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Amgen is a biotechnology firm that develops and manufactures human therapeutics that fight cancer, kidney disease, rheumatoid arthritis and other serious illnesses. As part of its 2008 financial report, the Company issued “non-GAAP financial measures” to facilitate additional analysis by investors.


  • In one paragraph, briefly describe “non-GAAP financial measures” and how they differ from GAAP.
  • Does the SEC allow “non-GAAP financial measures”?
  • What “non-GAAP financial measures” did Amgen report? Explain some of specific issues they addressed in this supplemental information.


PR Newswire. (2009). “Amgen’s Fourth Quarter 2008 Adjusted Earnings Per Share Increased 6 Percent to $1.06; Full Year 2008 Adjusted Earnings Per Share,” Fierce BioTech (Retrievable online at

U.S. Securities and Exchange Commission. (2002). “Final Rule:
Conditions for Use of Non-GAAP Financial Measures,” Release No. 33-8176; 34-47226; FR-65; FILE NO. S7-43-02 (Retrievable online at

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