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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 September 30, 2021
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)
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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueAMGNThe Nasdaq Stock Market LLC
1.250% Senior Notes due 2022AMGN22The 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 filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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 October 28, 2021, the registrant had 563,265,902 shares of common stock, $0.0001 par value, outstanding.



AMGEN INC.
INDEX
i


PART I — FINANCIAL INFORMATION 

Item 1.FINANCIAL STATEMENTS
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per-share data)
(Unaudited)

 Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
Revenues:
Product sales$6,320 $6,104 $18,026 $17,906 
Other revenues386 319 1,107 884 
Total revenues6,706 6,423 19,133 18,790 
Operating expenses:
Cost of sales1,609 1,561 4,736 4,562 
Research and development1,422 1,062 3,471 2,978 
Acquired in-process research and development  1,505  
Selling, general and administrative1,305 1,346 3,943 3,957 
Other(8)1 143 162 
Total operating expenses4,328 3,970 13,798 11,659 
Operating income2,378 2,453 5,335 7,131 
Other income (expense):
Interest expense, net(296)(302)(862)(944)
Other income, net73 55 97 69 
Income before income taxes2,155 2,206 4,570 6,256 
Provision for income taxes271 185 576 607 
Net income$1,884 $2,021 $3,994 $5,649 
Earnings per share:
Basic$3.32 $3.45 $6.98 $9.61 
Diluted$3.31 $3.43 $6.93 $9.54 
Shares used in calculation of earnings per share:
Basic567 585 572 588 
Diluted570 589 576 592 

See accompanying notes.
1


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
Net income$1,884 $2,021 $3,994 $5,649 
Other comprehensive income (loss), net of reclassification adjustments and taxes:
(Losses) gains on foreign currency translation(35)14 (60)(41)
Gains (losses) on cash flow hedges99 (128)241 (305)
(Losses) gains on available-for-sale securities(1)1 (1)(20)
Other(3)(7)(3)(9)
Other comprehensive income (loss), net of taxes60 (120)177 (375)
Comprehensive income$1,944 $1,901 $4,171 $5,274 

See accompanying notes.
2


AMGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)

September 30, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$11,969 $6,266 
Marketable securities952 4,381 
Trade receivables, net4,765 4,525 
Inventories4,152 3,893 
Other current assets2,542 2,079 
Total current assets24,380 21,144 
Property, plant and equipment, net4,982 4,889 
Intangible assets, net14,659 16,587 
Goodwill14,665 14,689 
Other noncurrent assets6,307 5,639 
Total assets$64,993 $62,948 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,171 $1,421 
Accrued liabilities9,383 10,141 
Current portion of long-term debt4,288 91 
Total current liabilities14,842 11,653 
Long-term debt33,291 32,895 
Long-term tax liabilities6,483 6,968 
Other noncurrent liabilities2,160 2,023 
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—565.0 shares in 2021 and 578.3 shares in 2020
31,989 31,802 
Accumulated deficit(22,964)(21,408)
Accumulated other comprehensive loss(808)(985)
Total stockholders’ equity8,217 9,409 
Total liabilities and stockholders’ equity$64,993 $62,948 

See accompanying notes.
3


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except per-share data)
(Unaudited)

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, 2020578.3 $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, 2021575.3 31,806 (21,639)(833)9,334 
Net income— — 464 — 464 
Other comprehensive loss, net of taxes— — — (35)(35)
Issuance of common stock in connection with the Company’s equity award programs
0.8 47 — — 47 
Stock-based compensation expense— 100 — — 100 
Tax impact related to employee stock-based compensation expense
— (76)— — (76)
Repurchases of common stock(6.5)— (1,592)— (1,592)
Other— — 5 — 5 
Balance as of June 30, 2021
569.6 31,877 (22,762)(868)8,247 
Net income— — 1,884 — 1,884 
Other comprehensive income, net of taxes— — — 60 60 
Dividends declared on common stock ($1.76 per share)
— — (1,017)— (1,017)
Issuance of common stock in connection with the Company’s equity award programs
 9 — — 9 
Stock-based compensation expense— 111 — — 111 
Tax impact related to employee stock-based compensation expense
— (8)— — (8)
Repurchases of common stock(4.6)— (1,069)— (1,069)
Balance as of September 30, 2021
565.0 $31,989 $(22,964)$(808)$8,217 

4



AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(In millions, except per-share data)
(Unaudited)

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, 2019
591.4 $31,531 $(21,330)$(528)$9,673 
Cumulative effect of changes in accounting principles, net of taxes
— — (2)— (2)
Net income— — 1,825 — 1,825 
Other comprehensive loss, net of taxes— — — (134)(134)
Dividends declared on common stock ($1.60 per share)
— — (938)— (938)
Issuance of common stock in connection with the Company’s equity award programs
0.9 10 — — 10 
Stock-based compensation expense— 52 — — 52 
Tax impact related to employee stock-based compensation expense
— (68)— — (68)
Repurchases of common stock(4.3)— (933)— (933)
Balance as of March 31, 2020
588.0 31,525 (21,378)(662)9,485 
Net income— — 1,803 — 1,803 
Other comprehensive loss, net of taxes— — — (121)(121)
Issuance of common stock in connection with the Company’s equity award programs
1.0 65 — — 65 
Stock-based compensation expense— 101 — — 101 
Tax impact related to employee stock-based compensation expense
— (81)— — (81)
Repurchases of common stock(2.6)— (591)— (591)
Other— — (2)— (2)
Balance as of June 30, 2020
586.4 31,610 (20,168)(783)10,659 
Net income— — 2,021 — 2,021 
Other comprehensive loss, net of taxes— — — (120)(120)
Dividends declared on common stock ($1.60 per share)
— — (952)— (952)
Issuance of common stock in connection with the Company’s equity award programs
0.1 5 — — 5 
Stock-based compensation expense— 109 — — 109 
Tax impact related to employee stock-based compensation expense
— (11)— — (11)
Repurchases of common stock(3.0)— (752)— (752)
Balance as of September 30, 2020
583.5 $31,713 $(19,851)$(903)$10,959 

See accompanying notes.

5


AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 Nine months ended
September 30,
 20212020
Cash flows from operating activities:
Net income$3,994 $5,649 
Depreciation, amortization and other2,546 2,728 
Deferred income taxes(264)(339)
Acquired in-process research and development1,505  
Other items, net187 270 
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net(269)(31)
Inventories(215)(316)
Other assets(373)64 
Accounts payable(260)(202)
Accrued income taxes, net(719)(301)
Long-term tax liabilities102 110 
Other liabilities219 712 
Net cash provided by operating activities6,453 8,344 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired(1,639) 
Purchases of marketable securities(8,901)(5,329)
Proceeds from sales of marketable securities4,403 2,597 
Proceeds from maturities of marketable securities7,927 2,338 
Purchases of property, plant and equipment(593)(435)
Purchases of equity method investments(154)(3,154)
Other(80)(34)
Net cash provided by (used in) investing activities963 (4,017)
Cash flows from financing activities:
Net proceeds from issuance of debt4,946 8,914 
Repayment of debt (5,000)
Repurchases of common stock(3,532)(2,281)
Dividends paid(3,023)(2,823)
Other(104)(87)
Net cash used in financing activities(1,713)(1,277)
Increase in cash and cash equivalents5,703 3,050 
Cash and cash equivalents at beginning of period6,266 6,037 
Cash and cash equivalents at end of period$11,969 $9,087 

See accompanying notes.
6


AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
(Unaudited)

1. Summary of significant accounting policies
Business
Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Basis of presentation
The financial information for the three and nine months ended September 30, 2021 and 2020, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year.
The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Reports on Form 10-Q for the periods ended March 31, 2021 and June 30, 2021.
Principles of consolidation
The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net
Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $9.2 billion and $9.0 billion as of September 30, 2021 and December 31, 2020, respectively.
Recent accounting pronouncements
In March 2020, the Financial Accounting Standards Board (FASB) issued a new accounting standard to ease the financial reporting burdens caused by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, commonly referred to as reference rate reform. The new standard provides temporary optional expedients and exceptions to current GAAP guidance on contract modifications and hedge accounting. Specifically, a modification to transition to an alternative reference rate is treated as an event that does not require contract remeasurement or reassessment of a previous accounting treatment. Moreover, for all types of hedging relationships, an entity is permitted to change the reference rate without having to dedesignate the hedging relationship. The standard is generally effective for all contract modifications made and hedging relationships evaluated through December 31, 2022. In January 2021, the FASB issued a new accounting standard to expand on the scope of the original March 2020 standard to include derivative instruments on discounting transactions. We are currently evaluating the impacts that the two standards will have on our condensed consolidated financial statements.

7


2. Acquisitions
On April 16, 2021, Amgen completed its acquisition of Five Prime Therapeutics, Inc. (Five Prime) for total consideration of $1.6 billion, net of cash acquired. The purchase price was funded with cash on hand. This transaction was accounted for as an asset acquisition because substantially all the value of the assets acquired was concentrated in the intellectual property rights of bemarituzumab, a phase 3 trial-ready, first-in-class program for gastric cancer. Five Prime’s operations have been included in our condensed consolidated financial statements commencing after the acquisition date.
We allocated the consideration to acquire Five Prime to: the bemarituzumab in-process research and development (IPR&D) program of $1.5 billion, which was expensed immediately in Acquired IPR&D expense in the Condensed Consolidated Statements of Income; deferred tax assets of $177 million; and other net liabilities of $47 million. The acquired IPR&D expense was not tax deductible.
8


3. Revenues
We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of rest-of-world (ROW) revenues relates to products sold in Europe.
Revenues were as follows (in millions):
Three months ended September 30,
20212020
U.S.ROWTotalU.S.ROWTotal
Enbrel® (etanercept)
$1,263 $26 $1,289 $1,289 $36 $1,325 
Prolia® (denosumab)
530 273 803 478 223 701 
Otezla® (apremilast)
495 114 609 439 99 538 
XGEVA® (denosumab)
372 145 517 363 118 481 
Neulasta® (pegfilgrastim)
360 55 415 484 71 555 
Aranesp® (darbepoetin alfa)
149 247 396 158 226 384 
Repatha® (evolocumab)
139 133 272 92 113 205 
KYPROLIS® (carfilzomib)
198 95 293 173 87 260 
Other products1,052 674 1,726 1,142 513 1,655 
Total product sales(1)
$4,558 $1,762 6,320 $4,618 $1,486 6,104 
Other revenues386 319 
Total revenues$6,706 $6,423 
Nine months ended September 30,
20212020
U.S.ROWTotalU.S.ROWTotal
ENBREL$3,270 $87 $3,357 $3,619 $105 $3,724 
Prolia®
1,569 806 2,375 1,341 673 2,014 
Otezla®
1,284 335 1,619 1,280 298 1,578 
XGEVA®
1,061 412 1,473 1,036 361 1,397 
Neulasta®
1,215 168 1,383 1,538 219 1,757 
Aranesp®
409 709 1,118 489 704 1,193 
Repatha®
421 423 844 331 303 634 
KYPROLIS®
547 277 824 527 266 793 
Other products3,059 1,974 5,033 3,164 1,652 4,816 
Total product sales(1)
$12,835 $5,191 18,026 $13,325 $4,581 17,906 
Other revenues1,107 884 
Total revenues$19,133 $18,790 
____________
(1)    Hedging gains and losses, which are included in product sales, were not material for the three and nine months ended September 30, 2021 and 2020.

9


4. Income taxes
The effective tax rate for the three and nine months ended September 30, 2021, was 12.6% for both periods, compared with rates of 8.4% and 9.7%, respectively, for the corresponding periods of the prior year.
The increase in our effective tax rate for the three and nine months ended September 30, 2021, was primarily due to the non-deductible IPR&D expense arising from the acquisition of Five Prime and prior year favorable items partially offset by a change in earnings mix. The effective tax rates differ from the federal statutory rate primarily as a result of foreign earnings from the Company’s operations conducted in Puerto Rico, a territory of the United States treated as a foreign jurisdiction for U.S. tax purposes, that are subject to a tax incentive grant through 2035. In addition, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2034. These foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%.
The U.S. territory of Puerto Rico imposes an excise tax on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. The rate of 4% is effective through December 31, 2027. We account for the excise tax as a manufacturing cost that is capitalized in inventory and expensed in cost of sales when the related products are sold. For U.S. income tax purposes, the excise tax results in foreign tax credits that are generally recognized in our provision for income taxes when the excise tax is incurred.
One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. In 2017, we received a Revenue Agent Report (RAR) and a modified RAR from the Internal Revenue Service (IRS) for the years 2010, 2011 and 2012 proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagreed with the proposed adjustments and calculations and pursued a resolution with the IRS administrative appeals office. As previously reported, we were unable to reach resolution with the IRS appeals office. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for 2010, 2011 and 2012 that we received in May and July 2021. The duplicate Notices seek to increase our U.S. taxable income by an amount that would result in additional federal tax of approximately $3.6 billion, plus interest. Any additional tax that could be imposed would be reduced by up to approximately $900 million of repatriation tax previously accrued on our foreign earnings. In any event, we firmly believe that the IRS’s positions in the Notices are without merit, and we will vigorously contest the Notices through the judicial process.
In addition, in 2020, we received an RAR and a modified RAR from the IRS for the years 2013, 2014 and 2015 also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico, similar to those proposed for the years 2010, 2011 and 2012. We disagree with the proposed adjustments and calculations and have been pursuing resolution with the IRS administrative appeals office. As a consequence of the Tax Court litigation for the 2010-2012 period, the IRS administrative appeals office recently informed us that it does not plan to engage in discussions at this time regarding the allocation of profits between our entities in the United States and the U.S. territory of Puerto Rico for the 2013-2015 period. We are currently under examination by the IRS for the years 2016, 2017 and 2018. We are also currently under examination by a number of other state and foreign tax jurisdictions.
Final resolution of these complex matters is not likely within the next 12 months. We believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our condensed consolidated financial statements. We are no longer subject to U.S. federal income tax examinations for the years ended on or before December 31, 2009.
During the three and nine months ended September 30, 2021, the gross amounts of our unrecognized tax benefits (UTBs) increased $70 million and $180 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of September 30, 2021, if recognized, would affect our effective tax rate.

10


5. Earnings per share
The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
The computations for basic and diluted EPS were as follows (in millions, except per-share data):
 Three months ended
September 30,
Nine months ended
September 30,
 2021202020212020
Income (Numerator):
Net income for basic and diluted EPS$1,884 $2,021 $3,994 $5,649 
Shares (Denominator):
Weighted-average shares for basic EPS567 585 572 588 
Effect of dilutive securities3 4 4 4 
Weighted-average shares for diluted EPS570 589 576 592 
Basic EPS$3.32 $3.45 $6.98 $9.61 
Diluted EPS$3.31 $3.43 $6.93 $9.54 
For the three and nine months ended September 30, 2021 and 2020, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

6. Collaborations
On July 30, 2021, we closed our collaboration and licensing agreement with Kyowa Kirin Co., Ltd. (KKC) to jointly develop and commercialize an anti-OX40 fully human monoclonal antibody (AMG 451) worldwide, except in Japan. AMG 451 is for the treatment of atopic dermatitis, with potential in other autoimmune diseases.
Under the terms of the agreement, we will lead the global development, manufacturing and commercialization of AMG 451, except in Japan. KKC will co-promote AMG 451 with Amgen in the United States and h