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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37702

Amgen Inc.

(Exact name of registrant as specified in its charter)

Delaware95-3540776
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Amgen Center Drive91320-1799
Thousand Oaks
California
(Address of principal executive offices)(Zip Code)

(805) 447-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueAMGNThe Nasdaq Stock Market LLC
2.00% Senior Notes due 2026AMGN26The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of April 22, 2022, the registrant had 534,199,933 shares of common stock, $0.0001 par value, outstanding.

AMGEN INC.

INDEX

Page No.
Defined Terms and Productsii
PART I - FINANCIAL INFORMATION1
Item 1.FINANCIAL STATEMENTS1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME2
CONDENSED CONSOLIDATED BALANCE SHEETS3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS5
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS6
Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS27
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK40
Item 4.CONTROLS AND PROCEDURES40
PART II - OTHER INFORMATION41
Item 1.LEGAL PROCEEDINGS41
Item 1A.RISK FACTORS41
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS43
Item 6.EXHIBITS44
INDEX TO EXHIBITS45
SIGNATURES51

i

Defined Terms and Products

Defined terms

We use several terms in this Form 10-Q—including but not limited to those that are finance, regulation and disease-state related as well as names of other companies, which are given below.

TermDescription
ANDAAbbreviated New Drug Application
AOCIaccumulated other comprehensive income (loss)
ASRaccelerated share repurchase
BeiGeneBeiGene, Ltd.
BiTE®bispecific T-cell engager
COVID-19coronavirus disease 2019
EPSearnings per share
ESAerythropoiesis-stimulating agent
EUEuropean Union
FASBFinancial Accounting Standards Board
FDAU.S. Food and Drug Administration
FitchFitch Ratings, Inc.
GAAPU.S. generally accepted accounting principles
HGRACHuman Genetic Resources Administration of China
IPR&Din-process research and development
IRSInternal Revenue Service
LIBORLondon Interbank Offered Rate
mCRPCmetastatic castration-resistant prostate cancer
MD&Amanagement’s discussion and analysis
Moody’sMoody’s Investors Service, Inc.
NeumoraNeumora Therapeutics, Inc.
NSCLCnon-small cell lung cancer
OECDOrganization for Economic Co-operation and Development
ORRobjective response rate
PFSprogression-free survival
PTABPatent Trial and Appeal Board
R&Dresearch and development
RARRevenue Agent Report
ROWrest of world
S&PStandard & Poor’s Financial Services LLC
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SG&Aselling, general and administrative
TeneobioTeneobio, Inc.
U.S. TreasuryU.S. Department of Treasury
UTBunrecognized tax benefit

ii

Products

The brand names of our products, our delivery devices and certain of our product candidates and their associated generic names are given below.

TermDescription
AimovigAimovig® (erenumab-aooe)
AMGEVITAAMGEVITA™ (adalimumab)
AranespAranesp® (darbepoetin alfa)
BLINCYTOBLINCYTO® (blinatumomab)
ENBRELEnbrel® (etanercept)
EPOGENEPOGEN® (epoetin alfa)
EVENITYEVENITY® (romosozumab-aqqg)
KANJINTIKANJINTI® (trastuzumab-anns)
KYPROLISKYPROLIS® (carfilzomib)
LUMAKRAS/LUMYKRASLUMAKRAS® / LUMYKRAS™ (sotorasib)
MVASIMVASI® (bevacizumab-awwb)
NeulastaNeulasta® (pegfilgrastim)
NEUPOGENNEUPOGEN® (filgrastim)
NplateNplate® (romiplostim)
OnproOnpro®
OtezlaOtezla® (apremilast)
ParsabivParsabiv® (etelcalcetide)
ProliaProlia® (denosumab)
RepathaRepatha® (evolocumab)
Sensipar/MimparaSensipar®/Mimpara™ (cinacalcet)
TEZSPIRETEZSPIRE™ (tezepelumab-ekko)
VectibixVectibix® (panitumumab)
XGEVAXGEVA® (denosumab)

iii

PART I — FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS