☑ | 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 Global Select Market | ||||||
1.250% Senior Notes Due 2022 | AMGN22 | New York Stock Exchange | ||||||
2.00% Senior Notes Due 2026 | AMGN26 | New York Stock Exchange |
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. | ||||||||
Item 1. | FINANCIAL STATEMENTS |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Product sales | $ | 6,104 | $ | 5,463 | $ | 17,906 | $ | 16,323 | |||||||||||||||
Other revenues | 319 | 274 | 884 | 842 | |||||||||||||||||||
Total revenues | 6,423 | 5,737 | 18,790 | 17,165 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of sales
|
1,561 | 1,036 | 4,562 | 3,103 | |||||||||||||||||||
Research and development | 1,062 | 1,001 | 2,978 | 2,804 | |||||||||||||||||||
Selling, general and administrative | 1,346 | 1,223 | 3,957 | 3,637 | |||||||||||||||||||
Other | 1 | 1 | 162 | (5) | |||||||||||||||||||
Total operating expenses | 3,970 | 3,261 | 11,659 | 9,539 | |||||||||||||||||||
Operating income | 2,453 | 2,476 | 7,131 | 7,626 | |||||||||||||||||||
Interest expense, net | 302 | 313 | 944 | 988 | |||||||||||||||||||
Interest and other income, net | 55 | 114 | 69 | 517 | |||||||||||||||||||
Income before income taxes | 2,206 | 2,277 | 6,256 | 7,155 | |||||||||||||||||||
Provision for income taxes | 185 | 309 | 607 | 1,016 | |||||||||||||||||||
Net income | $ | 2,021 | $ | 1,968 | $ | 5,649 | $ | 6,139 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 3.45 | $ | 3.29 | $ | 9.61 | $ | 10.08 | |||||||||||||||
Diluted | $ | 3.43 | $ | 3.27 | $ | 9.54 | $ | 10.01 | |||||||||||||||
Shares used in calculation of earnings per share: | |||||||||||||||||||||||
Basic | 585 | 599 | 588 | 609 | |||||||||||||||||||
Diluted | 589 | 602 | 592 | 613 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | 2,021 | $ | 1,968 | $ | 5,649 | $ | 6,139 | |||||||||||||||
Other comprehensive (loss) income, net of reclassification adjustments and taxes:
|
|||||||||||||||||||||||
Gains (losses) on foreign currency translation | 14 | (39) | (41) | (56) | |||||||||||||||||||
(Losses) gains on cash flow hedges | (128) | 86 | (305) | 27 | |||||||||||||||||||
Gains (losses) on available-for-sale securities | 1 | 30 | (20) | 404 | |||||||||||||||||||
Other | (7) | — | (9) | 6 | |||||||||||||||||||
Other comprehensive (loss) income, net of taxes | (120) | 77 | (375) | 381 | |||||||||||||||||||
Comprehensive income | $ | 1,901 | $ | 2,045 | $ | 5,274 | $ | 6,520 |
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 9,087 | $ | 6,037 | |||||||
Marketable securities | 3,273 | 2,874 | |||||||||
Trade receivables, net | 4,094 | 4,057 | |||||||||
Inventories | 3,942 | 3,584 | |||||||||
Other current assets | 2,265 | 1,888 | |||||||||
Total current assets | 22,661 | 18,440 | |||||||||
Property, plant and equipment, net | 4,816 | 4,928 | |||||||||
Intangible assets, net | 17,254 | 19,413 | |||||||||
Goodwill | 14,674 | 14,703 | |||||||||
Other assets | 5,232 | 2,223 | |||||||||
Total assets | $ | 64,637 | $ | 59,707 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,161 | $ | 1,371 | |||||||
Accrued liabilities | 8,701 | 8,511 | |||||||||
Current portion of long-term debt | 91 | 2,953 | |||||||||
Total current liabilities | 9,953 | 12,835 | |||||||||
Long-term debt | 34,196 | 26,950 | |||||||||
Long-term deferred tax liabilities | 210 | 606 | |||||||||
Long-term tax liabilities | 7,560 | 8,037 | |||||||||
Other noncurrent liabilities | 1,759 | 1,606 | |||||||||
Contingencies and commitments | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding — 583.5 shares in 2020 and 591.4 shares in 2019
|
31,713 | 31,531 | |||||||||
Accumulated deficit | (19,851) | (21,330) | |||||||||
Accumulated other comprehensive loss | (903) | (528) | |||||||||
Total stockholders’ equity | 10,959 | 9,673 | |||||||||
Total liabilities and stockholders’ equity | $ | 64,637 | $ | 59,707 |
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 tax
|
— | — | (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 |
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, 2018 | 629.6 | $ | 31,246 | $ | (17,977) | $ | (769) | $ | 12,500 | ||||||||||||||||||||
Net income | — | — | 1,992 | — | 1,992 | ||||||||||||||||||||||||
Other comprehensive income, net of taxes
|
— | — | — | 253 | 253 | ||||||||||||||||||||||||
Dividends declared on common stock ($1.45 per share)
|
— | — | (879) | — | (879) | ||||||||||||||||||||||||
Issuance of common stock in connection with the Company’s equity award programs
|
0.7 | 6 | — | — | 6 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 64 | — | — | 64 | ||||||||||||||||||||||||
Tax impact related to employee stock-based compensation expense
|
— | (73) | — | — | (73) | ||||||||||||||||||||||||
Repurchases of common stock | (15.9) | — | (3,031) | — | (3,031) | ||||||||||||||||||||||||
Balance as of March 31, 2019 | 614.4 | 31,243 | (19,895) | (516) | 10,832 | ||||||||||||||||||||||||
Net income | — | — | 2,179 | — | 2,179 | ||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 51 | 51 | ||||||||||||||||||||||||
Issuance of common stock in connection with the Company’s equity award programs
|
0.8 | 23 | — | — | 23 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 97 | — | — | 97 | ||||||||||||||||||||||||
Tax impact related to employee stock-based compensation expense
|
— | (50) | — | — | (50) | ||||||||||||||||||||||||
Repurchases of common stock | (13.1) | — | (2,349) | — | (2,349) | ||||||||||||||||||||||||
Other | — | — | 11 | — | 11 | ||||||||||||||||||||||||
Balance as of June 30, 2019 | 602.1 | 31,313 | (20,054) | (465) | 10,794 | ||||||||||||||||||||||||
Net income | — | — | 1,968 | — | 1,968 | ||||||||||||||||||||||||
Other comprehensive income, net of taxes
|
— | — | — | 77 | 77 | ||||||||||||||||||||||||
Dividends declared on common stock ($1.45 per share)
|
— | — | (880) | — | (880) | ||||||||||||||||||||||||
Issuance of common stock in connection with the Company’s equity award programs
|
0.3 | 37 | — | — | 37 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 108 | — | — | 108 | ||||||||||||||||||||||||
Tax impact related to employee stock-based compensation expense
|
— | (7) | — | — | (7) | ||||||||||||||||||||||||
Repurchases of common stock | (6.2) | — | (1,170) | — | (1,170) | ||||||||||||||||||||||||
Balance as of September 30, 2019 | 596.2 | $ | 31,451 | $ | (20,136) | $ | (388) | $ | 10,927 |
Nine months ended
September 30, |
|||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 5,649 | $ | 6,139 | |||||||
Depreciation, amortization and other | 2,728 | 1,504 | |||||||||
Deferred income taxes | (339) | (172) | |||||||||
Other items, net | 270 | 169 | |||||||||
Changes in operating assets and liabilities, net of acquisition: | |||||||||||
Trade receivables, net | (31) | (63) | |||||||||
Inventories | (316) | (101) | |||||||||
Other assets | 64 | (269) | |||||||||
Accounts payable | (202) | (196) | |||||||||
Accrued income taxes, net | (301) | (128) | |||||||||
Long-term tax liabilities | 110 | (262) | |||||||||
Other liabilities | 712 | 15 | |||||||||
Net cash provided by operating activities | 8,344 | 6,636 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of marketable securities | (5,329) | (9,062) | |||||||||
Proceeds from sales of marketable securities | 2,597 | 3,019 | |||||||||
Proceeds from maturities of marketable securities | 2,338 | 18,441 | |||||||||
Purchases of property, plant and equipment | (435) | (430) | |||||||||
Purchases of equity method investments | (3,154) | (14) | |||||||||
Other | (34) | (282) | |||||||||
Net cash (used in) provided by investing activities | (4,017) | 11,672 | |||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of debt | 8,914 | — | |||||||||
Repayment of debt | (5,000) | (4,514) | |||||||||
Repurchases of common stock | (2,281) | (6,608) | |||||||||
Dividends paid | (2,823) | (2,649) | |||||||||
Other | (87) | (67) | |||||||||
Net cash used in financing activities | (1,277) | (13,838) | |||||||||
Increase in cash and cash equivalents | 3,050 | 4,470 | |||||||||
Cash and cash equivalents at beginning of period | 6,037 | 6,945 | |||||||||
Cash and cash equivalents at end of period | $ | 9,087 | $ | 11,415 |
Three months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
U.S. | ROW | Total | U.S. | ROW | Total | |||||||||||||||||||||||||||||||||
Enbrel® (etanercept)
|
$ | 1,289 | $ | 36 | $ | 1,325 | $ | 1,323 | $ | 43 | $ | 1,366 | ||||||||||||||||||||||||||
Prolia® (denosumab)
|
478 | 223 | 701 | 425 | 205 | 630 | ||||||||||||||||||||||||||||||||
Neulasta® (pegfilgrastim)
|
484 | 71 | 555 | 619 | 92 | 711 | ||||||||||||||||||||||||||||||||
Otezla® (apremilast)
|
439 | 99 | 538 | — | — | — | ||||||||||||||||||||||||||||||||
XGEVA® (denosumab)
|
363 | 118 | 481 | 356 | 120 | 476 | ||||||||||||||||||||||||||||||||
Aranesp® (darbepoetin alfa)
|
158 | 226 | 384 | 204 | 248 | 452 | ||||||||||||||||||||||||||||||||
KYPROLIS® (carfilzomib)
|
173 | 87 | 260 | 163 | 103 | 266 | ||||||||||||||||||||||||||||||||
Repatha® (evolocumab)
|
92 | 113 | 205 | 85 | 83 | 168 | ||||||||||||||||||||||||||||||||
Other products | 1,142 | 513 | 1,655 | 854 | 540 | 1,394 | ||||||||||||||||||||||||||||||||
Total product sales(1)
|
$ | 4,618 | $ | 1,486 | 6,104 | $ | 4,029 | $ | 1,434 | 5,463 | ||||||||||||||||||||||||||||
Other revenues | 319 | 274 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 6,423 | $ | 5,737 |
Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
U.S. | ROW | Total | U.S. | ROW | Total | |||||||||||||||||||||||||||||||||
ENBREL | $ | 3,619 | $ | 105 | $ | 3,724 | $ | 3,744 | $ | 136 | $ | 3,880 | ||||||||||||||||||||||||||
Prolia®
|
1,341 | 673 | 2,014 | 1,273 | 647 | 1,920 | ||||||||||||||||||||||||||||||||
Neulasta®
|
1,538 | 219 | 1,757 | 2,231 | 325 | 2,556 | ||||||||||||||||||||||||||||||||
Otezla®
|
1,280 | 298 | 1,578 | — | — | — | ||||||||||||||||||||||||||||||||
XGEVA®
|
1,036 | 361 | 1,397 | 1,091 | 355 | 1,446 | ||||||||||||||||||||||||||||||||
Aranesp®
|
489 | 704 | 1,193 | 578 | 724 | 1,302 | ||||||||||||||||||||||||||||||||
KYPROLIS®
|
527 | 266 | 793 | 483 | 295 | 778 | ||||||||||||||||||||||||||||||||
Repatha®
|
331 | 303 | 634 | 259 | 202 | 461 | ||||||||||||||||||||||||||||||||
Other products | 3,164 | 1,652 | 4,816 | 2,503 | 1,477 | 3,980 | ||||||||||||||||||||||||||||||||
Total product sales(1)
|
$ | 13,325 | $ | 4,581 | 17,906 | $ | 12,162 | $ | 4,161 | 16,323 | ||||||||||||||||||||||||||||
Other revenues | 884 | 842 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 18,790 | $ | 17,165 |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Income (Numerator): | |||||||||||||||||||||||
Net income for basic and diluted EPS | $ | 2,021 | $ | 1,968 | $ | 5,649 | $ | 6,139 | |||||||||||||||
Shares (Denominator): | |||||||||||||||||||||||
Weighted-average shares for basic EPS | 585 | 599 | 588 | 609 | |||||||||||||||||||
Effect of dilutive securities | 4 | 3 | 4 | 4 | |||||||||||||||||||
Weighted-average shares for diluted EPS | 589 | 602 | 592 | 613 | |||||||||||||||||||
Basic EPS | $ | 3.45 | $ | 3.29 | $ | 9.61 | $ | 10.08 | |||||||||||||||
Diluted EPS | $ | 3.43 | $ | 3.27 | $ | 9.54 | $ | 10.01 |
Types of securities as of September 30, 2020 |
Amortized
cost |
Gross
unrealized gains |
Gross
unrealized losses |
Fair
values |
||||||||||||||||||||||
U.S. Treasury notes | $ | 172 | $ | 2 | $ | — | $ | 174 | ||||||||||||||||||
U.S. Treasury bills | 6,399 | — | — | 6,399 | ||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Financial | — | — | — | — | ||||||||||||||||||||||
Industrial | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||||||
Residential-mortgage-backed securities | — | — | — | — | ||||||||||||||||||||||
Money market mutual funds | 5,016 | — | — | 5,016 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | — | — | — | ||||||||||||||||||||||
Total interest-bearing securities | $ | 11,587 | $ | 2 | $ | — | $ | 11,589 |
Types of securities as of December 31, 2019 |
Amortized
cost |
Gross
unrealized gains |
Gross
unrealized losses |
Fair
values |
||||||||||||||||||||||
U.S. Treasury notes | $ | 359 | $ | 1 | $ | — | $ | 360 | ||||||||||||||||||
U.S. Treasury bills | — | — | — | — | ||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Financial | 1,108 | 13 | — | 1,121 | ||||||||||||||||||||||
Industrial | 824 | 10 | — | 834 | ||||||||||||||||||||||
Other | 195 | 3 | — | 198 | ||||||||||||||||||||||
Residential-mortgage-backed securities | 181 | 1 | — | 182 | ||||||||||||||||||||||
Money market mutual funds | 5,250 | — | — | 5,250 | ||||||||||||||||||||||
Other short-term interest-bearing securities | 289 | — | — | 289 | ||||||||||||||||||||||
Total interest-bearing securities | $ | 8,206 | $ | 28 | $ | — | $ | 8,234 |
Condensed Consolidated Balance Sheets locations | September 30, 2020 | December 31, 2019 | ||||||||||||
Cash and cash equivalents | $ | 8,316 | $ | 5,360 | ||||||||||
Marketable securities | 3,273 | 2,874 | ||||||||||||
Total interest-bearing securities | $ | 11,589 | $ | 8,234 |
Contractual maturities | September 30, 2020 | December 31, 2019 | ||||||||||||
Maturing in one year or less | $ | 11,536 | $ | 5,629 | ||||||||||
Maturing after one year through three years | 53 | 2,304 | ||||||||||||
Maturing after three years through five years | — | 119 | ||||||||||||
Residential-mortgage-backed securities | — | 182 | ||||||||||||
Total interest-bearing securities | $ | 11,589 | $ | 8,234 |
September 30, 2020 | December 31, 2019 | ||||||||||
Raw materials | $ | 496 | $ | 358 | |||||||
Work in process | 2,551 | 2,227 | |||||||||
Finished goods | 895 | 999 | |||||||||
Total inventories | $ | 3,942 | $ | 3,584 |
Nine months ended
September 30, 2020 |
|||||
Beginning balance | $ | 14,703 | |||
Currency translation adjustment | (29) | ||||
Ending balance | $ | 14,674 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
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 | $ | 25,572 | $ | (9,998) | $ | 15,574 | $ | 25,575 | $ | (8,322) | $ | 17,253 | |||||||||||||||||||||||
Licensing rights | 3,747 | (2,710) | 1,037 | 3,761 | (2,398) | 1,363 | |||||||||||||||||||||||||||||
Marketing-related rights | 1,365 | (1,019) | 346 | 1,382 | (965) | 417 | |||||||||||||||||||||||||||||
Research and development technology rights | 1,295 | (1,028) | 267 | 1,273 | (947) | 326 | |||||||||||||||||||||||||||||
Total finite-lived intangible assets
|
31,979 | (14,755) | 17,224 | 31,991 | (12,632) | 19,359 | |||||||||||||||||||||||||||||
Indefinite-lived intangible assets:
|
|||||||||||||||||||||||||||||||||||
In-process research and development
|
30 | — | 30 | 54 | — | 54 | |||||||||||||||||||||||||||||
Total other intangible assets | $ | 32,009 | $ | (14,755) | $ | 17,254 | $ | 32,045 | $ | (12,632) | $ | 19,413 |
September 30, 2020 | December 31, 2019 | ||||||||||
4.50% notes due 2020 (4.50% 2020 Notes)
|
$ | — | $ | 300 | |||||||
2.125% notes due 2020 (2.125% 2020 Notes)
|
— | 750 | |||||||||
Floating Rate Notes due 2020 | — | 300 | |||||||||
2.20% notes due 2020 (2.20% 2020 Notes)
|
— | 700 | |||||||||
3.45% notes due 2020 (3.45% 2020 Notes)
|
— | 900 | |||||||||
4.10% notes due 2021 (4.10% 2021 Notes)
|
— | 1,000 | |||||||||
1.85% notes due 2021 (1.85% 2021 Notes)
|
— | 750 | |||||||||
3.875% notes due 2021 (3.875% 2021 Notes)
|
1,450 | 1,750 | |||||||||
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)
|
1,465 | 1,402 | |||||||||
2.70% notes due 2022 (2.70% 2022 Notes)
|
500 | 500 | |||||||||
2.65% notes due 2022 (2.65% 2022 Notes)
|
1,500 | 1,500 | |||||||||
3.625% notes due 2022 (3.625% 2022 Notes)
|
750 | 750 | |||||||||
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)
|
760 | 725 | |||||||||
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 | — | |||||||||
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)
|
879 | 841 | |||||||||
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)
|
614 | 630 | |||||||||
2.20% notes due 2027 (2.20% 2027 Notes)
|
1,750 | — | |||||||||
3.20% notes due 2027 (3.20% 2027 Notes)
|
1,000 | 1,000 | |||||||||
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
|
904 | 928 | |||||||||
2.45% notes due 2030 (2.45% 2030 Notes)
|
1,250 | — | |||||||||
2.30% notes due 2031 (2.30% 2031 Notes)
|
1,250 | — | |||||||||
6.375% notes due 2037 (6.375% 2037 Notes)
|
478 | 552 | |||||||||
6.90% notes due 2038 (6.90% 2038 Notes)
|
254 | 291 | |||||||||
6.40% notes due 2039 (6.40% 2039 Notes)
|
333 | 466 | |||||||||
3.15% notes due 2040 (3.15% 2040 Notes)
|
2,000 | — | |||||||||
5.75% notes due 2040 (5.75% 2040 Notes)
|
373 | 412 | |||||||||
4.95% notes due 2041 (4.95% 2041 Notes)
|
600 | 600 | |||||||||
5.15% notes due 2041 (5.15% 2041 Notes)
|
729 | 974 | |||||||||
5.65% notes due 2042 (5.65% 2042 Notes)
|
415 | 487 | |||||||||
5.375% notes due 2043 (5.375% 2043 Notes)
|
185 | 261 | |||||||||
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 | — | |||||||||
4.663% notes due 2051 (4.663% 2051 Notes)
|
3,541 | 3,541 | |||||||||
2.77% notes due 2053 (2.77% 2053 Notes)
|
940 | — | |||||||||
Other notes due 2097 | 100 | 100 | |||||||||
Unamortized bond discounts, premiums and issuance costs, net | (1,196) | (868) | |||||||||
Fair value adjustments | 643 | 296 | |||||||||
Other | 5 | — | |||||||||
Total carrying value of debt | 34,287 | 29,903 | |||||||||
Less current portion | (91) | (2,953) | |||||||||
Total long-term debt | $ | 34,196 | $ | 26,950 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Notes | Notional amounts | Effective interest rates | Notional amounts | Effective interest rates | ||||||||||||||||
3.45% 2020 Notes
|
$ | — |
LIBOR + 1.1%
|
$ | 900 |
LIBOR + 1.1%
|
||||||||||||||
4.10% 2021 Notes
|
— |
LIBOR + 1.7%
|
1,000 |
LIBOR + 1.7%
|
||||||||||||||||
3.875% 2021 Notes
|
1,450 |
LIBOR + 2.0%
|
1,750 |
LIBOR + 2.0%
|
||||||||||||||||
3.625% 2022 Notes
|
750 |
LIBOR + 2.7%
|
750 |
LIBOR + 1.6%
|
||||||||||||||||
3.625% 2024 Notes
|
1,400 |
LIBOR + 3.2%
|
1,400 |
LIBOR + 1.4%
|
||||||||||||||||
3.125% 2025 Notes
|
1,000 |
LIBOR + 1.8%
|
1,000 |
LIBOR + 0.9%
|
||||||||||||||||
2.60% 2026 Notes
|
1,250 |
LIBOR + 1.8%
|
1,250 |
LIBOR + 0.3%
|
||||||||||||||||
4.663% 2051 Notes(1)
|
1,500 |
LIBOR + 2.6%
|
1,500 |
LIBOR + 0.0%
|
||||||||||||||||
Total notional amounts | $ | 7,350 | $ | 9,550 |
Principal amount exchanged | |||||
6.375% 2037 Notes
|
$ | 74 | |||
6.90% 2038 Notes
|
37 | ||||
6.40% 2039 Notes
|
133 | ||||
5.75% 2040 Notes
|
39 | ||||
5.15% 2041 Notes
|
245 | ||||
5.65% 2042 Notes
|
72 | ||||
5.375% 2043 Notes
|
76 |
2020 | 2019 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | ||||||||||||||||||||
First quarter | 4.3 | $ | 933 | 15.9 | $ | 3,031 | |||||||||||||||||
Second quarter | 2.6 | 591 | 13.1 | 2,349 | |||||||||||||||||||
Third quarter | 3.0 | 752 | 6.2 | 1,170 | |||||||||||||||||||
Total stock repurchases | 9.9 | $ | 2,276 | 35.2 | $ | 6,550 |
Foreign
currency translation |
Cash flow
hedges |
Available-for-sale
securities |
Other | AOCI | |||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (718) | $ | 175 | $ | 22 | $ | (7) | $ | (528) | |||||||||||||||||||
Foreign currency translation adjustments | (52) | — | — | — | (52) | ||||||||||||||||||||||||
Unrealized (losses) gains | — | (162) | 8 | — | (154) | ||||||||||||||||||||||||
Reclassification adjustments to income | — | 84 | (33) | — | 51 | ||||||||||||||||||||||||
Other | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Income taxes | — | 17 | 6 | — | 23 | ||||||||||||||||||||||||
Balance as of March 31, 2020 | (770) | 114 | 3 | (9) | (662) | ||||||||||||||||||||||||
Foreign currency translation adjustments | (3) | — | — | — | (3) | ||||||||||||||||||||||||
Unrealized losses | — | (30) | (2) | — | (32) | ||||||||||||||||||||||||
Reclassification adjustments to income | — | (119) | — | — | (119) | ||||||||||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||||||||||
Income taxes | — | 33 | — | — | 33 | ||||||||||||||||||||||||
Balance as of June 30, 2020 | (773) | (2) | 1 | (9) | (783) | ||||||||||||||||||||||||
Foreign currency translation adjustments | 14 | — | — | — | 14 | ||||||||||||||||||||||||
Unrealized gains | — | 60 | 1 | — | 61 | ||||||||||||||||||||||||
Reclassification adjustments to income | — | (224) | — | — | (224) | ||||||||||||||||||||||||
Other | — | — | — | (7) | (7) | ||||||||||||||||||||||||
Income taxes | — | 36 | — | — | 36 | ||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | (759) | $ | (130) | $ | 2 | $ | (16) | $ | (903) |
Three months ended September 30, | ||||||||||||||||||||
Components of AOCI | 2020 | 2019 |
Condensed Consolidated
Statements of Income locations |
|||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign currency contract gains | $ | 41 | $ | 26 | Product sales | |||||||||||||||
Cross-currency swap contract gains (losses) | 183 | (64) | Interest and other income, net | |||||||||||||||||
224 | (38) | Income before income taxes | ||||||||||||||||||
(49) | 8 | Provision for income taxes | ||||||||||||||||||
$ | 175 | $ | (30) | Net income | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Net realized losses | $ | — | $ | (3) | Interest and other income, net | |||||||||||||||
— | — | Provision for income taxes | ||||||||||||||||||
$ | — | $ | (3) | Net income |
Nine months ended September 30, | ||||||||||||||||||||
Components of AOCI | 2020 | 2019 |
Condensed Consolidated
Statements of Income locations |
|||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign currency contract gains | $ | 158 | $ | 62 | Product sales | |||||||||||||||
Cross-currency swap contract gains (losses) | 101 | (92) | Interest and other income, net | |||||||||||||||||
259 | (30) | Income before income taxes | ||||||||||||||||||
(57) | 6 | Provision for income taxes | ||||||||||||||||||
$ | 202 | $ | (24) | Net income | ||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Net realized gains (losses) | $ | 33 | $ | (9) | Interest and other income, net | |||||||||||||||
(7) | — | Provision for income taxes | ||||||||||||||||||
$ | 26 | $ | (9) | 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 September 30, 2020, using: | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury notes | $ | 174 | $ | — | $ | — | $ | 174 | ||||||||||||||||||
U.S. Treasury bills | 6,399 | — | — | 6,399 | ||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Financial | — | — | — | — | ||||||||||||||||||||||
Industrial | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | ||||||||||||||||||||||
Residential-mortgage-backed securities | — | — | — | — | ||||||||||||||||||||||
Money market mutual funds | 5,016 | — | — | 5,016 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | — | — | — | ||||||||||||||||||||||
Equity securities | 376 | — | — | 376 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | — | 111 | — | 111 | ||||||||||||||||||||||
Cross-currency swap contracts | — | 124 | — | 124 | ||||||||||||||||||||||
Interest rate swap contracts | — | 109 | — | 109 | ||||||||||||||||||||||
Total assets | $ | 11,965 | $ | 344 | $ | — | $ | 12,309 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 88 | $ | — | $ | 88 | ||||||||||||||||||
Cross-currency swap contracts | — | 481 | — | 481 | ||||||||||||||||||||||
Interest rate swap contracts | — | 4 | — | 4 | ||||||||||||||||||||||
Contingent consideration obligations
|
— | — | 54 | 54 | ||||||||||||||||||||||
Total liabilities | $ | — | $ | 573 | $ | 54 | $ | 627 |
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, 2019, using: | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
U.S. Treasury notes | $ | 360 | $ | — | $ | — | $ | 360 | ||||||||||||||||||
U.S. Treasury bills | — | — | — | — | ||||||||||||||||||||||
Corporate debt securities: | ||||||||||||||||||||||||||
Financial | — | 1,121 | — | 1,121 | ||||||||||||||||||||||
Industrial | — | 834 | — | 834 | ||||||||||||||||||||||
Other | — | 198 | — | 198 | ||||||||||||||||||||||
Residential-mortgage-backed securities | — | 182 | — | 182 | ||||||||||||||||||||||
Money market mutual funds | 5,250 | — | — | 5,250 | ||||||||||||||||||||||
Other short-term interest-bearing securities | — | 289 | — | 289 | ||||||||||||||||||||||
Equity securities | 303 | — | — | 303 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | — | 224 | — | 224 | ||||||||||||||||||||||
Cross-currency swap contracts | — | 66 | — | 66 | ||||||||||||||||||||||
Interest rate swap contracts | — | 259 | — | 259 | ||||||||||||||||||||||
Total assets | $ | 5,913 | $ | 3,173 | $ | — | $ | 9,086 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 31 | $ | — | $ | 31 | ||||||||||||||||||
Cross-currency swap contracts | — | 315 | — | 315 | ||||||||||||||||||||||
Interest rate swap contracts | — | — | — | — | ||||||||||||||||||||||
Contingent consideration obligations
|
— | — | 61 | 61 | ||||||||||||||||||||||
Total liabilities | $ | — | $ | 346 | $ | 61 | $ | 407 |
Foreign currency | U.S. dollars | |||||||||||||||||||||||||
Hedged notes | Notional amounts | Interest rates | Notional amounts | Interest rates | ||||||||||||||||||||||
1.25% 2022 euro Notes | € | 1,250 | 1.3 | % | $ | 1,388 | 3.2 | % | ||||||||||||||||||
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
September 30, |
Nine months ended
September 30, |
|||||||||||||||||||||||||
Derivatives in cash flow hedging relationships | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Foreign currency contracts | $ | (163) | $ | 176 | $ | (25) | $ | 245 | ||||||||||||||||||
Cross-currency swap contracts | 223 | (105) | (107) | (240) | ||||||||||||||||||||||
Total unrealized gains (losses) | $ | 60 | $ | 71 | $ | (132) | $ | 5 |
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 | September 30, 2020 | December 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Current portion of long-term debt | $ | 89 | $ | 903 | $ | 89 | $ | 4 | ||||||||||||||||||
Long-term debt | $ | 7,782 | $ | 8,814 | $ | 554 | $ | 292 |
Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Product sales | Interest and other income, net | Interest (expense), net | Product sales | Interest and other income, net | Interest (expense), net | |||||||||||||||||||||||||||||||||
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income | $ | 6,104 | $ | 55 | $ | (302) | $ | 17,906 | $ | 69 | $ | (944) | ||||||||||||||||||||||||||
The effects of cash flow and fair value hedging: | ||||||||||||||||||||||||||||||||||||||
Gains on cash flow hedging relationships reclassified out of AOCI: | ||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 41 | $ | — | $ | — | $ | 158 | $ | — | $ | — | ||||||||||||||||||||||||||
Cross-currency swap contracts | $ | — | $ | 183 | $ | — | $ | — | $ | 101 | $ | — | ||||||||||||||||||||||||||
Gains (losses) on fair value hedging relationships—interest rate swap agreements: | ||||||||||||||||||||||||||||||||||||||
Hedged items(1)
|
$ | — | $ | — | $ | 35 | $ | — | $ | — | $ | 215 | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | $ | — | $ | — | $ | (13) | $ | — | $ | — | $ | (150) |
Three months ended September 30, 2019 | Nine months ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||
Product sales | Interest and other income, net | Interest (expense), net | Product sales | Interest and other income, net | Interest (expense), net | |||||||||||||||||||||||||||||||||
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income | $ | 5,463 | $ | 114 | $ | (313) | $ | 16,323 | $ | 517 | $ | (988) | ||||||||||||||||||||||||||
The effects of cash flow and fair value hedging: | ||||||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedging relationships reclassified out of AOCI: | ||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 26 | $ | — | $ | — | $ | 62 | $ | — | $ | — | ||||||||||||||||||||||||||
Cross-currency swap contracts | $ | — | $ | (64) | $ | — | $ | — | $ | (92) | $ | — | ||||||||||||||||||||||||||
(Losses) gains on fair value hedging relationships—interest rate swap agreements: | ||||||||||||||||||||||||||||||||||||||
Hedged items(1)
|
$ | — | $ | — | $ | (96) | $ | — | $ | — | $ | (444) | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | $ | — | $ | — | $ | 96 | $ | — | $ | — | $ | 447 |
Derivative assets | Derivative liabilities | |||||||||||||||||||||||||
September 30, 2020 |
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 assets
|
$ | 111 |
Accrued liabilities/ Other noncurrent liabilities
|
$ | 88 | ||||||||||||||||||||
Cross-currency swap contracts |
Other current assets/ Other assets
|
124 |
Accrued liabilities/ Other noncurrent liabilities
|
481 | ||||||||||||||||||||||
Interest rate swap contracts |
Other current assets/ Other assets
|
109 |
Accrued liabilities/ Other noncurrent liabilities
|
4 | ||||||||||||||||||||||
Total derivatives designated as hedging instruments
|
344 | 573 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||||
Foreign currency contracts |
Other current assets
|
— |
Accrued liabilities
|
— | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments
|
— | — | ||||||||||||||||||||||||
Total derivatives | $ | 344 | $ | 573 |
Derivative assets | Derivative liabilities | |||||||||||||||||||||||||
December 31, 2019 |
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 assets
|
$ | 223 |
Accrued liabilities/ Other noncurrent liabilities
|
$ | 31 | ||||||||||||||||||||
Cross-currency swap contracts |
Other current assets/ Other assets
|
66 |
Accrued liabilities/ Other noncurrent liabilities
|
315 | ||||||||||||||||||||||
Interest rate swap contracts |
Other current assets/ Other assets
|
259 |
Accrued liabilities/ Other noncurrent liabilities
|
— | ||||||||||||||||||||||
Total derivatives designated as hedging instruments
|
548 | 346 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | 1 | Accrued liabilities | — | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments
|
1 | — | ||||||||||||||||||||||||
Total derivatives | $ | 549 | $ | 346 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Product sales | |||||||||||||||||||||||||||||||||||
U.S. | $ | 4,618 | $ | 4,029 | 15 | % | $ | 13,325 | $ | 12,162 | 10 | % | |||||||||||||||||||||||
ROW | 1,486 | 1,434 | 4 | % | 4,581 | 4,161 | 10 | % | |||||||||||||||||||||||||||
Total product sales | 6,104 | 5,463 | 12 | % | 17,906 | 16,323 | 10 | % | |||||||||||||||||||||||||||
Other revenues | 319 | 274 | 16 | % | 884 | 842 | 5 | % | |||||||||||||||||||||||||||
Total revenues | $ | 6,423 | $ | 5,737 | 12 | % | $ | 18,790 | $ | 17,165 | 9 | % | |||||||||||||||||||||||
Operating expenses | $ | 3,970 | $ | 3,261 | 22 | % | $ | 11,659 | $ | 9,539 | 22 | % | |||||||||||||||||||||||
Operating income | $ | 2,453 | $ | 2,476 | (1) | % | $ | 7,131 | $ | 7,626 | (6) | % | |||||||||||||||||||||||
Net income | $ | 2,021 | $ | 1,968 | 3 | % | $ | 5,649 | $ | 6,139 | (8) | % | |||||||||||||||||||||||
Diluted EPS | $ | 3.43 | $ | 3.27 | 5 | % | $ | 9.54 | $ | 10.01 | (5) | % | |||||||||||||||||||||||
Diluted shares | 589 | 602 | (2) | % | 592 | 613 | (3) | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
ENBREL | $ | 1,325 | $ | 1,366 | (3) | % | $ | 3,724 | $ | 3,880 | (4) | % | |||||||||||||||||||||||
Prolia®
|
701 | 630 | 11 | % | 2,014 | 1,920 | 5 | % | |||||||||||||||||||||||||||
Neulasta®
|
555 | 711 | (22) | % | 1,757 | 2,556 | (31) | % | |||||||||||||||||||||||||||
Otezla®
|
538 | — | N/A | 1,578 | — | N/A | |||||||||||||||||||||||||||||
XGEVA®
|
481 | 476 | 1 | % | 1,397 | 1,446 | (3) | % | |||||||||||||||||||||||||||
Aranesp®
|
384 | 452 | (15) | % | 1,193 | 1,302 | (8) | % | |||||||||||||||||||||||||||
KYPROLIS®
|
260 | 266 | (2) | % | 793 | 778 | 2 | % | |||||||||||||||||||||||||||
Repatha®
|
205 | 168 | 22 | % | 634 | 461 | 38 | % | |||||||||||||||||||||||||||
Other products | 1,655 | 1,394 | 19 | % | 4,816 | 3,980 | 21 | % | |||||||||||||||||||||||||||
Total product sales | $ | 6,104 | $ | 5,463 | 12 | % | $ | 17,906 | $ | 16,323 | 10 | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
ENBREL — U.S. | $ | 1,289 | $ | 1,323 | (3) | % | $ | 3,619 | $ | 3,744 | (3) | % | |||||||||||||||||||||||
ENBREL — Canada | 36 | 43 | (16) | % | 105 | 136 | (23) | % | |||||||||||||||||||||||||||
Total ENBREL | $ | 1,325 | $ | 1,366 | (3) | % | $ | 3,724 | $ | 3,880 | (4) | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Prolia® — U.S.
|
$ | 478 | $ | 425 | 12 | % | $ | 1,341 | $ | 1,273 | 5 | % | |||||||||||||||||||||||
Prolia® — ROW
|
223 | 205 | 9 | % | 673 | 647 | 4 | % | |||||||||||||||||||||||||||
Total Prolia®
|
$ | 701 | $ | 630 | 11 | % | $ | 2,014 | $ | 1,920 | 5 | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Neulasta®— U.S.
|
$ | 484 | $ | 619 | (22) | % | $ | 1,538 | $ | 2,231 | (31) | % | |||||||||||||||||||||||
Neulasta®— ROW
|
71 | 92 | (23) | % | 219 | 325 | (33) | % | |||||||||||||||||||||||||||
Total Neulasta®
|
$ | 555 | $ | 711 | (22) | % | $ | 1,757 | $ | 2,556 | (31) | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Otezla® — U.S.
|
$ | 439 | $ | — | N/A | $ | 1,280 | $ | — | N/A | |||||||||||||||||||||||||
Otezla® — ROW
|
99 | — | N/A | 298 | — | N/A | |||||||||||||||||||||||||||||
Total Otezla®
|
$ | 538 | $ | — | N/A | $ | 1,578 | $ | — | N/A |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
XGEVA® — U.S.
|
$ | 363 | $ | 356 | 2 | % | $ | 1,036 | $ | 1,091 | (5) | % | |||||||||||||||||||||||
XGEVA® — ROW
|
118 | 120 | (2) | % | 361 | 355 | 2 | % | |||||||||||||||||||||||||||
Total XGEVA®
|
$ | 481 | $ | 476 | 1 | % | $ | 1,397 | $ | 1,446 | (3) | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Aranesp® — U.S.
|
$ | 158 | $ | 204 | (23) | % | $ | 489 | $ | 578 | (15) | % | |||||||||||||||||||||||
Aranesp® — ROW
|
226 | 248 | (9) | % | 704 | 724 | (3) | % | |||||||||||||||||||||||||||
Total Aranesp®
|
$ | 384 | $ | 452 | (15) | % | $ | 1,193 | $ | 1,302 | (8) | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
KYPROLIS® — U.S.
|
$ | 173 | $ | 163 | 6 | % | $ | 527 | $ | 483 | 9 | % | |||||||||||||||||||||||
KYPROLIS® — ROW
|
87 | 103 | (16) | % | 266 | 295 | (10) | % | |||||||||||||||||||||||||||
Total KYPROLIS®
|
$ | 260 | $ | 266 | (2) | % | $ | 793 | $ | 778 | 2 | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Repatha® — U.S.
|
$ | 92 | $ | 85 | 8 | % | $ | 331 | $ | 259 | 28 | % | |||||||||||||||||||||||
Repatha® — ROW
|
113 | 83 | 36 | % | 303 | 202 | 50 | % | |||||||||||||||||||||||||||
Total Repatha®
|
$ | 205 | $ | 168 | 22 | % | $ | 634 | $ | 461 | 38 | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Nplate®— U.S.
|
$ | 118 | $ | 119 | (1) | % | $ | 352 | $ | 355 | (1) | % | |||||||||||||||||||||||
Nplate®— ROW
|
94 | 76 | 24 | % | 271 | 230 | 18 | % | |||||||||||||||||||||||||||
Vectibix®— U.S.
|
90 | 79 | 14 | % | 249 | 236 | 6 | % | |||||||||||||||||||||||||||
Vectibix®— ROW
|
103 | 117 | (12) | % | 341 | 326 | 5 | % | |||||||||||||||||||||||||||
Parsabiv® — U.S.
|
156 | 137 | 14 | % | 462 | 394 | 17 | % | |||||||||||||||||||||||||||
Parsabiv® — ROW
|
27 | 20 | 35 | % | 82 | 57 | 44 | % | |||||||||||||||||||||||||||
MVASI®— U.S.
|
185 | 42 | * | 442 | 42 | * | |||||||||||||||||||||||||||||
MVASI®— ROW
|
46 | 1 | * | 76 | 1 | * | |||||||||||||||||||||||||||||
EPOGEN® — U.S.
|
149 | 215 | (31) | % | 465 | 657 | (29) | % | |||||||||||||||||||||||||||
KANJINTI®— U.S.
|
149 | 39 | * | 346 | 39 | * | |||||||||||||||||||||||||||||
KANJINTI®— ROW
|
18 | 30 | (40) | % | 63 | 84 | (25) | % | |||||||||||||||||||||||||||
BLINCYTO® — U.S.
|
54 | 47 | 15 | % | 167 | 126 | 33 | % | |||||||||||||||||||||||||||
BLINCYTO® — ROW
|
35 | 38 | (8) | % | 109 | 106 | 3 | % | |||||||||||||||||||||||||||
Aimovig® — U.S. | 105 | 66 | 59 | % | 274 | 208 | 32 | % | |||||||||||||||||||||||||||
EVENITY® — U.S.
|
54 | 12 | * | 131 | 15 | * | |||||||||||||||||||||||||||||
EVENITY®— ROW
|
5 | 47 | (89) | % | 129 | 89 | 45 | % | |||||||||||||||||||||||||||
Sensipar® — U.S.
|
7 | 38 | (82) | % | 81 | 216 | (63) | % | |||||||||||||||||||||||||||
Sensipar®/Mimpara® — ROW
|
32 | 71 | (55) | % | 162 | 228 | (29) | % | |||||||||||||||||||||||||||
AMGEVITATM — ROW
|
80 | 61 | 31 | % | 228 | 144 | 58 | % | |||||||||||||||||||||||||||
NEUPOGEN®— U.S.
|
44 | 32 | 38 | % | 117 | 137 | (15) | % | |||||||||||||||||||||||||||
NEUPOGEN®— ROW
|
21 | 22 | (5) | % | 62 | 65 | (5) | % | |||||||||||||||||||||||||||
Other — U.S. | 31 | 28 | 11 | % | 78 | 78 | — | % | |||||||||||||||||||||||||||
Other — ROW | 52 | 57 | (9) | % | 129 | 147 | (12) | % | |||||||||||||||||||||||||||
Total other products | $ | 1,655 | $ | 1,394 | 19 | % | $ | 4,816 | $ | 3,980 | 21 | % | |||||||||||||||||||||||
Total U.S. — other products | $ | 1,142 | $ | 854 | 34 | % | $ | 3,164 | $ | 2,503 | 26 | % | |||||||||||||||||||||||
Total ROW — other products | 513 | 540 | (5) | % | 1,652 | 1,477 | 12 | % | |||||||||||||||||||||||||||
Total other products | $ | 1,655 | $ | 1,394 | 19 | % | $ | 4,816 | $ | 3,980 | 21 | % |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Cost of sales
|
$ | 1,561 | $ | 1,036 | 51 | % | $ | 4,562 | $ | 3,103 | 47 | % | |||||||||||||||||||||||
% of product sales | 25.6 | % | 19.0 | % | 25.5 | % | 19.0 | % | |||||||||||||||||||||||||||
% of total revenues | 24.3 | % | 18.1 | % | 24.3 | % | 18.1 | % | |||||||||||||||||||||||||||
Research and development | $ | 1,062 | $ | 1,001 | 6 | % | $ | 2,978 | $ | 2,804 | 6 | % | |||||||||||||||||||||||
% of product sales | 17.4 | % | 18.3 | % | 16.6 | % | 17.2 | % | |||||||||||||||||||||||||||
% of total revenues | 16.5 | % | 17.4 | % | 15.8 | % | 16.3 | % | |||||||||||||||||||||||||||
Selling, general and administrative | $ | 1,346 | $ | 1,223 | 10 | % | $ | 3,957 | $ | 3,637 | 9 | % | |||||||||||||||||||||||
% of product sales | 22.1 | % | 22.4 | % | 22.1 | % | 22.3 | % | |||||||||||||||||||||||||||
% of total revenues | 21.0 | % | 21.3 | % | 21.1 | % | 21.2 | % | |||||||||||||||||||||||||||
Other | $ | 1 | $ | 1 | — | % | $ | 162 | $ | (5) | * |
Three months ended
September 30, |
Nine months ended
September 30, |
||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Interest expense, net | $ | 302 | $ | 313 | $ | 944 | $ | 988 | |||||||||||||||
Interest and other income, net | $ | 55 | $ | 114 | $ | 69 | $ | 517 | |||||||||||||||
Provision for income taxes | $ | 185 | $ | 309 | $ | 607 | $ | 1,016 | |||||||||||||||
Effective tax rate | 8.4 | % | 13.6 | % | 9.7 | % | 14.2 | % |
September 30, 2020 | December 31, 2019 | ||||||||||
Cash, cash equivalents and marketable securities | $ | 12,360 | $ | 8,911 | |||||||
Total assets | $ | 64,637 | $ | 59,707 | |||||||
Current portion of long-term debt | $ | 91 | $ | 2,953 | |||||||
Long-term debt | $ | 34,196 | $ | 26,950 | |||||||
Stockholders’ equity | $ | 10,959 | $ | 9,673 |
Nine months ended
September 30, |
|||||||||||
2020 | 2019 | ||||||||||
Net cash provided by operating activities | $ | 8,344 | $ | 6,636 | |||||||
Net cash (used in) provided by investing activities | $ | (4,017) | $ | 11,672 | |||||||
Net cash used in financing activities | $ | (1,277) | $ | (13,838) |
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(2)
|
||||||||||||||||||||||
July 1 - 31 | 1,069,984 | $ | 252.92 | 1,069,984 | $ | 4,678,996,437 | ||||||||||||||||||||
August 1 - 31 | 1,004,844 | $ | 242.72 | 1,004,844 | $ | 4,435,099,357 | ||||||||||||||||||||
September 1 - 30 | 960,100 | $ | 246.50 | 960,100 | $ | 4,198,437,082 | ||||||||||||||||||||
Total | 3,034,928 | $ | 247.51 | 3,034,928 |
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.)
|
|||||||
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.)
|
|||||||
4.12 |
Officers’ Certificate of Amgen Inc., dated March 12, 2010, including form of the Company’s 5.75% Senior Notes due 2040. (Filed as exhibit to Form 8-K on March 12, 2010 and incorporated herein by reference.)
|
|||||||
4.13 |
Officers’ Certificate of Amgen Inc., dated September 16, 2010, including form of the Company’s 4.95% Senior Notes due 2041. (Filed as an exhibit to Form 8-K on September 17, 2010 and incorporated herein by reference.)
|
4.32 |
Registration Rights Agreement, dated as of August 17, 2020, by and among Amgen Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC, as lead dealer managers, and BNP Paribas Securities Corp., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Blaylock Van, LLC and Siebert Williams Shank & Co., LLC, as co-dealer managers. (Filed as an exhibit to Form 8-K on August 18, 2020 and incorporated herein by reference.)
|
|||||||
10.1+ |
Amgen Inc. Amended and Restated 2009 Equity Incentive Plan. (Filed as Appendix C to the Definitive Proxy Statement on Schedule 14A on April 8, 2013 and incorporated herein by reference.)
|
|||||||
10.2+ |
First Amendment to Amgen Inc. Amended and Restated 2009 Equity Incentive Plan, effective March 4, 2015. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2015 on April 27, 2015 and incorporated herein by reference.)
|
|||||||
10.3+ |
Second Amendment to Amgen Inc. Amended and Restated 2009 Equity Incentive Plan, effective March 2, 2016. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2016 on May 2, 2016 and incorporated herein by reference.)
|
|||||||
10.4+ |
Form of Grant of Stock Option Agreement for the Amgen Inc. Amended and Restated 2009 Equity Incentive Plan. (As Amended on December 10, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.5+ |
Form of Restricted Stock Unit Agreement for the Amgen Inc. Amended and Restated 2009 Equity Incentive Plan. (As Amended on December 10, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.6+ |
Amgen Inc. 2009 Performance Award Program. (As Amended on December 12, 2017.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2017 on February 13, 2018 and incorporated herein by reference.)
|
|||||||
10.7+ |
Form of Performance Unit Agreement for the Amgen Inc. 2009 Performance Award Program. (As Amended on December 10, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.8+ |
Amgen Inc. 2009 Director Equity Incentive Program. (As Amended on December 11, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.9+ |
Form of Grant of Non-Qualified Stock Option Agreement for the Amgen Inc. 2009 Director Equity Incentive Program. (Filed as an exhibit to Form 8-K on May 8, 2009 and incorporated herein by reference.)
|
|||||||
10.10+ |
Form of Restricted Stock Unit Agreement for the Amgen Inc. 2009 Director Equity Incentive Program. (As Amended on December 11, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.11+ |
Form of Cash-Settled Restricted Stock Unit Agreement for the Amgen 2009 Director Equity Incentive Program. (As Amended on December 11, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.12+ |
Amgen Inc. Supplemental Retirement Plan. (As Amended and Restated effective October 16, 2013.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2013 on February 24, 2014 and incorporated herein by reference.)
|
|||||||
10.13+ |
First Amendment to the Amgen Inc. Supplemental Retirement Plan, effective October 14, 2016. (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2016 on October 28, 2016 and incorporated herein by reference.)
|
|||||||
10.14+ |
Second Amendment to the Amgen Inc. Supplemental Retirement Plan (As Amended and Restated effective October 23, 2019.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.15+ |
Amended and Restated Amgen Change of Control Severance Plan. (As Amended and Restated effective December 9, 2010 and subsequently amended effective March 2, 2011.) (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2011 on May 10, 2011 and incorporated herein by reference.)
|
|||||||
10.16+ |
Amgen Inc. Executive Incentive Plan. (As Amended and Restated effective January 1, 2009.) (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2008 on November 7, 2008 and incorporated herein by reference.)
|
|||||||
10.17+ |
First Amendment to the Amgen Inc. Executive Incentive Plan, effective December 13, 2012. (Filed as an exhibit to Form 10-K for the year ended December 31, 2012 on February 27, 2013 and incorporated herein by reference.)
|
10.18+ |
Second Amendment to the Amgen Inc. Executive Incentive Plan, effective January 1, 2017. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2017 on April 27, 2017 and incorporated herein by reference.)
|
|||||||
10.19+ |
Amgen Nonqualified Deferred Compensation Plan. (As Amended and Restated effective October 16, 2013.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2013 on February 24, 2014 and incorporated herein by reference.)
|
|||||||
10.20+ |
First Amendment to the Amgen Nonqualified Deferred Compensation Plan, effective October 14, 2016. (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2016 on October 28, 2016 and incorporated herein by reference.)
|
|||||||
10.21+ |
Second Amendment to the Amgen Nonqualified Deferred Compensation Plan (As Amended and Restated effective January 1, 2020.) (Filed as an exhibit to Form 10-K for the year ended December 31, 2019 on February 12, 2020 and incorporated herein by reference.)
|
|||||||
10.22+ |
Agreement between Amgen Inc. and Murdo Gordon, dated July 25, 2018. (Filed as an exhibit to Form 10-Q for the quarter ended September 30, 2018 on October 31, 2018 and incorporated herein by reference.)
|
|||||||
10.23+ |
Agreement between Amgen Inc. and Peter Griffith, dated October 18, 2019. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2020 on May 1, 2020 and incorporated herein by reference.)
|
|||||||
10.24 |
Second Amended and Restated Credit Agreement, dated December 12, 2019, among Amgen Inc., the Banks therein named, Citibank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent. (Filed as an exhibit to Form 8-K on December 12, 2019 and incorporated herein by reference.)
|
|||||||
10.25 |
Collaboration and License Agreement between Amgen Inc. and Celltech R&D Limited dated May 10, 2002 (portions of the exhibit have been omitted pursuant to a request for confidential treatment) and Amendment No. 1, effective June 9, 2003, to Collaboration and License Agreement between Amgen Inc. and Celltech R&D Limited (portions of the exhibit have been omitted pursuant to a request for confidential treatment). (Filed as an exhibit to Form 10-K/A for the year ended December 31, 2012 on July 31, 2013 and incorporated herein by reference.)
|
|||||||
10.26 |
Amendment No. 2 to Collaboration and License Agreement, effective November 14, 2016, between Amgen Inc. and Celltech R&D Limited (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, 2016 on February 14, 2017 and incorporated herein by reference.)
|
|||||||
10.27 |
Letter Agreement, dated June 25, 2019, by and between Amgen Inc. and UCB Celltech (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, 2019 on July 31, 2019 and incorporated herein by reference.)
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10.28 |
Collaboration Agreement, dated April 22, 1994, by and between Bayer Corporation (formerly Miles, Inc.) and Onyx Pharmaceuticals, Inc. (Filed as an exhibit to Form 10-Q for the quarter ended March 31, 2011 by Onyx Pharmaceuticals, Inc. on May 10, 2011 and incorporated herein by reference.)
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10.29 |
Amendment to Collaboration Agreement, dated April 24, 1996, 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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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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.)
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10.39 |
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.)
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10.40 |
Amendment No. 1 to the Collaboration Agreement, dated March 20, 2018, by and between Novartis Pharma AG and Amgen 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, 2018 on April 25, 2018 and incorporated herein by reference.)
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10.41* |
Amendment No. 2 to the Collaboration Agreement, dated August 19, 2020, 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) would be competitively harmful if publicly disclosed.)
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10.42 |
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.)
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10.43 |
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.)
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10.44 |
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.)
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10.45 |
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.)
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10.46* | ||||||||
10.47 |
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.)
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10.48 |
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.)
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10.49 |
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.)
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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: | October 28, 2020 | By: |
/S/ PETER H. GRIFFITH
|
|||||||||||
Peter H. Griffith | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Date: October 28, 2020 | /s/ ROBERT A. BRADWAY | ||||
Robert A. Bradway | |||||
Chairman of the Board, | |||||
Chief Executive Officer and President |
Date: October 28, 2020 | /s/ PETER H. GRIFFITH | ||||
Peter H. Griffith | |||||
Executive Vice President and Chief Financial Officer |
Date: October 28, 2020 | /s/ ROBERT A. BRADWAY | ||||
Robert A. Bradway | |||||
Chairman of the Board, | |||||
Chief Executive Officer and President |
Date: October 28, 2020 | /s/ PETER H. GRIFFITH | ||||
Peter H. Griffith | |||||
Executive Vice President and Chief Financial Officer |