1.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.011.01false--12-31Q1202000003181541.601.601.451.600.00010.00012750000000275000000059140000058800000047500000070000000012500000007500000007000000000.05500.05150.05750.05650.053750.04000.04500.04400.04950.0410.04100.046630.01250.06400.06900.063750.038750.03450.031250.036250.036250.03200.02000.021250.02700.02650.0260.02600.02250.02200.00410.0170.0000.0200.0110.0090.0160.0140.0030.0170.0260.0200.0110.0180.0270.0320.018 0000318154 2020-01-01 2020-03-31 0000318154 2019-01-01 2019-12-31 0000318154 2020-04-27 0000318154 exch:XNYS amgn:A1.250SeniorNotesDue2022Member 2020-01-01 2020-03-31 0000318154 exch:XNYS amgn:A2.00SeniorNotesDue2026Member 2020-01-01 2020-03-31 0000318154 exch:XNGS us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000318154 2019-01-01 2019-03-31 0000318154 us-gaap:ProductAndServiceOtherMember 2020-01-01 2020-03-31 0000318154 us-gaap:ProductMember 2019-01-01 2019-03-31 0000318154 us-gaap:ProductAndServiceOtherMember 2019-01-01 2019-03-31 0000318154 us-gaap:ProductMember 2020-01-01 2020-03-31 0000318154 2019-12-31 0000318154 2020-03-31 0000318154 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000318154 us-gaap:CommonStockMember 2019-03-31 0000318154 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2018-12-31 0000318154 us-gaap:CommonStockMember 2018-12-31 0000318154 2018-12-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-03-31 0000318154 us-gaap:RetainedEarningsMember 2019-03-31 0000318154 2019-03-31 0000318154 us-gaap:RetainedEarningsMember 2018-12-31 0000318154 us-gaap:CommonStockMember 2020-03-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000318154 us-gaap:RetainedEarningsMember 2020-01-01 0000318154 2020-01-01 0000318154 us-gaap:CommonStockMember 2019-12-31 0000318154 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2019-12-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000318154 us-gaap:RetainedEarningsMember 2019-12-31 0000318154 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2020-03-31 0000318154 us-gaap:RetainedEarningsMember 2020-03-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000318154 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000318154 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000318154 amgn:NeulastaMember 2020-01-01 2020-03-31 0000318154 amgn:EnbrelMember 2020-01-01 2020-03-31 0000318154 amgn:KyprolisMember 2019-01-01 2019-03-31 0000318154 amgn:RepathaevolocumabMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:RepathaevolocumabMember 2019-01-01 2019-03-31 0000318154 amgn:AranespMember country:US 2020-01-01 2020-03-31 0000318154 amgn:EnbrelMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:OtherProductsMember 2019-01-01 2019-03-31 0000318154 amgn:XgevaMember country:US 2020-01-01 2020-03-31 0000318154 amgn:AranespMember 2020-01-01 2020-03-31 0000318154 amgn:RepathaevolocumabMember country:US 2020-01-01 2020-03-31 0000318154 amgn:RepathaevolocumabMember 2020-01-01 2020-03-31 0000318154 amgn:OtezlaMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:XgevaMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:KyprolisMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:NeulastaMember 2019-01-01 2019-03-31 0000318154 us-gaap:ProductMember country:US 2019-01-01 2019-03-31 0000318154 amgn:OtezlaMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 us-gaap:ProductMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:AranespMember country:US 2019-01-01 2019-03-31 0000318154 amgn:EnbrelMember country:US 2019-01-01 2019-03-31 0000318154 amgn:ProliaMember country:US 2020-01-01 2020-03-31 0000318154 amgn:AranespMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:ProliaMember country:US 2019-01-01 2019-03-31 0000318154 amgn:KyprolisMember 2020-01-01 2020-03-31 0000318154 amgn:KyprolisMember country:US 2020-01-01 2020-03-31 0000318154 amgn:AranespMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:XgevaMember 2019-01-01 2019-03-31 0000318154 amgn:EnbrelMember country:US 2020-01-01 2020-03-31 0000318154 amgn:OtherProductsMember country:US 2019-01-01 2019-03-31 0000318154 us-gaap:ProductMember country:US 2020-01-01 2020-03-31 0000318154 amgn:EnbrelMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:ProliaMember 2019-01-01 2019-03-31 0000318154 amgn:NeulastaMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:OtherProductsMember 2020-01-01 2020-03-31 0000318154 amgn:ProliaMember 2020-01-01 2020-03-31 0000318154 amgn:XgevaMember country:US 2019-01-01 2019-03-31 0000318154 amgn:ProliaMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:RepathaevolocumabMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:OtezlaMember country:US 2020-01-01 2020-03-31 0000318154 amgn:NeulastaMember country:US 2019-01-01 2019-03-31 0000318154 us-gaap:ProductMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:XgevaMember 2020-01-01 2020-03-31 0000318154 amgn:KyprolisMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:ProliaMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:OtherProductsMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:OtezlaMember country:US 2019-01-01 2019-03-31 0000318154 amgn:OtezlaMember 2020-01-01 2020-03-31 0000318154 amgn:OtezlaMember 2019-01-01 2019-03-31 0000318154 amgn:OtherProductsMember country:US 2020-01-01 2020-03-31 0000318154 amgn:NeulastaMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:AranespMember 2019-01-01 2019-03-31 0000318154 amgn:EnbrelMember 2019-01-01 2019-03-31 0000318154 amgn:OtherProductsMember us-gaap:NonUsMember 2019-01-01 2019-03-31 0000318154 amgn:RepathaevolocumabMember country:US 2019-01-01 2019-03-31 0000318154 amgn:XgevaMember us-gaap:NonUsMember 2020-01-01 2020-03-31 0000318154 amgn:KyprolisMember country:US 2019-01-01 2019-03-31 0000318154 amgn:NeulastaMember country:US 2020-01-01 2020-03-31 0000318154 amgn:BeiGeneMember 2020-01-01 2020-03-31 0000318154 amgn:BeiGeneMember 2020-01-02 2020-01-02 0000318154 us-gaap:USTreasurySecuritiesMember 2020-03-31 0000318154 amgn:OtherShortTermInterestBearingSecuritiesMember 2020-03-31 0000318154 us-gaap:USTreasuryBillSecuritiesMember 2020-03-31 0000318154 us-gaap:MoneyMarketFundsMember 2020-03-31 0000318154 amgn:CorporateDebtSecuritiesFinancialMember 2020-03-31 0000318154 us-gaap:ResidentialMortgageBackedSecuritiesMember 2020-03-31 0000318154 amgn:CorporateDebtSecuritiesOtherMember 2020-03-31 0000318154 amgn:CorporateDebtSecuritiesIndustrialMember 2020-03-31 0000318154 srt:MaximumMember amgn:BeiGeneMember 2020-01-01 2020-03-31 0000318154 amgn:BeiGeneMember 2020-03-31 0000318154 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember srt:PartnershipInterestMember 2020-03-31 0000318154 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember srt:PartnershipInterestMember 2019-12-31 0000318154 amgn:BeiGeneMember 2020-01-02 0000318154 srt:MinimumMember amgn:BeiGeneMember 2020-01-01 2020-03-31 0000318154 amgn:CorporateDebtSecuritiesFinancialMember 2019-12-31 0000318154 amgn:OtherShortTermInterestBearingSecuritiesMember 2019-12-31 0000318154 amgn:CorporateDebtSecuritiesOtherMember 2019-12-31 0000318154 us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-31 0000318154 us-gaap:USTreasurySecuritiesMember 2019-12-31 0000318154 us-gaap:MoneyMarketFundsMember 2019-12-31 0000318154 us-gaap:USTreasuryBillSecuritiesMember 2019-12-31 0000318154 amgn:CorporateDebtSecuritiesIndustrialMember 2019-12-31 0000318154 amgn:AvailableForSalesInvestmentsMember 2019-12-31 0000318154 amgn:AvailableForSalesInvestmentsMember 2020-03-31 0000318154 us-gaap:LicensingAgreementsMember 2019-12-31 0000318154 us-gaap:DevelopedTechnologyRightsMember 2020-03-31 0000318154 us-gaap:InProcessResearchAndDevelopmentMember 2019-12-31 0000318154 amgn:AcquiredResearchAndDevelopmentTechnologyRightsMember 2019-12-31 0000318154 us-gaap:MarketingRelatedIntangibleAssetsMember 2020-03-31 0000318154 us-gaap:MarketingRelatedIntangibleAssetsMember 2019-12-31 0000318154 us-gaap:InProcessResearchAndDevelopmentMember 2020-03-31 0000318154 us-gaap:LicensingAgreementsMember 2020-03-31 0000318154 us-gaap:DevelopedTechnologyRightsMember 2019-12-31 0000318154 amgn:AcquiredResearchAndDevelopmentTechnologyRightsMember 2020-03-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPointOneTwoFivePercentNotesDueTwoZeroTwoZeroMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:SixPointNineZeroPercentNotesDue2038Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointOneFivePercentNotesDue2040Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FivePointSixFivePercentNotesDue2042Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointSixFiveNotesDue2022Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointTwoZeroNotesDue2020Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:OnePointEightFivePercentNotesDueTwoZeroTwoOneMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FivePointSevenFivePercentNotesDue2040Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FivePointSixFivePercentNotesDue2042Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPointSevenZeroPercentNotesDueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FourPointFourZeroPercentNotesDueTwoZeroFourFiveMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointNineFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FivePointSevenFivePercentNotesDue2040Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:OnePointNineZeroPercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:SixPointThreeSevenFivePercentNotesDue2037Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointFourZeroPercentNotesDueTwoZeroFourFiveMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FivePointThreeSevenFivePercentNotesDue2043Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:OnePointTwoFivePercentEuroNotesdueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointTwoZeroNotesDue2027Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:OtherNotesDue2097Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FourPointFiveSixThreePercentNotesDueTwoZeroFourEightMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointFourFivePercentNotesDue2030Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointFiveSixThreePercentNotesDueTwoZeroFourEightMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPointTwoZeroNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPercentPoundSterlingNotesDue2029Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:SixPointThreeSevenFivePercentNotesDue2037Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:TwoPointTwoZeroPercentNotesDueTwoZeroTwoSevenMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:SixPointFourZeroPercentNotesDue2039Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FivePointOneFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:SixPointFourZeroPercentNotesDue2039Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FivePointOneFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FourPercentPoundSterlingNotesDue2029Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:OnePointTwoFivePercentEuroNotesdueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointNineFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointOneTwoFivePercentNotesDueTwoZeroTwoZeroMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointTwoFivePercentNotesDueTwoZeroTwoThreeMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointSixFiveNotesDue2022Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointThreeSevenFivePercentNotesDue2050Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointTwoFivePercentNotesDueTwoZeroTwoThreeMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FloatingRateNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:SixPointNineZeroPercentNotesDue2038Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:OnePointEightFivePercentNotesDueTwoZeroTwoOneMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointSevenZeroPercentNotesDueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:FourPointFiveZeroPercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FloatingRateNotesDue2020Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:FivePointThreeSevenFivePercentNotesDue2043Member us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:ThreePointTwoZeroNotesDue2027Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableToBanksMember 2019-12-31 0000318154 amgn:OtherNotesDue2097Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableOtherPayablesMember 2020-03-31 0000318154 us-gaap:NotesPayableOtherPayablesMember 2019-12-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:InterestRateSwapThreeMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember 2020-01-01 2020-03-31 0000318154 us-gaap:InterestExpenseMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 srt:MinimumMember us-gaap:DebtSecuritiesPayableMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 srt:MaximumMember us-gaap:DebtSecuritiesPayableMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:InterestRateSwapOneMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:FourPointFiveZeroPercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-01-01 2020-03-31 0000318154 us-gaap:NotesPayableToBanksMember 2020-03-31 0000318154 amgn:InterestRateSwapTwoMember us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:FourPointNineFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FivePointOneFivePercentNotesDue2041Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:OnePointTwoFivePercentEuroNotesdueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointTwoZeroNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointOneFivePercentNotesDue2040Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FloatingRateNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointFiveSixThreePercentNotesDueTwoZeroFourEightMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointFiveZeroPercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FivePointSixFivePercentNotesDue2042Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:OnePointEightFivePercentNotesDueTwoZeroTwoOneMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointSixFiveNotesDue2022Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointFourZeroPercentNotesDueTwoZeroFourFiveMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:OnePointNineZeroPercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointOneTwoFivePercentNotesDueTwoZeroTwoZeroMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointSevenZeroPercentNotesDueTwoZeroTwoTwoMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointTwoZeroPercentNotesDueTwoZeroTwoSevenMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointTwoZeroNotesDue2027Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPercentPoundSterlingNotesDue2029Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FivePointThreeSevenFivePercentNotesDue2043Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointTwoFivePercentNotesDueTwoZeroTwoThreeMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FivePointSevenFivePercentNotesDue2040Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:SixPointFourZeroPercentNotesDue2039Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:ThreePointThreeSevenFivePercentNotesDue2050Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:SixPointThreeSevenFivePercentNotesDue2037Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPointFourFivePercentNotesDue2030Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:SixPointNineZeroPercentNotesDue2038Member us-gaap:NotesPayableToBanksMember 2020-01-01 2020-03-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointOneTwoFivePercentNotesDueTwoZeroTwoFiveMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointEightSevenFivePercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:FourPointSixSixThreePercentNotesDueTwoZeroFiveOneMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:ThreePointFourFivePercentNotesDue2020Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0000318154 amgn:FourPointOneZeroPercentNotesDue2021Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:TwoPointSixZeroNotesDueTwoZeroTwoSixMember us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 amgn:ThreePointSixTwoFivePercentNotesDue2022Member us-gaap:NotesPayableOtherPayablesMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0000318154 2020-03-01 2020-03-31 0000318154 2019-12-01 2019-12-31 0000318154 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:AccumulatedTranslationAdjustmentMember 2020-01-01 2020-03-31 0000318154 amgn:AccumulatedOtherAdjustmentAttributabletoParentMember 2020-03-31 0000318154 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-31 0000318154 amgn:AccumulatedOtherAdjustmentAttributabletoParentMember 2020-01-01 2020-03-31 0000318154 amgn:AccumulatedOtherAdjustmentAttributabletoParentMember 2019-12-31 0000318154 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-31 0000318154 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-01-01 2020-03-31 0000318154 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-31 0000318154 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-03-31 0000318154 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 0000318154 us-gaap:AccumulatedTranslationAdjustmentMember 2020-03-31 0000318154 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-01-01 2019-03-31 0000318154 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2020-01-01 2020-03-31 0000318154 us-gaap:ProductMember us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:ProductMember us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000318154 srt:ScenarioForecastMember 2020-06-01 2020-06-30 0000318154 us-gaap:FairValueInputsLevel3Member 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesOtherMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:OtherShortTermInterestBearingSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesIndustrialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesFinancialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesFinancialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesFinancialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesOtherMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesIndustrialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryBillSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesIndustrialMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasuryBillSecuritiesMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel2Member 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:OtherShortTermInterestBearingSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel3Member 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:OtherShortTermInterestBearingSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesOtherMember 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryBillSecuritiesMember 2020-03-31 0000318154 us-gaap:FairValueInputsLevel3Member 2019-12-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2019-12-31 0000318154 amgn:CrossCurrencySwapContractsMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member 2019-12-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesIndustrialMember 2019-12-31 0000318154 us-gaap:ForeignExchangeContractMember 2019-12-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:OtherShortTermInterestBearingSecuritiesMember 2019-12-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:MoneyMarketFundsMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesFinancialMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesIndustrialMember 2019-12-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryBillSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:OtherShortTermInterestBearingSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasuryBillSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesOtherMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryBillSecuritiesMember 2019-12-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:OtherShortTermInterestBearingSecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesOtherMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:MoneyMarketFundsMember 2019-12-31 0000318154 us-gaap:InterestRateSwapMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member amgn:CorporateDebtSecuritiesFinancialMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesOtherMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel1Member amgn:CorporateDebtSecuritiesIndustrialMember 2019-12-31 0000318154 us-gaap:FairValueInputsLevel2Member amgn:CorporateDebtSecuritiesFinancialMember 2019-12-31 0000318154 amgn:OtherGovernmentRelatedAndCorporateDebtSecuritiesMember 2020-01-01 2020-03-31 0000318154 amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:USD amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:CHF amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:EUR amgn:OnePointTwentyFivePercentEuroNotesDueTwoThousandTwentyTwoMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:USD amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:USD amgn:FourPercentPoundSterlingNotesDue2029Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 amgn:FourPercentPoundSterlingNotesDue2029Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:EUR amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 amgn:ZeroPointFortyOnePercentSwissFrancBondsDueTwoThousandTwentyThreeMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:GBP amgn:FivePointFiveZeroPercentPoundSterlingNotesDue2026Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:USD amgn:OnePointTwentyFivePercentEuroNotesDueTwoThousandTwentyTwoMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:GBP amgn:FourPercentPoundSterlingNotesDue2029Member amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 amgn:OnePointTwentyFivePercentEuroNotesDueTwoThousandTwentyTwoMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 currency:USD amgn:TwoPercentEuroNotesDueTwoThousandTwentySixMember amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember 2019-01-01 2019-03-31 0000318154 us-gaap:ProductMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-01-01 2019-03-31 0000318154 us-gaap:LongTermDebtMember 2019-12-31 0000318154 amgn:LongTermDebtCurrentMaturitiesMember 2019-12-31 0000318154 us-gaap:LongTermDebtMember 2020-03-31 0000318154 amgn:LongTermDebtCurrentMaturitiesMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:InterestRateSwapAtThenCurrentInterestRatesMember us-gaap:LongTermDebtMember 2020-03-31 0000318154 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2020-03-31 0000318154 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2019-12-31 0000318154 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:ForeignCurrencyAndCrossCurrencySwapsMember 2020-03-31 0000318154 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2020-01-01 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-03-31 0000318154 us-gaap:CashFlowHedgingMember 2019-01-01 2019-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2020-01-01 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:CashFlowHedgingMember 2019-01-01 2019-03-31 0000318154 us-gaap:CashFlowHedgingMember 2020-01-01 2020-03-31 0000318154 us-gaap:ForeignExchangeContractMember us-gaap:CashFlowHedgingMember 2020-01-01 2020-03-31 0000318154 us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember amgn:CrossCurrencySwapContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 us-gaap:OtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember amgn:CrossCurrencySwapContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 us-gaap:NondesignatedMember 2019-12-31 0000318154 us-gaap:AccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2019-12-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember amgn:CrossCurrencySwapContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 us-gaap:NondesignatedMember 2020-03-31 0000318154 amgn:AccruedLiabilitiesOtherNonCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 us-gaap:OtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000318154 amgn:OtherCurrentNoncurrentAssetsMember amgn:CrossCurrencySwapContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2020-03-31 0000318154 us-gaap:AccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2020-03-31 0000318154 amgn:CrossCurrencySwapContractsMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:ProductMember us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-01-01 2020-03-31 0000318154 us-gaap:InterestRateSwapMember 2020-01-01 2020-03-31 0000318154 amgn:HospiraMember 2020-03-23 2020-03-23 0000318154 amgn:HospiraMember us-gaap:SubsequentEventMember 2020-04-17 2020-04-17 iso4217:GBP iso4217:USD amgn:segment iso4217:USD xbrli:shares iso4217:CHF xbrli:pure iso4217:EUR xbrli:shares
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.

i


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

 
Three months ended
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.

1


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.

2


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.

3


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

 
Number
of shares
of common
stock
 
Common
stock and
additional
paid-in capital
 
Accumulated
deficit
 
Accumulated
other
comprehensive
loss
 
Total
Balance as of December 31, 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.


4


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.

5


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.

6


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.

7


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.

8


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



9


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.

10


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



11


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.

12


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)
$

<