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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, 2020
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 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 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 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, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
Smaller reporting company | ☐ | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☑
As of April 27, 2020, the registrant had 588,247,399 shares of common stock, $0.0001 par value, outstanding.
AMGEN INC.
INDEX
|
| | |
| | Page No. |
| |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
| |
| |
PART I — FINANCIAL INFORMATION
|
| |
Item 1. | FINANCIAL STATEMENTS |
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per-share data)
(Unaudited)
|
| | | | | | | |
| Three months ended March 31, |
| 2020 | | 2019 |
Revenues: | | | |
Product sales | $ | 5,894 |
| | $ | 5,286 |
|
Other revenues | 267 |
| | 271 |
|
Total revenues | 6,161 |
| | 5,557 |
|
| | | |
Operating expenses: | | | |
Cost of sales | 1,513 |
| | 1,055 |
|
Research and development | 952 |
| | 879 |
|
Selling, general and administrative | 1,316 |
| | 1,154 |
|
Other | 25 |
| | (3 | ) |
Total operating expenses | 3,806 |
| | 3,085 |
|
| | | |
Operating income | 2,355 |
| | 2,472 |
|
| | | |
Interest expense, net | 346 |
| | 343 |
|
Interest and other income, net | 11 |
| | 185 |
|
| | | |
Income before income taxes | 2,020 |
| | 2,314 |
|
| | | |
Provision for income taxes | 195 |
| | 322 |
|
| | | |
Net income | $ | 1,825 |
| | $ | 1,992 |
|
| | | |
Earnings per share: | | | |
Basic | $ | 3.09 |
| | $ | 3.20 |
|
Diluted | $ | 3.07 |
| | $ | 3.18 |
|
| | | |
Shares used in calculation of earnings per share: | | | |
Basic | 590 |
| | 622 |
|
Diluted | 594 |
| | 626 |
|
See accompanying notes.
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
|
| | | | | | | |
| Three months ended March 31, |
| 2020 | | 2019 |
Net income | $ | 1,825 |
| | $ | 1,992 |
|
Other comprehensive (loss) income, net of reclassification adjustments and taxes: | | | |
Losses on foreign currency translation | (52 | ) | | (13 | ) |
(Losses) gains on cash flow hedges | (61 | ) | | 45 |
|
(Losses) gains on available-for-sale securities | (19 | ) | | 221 |
|
Other | (2 | ) | | — |
|
Other comprehensive (loss) income, net of taxes | (134 | ) | | 253 |
|
Comprehensive income | $ | 1,691 |
| | $ | 2,245 |
|
See accompanying notes.
AMGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)
|
| | | | | | | |
| March 31, 2020 | | December 31, 2019 |
| (Unaudited) | | |
ASSETS |
Current assets: | | | |
Cash and cash equivalents | $ | 7,687 |
| | $ | 6,037 |
|
Marketable securities | 325 |
| | 2,874 |
|
Trade receivables, net | 5,009 |
| | 4,057 |
|
Inventories | 3,682 |
| | 3,584 |
|
Other current assets | 2,110 |
| | 1,888 |
|
Total current assets | 18,813 |
| | 18,440 |
|
| | | |
Property, plant and equipment, net | 4,879 |
| | 4,928 |
|
Intangible assets, net | 18,653 |
| | 19,413 |
|
Goodwill | 14,683 |
| | 14,703 |
|
Other assets | 4,641 |
| | 2,223 |
|
Total assets | $ | 61,669 |
| | $ | 59,707 |
|
| | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
Current liabilities: | | | |
Accounts payable | $ | 1,338 |
| | $ | 1,371 |
|
Accrued liabilities | 8,649 |
| | 8,511 |
|
Current portion of long-term debt | 1,840 |
| | 2,953 |
|
Total current liabilities | 11,827 |
| | 12,835 |
|
| | | |
Long-term debt | 30,008 |
| | 26,950 |
|
Long-term deferred tax liabilities | 427 |
| | 606 |
|
Long-term tax liabilities | 8,111 |
| | 8,037 |
|
Other noncurrent liabilities | 1,811 |
| | 1,606 |
|
| | | |
Contingencies and commitments |
| |
|
| | | |
Stockholders’ equity: | | | |
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding — 588.0 shares in 2020 and 591.4 shares in 2019 | 31,525 |
| | 31,531 |
|
Accumulated deficit | (21,378 | ) | | (21,330 | ) |
Accumulated other comprehensive loss | (662 | ) | | (528 | ) |
Total stockholders’ equity | 9,485 |
| | 9,673 |
|
Total liabilities and stockholders’ equity | $ | 61,669 |
| | $ | 59,707 |
|
See accompanying notes.
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, 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 |
|
|
| | | | | | | | | | | | | | | | | | |
| 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 |
|
See accompanying notes.
AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
|
| | | | | | | |
| Three months ended March 31, |
| 2020 | | 2019 |
Cash flows from operating activities: | | | |
Net income | $ | 1,825 |
| | $ | 1,992 |
|
Depreciation, amortization and other | 897 |
| | 495 |
|
Deferred income taxes | (84 | ) | | (50 | ) |
Other items, net | 107 |
| | 24 |
|
Changes in operating assets and liabilities, net of acquisition: | | | |
Trade receivables, net | (955 | ) | | (207 | ) |
Inventories | (113 | ) | | (28 | ) |
Other assets | 319 |
| | (249 | ) |
Accounts payable | (25 | ) | | (112 | ) |
Accrued income taxes, net | 137 |
| | 277 |
|
Long-term tax liabilities | 74 |
| | 100 |
|
Other liabilities | (48 | ) | | (397 | ) |
Net cash provided by operating activities | 2,134 |
| | 1,845 |
|
Cash flows from investing activities: | | | |
Purchases of marketable securities | (129 | ) | | (6,898 | ) |
Proceeds from sales of marketable securities | 2,574 |
| | 125 |
|
Proceeds from maturities of marketable securities | 113 |
| | 10,455 |
|
Purchases of property, plant and equipment | (142 | ) | | (116 | ) |
Purchases of equity method investments | (2,645 | ) | | (5 | ) |
Other | (1 | ) | | (6 | ) |
Net cash (used in) provided by investing activities | (230 | ) | | 3,555 |
|
Cash flows from financing activities: | | | |
Net proceeds from issuance of debt | 4,963 |
| | — |
|
Repayment of debt | (3,250 | ) | | (1,000 | ) |
Repurchases of common stock | (961 | ) | | (3,032 | ) |
Dividends paid | (945 | ) | | (901 | ) |
Other | (61 | ) | | (54 | ) |
Net cash used in financing activities | (254 | ) | | (4,987 | ) |
Increase in cash and cash equivalents | 1,650 |
| | 413 |
|
Cash and cash equivalents at beginning of period | 6,037 |
| | 6,945 |
|
Cash and cash equivalents at end of period | $ | 7,687 |
| | $ | 7,358 |
|
See accompanying notes.
AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2020
(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, 2020 and 2019, 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, 2019.
Principles of consolidation
The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net
Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $8.5 billion and $8.4 billion as of March 31, 2020 and December 31, 2019, respectively.
Equity method investments
The equity method of accounting is used for equity investments that give us the ability to exert significant influence, but not control, over an investee based on such factors as our ownership percentage, voting and other shareholder rights, board of director representation and the existence of other collaborative or business relationships. The equity method of accounting requires us to allocate the difference between the fair value of securities acquired and our proportionate share of the carrying value of the underlying assets (the basis difference) to various items and amortize such differences over their useful lives. Our share of the investees’ earnings or losses and amortization of basis differences, if any, are recorded one quarter in arrears in Interest and other income, net, in the Condensed Consolidated Statements of Income.
We record impairment losses on our equity method investments if we deem the impairment to be other-than-temporary. We deem an impairment to be other-than-temporary based on various factors including, but not limited to, the length of time the fair value is below the carrying value, volatility of the security price and our intent and ability to retain the investment to allow for a recovery in fair value.
Recent accounting pronouncements
In June 2016, the Financial Accounting Standards Board (FASB) issued a new accounting standard that amends the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. Accordingly, these financial assets will be presented at the net amount expected to be collected. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than reducing the carrying amount under the current, other-than-temporary-impairment model. We adopted this standard as of January 1, 2020, using a modified-retrospective approach. Adoption of the standard did not have a material impact on our condensed consolidated financial statements.
In March 2020, the FASB issued a new accounting standard to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, commonly referred to as reference rate reform. The new standard provides temporary optional expedients and exceptions to current GAAP guidance on contract modifications and hedge accounting. Specifically, a modification to transition to an alternative reference rate is treated as an event that does not require contract remeasurement or reassessment of a previous accounting treatment. Moreover, for all types of hedging relationships, an entity may change the reference rate without having to dedesignate the hedging relationship. The standard is generally effective for all contract modifications made and hedging relationships evaluated through December 31, 2022, as a result of reference rate reform. We are currently evaluating the impact that this new standard will have on our condensed consolidated financial statements.
2. 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. Rest-of-world (ROW) revenues relate to products that are sold primarily in Europe.
Revenues were as follows (in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended March 31, |
| | 2020 | | 2019 |
| | US | | ROW | | Total | | US | | ROW | | Total |
Enbrel® (etanercept) | | $ | 1,117 |
| | $ | 36 |
| | $ | 1,153 |
| | $ | 1,106 |
| | $ | 45 |
| | $ | 1,151 |
|
Prolia® (denosumab) | | 422 |
| | 232 |
| | 654 |
| | 390 |
| | 202 |
| | 592 |
|
Neulasta® (pegfilgrastim) | | 534 |
| | 75 |
| | 609 |
| | 893 |
| | 128 |
| | 1,021 |
|
XGEVA® (denosumab) | | 355 |
| | 126 |
| | 481 |
| | 356 |
| | 115 |
| | 471 |
|
Otezla® (apremilast) | | 377 |
| | 102 |
| | 479 |
| | — |
| | — |
| | — |
|
Aranesp® (darbepoetin alfa) | | 175 |
| | 247 |
| | 422 |
| | 182 |
| | 232 |
| | 414 |
|
KYPROLIS® (carfilzomib) | | 187 |
| | 93 |
| | 280 |
| | 154 |
| | 91 |
| | 245 |
|
Repatha® (evolocumab) | | 124 |
| | 105 |
| | 229 |
| | 83 |
| | 58 |
| | 141 |
|
Other products | | 988 |
| | 599 |
| | 1,587 |
| | 827 |
| | 424 |
| | 1,251 |
|
Total product sales(1) | | $ | 4,279 |
| | $ | 1,615 |
| | 5,894 |
| | $ | 3,991 |
| | $ | 1,295 |
| | 5,286 |
|
Other revenues | | | | | | 267 |
| | | | | | 271 |
|
Total revenues | | | | | | $ | 6,161 |
| | | | | | $ | 5,557 |
|
____________
| |
(1) | Hedging gains and losses, which are included in product sales, were not material for the three months ended March 31, 2020 and 2019. |
3. Income taxes
The effective tax rates for the three months ended March 31, 2020 and 2019, were 9.7% and 13.9%, respectively.
The decrease in our effective tax rate for the three months ended March 31, 2020, was due primarily to amortization related to the Otezla® acquisition, changes in jurisdictional mix of earnings and certain favorable items in the quarter. The effective tax rates differ from the federal statutory rate primarily as a result of foreign earnings from the Company’s operations conducted in Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes and are subject to tax incentive grants through 2035. In addition, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2034. These earnings are also subject to U.S. tax at a reduced rate of 10.5%.
The U.S. territory of Puerto Rico imposes an excise tax on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. The rate of 4% is effective through December 31, 2027. We account for the excise tax as a manufacturing cost that is capitalized in inventory and expensed in cost of sales when the related products are sold. For U.S. income tax purposes, the excise tax results in foreign tax credits that are generally recognized in our provision for income taxes when the excise tax is incurred.
One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. As previously disclosed, we received a Revenue Agent Report (RAR) from the Internal Revenue Service (IRS) for the years 2010, 2011 and 2012. The RAR proposes to make significant adjustments that relate primarily to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. In November 2017, we received a modified RAR that revised the IRS’s calculations but continued to propose substantial adjustments. We disagree with the proposed adjustments and calculations and are pursuing resolution with the IRS administrative appeals office, which currently has jurisdiction over the matter. If we deem necessary, we will vigorously contest the proposed adjustments through the judicial process. In addition, in April, we received draft notice of proposed adjustments (NOPAs) from the IRS for the years 2013, 2014 and 2015, which are similar to the proposed adjustments for the years 2010, 2011 and 2012 that relate primarily to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagree with the proposed adjustments and calculations and intend to contest them. We are also currently under examination by a number of other state and foreign tax jurisdictions.
Final resolution of these complex matters is not likely within the next 12 months and could have a material impact on our condensed consolidated financial statements. We believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes, the ultimate resolution of any tax matters may result in payments substantially greater or less than amounts accrued. We are no longer subject to U.S. federal income tax examinations for years ended on or before December 31, 2009.
During the three months ended March 31, 2020, the gross amounts of our unrecognized tax benefits (UTBs) increased $50 million as a result of tax positions taken during the current year. Substantially all of the UTBs as of March 31, 2020, if recognized, would affect our effective tax rate.
4. Earnings per share
The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which include primarily shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
The computations for basic and diluted EPS were as follows (in millions, except per-share data):
|
| | | | | | | |
| Three months ended March 31, |
| 2020 | | 2019 |
Income (Numerator): | | | |
Net income for basic and diluted EPS | $ | 1,825 |
| | $ | 1,992 |
|
| | | |
Shares (Denominator): | | | |
Weighted-average shares for basic EPS | 590 |
| | 622 |
|
Effect of dilutive securities | 4 |
| | 4 |
|
Weighted-average shares for diluted EPS | 594 |
| | 626 |
|
| | | |
Basic EPS | $ | 3.09 |
| | $ | 3.20 |
|
Diluted EPS | $ | 3.07 |
| | $ | 3.18 |
|
For the three months ended March 31, 2020 and 2019, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.
5. Collaborations
On January 2, 2020, we closed our strategic collaboration with BeiGene, Ltd. (BeiGene) to expand our oncology presence in China. Under the collaboration, BeiGene will commercialize XGEVA®, KYPROLIS® and BLINCYTO® (blinatumomab) in China, and Amgen will share profits and losses equally during the initial product-specific commercialization periods; thereafter, product rights may revert to Amgen, and Amgen will pay royalties to BeiGene on sales in China.
In addition, we will jointly develop a portion of our oncology portfolio with BeiGene sharing in global research and development (R&D) costs by providing cash and development services up to $1.25 billion. Upon regulatory approval, BeiGene will assume commercialization rights in China for a specified period, and Amgen and BeiGene will share profits equally until certain of these product rights revert to Amgen. Upon return of the product rights, Amgen will pay royalties to BeiGene on sales in China for a specified period. For product sales outside of China, Amgen will also pay BeiGene royalties.
For the three months ended March 31, 2020, costs recovered from BeiGene for oncology product candidates were $57 million and were recorded in R&D expense in the Condensed Consolidated Statements of Income. For the three months ended March 31, 2020, no profit share payments or product sales were recorded between Amgen and BeiGene. In connection with this collaboration, we acquired an ownership interest in BeiGene. See Note 6, Investments.
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, 2020 | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair values |
U.S. Treasury notes | | $ | 173 |
| | $ | 3 |
| | $ | — |
| | $ | 176 |
|
U.S. Treasury bills | | 900 |
| | — |
| | — |
| | 900 |
|
Corporate debt securities: | | | | | | | | |
Financial | | 12 |
| | — |
| | — |
| | 12 |
|
Industrial | | 12 |
| | — |
| | — |
| | 12 |
|
Other | | — |
| | — |
| | — |
| | — |
|
Residential-mortgage-backed securities | | — |
| | — |
| | — |
| | — |
|
Money market mutual funds | | 5,762 |
| | — |
| | — |
| | 5,762 |
|
Other short-term interest-bearing securities | | 432 |
| | — |
| | — |
| | 432 |
|
Total interest-bearing securities | | $ | 7,291 |
| | $ | 3 |
| | $ | — |
| | $ | 7,294 |
|
|
| | | | | | | | | | | | | | | | |
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 |
|
The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):
|
| | | | | | | | |
Condensed Consolidated Balance Sheets locations | | March 31, 2020 | | December 31, 2019 |
Cash and cash equivalents | | $ | 6,969 |
| | $ | 5,360 |
|
Marketable securities | | 325 |
| | 2,874 |
|
Total interest-bearing securities | | $ | 7,294 |
| | $ | 8,234 |
|
Cash and cash equivalents in the above table excludes bank account cash of $718 million and $677 million as of March 31, 2020 and December 31, 2019, respectively.
The fair values of interest-bearing securities by contractual maturity, except for residential-mortgage-backed securities that do not have a single maturity date, were as follows (in millions):
|
| | | | | | | | |
Contractual maturities | | March 31, 2020 | | December 31, 2019 |
Maturing in one year or less | | $ | 7,165 |
| | $ | 5,629 |
|
Maturing after one year through three years | | 129 |
| | 2,304 |
|
Maturing after three years through five years | | — |
| | 119 |
|
Residential mortgage-backed securities | | — |
| | 182 |
|
Total interest-bearing securities | | $ | 7,294 |
| | $ | 8,234 |
|
For the three months ended March 31, 2020 and 2019, realized gains on interest-bearing securities were $37 million and $1 million, respectively, and realized losses on interest-bearing securities were $4 million and $5 million, respectively. Realized gains and losses on interest-bearing securities are recorded in Interest and other income, net, in the Condensed Consolidated Statements of 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 primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
As of March 31, 2020 and December 31, 2019, aggregated gross unrealized losses of available-for-sale investments were not material, and accordingly, no allowance for credit losses was recorded as of March 31, 2020.
Equity securities
We held investments in equity securities with readily determinable fair values of $220 million and $303 million as of March 31, 2020 and December 31, 2019, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. Gains and losses recognized on equity securities with readily determinable fair values, including gains and losses recognized on sales, were not material for the three months ended March 31, 2020 and 2019.
We held investments of $183 million and $176 million in equity securities without readily determinable fair values as of March 31, 2020 and December 31, 2019, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. Adjustments to the carrying values of these securities were not material for the three months ended March 31, 2020 and 2019.
Equity method investments
Limited partnerships
We held limited partnership investments of $331 million and $320 million as of March 31, 2020 and December 31, 2019, respectively, which are included in Other 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 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, 2020, unfunded additional commitments to be made for these investments during the next several years were not material. Gains and losses recognized on our limited partnership investments were not material for the three months ended March 31, 2020 and 2019.
BeiGene
On January 2, 2020, we acquired a 20.5% ownership interest in BeiGene for $2.8 billion, of which $2.6 billion was attributed to the fair value of equity securities upon closing, with the remainder attributed to prepaid R&D. Our equity investment in BeiGene is included in Other assets in the Condensed Consolidated Balance Sheets. The fair value of equity securities acquired exceeded our proportionate share of the carrying value of the underlying net assets of BeiGene by approximately $2.4 billion. This investment is accounted for by using the equity method of accounting, which requires us to identify and allocate amounts to the items that give rise to the basis difference and to amortize these items over their useful lives. This amortization, along with our share of the results of operations of BeiGene, will be recognized in Interest and other income, net, in our Condensed Consolidated Statements of Income. Recognition will occur one quarter in arrears, beginning in the second quarter of 2020. The basis difference was allocated to finite-lived intangible assets, indefinite-lived intangible assets, equity-method goodwill and related deferred taxes. The finite-lived intangible assets will be amortized over a period ranging from 8 to 15 years.
As of March 31, 2020, the carrying and fair values of our approximately 20.5% ownership interest in BeiGene totaled $2.6 billion and $2.0 billion, respectively. As of March 31, 2020, we believe the carrying value of our equity investment in BeiGene is fully recoverable. See Note 1, Summary of significant accounting policies, for factors considered in determining our conclusion. For information on a collaboration agreement we entered into with BeiGene in connection with this investment, see Note 5, Collaborations.
7. Inventories
Inventories consisted of the following (in millions):
|
| | | | | | | |
| March 31, 2020 | | December 31, 2019 |
Raw materials | $ | 446 |
| | $ | 358 |
|
Work in process | 2,192 |
| | 2,227 |
|
Finished goods | 1,044 |
| | 999 |
|
Total inventories | $ | 3,682 |
| | $ | 3,584 |
|
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, 2020 |
Beginning balance | $ | 14,703 |
|
Currency translation adjustment | (20 | ) |
Ending balance | $ | 14,683 |
|
Other intangible assets
Other intangible assets consisted of the following (in millions):
|
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 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 | $ | 25,549 |
| | $ | (8,876 | ) | | $ | 16,673 |
| | $ | 25,575 |
| | $ | (8,322 | ) | | $ | 17,253 |
|
Licensing rights | 3,746 |
| | (2,494 | ) | | 1,252 |
| | 3,761 |
| | (2,398 | ) | | 1,363 |
|
Marketing-related rights | 1,375 |
| | (979 | ) | | 396 |
| | 1,382 |
| | (965 | ) | | 417 |
|
Research and development technology rights | 1,269 |
| | (967 | ) | | 302 |
| | 1,273 |
| | (947 | ) | | 326 |
|
Total finite-lived intangible assets | 31,939 |
| | (13,316 | ) | | 18,623 |
| | 31,991 |
| | (12,632 | ) | | 19,359 |
|
Indefinite-lived intangible assets: | | | | | | | | | | | |
In-process research and development | 30 |
| | — |
| | 30 |
| | 54 |
| | — |
| | 54 |
|
Total other intangible assets | $ | 31,969 |
| | $ | (13,316 | ) | | $ | 18,653 |
| | $ | 32,045 |
| | $ | (12,632 | ) | | $ | 19,413 |
|
Developed-product-technology rights consists of rights related to marketed products. Licensing rights consists primarily 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 up-front payments associated with royalty obligations for marketed products. Marketing-related rights consists primarily 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.
In-process research and development (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, 2020 and 2019, we recognized amortization associated with our finite-lived intangible assets of $709 million and $315 million, respectively. Amortization of intangible assets is included primarily in Cost of sales in the Condensed Consolidated Statements of Income. The total estimated amortization for our finite-lived intangible assets for the remaining nine months ending December 31, 2020, and the years ending December 31, 2021, 2022, 2023, 2024 and 2025, are $2.1 billion, $2.6 billion, $2.5 billion, $2.4 billion, $2.4 billion and $2.2 billion, respectively.
9. Financing arrangements
Our borrowings consisted of the following (in millions):
|
| | | | | | | |
| March 31, 2020 | | December 31, 2019 |
4.50% notes due 2020 (4.50% 2020 Notes) | $ | — |
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