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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 March 31, 2024
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
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 April 29, 2024, the registrant had 536,434,692 shares of common stock, $0.0001 par value, outstanding.



AMGEN INC.
INDEX
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Item 1A.
Item 2.
Item 5.
Item 6.
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
AOCIaccumulated other comprehensive income (loss)
ASRaccelerated share repurchase
AstraZenecaAstraZeneca plc
BeiGeneBeiGene, Ltd.
ChemoCentryxChemoCentryx, Inc.
CMSCenters for Medicare & Medicaid Services
COVID-19coronavirus disease 2019
EMAEuropean Medicines Agency
EPSearnings per share
EUEuropean Union
FDAU.S. Food and Drug Administration
FitchFitch Ratings, Inc.
FTCFederal Trade Commission
GAAPU.S. generally accepted accounting principles
HHSU.S. Department of Health and Human Services
HorizonHorizon Therapeutics plc
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
MD&Amanagement’s discussion and analysis
Moody’sMoody’s Investors Service, Inc.
NeumoraNeumora Therapeutics, Inc.
OECDOrganisation for Economic Co-operation and Development
PBMpharmacy benefit manager
PDABPrescription Drug Affordability Board
R&Dresearch and development
RARRevenue Agent Report
ROWrest of world
S&PStandard & Poor’s Financial Services LLC
SECU.S. Securities and Exchange Commission
SG&Aselling, general and administrative
SOFRSecured Overnight Financing Rate
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
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)
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 

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

 Three months ended
March 31,
 20242023
Revenues:
Product sales$7,118 $5,846 
Other revenues329 259 
Total revenues7,447 6,105 
Operating expenses:
Cost of sales3,200 1,720 
Research and development1,343 1,058 
Selling, general and administrative1,808 1,258 
Other105 148 
Total operating expenses6,456 4,184 
Operating income991 1,921 
Other income (expense):
Interest expense, net(824)(543)
Other (expense) income, net(235)2,064 
(Loss) income before income taxes(68)3,442 
Provision for income taxes45 601 
Net (loss) income$(113)$2,841 
(Loss) earnings per share:
Basic$(0.21)$5.32 
Diluted$(0.21)$5.28 
Shares used in calculation of (loss) earnings per share:
Basic536 534 
Diluted536 538 

See accompanying notes.
1


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

Three months ended
March 31,
 20242023
Net (loss) income$(113)$2,841 
Other comprehensive income (loss), net of reclassification adjustments and taxes:
Foreign currency translation(24)28 
Cash flow hedges126 (86)
Other(3)21 
Other comprehensive income (loss), net of reclassification adjustments and taxes99 (37)
Comprehensive (loss) income$(14)$2,804 

See accompanying notes.
2


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

March 31, 2024December 31, 2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$9,708 $10,944 
Trade receivables, net6,776 7,268 
Inventories8,724 9,518 
Other current assets2,821 2,602 
Total current assets28,029 30,332 
Property, plant and equipment, net6,002 5,941 
Intangible assets, net31,372 32,641 
Goodwill18,570 18,629 
Other noncurrent assets9,007 9,611 
Total assets$92,980 $97,154 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,628 $1,590 
Accrued liabilities14,127 15,359 
Current portion of long-term debt3,959 1,443 
Total current liabilities19,714 18,392 
Long-term debt60,061 63,170 
Long-term deferred tax liabilities1,862 2,354 
Long-term tax liabilities3,964 4,680 
Other noncurrent liabilities2,357 2,326 
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—536.4 shares in 2024 and 535.4 shares in 2023
33,082 33,070 
Accumulated deficit(27,870)(26,549)
Accumulated other comprehensive loss(190)(289)
Total stockholders’ equity5,022 6,232 
Total liabilities and stockholders’ equity$92,980 $97,154 

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, 2023
535.4 $33,070 $(26,549)$(289)$6,232 
Net loss— — (113)— (113)
Other comprehensive income, net of taxes— — — 99 99 
Dividends declared on common stock ($2.25 per share)
— — (1,208)— (1,208)
Issuance of common stock in connection with the Company’s equity award programs
1.0 34 — — 34 
Stock-based compensation expense— 103 — — 103 
Tax impact related to employee stock-based compensation expense
— (125)— — (125)
Balance as of March 31, 2024
536.4 $33,082 $(27,870)$(190)$5,022 


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, 2022
534.0 $32,514 $(28,622)$(231)$3,661 
Net income— — 2,841 — 2,841 
Other comprehensive loss, net of taxes— — — (37)(37)
Dividends declared on common stock ($2.13 per share)
— — (1,138)— (1,138)
Issuance of common stock in connection with the Company’s equity award programs
0.3 11 — — 11 
Stock-based compensation expense— 47 — — 47 
Tax impact related to employee stock-based compensation expense
— (37)— — (37)
Balance as of March 31, 2023
534.3 $32,535 $(26,919)$(268)$5,348 

See accompanying notes.

4


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

 Three months ended
March 31,
 20242023
Cash flows from operating activities:
Net (loss) income$(113)$2,841 
Depreciation, amortization and other1,399 900 
Stock-based compensation expense103 47 
Deferred income taxes(401)(49)
Adjustments for equity method investments(27)(31)
Losses (gains) on equity securities515 (1,830)
Other items, net(95)(60)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net486 (144)
Inventories806 (58)
Other assets(89)(139)
Accounts payable23 (253)
Accrued income taxes, net223 443 
Long-term tax liabilities(715)107 
Accrued liabilities(1,054)(230)
Accrued sales incentives and allowance(316)(402)
Other liabilities(56)(78)
Net cash provided by operating activities689 1,064 
Cash flows from investing activities:
Proceeds from sales of marketable securities 1,124 
Proceeds from maturities of marketable securities 550 
Purchases of property, plant and equipment(230)(344)
Other13 28 
Net cash (used in) provided by investing activities(217)1,358 
Cash flows from financing activities:
Net proceeds from issuance of debt 23,798 
Extinguishment of debt(410)(420)
Repayment of debt (704)
Dividends paid(1,208)(1,137)
Other(90)(28)
Net cash (used in) provided by financing activities(1,708)21,509 
(Decrease) increase in cash and cash equivalents(1,236)23,931 
Cash and cash equivalents at beginning of period10,944 7,629 
Cash and cash equivalents at end of period$9,708 $31,560 

See accompanying notes.
5


AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(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 months ended March 31, 2024 and 2023, 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, 2023.
Principles of consolidation
The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with the current presentation.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with 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 $9.9 billion and $9.8 billion as of March 31, 2024 and December 31, 2023, respectively.
Recent accounting pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued a new accounting standard that improves reportable segment disclosure requirements. The new standard requires enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for public business entities for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures.
In December 2023, the FASB issued a new accounting standard that improves income tax disclosure requirements. The new standard requires more detailed information on several income tax disclosures, such as income taxes paid and the income tax rate reconciliation table. The standard is effective for public business entities for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures.

6


2. Acquisitions
Acquisition of Horizon Therapeutics plc
On October 6, 2023, Amgen completed its acquisition of Horizon for $116.50 per share in cash, representing a total consideration of approximately $27.8 billion. Horizon is a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs of patients impacted by rare, autoimmune and severe inflammatory diseases. The acquisition, which was accounted for as a business combination, aligns with Amgen’s core strategy of delivering innovative medicines that make a significant difference for patients suffering from serious diseases and strengthens Amgen’s leading rare disease portfolio by adding first-in-class, early-in-lifecycle medicines, including TEPEZZA for thyroid eye disease, KRYSTEXXA for chronic refractory gout and UPLIZNA for neuromyelitis optica spectrum disorder. Upon its acquisition, Horizon became a wholly owned subsidiary of Amgen, and its operations have been included in our consolidated financial statements commencing on the acquisition date.
Measurement period adjustments during the three months ended March 31, 2024, included changes to the purchase price allocation, resulting in a net decrease of approximately $49 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired assets and liabilities, including sales reserve and allowances as well as right-of-use assets and liabilities based on facts and circumstances that existed as of the acquisition date and did not result from events subsequent to the acquisition date. The adjustments did not have a significant impact on Amgen’s results of operations during the three months ended March 31, 2024, and would not have had a significant impact on prior period results if the adjustments had been made as of the acquisition date.
The following table summarizes the total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed, inclusive of measurement period adjustments (in millions):
Amounts
Cash and cash equivalents$681 
Inventories5,025 
Property, plant and equipment, net318 
Finite-lived intangible assets – developed-product-technology rights19,590 
IPR&D1,060 
Goodwill3,062 
Deferred tax asset834 
Deferred tax liability(2,492)
Other assets and liabilities, net(245)
Total assets acquired, net$27,833 
The $27.8 billion total consideration for this transaction consisted of (i) cash consideration transferred to common shareholders of $26.7 billion; (ii) cash consideration transferred to vested and outstanding options, outstanding restricted stock unit (RSU) awards, and outstanding performance share unit (PSU) awards of $523 million; (iii) fair value of Amgen replacement awards (based on conversion of outstanding employee RSU awards) of $180 million representing non-cash consideration; and (iv) a portion of Horizon’s debt, settled by Amgen on the closing date, of $382 million. Amgen issued 1.7 million replacement equity awards with the original vesting conditions, and fair value was determined based on acquisition date fair value based on the conversion calculation.
The estimated fair values of $20.7 billion for the developed-product-technology rights and IPR&D intangible assets were determined using a multi-period excess earnings income approach that discounts expected future cash flows to present value by applying a discount rate that represents the estimated rate that market participants would use to value the intangible assets. The projected cash flows were based on certain assumptions attributable to the respective intangible asset, including estimates of future revenues and expenses, the time and resources needed to complete development and the probabilities of obtaining marketing approval from the FDA and other regulatory agencies. The developed-product-technology rights are being amortized on a straight-line basis over a weighted-average period of approximately 10 years from the acquisition date using the straight-line methodology.
The estimated fair value of the acquired inventory of $5.0 billion was determined using the comparative sales method, which uses actual or expected selling prices of inventory as the base amount to which adjustments for selling effort and a profit on the buyer’s effort are applied. The inventory fair value adjustment is being amortized using a weighted-average inventory turnover, which we estimate to approximate 27 months from the acquisition date.
7


A deferred tax liability of $2.5 billion was recognized on the temporary differences related to the book bases and tax bases of the acquired identifiable assets and assumed liabilities, primarily driven by the intangible assets acquired, as well as associated deferred tax asset for anticipatory foreign tax credits of $834 million.
The excess of the acquisition date consideration over the fair values assigned to the assets acquired and the liabilities assumed of $3.1 billion was recorded as goodwill, which is not deductible for tax purposes. The goodwill value represents expected synergies from the marketed products acquired and other benefits.
Our accounting for this acquisition is preliminary and will be finalized upon completion of our analysis to determine the acquisition date fair values of certain assets acquired, liabilities assumed and tax-related items as we obtain additional information during the measurement period of up to one year from the acquisition date.
Supplemental Pro Forma Financial Information
The following table presents the unaudited supplemental pro forma results of a hypothetical combined Amgen and Horizon entity for the three months ended March 31, 2023, as if the acquisition of Horizon had occurred on January 1, 2022 (in millions):
Three months ended
March 31, 2023
Total revenue$6,941 
Net income$2,182 
The unaudited supplemental pro forma combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Amgen and Horizon. In order to reflect the occurrence of the acquisition on January 1, 2022, the unaudited supplemental pro forma financial information includes adjustments to reflect the following: (i) incremental amortization expense based on the current preliminary fair values of the identifiable intangible assets and inventory step-up; (ii) the additional interest expense associated with the issuance of debt to finance the acquisition; and (iii) the income tax impact using an estimated effective tax rate applied to the combined entity. The unaudited supplemental pro forma financial information is not necessarily indicative of what the condensed consolidated results of operations would have been had the acquisition been completed on January 1, 2022. In addition, the unaudited supplemental pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.
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 ROW revenues relates to products sold in Europe.
Revenues were as follows (in millions):
Three months ended March 31,
20242023
U.S.ROWTotalU.S.ROWTotal
Prolia$657 $342 $999 $623 $304 $927 
ENBREL561 6 567 564 15 579 
XGEVA366 195 561 384 152 536 
Repatha273 244 517 197 191 388 
TEPEZZA(1)
419 5 424    
Otezla293 101 394 294 98 392 
KYPROLIS234 142 376 234 124 358 
Aranesp100 249 349 115 240 355 
EVENITY236 106 342 164 90 254 
Nplate190 127 317 246 116 362 
Vectibix120 127 247 111 122 233 
BLINCYTO153 91 244 126 68 194 
KRYSTEXXA(1)
235  235    
TEZSPIRE(2)
173  173 96  96 
Other products(3)
963 410 1,373 821 351 1,172 
Total product sales(4)
$4,973 $2,145 7,118 $3,975 $1,871 5,846 
Other revenues329 259 
Total revenues$7,447 $6,105 
____________
(1)    TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.
(2)    TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.
(3)    Consists of product sales of our non-principal products.
(4)    Hedging gains and losses, which are included in product sales, were not material for the three months ended March 31, 2024 and 2023.

9


4. Income taxes
The income tax provisions for the three months ended March 31, 2024 and 2023, were tax expenses of $45 million and $601 million, respectively, on a pretax loss of $68 million and a pretax income of $3,442 million, respectively. The effective tax rates for the three months ended March 31, 2024 and 2023, were (66.2)% and 17.5%, respectively.

The decrease in our effective tax rate for the three months ended March 31, 2024, was primarily due to the earnings mix as a result of the inclusion of the Horizon business, amortization of Horizon acquired assets and the first quarter 2024 unrealized loss on our BeiGene investment. See Note 6, Investments—BeiGene, Ltd. The effective tax rates differ from the federal statutory rate primarily due to impacts of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations where the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to a tax incentive grant through 2050. Additionally, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2036. Our foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%. Additionally, effective January 1, 2024, selected individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Our legal entities in such countries, along with their direct and indirect subsidiaries, are now subject to a 15% minimum tax rate on adjusted financial statement income.
Beginning on January 1, 2023, we were no longer subject to a 4% excise tax in the U.S. territory of Puerto Rico on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. We qualify for and are subject to the alternative income tax rate on industrial development income of our Puerto Rico affiliate. In the United States, this income tax qualifies for foreign tax credits. Both this income tax and the associated foreign tax credits are generally recognized in our provision for income taxes. We accounted for the 2022 excise tax that was capitalized in Inventories as an expense in Cost of sales when the related products were sold in the first half of 2023, and a foreign tax credit was not recognized with respect to the excise tax expense in 2023. We do not have this excise tax exposure in 2024.
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 can and have arisen 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. Tax authorities, including the IRS, are becoming more aggressive and are particularly focused on such matters.
In 2017, we received an RAR and a modified RAR from the IRS for the years 2010–2012, 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 resolution with the IRS appeals office but were unable to reach resolution. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for the years 2010–2012 that we received in May and July 2021, which seek to increase our U.S. taxable income for the years 2010–2012 by an amount that would result in additional federal tax of approximately $3.6 billion plus interest. Any additional tax that could be imposed for the years 2010–2012 would be reduced by up to approximately $900 million of repatriation tax previously accrued on our foreign earnings.
In 2020, we received an RAR and a modified RAR from the IRS for the years 2013–2015, 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 2010–2012. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office but were unable to reach resolution. In July 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015 that we previously reported receiving in April 2022 that seeks to increase our U.S. taxable income for the years 2013–2015 by an amount that would result in additional federal tax of approximately $5.1 billion, plus interest. In addition, the Notice asserts penalties of approximately $2.0 billion. Any additional tax that could be imposed for the years 2013–2015 would be reduced by up to approximately $2.2 billion of repatriation tax previously accrued on our foreign earnings.
We firmly believe that the IRS positions set forth in the 2010–2012 and 2013–2015 Notices are without merit. We are contesting the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court on December 19, 2022. The trial is currently scheduled to begin on November 4, 2024.
We are currently under examination by the IRS for the years 2016–2018 with respect to issues similar to those for the 2010 through 2015 period. In addition, we are under examination by a number of state and foreign tax jurisdictions.
10


Final resolution of these complex matters is not likely within the next 12 months. We continue to 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.
During the three months ended March 31, 2024, the gross amounts of our UTBs increased by $40 million as a result of tax positions taken during the current year. Substantially all of the UTBs as of March 31, 2024, if recognized, would affect our effective tax rate.

5. Earnings per share
The computation of basic 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. As the Company recorded a net loss for the three months ended March 31, 2024, 5 million shares of employee stock-based awards were excluded in the computation of diluted loss per share because the effect would have been antidilutive.
The computations for basic and diluted (loss) earnings per share were as follows (in millions, except per-share data):
 Three months ended
March 31,
 20242023
Income (Numerator):
Net (loss) income for basic and diluted (loss) earnings per share$(113)$2,841 
Shares (Denominator):
Weighted-average shares for basic (loss) earnings per share536 534 
Effect of dilutive securities 4 
Weighted-average shares for diluted (loss) earnings per share536 538 
Basic (loss) earnings per share$(0.21)$5.32 
Diluted (loss) earnings per share$(0.21)$5.28 
For the three months ended March 31, 2023, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.
11


6. Investments
Available-for-sale investments
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):
Types of securities as of March 31, 2024Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
Money market mutual funds$9,099 $ $ $9,099 
Other short-term interest-bearing securities138   138 
Total interest-bearing securities$9,237 $ $ $9,237 

Types of securities as of December 31, 2023Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
Money market mutual funds$10,266 $ $ $10,266 
Other short-term interest-bearing securities138   138 
Total interest-bearing securities$10,404 $ $ $10,404 
The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):
Condensed Consolidated Balance Sheets locationsMarch 31, 2024December 31, 2023
Cash and cash equivalents$9,237 $10,404 
Total interest-bearing securities$9,237 $10,404 
Cash and cash equivalents in the above table excludes bank account cash of $471 million and $540 million as of March 31, 2024 and December 31, 2023, respectively.
All interest-bearing securities as of March 31, 2024 and December 31, 2023, mature in one year or less.
For the three months ended March 31, 2024 and 2023, realized gains and losses on interest-bearing securities were not material. Realized gains and losses on interest-bearing securities are recorded in Other (expense) income, net, in the Condensed Consolidated Statements of (Loss) Income. The cost of securities sold is based on the specific-identification method.
The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
Equity securities
BeiGene, Ltd.
Effective January 30, 2023, we relinquished our right to appoint a director to BeiGene’s Board of Directors. We no longer have the ability to exert significant influence over BeiGene. As a result, in the first quarter of 2023, we began to account for our ownership interest as an equity security with a readily determinable fair value, with changes in fair value recorded in Other (expense) income, net. See Note 11, Fair value measurement. During the three months ended March 31, 2024 and 2023, we recognized an unrealized loss of $454 million and an unrealized gain of $1.9 billion, respectively, recorded in Other (expense) income, net, in our Condensed Consolidated Statements of (Loss) Income. As of March 31, 2024 and December 31, 2023, the carrying and fair values of our equity investment in BeiGene were $3.0 billion and $3.4 billion, respectively, and were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets.
Subject to certain exceptions or otherwise agreed to by BeiGene, while Amgen holds at least 5.0% of BeiGene’s outstanding common stock, (A) we may only sell our BeiGene equity investment via: (i) a registered public offering, (ii) a sale under Rule 144 of the Securities Act of 1933 (the “Securities Act”) or (iii) a private sale exempt from registration requirements under the Securities Act, and (B) we may not sell more than 5.0% of BeiGene’s outstanding common stock in any rolling 12-month period.
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Other equity securities
Excluding our equity investments in BeiGene and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $536 million and $494 million as of March 31, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024 and 2023, net unrealized gains on these publicly traded securities were $50 million and $5 million, respectively. Realized gains and losses on sales of publicly traded securities for the three months ended March 31, 2024 and 2023, were not material.
We held investments of $333 million and $309 million in equity securities without readily determinable fair values as of March 31, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2024 and 2023, upward and downward adjustments on these securities were not material. Adjustments were based on observable price transactions.
Equity method investments
Neumora Therapeutics, Inc.
As of March 31, 2024 and December 31, 2023, our ownership interests in Neumora were approximately 22.3% and 23.2%, respectively, and the fair values of our investment were $486 million and $603 million, respectively. During the three months ended March 31, 2024 and 2023, we recognized net losses of $117 million and $47 million, respectively. Although our equity investment qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other (expense) income, net, in our Condensed Consolidated Statements of (Loss) Income each reporting period. See Note 11, Fair value measurement. We believe the fair value option best reflects the economics of the underlying transaction.
We are contractually restricted from selling more than 5.0% of Neumora’s outstanding common stock in any rolling 12-month period for as long as we hold at least 10.0% of their outstanding common stock, subject to certain exceptions or otherwise agreed to by Neumora.
Limited partnerships
We held limited partnership investments of $278 million and $251 million as of March 31, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. These investments, primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of March 31, 2024, unfunded additional commitments to be made for these investments during the next several years amounted to $164 million. For the three months ended March 31, 2024 and 2023, net unrealized gains from our limited partnership investments were $27 million and $20 million, respectively, recorded in Other (expense) income, net, in our Condensed Consolidated Statements of (Loss) Income.

7. Inventories
Inventories consisted of the following (in millions):
March 31, 2024December 31, 2023
Raw materials$928 $993 
Work in process5,270 5,747 
Finished goods2,526 2,778 
Total inventories$8,724 $9,518 

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8. Goodwill and other intangible assets
Goodwill
The change in the carrying amount of goodwill was as follows (in millions):
Three months ended
March 31, 2024
Beginning balance$18,629 
Adjustments to goodwill resulting from acquisitions (1)
(49)
Currency translation adjustment(10)
Ending balance$18,570 
____________
(1)     For the three months ended March 31, 2024, adjustments to goodwill consisted of a measurement period adjustment related to our Horizon acquisition. See Note 2, Acquisitions.
Other intangible assets
Other intangible assets consisted of the following (in millions):
 March 31, 2024December 31, 2023
 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$48,625 $(19,184)$29,441 $48,631 $(18,049)$30,582 
Licensing rights3,864 (3,297)567 3,865 (3,265)600 
Marketing-related rights1,203 (1,148)55 1,339 (1,264)75 
Research and development technology rights1,388 (1,229)159 1,394 (1,228)166 
Total finite-lived intangible assets55,080 (24,858)30,222 55,229 (23,806)31,423 
Indefinite-lived intangible assets:
In-process research and development1,150 — 1,150 1,218 — 1,218 
Total other intangible assets$56,230 $(24,858)$31,372 $56,447 $(23,806)$32,641 
Developed-product-technology rights consists of rights related to marketed products. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses.
IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.
During the three months ended March 31, 2024 and 2023, we recognized amortization associated with our finite-lived intangible assets of $1.2 billion and $693 million, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of (Loss) Income. As of March 31, 2024, the total estimated amortization of our finite-lived intangible assets for the remaining nine months ending December 31, 2024, and the years ending December 31, 2025, 2026, 2027, 2028 and 2029, are $3.6 billion, $4.5 billion, $3.9 billion, $3.9 billion, $2.9 billion and $2.2 billion, respectively.
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9. Financing arrangements
Our borrowings consisted of the following (in millions):
 March 31, 2024December 31, 2023
3.625% notes due 2024 (3.625% 2024 Notes)
$1,400 $1,400 
1.90% notes due 2025 (1.90% 2025 Notes)
500 500 
5.25% notes due 2025 (5.25% 2025 Notes)
2,000 2,000 
Term loan due April 20252,000 2,000 
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)
809 828 
5.507% notes due 2026 (5.507% 2026 Notes)
1,500 1,500 
2.60% notes due 2026 (2.60% 2026 Notes)
1,250 1,250 
Term loan due October 20262,000 2,000 
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)
600 605 
2.20% notes due 2027 (2.20% 2027 Notes)
1,724 1,724 
3.20% notes due 2027 (3.20% 2027 Notes)
1,000 1,000 
5.15% notes due 2028 (5.15% 2028 Notes)
3,750 3,750 
1.65% notes due 2028 (1.65% 2028 Notes)
1,234 1,234 
3.00% notes due 2029 (3.00% 2029 Notes)
750 750 
4.05% notes due 2029 (4.05% 2029 Notes)
1,250 1,250 
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
884 892 
2.45% notes due 2030 (2.45% 2030 Notes)
1,250 1,250 
5.25% notes due 2030 (5.25% 2030 Notes)
2,750 2,750 
2.30% notes due 2031 (2.30% 2031 Notes)
1,250 1,250 
2.00% notes due 2032 (2.00% 2032 Notes)
1,001 1,001 
3.35% notes due 2032 (3.35% 2032 Notes)
1,000 1,000 
4.20% notes due 2033 (4.20% 2033 Notes)
750 750 
5.25% notes due 2033 (5.25% 2033 Notes)
4,250 4,250 
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)
1,768 1,803 
5.75% notes due 2040 (5.75% 2040 Notes)
373 373 
2.80% notes due 2041 (2.80% 2041 Notes)
828 949 
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 
5.60% notes due 2043 (5.60% 2043 Notes)
2,750 2,750 
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)
1,914 2,132 
4.663% notes due 2051 (4.663% 2051 Notes)
3,541 3,541 
3.00% notes due 2052 (3.00% 2052 Notes)
919 999 
4.20% notes due 2052 (4.20% 2052 Notes)
895 950 
4.875% notes due 2053 (4.875% 2053 Notes)
1,000 1,000 
5.65% notes due 2053 (5.65% 2053 Notes)
4,250 4,250 
2.77% notes due 2053 (2.77% 2053 Notes)
940 940 
4.40% notes due 2062 (4.40% 2062 Notes)
1,165 1,200 
15


 March 31, 2024December 31, 2023
5.75% notes due 2063 (5.75% 2063 Notes)
2,750 2,750 
Other notes due 2097100 100 
Unamortized bond discounts, premiums and issuance costs, net(1,404)(1,420)
Fair value adjustments(363)(314)
Other33 17 
Total carrying value of debt64,020 64,613 
Less current portion(3,959)(1,443)
Total long-term debt$60,061 $63,170 
There are no material differences between the effective interest rates and coupon rates of any of our borrowings, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.
The Term loans have an interest rate of three-month SOFR plus 1.225%.
Debt extinguishment
During the three months ended March 31, 2024, we repurchased portions of the 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes for an aggregate cost of $410 million, which resulted in the recognition of a $133 million gain on extinguishment of debt recorded in Other (expense) income, net, in the Condensed Consolidated Statements of (Loss) Income.

10. Stockholders’ equity
Stock repurchase program
During the three months ended March 31, 2024 and 2023, we did not repurchase shares under our stock repurchase program. As of March 31, 2024, $7.0 billion of authorization remained available under our stock repurchase program.
Dividends
In March 2024, the Board of Directors declared a quarterly cash dividend of $2.25 per share, which will be paid in June 2024. In December 2023, the Board of Directors declared a quarterly cash dividend of $2.25 per share, which was paid in March 2024.
Accumulated other comprehensive income (loss)
The components of AOCI were as follows (in millions):
Foreign
currency
translation
Cash flow
hedges
OtherAOCI
Balance as of December 31, 2023$(298)$(22)$31 $(289)
Foreign currency translation adjustments(24)  (24)
Unrealized gains 178  178 
Reclassification adjustments to income (20) (20)
Other  (3)(3)
Income taxes (32) (32)
Balance as of March 31, 2024
$(322)$104 $28 $(190)
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Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):
Three months ended March 31,
Components of AOCI20242023Condensed Consolidated
Statements of (Loss) Income locations
Cash flow hedges:
Foreign currency contract gains$51 $52 Product sales
Cross-currency swap contract losses(31)(22)Other (expense) income, net
20 30 (Loss) income before income taxes
(4)(6)Provision for income taxes
$16 $24 Net (loss) income

11. Fair value measurement
To estimate the fair value of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the sources of inputs as follows:
Level 1Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
Level 2Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs
Level 3Valuations based on inputs that are unobservable and significant to the overall fair value measurement
The availability of observable inputs can vary among different types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.
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The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
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, 2024, using:Total
Assets:
Available-for-sale securities:
Money market mutual funds$9,099 $ $ $9,099 
Other short-term interest-bearing securities 138  138 
Equity securities3,985   3,985 
Derivatives:
Foreign currency forward contracts 225  225 
Total assets$13,084 $363 $ $13,447 
Liabilities:
Derivatives:
Foreign currency forward contracts$ $43 $ $43 
Cross-currency swap contracts 429  429 
Interest rate swap contracts 600  600 
Contingent consideration obligations
  96 96 
Total liabilities$ $1,072 $96 $1,168 
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, 2023, using:Total
Assets:
Available-for-sale securities:
Money market mutual funds$10,266 $ $ $10,266 
Other short-term interest-bearing securities 138  138 
Equity securities4,514   4,514 
Derivatives:
Foreign currency forward contracts 145  145 
Total assets$14,780 $283 $ $15,063 
Liabilities:
Derivatives:
Foreign currency forward contracts$ $