Amgen (NASDAQ: AMGN) details non-GAAP metrics in Q4 and full-year 2025 earnings

Rhea-AI Filing Summary

Amgen Inc. furnished an 8-K to share that it has issued a press release with unaudited results for the fourth quarter and full year ended December 31, 2025, along with its financial position as of that date. The press release includes several non-GAAP measures such as non-GAAP earnings per share, operating income, operating margin, tax rate, and operating expenses, including non-GAAP cost of sales, R&D, and selling, general and administrative expenses, each reconciled to the nearest GAAP figure. Amgen also presents Free Cash Flow, defined as GAAP operating cash flow minus capital expenditures, and EBITDA and a debt leverage ratio based on GAAP total debt and EBITDA. The company explains it uses these metrics internally for planning, performance evaluation, and incentive compensation and believes they help investors assess ongoing operations and liquidity. The non-GAAP information is described as supplemental to, and not a replacement for, GAAP results and is furnished, not filed, under the Exchange Act.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

February 3, 2026

 -

Amgen Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37702

95-3540776

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One Amgen Center Drive

Thousand Oaks

California

91320-1799

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

(805) 447-1000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
2.000% Senior Notes due 2026			AMGN26			The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐

Item 2.02 Results of Operations and Financial Condition.

Fourth Quarter and Full Year 2025 Earnings Press Release and Reconciliation of Non-GAAP Financial Measures

On February 3, 2026, the Company issued a press release announcing its unaudited results of operations for the three months and year ended December 31, 2025, and its unaudited financial position as of December 31, 2025. The full text of the press release is furnished as Exhibit 99.1 hereto.

In its press release the Company included certain non-U.S. Generally Accepted Accounting Principles (GAAP) financial measures as defined in Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measures included in the press release are non-GAAP earnings per share, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, non-GAAP operating expenses and sub-components of non-GAAP operating expenses such as non-GAAP cost of sales, non-GAAP research and development (R&D) expenses and non-GAAP selling, general and administrative expenses. Reconciliations for such non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the press release. The Company included Free Cash Flow (FCF), which is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP. The Company also included Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the year ended December 31, 2025, calculated by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income, and debt leverage ratio, calculated as the ratio of GAAP total debt to EBITDA.

The Company believes that this presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor’s overall understanding of the financial performance and prospects for the future of the Company’s ongoing business activities by facilitating comparisons of results of ongoing business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company’s liquidity. Further, the Company believes its debt leverage ratio provides a supplemental operating metric for the full year period as it compares the amount of cash generated by our operations during the year ended December 31, 2025. The Company uses non-GAAP financial measures in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

The following is a summary of the costs and other items excluded from the most directly comparable GAAP financial measures to calculate non-GAAP financial measures:

•Acquisition-related expenses: Acquisition-related charges are primarily associated with assets acquired in connection with business acquisitions, including intangible assets and acquired inventory. Such charges include amortization and impairment of developed-product-technology rights, licensing rights, R&D technology rights, marketing-related rights and step-up to fair value of acquired inventory, as well as net impairment charges of in-process R&D assets. Net charges for intangible assets are significantly impacted by the timing and magnitude of the Company’s acquisitions, potential product approvals and estimated future cash flows. Accordingly, these net charges may vary in amount from period to period. The Company excludes these net charges for purposes of calculating the non-GAAP financial measures presented to facilitate a more meaningful evaluation of the Company’s current operating performance and comparisons to past operating performance. The Company believes that excluding noncash net charges related to those intangible assets and inventory acquired in business acquisitions treats those assets as if the Company had developed them internally in the past and, thus, provides a supplemental measure of profitability in which these acquired assets are treated in a comparable manner to the Company's internally developed or produced assets.

•Net charges pursuant to the Company’s restructuring and cost savings initiatives: Costs from restructuring and cost savings initiatives are primarily related to facilities charges, including asset impairments and accelerated depreciation, and severance and benefits for employees terminated pursuant to our transformation and process improvement efforts. Costs from such initiatives are inconsistent in amount and are significantly impacted by the timing and nature of these events. Therefore, although the Company may incur these types of expenses in the future, it believes that eliminating these charges for purposes of calculating the non-GAAP financial measures provides a supplemental evaluation of the Company’s current operating performance and facilitates comparisons to past operating performance.

•Other items: The Company adjusts GAAP financial results for certain income and expenses (or gains and losses). These adjustments include: (1) gains and losses on our investments in equity securities; and (2) certain items associated with legal proceedings. The Company excludes these items for the purpose of calculating the non-GAAP financial measures presented because the Company believes these items are outside the ordinary course of business. The Company believes eliminating these items provides a supplemental evaluation of the Company’s current operating performance and facilitates comparisons to past operating performance.

•The tax effect of the adjustments between GAAP and non-GAAP results take into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Other income tax adjustments include the impact of tax law changes.

The press release also contains a discussion of the additional purposes for which the Company’s management uses these non-GAAP financial measures.

This information and the information contained in the press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report is not incorporated by reference into any filings of the Company made under the Securities Act of 1933, as amended, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing unless specifically stated so therein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1						Press Release dated February 3, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AMGEN INC.

Date:

February 3, 2026

By:

/s/ Peter H. Griffith

Name:

Peter H. Griffith

Title:

Executive Vice President and Chief Financial Officer

FAQ

What did Amgen (AMGN) disclose in its latest 8-K filing?

Amgen disclosed that it released a press release with unaudited results for the fourth quarter and full year 2025 and its financial position as of December 31, 2025. The 8-K primarily describes the non-GAAP and supplemental metrics included in that earnings release.

Which non-GAAP financial measures did Amgen (AMGN) highlight for 2025?

Amgen highlighted non-GAAP earnings per share, non-GAAP operating income, non-GAAP operating margin, non-GAAP tax rate, and non-GAAP operating expenses, including cost of sales, R&D, and selling, general and administrative expenses. Each non-GAAP metric is reconciled to the most directly comparable GAAP measure in the press release.

How does Amgen (AMGN) define Free Cash Flow in this disclosure?

Amgen defines Free Cash Flow (FCF) as operating cash flow determined in accordance with GAAP minus capital expenditures, also determined under GAAP. The company states that FCF provides an additional measure of liquidity and is one of the supplemental metrics included in its 2025 earnings press release.

How are EBITDA and debt leverage ratio calculated by Amgen (AMGN)?

Amgen calculates EBITDA for 2025 by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income. The debt leverage ratio is computed as GAAP total debt divided by EBITDA, providing a supplemental operating metric for the full-year period.

Why does Amgen (AMGN) use non-GAAP measures alongside GAAP results?

Amgen states it uses non-GAAP measures to help investors analyze ongoing business performance and compare results across periods. Management also uses them for budgeting, financial planning, resource allocation, and evaluating results relative to incentive compensation targets, while emphasizing they are supplemental to GAAP results.

What kinds of costs does Amgen (AMGN) exclude in its non-GAAP adjustments?

Amgen excludes acquisition-related expenses, restructuring and cost savings initiative charges, and certain other items such as gains and losses on equity investments and specific legal proceeding items. It also adjusts for related tax effects, aiming to isolate results from ongoing business operations in its non-GAAP metrics.

Is the Amgen (AMGN) earnings information in this 8-K considered filed with the SEC?

The company specifies that the earnings information and non-GAAP discussions furnished under Item 2.02, and included in the referenced press release, are not deemed “filed” under Section 18 of the Exchange Act. They are also not incorporated into Securities Act filings unless explicitly stated.