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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 June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-37702
Amgen Inc.
(Exact name of registrant as specified in its charter)
Delaware 95-3540776
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
One Amgen Center Drive 91320-1799
Thousand Oaks
California
(Address of principal executive offices) (Zip Code)
(805) 447-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueAMGNThe Nasdaq Stock Market LLC
1.250% Senior Notes due 2022AMGN22The Nasdaq Stock Market LLC
2.00% Senior Notes due 2026AMGN26The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
No 
As of July 29, 2021, the registrant had 567,852,353 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
June 30,
Six months ended
June 30,
 2021202020212020
Revenues:
Product sales$6,114 $5,908 $11,706 $11,802 
Other revenues412 298 721 565 
Total revenues6,526 6,206 12,427 12,367 
Operating expenses:
Cost of sales
1,637 1,488 3,127 3,001 
Research and development1,082 964 2,049 1,916 
Acquired in-process research and development1,505  1,505  
Selling, general and administrative1,384 1,295 2,638 2,611 
Other90 136 151 161 
Total operating expenses5,698 3,883 9,470 7,689 
Operating income828 2,323 2,957 4,678 
Other income (expense):
Interest expense, net(281)(296)(566)(642)
Other income, net11 3 24 14 
Income before income taxes558 2,030 2,415 4,050 
Provision for income taxes94 227 305 422 
Net income$464 $1,803 $2,110 $3,628 
Earnings per share:
Basic$0.81 $3.07 $3.67 $6.16 
Diluted$0.81 $3.05 $3.65 $6.12 
Shares used in calculation of earnings per share:
Basic573 588 575 589 
Diluted576 592 578 593 

See accompanying notes.
1


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

Three months ended
June 30,
Six months ended
June 30,
 2021202020212020
Net income$464 $1,803 $2,110 $3,628 
Other comprehensive (loss) income, net of reclassification adjustments and taxes:
Gains (losses) on foreign currency translation14 (3)(25)(55)
(Losses) gains on cash flow hedges(48)(116)142 (177)
Losses on available-for-sale securities (2) (21)
Other(1)  (2)
Other comprehensive (loss) income, net of taxes(35)(121)117 (255)
Comprehensive income$429 $1,682 $2,227 $3,373 

See accompanying notes.
2


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

June 30, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$6,630 $6,266 
Marketable securities1,452 4,381 
Trade receivables, net4,479 4,525 
Inventories4,115 3,893 
Other current assets2,423 2,079 
Total current assets19,099 21,144 
Property, plant and equipment, net4,906 4,889 
Intangible assets, net15,308 16,587 
Goodwill14,676 14,689 
Other noncurrent assets5,784 5,639 
Total assets$59,773 $62,948 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,277 $1,421 
Accrued liabilities8,984 10,141 
Current portion of long-term debt4,324 91 
Total current liabilities14,585 11,653 
Long-term debt28,458 32,895 
Long-term tax liabilities6,428 6,968 
Other noncurrent liabilities2,055 2,023 
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—569.6 shares in 2021 and 578.3 shares in 2020
31,877 31,802 
Accumulated deficit(22,762)(21,408)
Accumulated other comprehensive loss(868)(985)
Total stockholders’ equity8,247 9,409 
Total liabilities and stockholders’ equity$59,773 $62,948 

See accompanying notes.
3


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

Number
of shares
of common
stock
Common
stock and
additional
paid-in capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2020578.3 $31,802 $(21,408)$(985)$9,409 
Net income— — 1,646 — 1,646 
Other comprehensive income, net of taxes— — — 152 152 
Dividends declared on common stock ($1.76 per share)
— — (1,012)— (1,012)
Issuance of common stock in connection with the Company’s equity award programs
0.7 6 — — 6 
Stock-based compensation expense— 57 — — 57 
Tax impact related to employee stock-based compensation expense
— (59)— — (59)
Repurchases of common stock(3.7)— (865)— (865)
Balance as of March 31, 2021575.3 31,806 (21,639)(833)9,334 
Net income— — 464 — 464 
Other comprehensive loss, net of taxes— — — (35)(35)
Issuance of common stock in connection with the Company’s equity award programs
0.8 47 — — 47 
Stock-based compensation expense— 100 — — 100 
Tax impact related to employee stock-based compensation expense
— (76)— — (76)
Repurchases of common stock(6.5)— (1,592)— (1,592)
Other— — 5 — 5 
Balance as of June 30, 2021
569.6 $31,877 $(22,762)$(868)$8,247 

4



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

Number
of shares
of common
stock
Common
stock and
additional
paid-in capital
Accumulated
deficit
Accumulated
other
comprehensive
loss
Total
Balance as of December 31, 2019
591.4 $31,531 $(21,330)$(528)$9,673 
Cumulative effect of changes in accounting principles, net of taxes
— — (2)— (2)
Net income— — 1,825 — 1,825 
Other comprehensive loss, net of taxes— — — (134)(134)
Dividends declared on common stock ($1.60 per share)
— — (938)— (938)
Issuance of common stock in connection with the Company’s equity award programs
0.9 10 — — 10 
Stock-based compensation expense— 52 — — 52 
Tax impact related to employee stock-based compensation expense
— (68)— — (68)
Repurchases of common stock(4.3)— (933)— (933)
Balance as of March 31, 2020
588.0 $31,525 $(21,378)$(662)$9,485 
Net income— — 1,803 — 1,803 
Other comprehensive loss, net of taxes— — — (121)(121)
Issuance of common stock in connection with the Company’s equity award programs
1.0 65 — — 65 
Stock-based compensation expense— 101 — — 101 
Tax impact related to employee stock-based compensation expense
— (81)— — (81)
Repurchases of common stock(2.6)— (591)— (591)
Other— — (2)— (2)
Balance as of June 30, 2020
586.4 $31,610 $(20,168)$(783)$10,659 

See accompanying notes.

5


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

 Six months ended
June 30,
 20212020
Cash flows from operating activities:
Net income$2,110 $3,628 
Depreciation, amortization and other1,696 1,827 
Deferred income taxes(137)(261)
Acquired in-process research and development1,505  
Other items, net170 245 
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net35 (1,177)
Inventories(167)(226)
Other assets(258)143 
Accounts payable(156)(216)
Accrued income taxes, net(930)452 
Long-term tax liabilities47 106 
Other liabilities120 455 
Net cash provided by operating activities4,035 4,976 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired(1,626) 
Purchases of marketable securities(8,000)(2,229)
Proceeds from sales of marketable securities4,404 2,598 
Proceeds from maturities of marketable securities6,528 238 
Purchases of property, plant and equipment(351)(300)
Purchases of equity method investments(3)(2,648)
Other(62)(48)
Net cash provided by (used in) investing activities890 (2,389)
Cash flows from financing activities:
Net proceeds from issuance of debt 9,002 
Repayment of debt (5,000)
Repurchases of common stock(2,452)(1,516)
Dividends paid(2,024)(1,887)
Other(85)(78)
Net cash (used in) provided by financing activities(4,561)521 
Increase in cash and cash equivalents364 3,108 
Cash and cash equivalents at beginning of period6,266 6,037 
Cash and cash equivalents at end of period$6,630 $9,145 

See accompanying notes.
6


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

1. Summary of significant accounting policies
Business
Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Basis of presentation
The financial information for the three and six months ended June 30, 2021 and 2020, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year.
The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2021.
Principles of consolidation
The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. We do not have any significant interests in any variable interest entities. All material intercompany transactions and balances have been eliminated in consolidation.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net
Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $9.1 billion and $9.0 billion as of June 30, 2021 and December 31, 2020, respectively.
Recent accounting pronouncements
In March 2020, the Financial Accounting Standards Board (FASB) issued a new accounting standard to ease the financial reporting burdens caused by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, commonly referred to as reference rate reform. The new standard provides temporary optional expedients and exceptions to current GAAP guidance on contract modifications and hedge accounting. Specifically, a modification to transition to an alternative reference rate is treated as an event that does not require contract remeasurement or reassessment of a previous accounting treatment. Moreover, for all types of hedging relationships, an entity is permitted to change the reference rate without having to dedesignate the hedging relationship. The standard is generally effective for all contract modifications made and hedging relationships evaluated through December 31, 2022. In January 2021, the FASB issued a new accounting standard to expand on the scope of the original March 2020 standard to include derivative instruments on discounting transactions. We are currently evaluating the impact that both standards will have on our condensed consolidated financial statements.

7


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


3. Revenues
We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of rest-of-world (ROW) revenues relates to products sold in Europe.
Revenues were as follows (in millions):
Three months ended June 30,
20212020
U.S.ROWTotalU.S.ROWTotal
Enbrel® (etanercept)
$1,113 $31 $1,144 $1,213 $33 $1,246 
Prolia® (denosumab)
538 276 814 441 218 659 
Otezla® (apremilast)
423 111 534 464 97 561 
Neulasta® (pegfilgrastim)
434 52 486 520 73 593 
XGEVA® (denosumab)
355 133 488 318 117 435 
Aranesp® (darbepoetin alfa)
135 232 367 156 231 387 
Repatha® (evolocumab)
143 143 286 115 85 200 
KYPROLIS® (carfilzomib)
190 90 280 167 86 253 
Other products1,043 672 1,715 1,034 540 1,574 
Total product sales(1)
$4,374 $1,740 6,114 $4,428 $1,480 5,908 
Other revenues412 298 
Total revenues$6,526 $6,206 
Six months ended June 30,
20212020
U.S.ROWTotalU.S.ROWTotal
ENBREL$2,007 $61 $2,068 $2,330 $69 $2,399 
Prolia®
1,039 533 1,572 863 450 1,313 
Otezla®
789 221 1,010 841 199 1,040 
Neulasta®
855 113 968 1,054 148 1,202 
XGEVA®
689 267 956 673 243 916 
Aranesp®
260 462 722 331 478 809 
Repatha®
282 290 572 239 190 429 
KYPROLIS®
349 182 531 354 179 533 
Other products2,007 1,300 3,307 2,022 1,139 3,161 
Total product sales(1)
$8,277 $3,429 11,706 $8,707 $3,095 11,802 
Other revenues721 565 
Total revenues$12,427 $12,367 
____________
(1)    Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2021 and 2020.

9


4. Income taxes
The effective tax rates for the three and six months ended June 30, 2021, were 16.8% and 12.6%, respectively, compared with 11.2% and 10.4%, respectively, for the corresponding periods of the prior year.
The increase in our effective tax rate for the three and six months ended June 30, 2021, was primarily due to the non-deductible IPR&D expense arising from the acquisition of Five Prime. 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, that are subject to a tax incentive grant through 2035. In addition, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2034. These earnings are also subject to U.S. tax at a reduced rate of 10.5%.
The U.S. territory of Puerto Rico imposes an excise tax on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. The rate of 4% is effective through December 31, 2027. We account for the excise tax as a manufacturing cost that is capitalized in inventory and expensed in cost of sales when the related products are sold. For U.S. income tax purposes, the excise tax results in foreign tax credits that are generally recognized in our provision for income taxes when the excise tax is incurred.
One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. In 2017, we received a Revenue Agent Report (RAR) and a modified RAR from the Internal Revenue Service (IRS) for the years 2010, 2011 and 2012 proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagreed with the proposed adjustments and calculations and pursued a resolution with the IRS administrative appeals office. As previously reported, we were unable to reach resolution with the IRS appeals office. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for 2010, 2011 and 2012 that we received in May and July 2021. The duplicate Notices seek to increase our U.S. taxable income by an amount that would result in additional federal tax of approximately $3.6 billion, plus interest. Any additional tax that could be imposed would be reduced by up to approximately $900 million of repatriation tax previously accrued on our foreign earnings. In any event, we firmly believe that the IRS’s positions in the Notices are without merit and we will vigorously contest the Notices through the judicial process.
In addition, in 2020, we received an RAR and a modified RAR from the IRS for the years 2013, 2014 and 2015 also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico, similar to those proposed for the years 2010, 2011 and 2012. We disagree with the proposed adjustments and calculations and are pursuing resolution with the IRS administrative appeals office. We are currently under examination by the IRS for the years 2016, 2017 and 2018. We are also currently under examination by a number of other state and foreign tax jurisdictions.
Final resolution of these complex matters is not likely within the next 12 months. We believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our condensed consolidated financial statements. We are no longer subject to U.S. federal income tax examinations for the years ended on or before December 31, 2009.
During the three and six months ended June 30, 2021, the gross amounts of our unrecognized tax benefits (UTBs) increased $50 million and $110 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of June 30, 2021, if recognized, would affect our effective tax rate.

10


5. Earnings per share
The computation of basic earnings per share (EPS) is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
The computations for basic and diluted EPS were as follows (in millions, except per-share data):
 Three months ended
June 30,
Six months ended
June 30,
 2021202020212020
Income (Numerator):
Net income for basic and diluted EPS$464 $1,803 $2,110 $3,628 
Shares (Denominator):
Weighted-average shares for basic EPS573 588 575 589 
Effect of dilutive securities3 4 3 4 
Weighted-average shares for diluted EPS576 592 578 593 
Basic EPS$0.81 $3.07 $3.67 $6.16 
Diluted EPS$0.81 $3.05 $3.65 $6.12 

For the three and six months ended June 30, 2021 and 2020, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.
11


6. Investments
Available-for-sale investments
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):
Types of securities as of June 30, 2021Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
U.S. Treasury notes$51 $1 $ $52 
U.S. Treasury bills1,400   1,400 
Money market mutual funds5,707   5,707 
Other short-term interest-bearing securities    
Total interest-bearing securities$7,158 $1 $ $7,159 

Types of securities as of December 31, 2020Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
values
U.S. Treasury notes$129 $1 $ $130 
U.S. Treasury bills4,948   4,948 
Money market mutual funds4,765   4,765 
Other short-term interest-bearing securities2   2 
Total interest-bearing securities$9,844 $1 $ $9,845 

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):
Condensed Consolidated Balance Sheets locationsJune 30, 2021December 31, 2020
Cash and cash equivalents$5,707 $5,464 
Marketable securities1,452 4,381 
Total interest-bearing securities$7,159 $9,845 

Cash and cash equivalents in the above table excludes bank account cash of $923 million and $802 million as of June 30, 2021 and December 31, 2020, respectively.
The fair values of available-for-sale investments by contractual maturity were as follows (in millions):
Contractual maturitiesJune 30, 2021December 31, 2020
Maturing in one year or less$7,159 $9,795 
Maturing after one year through three years 50 
Total available-for-sale investments $7,159 $9,845 

For the three and six months ended June 30, 2021 and 2020, realized gains and losses on interest-bearing securities were not material. Realized gains and losses on interest-bearing securities are recorded in 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 investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
12


Equity securities
We held investments in equity securities with readily determinable fair values (publicly traded securities) of $403 million and $477 million as of June 30, 2021 and December 31, 2020, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. For the three months ended June 30, 2021 and 2020, net unrealized gains on publicly traded securities were $25 million and $80 million, respectively. For the six months ended June 30, 2021 and 2020, net unrealized gains and losses on publicly traded securities were a $31 million net loss and a $5 million net gain, respectively. Realized gains and losses on publicly traded securities for the three and six months ended June 30, 2021 and 2020, were not material.
We held investments of $245 million and $203 million in equity securities without readily determinable fair values as of June 30, 2021 and December 31, 2020, respectively, which are included in Other assets in the Condensed Consolidated Balance Sheets. Gains and losses recognized on these securities, including adjustments to the carrying values of these securities, were not material for the three and six months ended June 30, 2021.
Equity method investments
Limited partnerships
We held limited partnership investments of $616 million and $496 million as of June 30, 2021 and December 31, 2020, 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 are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of June 30, 2021, unfunded additional commitments to be made for these investments during the next several years were not material. For the three months ended June 30, 2021 and 2020, net unrealized losses from our limited partnership investments were $43 million and $10 million, respectively. For the six months ended June 30, 2021 and 2020, net unrealized gains from our limited partnership investments were $165 million and $10 million, respectively.
BeiGene, Ltd.
As of June 30, 2021, we had an ownership interest of approximately 20.3% in BeiGene, Ltd. (BeiGene), which is included in Other assets in the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting. We amortize the difference between the fair value of equity securities acquired and our proportionate share of the carrying value of the underlying net assets of BeiGene over the useful lives of the assets that gave rise to this basis difference. This amortization and our share of the results of operations of BeiGene are included in Other income, net, in the Condensed Consolidated Statements of Income one quarter in arrears, which began in the second quarter of 2020.
During the three and six months ended June 30, 2021, the carrying value of our equity investment was adjusted by our share of BeiGene’s net income of $