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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 June 30, 2024


☐			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)


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)

(805) 447-1000

(Registrant’s telephone number, including area code)

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


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

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 August 1, 2024, the registrant had 537,329,220 shares of common stock, $0.0001 par value, outstanding.

AMGEN INC.

INDEX


		Page No.
	DEFINED TERMS AND PRODUCTS	ii
PART I—FINANCIAL INFORMATION		1
Item 1.	FINANCIAL STATEMENTS	1
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME	1
	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	2
	CONDENSED CONSOLIDATED BALANCE SHEETS	3
	CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	4
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	6
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
Item 4.	CONTROLS AND PROCEDURES	44
PART II—OTHER INFORMATION		45
Item 1.	LEGAL PROCEEDINGS	45
Item 1A.	RISK FACTORS	45
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	54
Item 5.	OTHER INFORMATION	54
Item 6.	EXHIBITS	54
INDEX TO EXHIBITS		55
SIGNATURES		61

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.


Term			Description
AOCI			accumulated other comprehensive income (loss)

AstraZeneca			AstraZeneca plc
B-ALL			B-cell precursor acute lymphoblastic leukemia
BeiGene			BeiGene, Ltd.

ChemoCentryx			ChemoCentryx, Inc.
CMS			Centers for Medicare & Medicaid Services
COVID-19			coronavirus disease 2019

EMA			European Medicines Agency
EPS			earnings per share

EU			European Union
FDA			U.S. Food and Drug Administration
Fitch			Fitch Ratings, Inc.
FTC			Federal Trade Commission
GAAP			U.S. generally accepted accounting principles

HHS			U.S. Department of Health and Human Services
Horizon			Horizon Therapeutics plc
IPR&D			in-process research and development
IRA			Inflation Reduction Act of 2022
IRS			Internal Revenue Service


MD&A			management’s discussion and analysis
Moody’s			Moody’s Investors Service, Inc.
Neumora			Neumora Therapeutics, Inc.
OECD			Organisation for Economic Co-operation and Development
PBM			pharmacy benefit manager
PDAB			Prescription Drug Affordability Board
R&D			research and development
RANKL			receptor activator of nuclear factor kappa-B ligand
RAR			Revenue Agent Report
ROW			rest of world
S&P			Standard & Poor’s Financial Services LLC
SEC			U.S. Securities and Exchange Commission
SG&A			selling, general and administrative
SOFR			Secured Overnight Financing Rate

U.S. Treasury			U.S. Department of Treasury
UTB			unrecognized tax benefit

Products

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


Term			Description
ACTIMMUNE			ACTIMMUNE® (interferon gamma-1b)(1)
Aimovig			Aimovig® (erenumab-aooe)
AMJEVITA/AMGEVITA			AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab)
Aranesp			Aranesp® (darbepoetin alfa)
AVSOLA			AVSOLA® (infliximab-axxq)
BEKEMV			BEKEMV™ (eculizumab)
BLINCYTO			BLINCYTO® (blinatumomab)
BUPHENYL			BUPHENYL® (sodium phenylbutyrate)(1)
Corlanor			Corlanor® (ivabradine)
DUEXIS			DUEXIS® (ibuprofen and famotidine)(1)
ENBREL			Enbrel® (etanercept)
EPOGEN			EPOGEN® (epoetin alfa)
EVENITY			EVENITY® (romosozumab-aqqg)
IMDELLTRA			IMDELLTRA™ (tarlatamab-dlle)
IMLYGIC			IMLYGIC® (talimogene laherparepvec)
KANJINTI			KANJINTI® (trastuzumab-anns)
KRYSTEXXA			KRYSTEXXA® (pegloticase)(1)
KYPROLIS			KYPROLIS® (carfilzomib)
LUMAKRAS/LUMYKRAS			LUMAKRAS®/LUMYKRAS™ (sotorasib)
MVASI			MVASI® (bevacizumab-awwb)
Neulasta			Neulasta® (pegfilgrastim)
NEUPOGEN			NEUPOGEN® (filgrastim)
Nplate			Nplate® (romiplostim)
Otezla			Otezla® (apremilast)
Parsabiv			Parsabiv® (etelcalcetide)
PENNSAID			PENNSAID® (diclofenac sodium topical solution) 2%(1)
PROCYSBI			PROCYSBI® (cysteamine bitartrate)(1)
Prolia			Prolia® (denosumab)
QUINSAIR			QUINSAIR® (levofloxacin)(1)
RAVICTI			RAVICTI® (glycerol phenylbutyrate)(1)
RAYOS			RAYOS® (prednisone)(1)
Repatha			Repatha® (evolocumab)
RIABNI			RIABNI® (rituximab-arrx)
Sensipar/Mimpara			Sensipar®/Mimpara™ (cinacalcet)
TAVNEOS			TAVNEOS® (avacopan)
TEPEZZA			TEPEZZA® (teprotumumab-trbw)(1)
TEZSPIRE			TEZSPIRE® (tezepelumab-ekko)
UPLIZNA			UPLIZNA® (inebilizumab-cdon)(1)
Vectibix			Vectibix® (panitumumab)
WEZLANA/WEZENLA			WEZLANA™/WEZENLA™ (ustekinumab-auub)
XGEVA			XGEVA® (denosumab)

(1) Products were acquired from our Horizon acquisition on October 6, 2023.

iii

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS