 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Trade receivables, net | (195) | 91 | |||||||||
Inventories | (230) | (126) | |||||||||
Other assets | (43) | (146) | |||||||||
Accounts payable | 42 | (29) | |||||||||
Accrued income taxes, net | 318 | 52 | |||||||||
Long-term tax liabilities | 57 | 69 | |||||||||
Other liabilities | (396) | (282) | |||||||||
Net cash provided by operating activities | 2,164 | 2,104 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of marketable securities | — | (7,597) | |||||||||
Proceeds from sales of marketable securities | — | 3,999 | |||||||||
Proceeds from maturities of marketable securities | 32 | 3,524 | |||||||||
Purchases of property, plant and equipment | (190) | (166) | |||||||||
Other | 47 | (79) | |||||||||
Net cash used in investing activities | (111) | (319) | |||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of debt | 3,952 | — | |||||||||
Repurchases of common stock (Note 10) | (6,360) | (871) | |||||||||
Dividends paid | (1,080) | (1,016) | |||||||||
Other | (26) | (52) | |||||||||
Net cash used in financing activities | (3,514) | (1,939) | |||||||||
Decrease in cash and cash equivalents | (1,461) | (154) | |||||||||
Cash and cash equivalents at beginning of period | 7,989 | 6,266 | |||||||||
Cash and cash equivalents at end of period | $ | 6,528 | $ | 6,112 |
Amounts | ||||||||
Cash purchase price | $ | 993 | ||||||
Contingent consideration | 299 | |||||||
Total consideration | $ | 1,292 | ||||||
Cash and cash equivalents | $ | 100 | ||||||
IPR&D | 991 | |||||||
Finite-lived intangible asset – R&D technology rights | 115 | |||||||
Finite-lived intangible assets – licensing rights | 41 | |||||||
Goodwill | 273 | |||||||
Other assets, net | 16 | |||||||
Deferred tax liability | (244) | |||||||
Total assets acquired, net | $ | 1,292 |
Three months ended March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
U.S. | ROW | Total | U.S. | ROW | Total | |||||||||||||||||||||||||||||||||
Enbrel | $ | 843 | $ | 19 | $ | 862 | $ | 894 | $ | 30 | $ | 924 | ||||||||||||||||||||||||||
Prolia | 582 | 270 | 852 | 501 | 257 | 758 | ||||||||||||||||||||||||||||||||
XGEVA | 368 | 134 | 502 | 334 | 134 | 468 | ||||||||||||||||||||||||||||||||
Otezla | 350 | 101 | 451 | 366 | 110 | 476 | ||||||||||||||||||||||||||||||||
Aranesp | 137 | 221 | 358 | 125 | 230 | 355 | ||||||||||||||||||||||||||||||||
Neulasta | 304 | 44 | 348 | 421 | 61 | 482 | ||||||||||||||||||||||||||||||||
Repatha | 165 | 164 | 329 | 139 | 147 | 286 | ||||||||||||||||||||||||||||||||
KYPROLIS | 196 | 91 | 287 | 159 | 92 | 251 | ||||||||||||||||||||||||||||||||
Nplate | 156 | 110 | 266 | 112 | 115 | 227 | ||||||||||||||||||||||||||||||||
Other products | 936 | 540 | 1,476 | 852 | 513 | 1,365 | ||||||||||||||||||||||||||||||||
Total product sales(1) | $ | 4,037 | $ | 1,694 | 5,731 | $ | 3,903 | $ | 1,689 | 5,592 | ||||||||||||||||||||||||||||
Other revenues | 507 | 309 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 6,238 | $ | 5,901 | ||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Income (Numerator): | |||||||||||
Net income for basic and diluted EPS | $ | 1,476 | $ | 1,646 | |||||||
Shares (Denominator): | |||||||||||
Weighted-average shares for basic EPS | 548 | 577 | |||||||||
Effect of dilutive securities | 3 | 4 | |||||||||
Weighted-average shares for diluted EPS | 551 | 581 | |||||||||
Basic EPS | $ | 2.69 | $ | 2.85 | |||||||
Diluted EPS | $ | 2.68 | $ | 2.83 |
Types of securities as of March 31, 2022 | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair values | ||||||||||||||||||||||
U.S. Treasury notes | $ | 16 | $ | — | $ | — | $ | 16 | ||||||||||||||||||
U.S. Treasury bills | — | — | — | — | ||||||||||||||||||||||
Money market mutual funds | 5,837 | — | — | 5,837 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | — | — | — | ||||||||||||||||||||||
Total interest-bearing securities | $ | 5,853 | $ | — | $ | — | $ | 5,853 |
Types of securities as of December 31, 2021 | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair values | ||||||||||||||||||||||
U.S. Treasury notes | $ | 47 | $ | — | $ | — | $ | 47 | ||||||||||||||||||
U.S. Treasury bills | 1,400 | — | — | 1,400 | ||||||||||||||||||||||
Money market mutual funds | 5,856 | — | — | 5,856 | ||||||||||||||||||||||
Other short-term interest-bearing securities | 1 | — | — | 1 | ||||||||||||||||||||||
Total interest-bearing securities | $ | 7,304 | $ | — | $ | — | $ | 7,304 |
Condensed Consolidated Balance Sheets locations | March 31, 2022 | December 31, 2021 | ||||||||||||
Cash and cash equivalents | $ | 5,837 | $ | 7,256 | ||||||||||
Marketable securities | 16 | 48 | ||||||||||||
Total interest-bearing securities | $ | 5,853 | $ | 7,304 |
Contractual maturities | March 31, 2022 | December 31, 2021 | ||||||||||||
Maturing in one year or less | $ | 5,853 | $ | 7,304 | ||||||||||
Total available-for-sale investments | $ | 5,853 | $ | 7,304 |
March 31, 2022 | December 31, 2021 | ||||||||||
Raw materials | $ | 750 | $ | 647 | |||||||
Work in process | 2,582 | 2,367 | |||||||||
Finished goods | 1,079 | 1,072 | |||||||||
Total inventories | $ | 4,411 | $ | 4,086 |
Three months ended March 31, 2022 | |||||
Beginning balance | $ | 14,890 | |||
Goodwill resulting from acquisition of a business(1) | 22 | ||||
Currency translation adjustment | (15) | ||||
Ending balance | $ | 14,897 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross carrying amounts | Accumulated amortization | Other intangible assets, net | Gross carrying amounts | Accumulated amortization | Other intangible assets, net | ||||||||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
Developed-product-technology rights | $ | 25,550 | $ | (13,316) | $ | 12,234 | $ | 25,561 | $ | (12,769) | $ | 12,792 | |||||||||||||||||||||||
Licensing rights | 3,864 | (3,013) | 851 | 3,807 | (2,973) | 834 | |||||||||||||||||||||||||||||
Marketing-related rights | 1,350 | (1,129) | 221 | 1,354 | (1,112) | 242 | |||||||||||||||||||||||||||||
Research and development technology rights | 1,386 | (1,146) | 240 | 1,377 | (1,133) | 244 | |||||||||||||||||||||||||||||
Total finite-lived intangible assets | 32,150 | (18,604) | 13,546 | 32,099 | (17,987) | 14,112 | |||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
In-process research and development | 1,021 | — | 1,021 | 1,070 | — | 1,070 | |||||||||||||||||||||||||||||
Total other intangible assets | $ | 33,171 | $ | (18,604) | $ | 14,567 | $ | 33,169 | $ | (17,987) | $ | 15,182 |
March 31, 2022 | December 31, 2021 | ||||||||||
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds) | $ | 759 | $ | 767 | |||||||
2.25% notes due 2023 (2.25% 2023 Notes) | 750 | 750 | |||||||||
3.625% notes due 2024 (3.625% 2024 Notes) | 1,400 | 1,400 | |||||||||
1.90% notes due 2025 (1.90% 2025 Notes) | 500 | 500 | |||||||||
3.125% notes due 2025 (3.125% 2025 Notes) | 1,000 | 1,000 | |||||||||
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) | 830 | 853 | |||||||||
2.60% notes due 2026 (2.60% 2026 Notes) | 1,250 | 1,250 | |||||||||
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) | 624 | 643 | |||||||||
2.20% notes due 2027 (2.20% 2027 Notes) | 1,750 | 1,750 | |||||||||
3.20% notes due 2027 (3.20% 2027 Notes) | 1,000 | 1,000 | |||||||||
1.65% notes due 2028 (1.65% 2028 Notes) | 1,250 | 1,250 | |||||||||
3.00% notes due 2029 (3.00% 2029 Notes) | 750 | — | |||||||||
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) | 920 | 947 | |||||||||
2.45% notes due 2030 (2.45% 2030 Notes) | 1,250 | 1,250 | |||||||||
2.30% notes due 2031 (2.30% 2031 Notes) | 1,250 | 1,250 | |||||||||
2.00% notes due 2032 (2.00% 2032 Notes) | 1,250 | 1,250 | |||||||||
3.35% notes due 2032 (3.35% 2032 Notes) | 1,000 | — | |||||||||
6.375% notes due 2037 (6.375% 2037 Notes) | 478 | 478 | |||||||||
6.90% notes due 2038 (6.90% 2038 Notes) | 254 | 254 | |||||||||
6.40% notes due 2039 (6.40% 2039 Notes) | 333 | 333 | |||||||||
3.15% notes due 2040 (3.15% 2040 Notes) | 2,000 | 2,000 | |||||||||
5.75% notes due 2040 (5.75% 2040 Notes) | 373 | 373 | |||||||||
2.80% notes due 2041 (2.80% 2041 Notes) | 1,150 | 1,150 | |||||||||
4.95% notes due 2041 (4.95% 2041 Notes) | 600 | 600 | |||||||||
5.15% notes due 2041 (5.15% 2041 Notes) | 729 | 729 | |||||||||
5.65% notes due 2042 (5.65% 2042 Notes) | 415 | 415 | |||||||||
5.375% notes due 2043 (5.375% 2043 Notes) | 185 | 185 | |||||||||
4.40% notes due 2045 (4.40% 2045 Notes) | 2,250 | 2,250 | |||||||||
4.563% notes due 2048 (4.563% 2048 Notes) | 1,415 | 1,415 | |||||||||
3.375% notes due 2050 (3.375% 2050 Notes) | 2,250 | 2,250 | |||||||||
4.663% notes due 2051 (4.663% 2051 Notes) | 3,541 | 3,541 | |||||||||
3.00% notes due 2052 (3.00% 2052 Notes) | 1,350 | 1,350 | |||||||||
4.20% notes due 2052 (4.20% 2052 Notes) | 1,000 | — | |||||||||
2.77% notes due 2053 (2.77% 2053 Notes) | 940 | 940 | |||||||||
4.40% notes due 2062 (4.40% 2062 Notes) | 1,250 | — | |||||||||
Other notes due 2097 | 100 | 100 | |||||||||
Unamortized bond discounts, premiums and issuance costs, net | (1,253) | (1,213) | |||||||||
Fair value adjustments | (53) | 284 | |||||||||
Other | 14 | 15 | |||||||||
Total carrying value of debt | 36,854 | 33,309 | |||||||||
Less current portion | (844) | (87) | |||||||||
Total long-term debt | $ | 36,010 | $ | 33,222 |
2022 | 2021 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||||||||||
First quarter | 24.6 | $ | 5,410 | 3.7 | $ | 865 | |||||||||||||||||
Foreign currency translation | Cash flow hedges | Available-for-sale securities | Other | AOCI | |||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | (844) | $ | 61 | $ | — | $ | (13) | $ | (796) | |||||||||||||||||||
Foreign currency translation adjustments | (51) | — | — | — | (51) | ||||||||||||||||||||||||
Unrealized gains | — | 56 | — | — | 56 | ||||||||||||||||||||||||
Reclassification adjustments to income | — | 51 | — | — | 51 | ||||||||||||||||||||||||
Income taxes | — | (23) | — | — | (23) | ||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | (895) | $ | 145 | $ | — | $ | (13) | $ | (763) | |||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||
Components of AOCI | 2022 | 2021 | Condensed Consolidated Statements of Income locations | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign currency contract gains (losses) | $ | 27 | $ | (1) | Product sales | |||||||||||||||
Cross-currency swap contract losses | (78) | (132) | Other (expense) income, net | |||||||||||||||||
(51) | (133) | Income before income taxes | ||||||||||||||||||
11 | 28 | Provision for income taxes | ||||||||||||||||||
$ | (40) | $ | (105) | Net income | ||||||||||||||||
Level 1 | — | Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access | ||||||
Level 2 | — | Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs | ||||||
Level 3 | — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement |
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Fair value measurement as of March 31, 2022, using: | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury notes | $ | 16 | $ | — | $ | — | $ | 16 | ||||||||||||||||||
U.S. Treasury bills | — | — | — | — | ||||||||||||||||||||||
Money market mutual funds | 5,837 | — | — | 5,837 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | — | — | — | ||||||||||||||||||||||
Equity securities | 473 | — | 170 | 643 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | — | 235 | — | 235 | ||||||||||||||||||||||
Cross-currency swap contracts | — | 65 | — | 65 | ||||||||||||||||||||||
Interest rate swap contracts | — | — | — | — | ||||||||||||||||||||||
Total assets | $ | 6,326 | $ | 300 | $ | 170 | $ | 6,796 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 51 | $ | — | $ | 51 | ||||||||||||||||||
Cross-currency swap contracts | — | 358 | — | 358 | ||||||||||||||||||||||
Interest rate swap contracts | — | 456 | — | 456 | ||||||||||||||||||||||
Contingent consideration obligations | — | — | 330 | 330 | ||||||||||||||||||||||
Total liabilities | $ | — | $ | 865 | $ | 330 | $ | 1,195 |
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||||||||||||||
Fair value measurement as of December 31, 2021, using: | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury notes | $ | 47 | $ | — | $ | — | $ | 47 | ||||||||||||||||||
U.S. Treasury bills | 1,400 | — | — | 1,400 | ||||||||||||||||||||||
Money market mutual funds | 5,856 | — | — | 5,856 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | 1 | — | 1 | ||||||||||||||||||||||
Equity securities | 611 | — | 220 | 831 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | — | 183 | — | 183 | ||||||||||||||||||||||
Cross-currency swap contracts | — | 66 | — | 66 | ||||||||||||||||||||||
Interest rate swap contracts | — | 16 | — | 16 | ||||||||||||||||||||||
Total assets | $ | 7,914 | $ | 266 | $ | 220 | $ | 8,400 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 39 | $ | — | $ | 39 | ||||||||||||||||||
Cross-currency swap contracts | — | 339 | — | 339 | ||||||||||||||||||||||
Interest rate swap contracts | — | 156 | — | 156 | ||||||||||||||||||||||
Contingent consideration obligations | — | — | 342 | 342 | ||||||||||||||||||||||
Total liabilities | $ | — | $ | 534 | $ | 342 | $ | 876 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Beginning balance | $ | 342 | $ | 33 | ||||||||||
Payments | (2) | (1) | ||||||||||||
Net changes in valuations | (10) | 7 | ||||||||||||
Ending balance | $ | 330 | $ | 39 |
Foreign currency | U.S. dollars | |||||||||||||||||||||||||
Hedged notes | Notional amounts | Interest rates | Notional amounts | Interest rates | ||||||||||||||||||||||
0.41% 2023 Swiss franc Bonds | CHF | 700 | 0.4 | % | $ | 704 | 3.4 | % | ||||||||||||||||||
2.00% 2026 euro Notes | € | 750 | 2.0 | % | $ | 833 | 3.9 | % | ||||||||||||||||||
5.50% 2026 pound sterling Notes | £ | 475 | 5.5 | % | $ | 747 | 6.0 | % | ||||||||||||||||||
4.00% 2029 pound sterling Notes | £ | 700 | 4.0 | % | $ | 1,111 | 4.5 | % |
Three months ended March 31, | ||||||||||||||
Derivatives in cash flow hedging relationships | 2022 | 2021 | ||||||||||||
Foreign currency contracts | $ | 78 | $ | 183 | ||||||||||
Cross-currency swap contracts | (22) | (75) | ||||||||||||
Total unrealized gains | $ | 56 | $ | 108 |
Carrying amounts of hedged liabilities(1) | Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2) | |||||||||||||||||||||||||
Condensed Consolidated Balance Sheets locations | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Current portion of long-term debt | $ | 83 | $ | 85 | $ | 83 | $ | 85 | ||||||||||||||||||
Long-term debt | $ | 6,395 | $ | 6,729 | $ | (136) | $ | 199 |
Three months ended March 31, 2022 | ||||||||||||||||||||
Product sales | Other (expense) income, net | Interest expense, net | ||||||||||||||||||
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income | $ | 5,731 | $ | (530) | $ | (295) | ||||||||||||||
The effects of cash flow and fair value hedging: | ||||||||||||||||||||
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: | ||||||||||||||||||||
Foreign currency contracts | $ | 27 | $ | — | $ | — | ||||||||||||||
Cross-currency swap contracts | $ | — | $ | (78) | $ | — | ||||||||||||||
Gains (losses) on fair value hedging relationships—interest rate swap agreements: | ||||||||||||||||||||
Hedged items(1) | $ | — | $ | — | $ | 337 | ||||||||||||||
Derivatives designated as hedging instruments | $ | — | $ | — | $ | (315) |
Three months ended March 31, 2021 | ||||||||||||||||||||
Product sales | Other (expense) income, net | Interest expense, net | ||||||||||||||||||
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income | $ | 5,592 | $ | 13 | $ | (285) | ||||||||||||||
The effects of cash flow and fair value hedging: | ||||||||||||||||||||
Losses on cash flow hedging relationships reclassified out of AOCI: | ||||||||||||||||||||
Foreign currency contracts | $ | (1) | $ | — | $ | — | ||||||||||||||
Cross-currency swap contracts | $ | — | $ | (132) | $ | — | ||||||||||||||
Gains (losses) on fair value hedging relationships—interest rate swap agreements: | ||||||||||||||||||||
Hedged items(1) | $ | — | $ | — | $ | 175 | ||||||||||||||
Derivatives designated as hedging instruments | $ | — | $ | — | $ | (152) |
Derivative assets | Derivative liabilities | |||||||||||||||||||||||||
March 31, 2022 | Condensed Consolidated Balance Sheets locations | Fair values | Condensed Consolidated Balance Sheets locations | Fair values | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency contracts | Other current assets/ Other noncurrent assets | $ | 235 | Accrued liabilities/ Other noncurrent liabilities | $ | 51 | ||||||||||||||||||||
Cross-currency swap contracts | Other current assets/ Other noncurrent assets | 65 | Accrued liabilities/ Other noncurrent liabilities | 358 | ||||||||||||||||||||||
Interest rate swap contracts | Other current assets/ Other noncurrent assets | — | Accrued liabilities/ Other noncurrent liabilities | 456 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 300 | $ | 865 | ||||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||||||||
December 31, 2021 | Condensed Consolidated Balance Sheets locations | Fair values | Condensed Consolidated Balance Sheets locations | Fair values | ||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency contracts | Other current assets/ Other noncurrent assets | $ | 183 | Accrued liabilities/ Other noncurrent liabilities | $ | 39 | ||||||||||||||||||||
Cross-currency swap contracts | Other current assets/ Other noncurrent assets | 66 | Accrued liabilities/ Other noncurrent liabilities | 339 | ||||||||||||||||||||||
Interest rate swap contracts | Other current assets/ Other noncurrent assets | 16 | Accrued liabilities/ Other noncurrent liabilities | 156 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 265 | $ | 534 | ||||||||||||||||||||||
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Product sales | |||||||||||||||||
U.S. | $ | 4,037 | $ | 3,903 | 3 | % | |||||||||||
ROW | 1,694 | 1,689 | — | % | |||||||||||||
Total product sales | 5,731 | 5,592 | 2 | % | |||||||||||||
Other revenues | 507 | 309 | 64 | % | |||||||||||||
Total revenues | $ | 6,238 | $ | 5,901 | 6 | % | |||||||||||
Operating expenses | $ | 3,738 | $ | 3,772 | (1) | % | |||||||||||
Operating income | $ | 2,500 | $ | 2,129 | 17 | % | |||||||||||
Net income | $ | 1,476 | $ | 1,646 | (10) | % | |||||||||||
Diluted EPS | $ | 2.68 | $ | 2.83 | (5) | % | |||||||||||
Diluted shares | 551 | 581 | (5) | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
ENBREL | $ | 862 | $ | 924 | (7) | % | |||||||||||
Prolia | 852 | 758 | 12 | % | |||||||||||||
XGEVA | 502 | 468 | 7 | % | |||||||||||||
Otezla | 451 | 476 | (5) | % | |||||||||||||
Aranesp | 358 | 355 | 1 | % | |||||||||||||
Neulasta | 348 | 482 | (28) | % | |||||||||||||
Repatha | 329 | 286 | 15 | % | |||||||||||||
KYPROLIS | 287 | 251 | 14 | % | |||||||||||||
Nplate | 266 | 227 | 17 | % | |||||||||||||
Other products | 1,476 | 1,365 | 8 | % | |||||||||||||
Total product sales | $ | 5,731 | $ | 5,592 | 2 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
ENBREL — U.S. | $ | 843 | $ | 894 | (6) | % | |||||||||||
ENBREL — Canada | 19 | 30 | (37) | % | |||||||||||||
Total ENBREL | $ | 862 | $ | 924 | (7) | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Prolia — U.S. | $ | 582 | $ | 501 | 16 | % | |||||||||||
Prolia — ROW | 270 | 257 | 5 | % | |||||||||||||
Total Prolia | $ | 852 | $ | 758 | 12 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
XGEVA — U.S. | $ | 368 | $ | 334 | 10 | % | |||||||||||
XGEVA — ROW | 134 | 134 | — | % | |||||||||||||
Total XGEVA | $ | 502 | $ | 468 | 7 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Otezla — U.S. | $ | 350 | $ | 366 | (4) | % | |||||||||||
Otezla — ROW | 101 | 110 | (8) | % | |||||||||||||
Total Otezla | $ | 451 | $ | 476 | (5) | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Aranesp — U.S. | $ | 137 | $ | 125 | 10 | % | |||||||||||
Aranesp — ROW | 221 | 230 | (4) | % | |||||||||||||
Total Aranesp | $ | 358 | $ | 355 | 1 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Neulasta — U.S. | $ | 304 | $ | 421 | (28) | % | |||||||||||
Neulasta — ROW | 44 | 61 | (28) | % | |||||||||||||
Total Neulasta | $ | 348 | $ | 482 | (28) | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Repatha — U.S. | $ | 165 | $ | 139 | 19 | % | |||||||||||
Repatha — ROW | 164 | 147 | 12 | % | |||||||||||||
Total Repatha | $ | 329 | $ | 286 | 15 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
KYPROLIS — U.S. | $ | 196 | $ | 159 | 23 | % | |||||||||||
KYPROLIS — ROW | 91 | 92 | (1) | % | |||||||||||||
Total KYPROLIS | $ | 287 | $ | 251 | 14 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Nplate — U.S. | $ | 156 | $ | 112 | 39 | % | |||||||||||
Nplate — ROW | 110 | 115 | (4) | % | |||||||||||||
Total Nplate | $ | 266 | $ | 227 | 17 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
MVASI — U.S. | $ | 168 | $ | 224 | (25) | % | |||||||||||
MVASI — ROW | 76 | 70 | 9 | % | |||||||||||||
Vectibix — U.S. | 85 | 79 | 8 | % | |||||||||||||
Vectibix— ROW | 116 | 112 | 4 | % | |||||||||||||
EVENITY — U.S. | 110 | 57 | 93 | % | |||||||||||||
EVENITY— ROW | 60 | 50 | 20 | % | |||||||||||||
BLINCYTO — U.S. | 79 | 65 | 22 | % | |||||||||||||
BLINCYTO — ROW | 59 | 42 | 40 | % | |||||||||||||
EPOGEN — U.S. | 120 | 125 | (4) | % | |||||||||||||
AMGEVITA — ROW | 108 | 106 | 2 | % | |||||||||||||
Aimovig — U.S. | 98 | 66 | 48 | % | |||||||||||||
Aimovig — ROW | 3 | — | NA | ||||||||||||||
KANJINTI — U.S. | 80 | 130 | (38) | % | |||||||||||||
KANJINTI — ROW | 16 | 31 | (48) | % | |||||||||||||
Parsabiv — U.S. | 57 | 46 | 24 | % | |||||||||||||
Parsabiv — ROW | 29 | 33 | (12) | % | |||||||||||||
LUMAKRAS — U.S. | 48 | — | NA | ||||||||||||||
LUMYKRAS — ROW | 14 | — | NA | ||||||||||||||
NEUPOGEN — U.S. | 23 | 18 | 28 | % | |||||||||||||
NEUPOGEN — ROW | 15 | 16 | (6) | % | |||||||||||||
Sensipar — U.S. | 4 | — | NA | ||||||||||||||
Sensipar/Mimpara — ROW | 16 | 23 | (30) | % | |||||||||||||
Other — U.S. | 64 | 42 | 52 | % | |||||||||||||
Other — ROW | 28 | 30 | (7) | % | |||||||||||||
Total other products | $ | 1,476 | $ | 1,365 | 8 | % | |||||||||||
Total U.S. — other products | $ | 936 | $ | 852 | 10 | % | |||||||||||
Total ROW — other products | 540 | 513 | 5 | % | |||||||||||||
Total other products | $ | 1,476 | $ | 1,365 | 8 | % |
Three months ended March 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Operating expenses: | |||||||||||||||||
Cost of sales | $ | 1,561 | $ | 1,490 | 5 | % | |||||||||||
% of product sales | 27.2 | % | 26.6 | % | |||||||||||||
% of total revenues | 25.0 | % | 25.2 | % | |||||||||||||
Research and development | $ | 959 | $ | 967 | (1) | % | |||||||||||
% of product sales | 16.7 | % | 17.3 | % | |||||||||||||
% of total revenues | 15.4 | % | 16.4 | % | |||||||||||||
Selling, general and administrative | $ | 1,228 | $ | 1,254 | (2) | % | |||||||||||
% of product sales | 21.4 | % | 22.4 | % | |||||||||||||
% of total revenues | 19.7 | % | 21.3 | % | |||||||||||||
Other | $ | (10) | $ | 61 | * | ||||||||||||
Total operating expenses | $ | 3,738 | $ | 3,772 | (1) | % |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest expense, net | $ | (295) | $ | (285) | |||||||
Other (expense) income, net | $ | (530) | $ | 13 | |||||||
Provision for income taxes | $ | 199 | $ | 211 | |||||||
Effective tax rate | 11.9 | % | 11.4 | % |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash, cash equivalents and marketable securities | $ | 6,544 | $ | 8,037 | |||||||
Total assets | $ | 59,196 | $ | 61,165 | |||||||
Current portion of long-term debt | $ | 844 | $ | 87 | |||||||
Long-term debt | $ | 36,010 | $ | 33,222 | |||||||
Stockholders’ equity | $ | 916 | $ | 6,700 |
Three months ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 2,164 | $ | 2,104 | |||||||
Net cash used in investing activities | $ | (111) | $ | (319) | |||||||
Net cash used in financing activities | $ | (3,514) | $ | (1,939) |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS |
Item 1A. | RISK FACTORS |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total number of shares purchased | Average price paid per share (1) | Total number of shares purchased as part of publicly announced program | Maximum dollar value that may yet be purchased under the program | ||||||||||||||||||||||
January 1 - 31 | 1,083,500 | 227.99 | 1,083,500 | 10,642,348,215 | ||||||||||||||||||||||
February 1 - 28 | ||||||||||||||||||||||||||
Other repurchases | 280,000 | 225.30 | 280,000 | 10,579,263,848 | ||||||||||||||||||||||
Accelerated stock repurchases(2) | 23,258,997 | 23,258,997 | 4,579,263,848 | |||||||||||||||||||||||
March 1 - 31 | — | — | 4,579,263,848 | |||||||||||||||||||||||
Total | 24,622,497 | 24,622,497 |
Item 6. | EXHIBITS |
Exhibit No. | Description | |||||||
2.1 | Asset Purchase Agreement, dated August 25, 2019, by and between Amgen Inc. and Celgene Corporation. (Filed as an exhibit to Form 8-K on August 26, 2019 and incorporated herein by reference.) | |||||||
2.2 | Amendment No. 1 to the Asset Purchase Agreement, dated October 17, 2019, by and between Amgen Inc. and Celgene Corporation. (Filed as an exhibit to Form 8-K on October 17, 2019 and incorporated herein by reference.) | |||||||
2.3 | Amendment No. 2 to the Asset Purchase Agreement, dated October 17, 2019, by and between Amgen Inc. and Celgene Corporation. (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.) | |||||||
2.4 | Letter Agreement, dated November 21, 2019, by and between Amgen Inc. and the parties named therein re: Treatment of Certain Product Inventory in connection with Amgen’s acquisition of Otezla. (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.) | |||||||
2.5 | Irrevocable Guarantee, dated August 25, 2019, by and between Amgen Inc. and Bristol-Myers Squibb Company. (Filed as an exhibit to Form 8-K on August 26, 2019 and incorporated herein by reference.) | |||||||
2.6 | Agreement and Plan of Merger, dated July 27, 2021, by and among Amgen Inc., Teneobio, Inc., Tuxedo Merger Sub, Inc., and Fortis Advisors LLC. (portions of the exhibit have been omitted because they are both (i) not material and (ii) is the type of information that the Company treats as private or confidential)(Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2021 on November 3, 2021 and incorporated herein by reference.) | |||||||
3.1 | Restated Certificate of Incorporation of Amgen Inc. (As Restated March 6, 2013.) (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2013 on May 3, 2013 and incorporated herein by reference.) | |||||||
3.2 | Amended and Restated Bylaws of Amgen Inc. (As Amended and Restated February 15, 2016.) (Filed as an exhibit to Form 8-K on February 17, 2016 and incorporated herein by reference.) | |||||||
4.1 | Form of stock certificate for the common stock, par value $.0001 of the Company. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 1997 on May 14, 1997 and incorporated herein by reference.) | |||||||
4.2 | Form of Indenture, dated January 1, 1992. (Filed as an exhibit to Form S-3 Registration Statement filed on December 19, 1991 and incorporated herein by reference.) | |||||||
4.3 | Agreement of Resignation, Appointment and Acceptance dated February 15, 2008. (Filed as an exhibit to Form 10-K for the year ended December 31, 2007 on February 28, 2008 and incorporated herein by reference.) | |||||||
4.4 | First Supplemental Indenture, dated February 26, 1997. (Filed as an exhibit to Form 8-K on March 14, 1997 and incorporated herein by reference.) | |||||||
4.5 | 8-1/8% Debentures due April 1, 2097. (Filed as an exhibit to Form 8-K on April 8, 1997 and incorporated herein by reference.) | |||||||
4.6 | Officer’s Certificate of Amgen Inc., dated April 8, 1997, establishing a series of securities entitled “8 1/8% Debentures due April 1, 2097.” (Filed as an exhibit to Form 8-K on April 8, 1997 and incorporated herein by reference.) | |||||||
4.7 | Indenture, dated August 4, 2003. (Filed as an exhibit to Form S-3 Registration Statement on August 4, 2003 and incorporated herein by reference.) | |||||||
4.8 | Corporate Commercial Paper - Master Note between and among Amgen Inc., as Issuer, Cede & Co., as Nominee of The Depository Trust Company, and Citibank, N.A., as Paying Agent. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 1998 on May 13, 1998 and incorporated herein by reference.) | |||||||
4.9 | Officers’ Certificate of Amgen Inc., dated May 30, 2007, including form of the Company’s 6.375% Senior Notes due 2037. (Filed as an exhibit to Form 8-K on May 30, 2007 and incorporated herein by reference.) | |||||||
4.10 | Officers’ Certificate of Amgen Inc., dated May 23, 2008, including form of the Company’s 6.90% Senior Notes due 2038. (Filed as exhibit to Form 8-K on May 23, 2008 and incorporated herein by reference.) | |||||||
4.11 | Officers’ Certificate of Amgen Inc., dated January 16, 2009, including form of the Company’s 6.40% Senior Notes due 2039. (Filed as exhibit to Form 8-K on January 16, 2009 and incorporated herein by reference.) | |||||||
Exhibit No. | Description | |||||||
10.30 | Amendment to Collaboration Agreement, dated February 1, 1999, by and between Bayer Corporation and Onyx Pharmaceuticals, Inc. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2006 by Onyx Pharmaceuticals, Inc. on May 10, 2006 and incorporated herein by reference.) | |||||||
10.31 | Settlement Agreement and Release, dated October 11, 2011, by and between Bayer Corporation, Bayer AG, Bayer HealthCare LLC and Bayer Pharma AG and Onyx Pharmaceuticals, Inc. (Filed as an exhibit to Form 10-K for the year ended December 31, 2011 by Onyx Pharmaceuticals, Inc. on February 27, 2012 and incorporated herein by reference.) | |||||||
10.32 | Fourth Amendment to Collaboration Agreement, dated October 11, 2011, by and between Bayer Corporation and Onyx Pharmaceuticals, Inc. (Filed as an exhibit to Form 10-K for the year ended December 31, 2011 by Onyx Pharmaceuticals, Inc. on February 27, 2012 and incorporated herein by reference.) | |||||||
10.33 | Side Letter Regarding Collaboration Agreement, dated May 29, 2015, by and between Bayer HealthCare LLC and Onyx Pharmaceuticals, Inc. (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2015 on August 5, 2015 and incorporated herein by reference.) | |||||||
10.34 | Side Letter Regarding Collaboration Agreement and Stivarga Agreement, dated February 13, 2020, by and between Onyx Pharmaceuticals, Inc. and Bayer HealthCare LLC. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2020 on May 1, 2020 and incorporated herein by reference.) | |||||||
10.35 | Sourcing and Supply Agreement, dated January 6, 2017, by and between Amgen USA Inc., a wholly owned subsidiary of Amgen Inc., and DaVita Inc. (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2017 on April 27, 2017 and incorporated herein by reference.) | |||||||
10.36 | Exclusive License and Collaboration Agreement, dated August 28, 2015, by and between Amgen Inc. and Novartis Pharma AG (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2017 on July 26, 2017 and incorporated herein by reference.) | |||||||
10.37 | Amendment No. 1 to the Exclusive License and Collaboration Agreement, dated April 21, 2017, by and between Amgen Inc. and Novartis Pharma AG (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2017 on July 26, 2017 and incorporated herein by reference.) | |||||||
10.38 | Amendment No. 2 to the Exclusive License and Collaboration Agreement, dated April 21, 2017, by and between Amgen Inc. and Novartis Pharma AG (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2017 on July 26, 2017 and incorporated herein by reference.) | |||||||
10.39 | Amendment No. 3 to the Exclusive License and Collaboration Agreement, dated January 31, 2022, by and between Amgen Inc. and Novartis Pharma AG (portions of the exhibit have been omitted because they are both (i) not material and (ii) is the type of information that the Company treats as private or confidential). (Filed as an exhibit to the Company’s Current Report on Form 8-K on January 31, 2022 and incorporated herein by reference.) | |||||||
10.40 | Collaboration Agreement, dated October 31, 2019, by and between Amgen Inc. and BeiGene Switzerland GmbH, a wholly-owned subsidiary of BeiGene, Ltd. (portions of the exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed). (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.) | |||||||
10.41 | Guarantee, dated as of October 31, 2019, made by and among BeiGene, Ltd. and Amgen Inc. (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.) | |||||||
10.42 | Share Purchase Agreement, dated October 31, 2019, by and between Amgen Inc. and BeiGene, Ltd. (portions of the exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed). (Filed as an exhibit to Schedule 13D on January 8, 2020 and incorporated herein by reference.) | |||||||
10.43 | Amendment No. 1 to Share Purchase Agreement, dated December 6, 2019, by and among BeiGene, Ltd. and Amgen Inc. (Filed as an exhibit to Schedule 13D on January 8, 2020 and incorporated herein by reference.) | |||||||
10.44 | Restated Amendment No. 2 to Share Purchase Agreement, dated September 24, 2020, by and among BeiGene, Ltd. and Amgen Inc. (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2020 on October 29, 2020 and incorporated herein by reference.) |
Exhibit No. | Description | |||||||
10.45 | Collaboration Agreement dated March 30, 2012 by and between Amgen Inc. and AstraZeneca Collaboration Ventures, LLC, a wholly owned subsidiary of AstraZeneca Pharmaceuticals LP (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2012 on May 8, 2012 and incorporated herein by reference.) | |||||||
10.46 | Amendment No. 1 to the Collaboration Agreement, dated October 1, 2014, by and among Amgen Inc., AstraZeneca Collaboration Ventures, LLC and AstraZeneca Pharmaceuticals LP (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-K for the year ended December 31, 2014 on February 19, 2015 and incorporated herein by reference.) | |||||||
10.47 | Amendment Nos. 2 through 6 to the March 30, 2012 Collaboration Agreement between Amgen Inc. and AstraZeneca Collaboration Ventures, LLC, dated May 2 and 27 and October 2, 2016, January 31, 2018, and May 15, 2020, respectively (portions of the exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed.) (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2020 on July 29, 2020 and incorporated herein by reference.) | |||||||
10.48 | Amendment No. 7 to the Collaboration Agreement, dated December 17, 2020, by and between Amgen Inc. and AstraZeneca Collaboration Ventures, LLC (portions of the exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2020 on February 9, 2021 and incorporated herein by reference.) | |||||||
10.49 | Amendment No. 8 to the Collaboration Agreement, dated November 19, 2021, by and between Amgen Inc. and AstraZeneca Collaboration Ventures, LLC (portions of the exhibit have been omitted because they are both (i) not material and (ii) is the type of information that the Company treats as private or confidential.)(Filed as an exhibit to Form 10-K for the year ended December 31, 2021 on February 16, 2022 and incorporated herein by reference.) | |||||||
10.50 | License and Collaboration Agreement, dated June 1, 2021, by and between Amgen Inc. and Kyowa Kirin Co., Ltd. (portions of the exhibit have been omitted because they are both (i) not material and (ii) would be competitively harmful if publicly disclosed). (Filed as an exhibit to Form 10-Q for the quarter ended June 30, 2021 on August 4, 2021 and incorporated herein by reference.) | |||||||
10.51 | Form of ASR Agreement. (Filed as an exhibit to Form 8-K on February 24, 2022 and incorporated herein by reference.) | |||||||
31* | ||||||||
32** | ||||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Amgen Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | April 27, 2022 | By: | /S/ PETER H. GRIFFITH | |||||||||||
Peter H. Griffith | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
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