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Amgen : estimates its U.S. tax bill at over $6 billion as it repatriates cash

12/22/2017 | 11:10pm CET
An Amgen sign is seen at the company's office in South San Francisco

Amgen Inc said it expects to incur tax expenses of $6 billion to $6.5 billion over time as it repatriates cash it has accumulated around the world because of the new U.S. tax law signed by President Donald Trump on Friday.

Some of the expense is also due to the revaluation of its tax liabilities, the drugmaker said in a filing with the Securities and Exchange Commission.

Amgen did not say how much of its $38.9 billion in cash and other holdings it plans to move back to the United States. To encourage U.S. companies to bring home the more than $2.6 trillion now held overseas, the law sets a one-time tax repatriation rate of 15.5 percent for cash and cash-equivalents and 8 percent for illiquid assets.

Amgen said its future U.S. income generally will be taxed at the 21 percent U.S. corporate income tax rate, while its income elsewhere will generally be taxed in the United States at 10.5 percent, reduced by foreign tax credits.

It said the tax expenses from moving its cash back to the United States will affect its current generally accepted accounting principles (GAAP) earnings forecast, but will not affect its non-GAAP forecast.

(Reporting by Michael Erman; Editing by Lisa Shumaker)

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Financials ($)
Sales 2017 22 895 M
EBIT 2017 11 764 M
Net income 2017 8 360 M
Finance 2017 6 824 M
Yield 2017 2,47%
P/E ratio 2017 16,44
P/E ratio 2018 16,18
EV / Sales 2017 5,50x
EV / Sales 2018 5,31x
Capitalization 133 B
Duration : Period :
Amgen Technical Analysis Chart | AMGN | US0311621009 | school135perm
Technical analysis trends AMGEN
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 192 $
Spread / Average Target 5,1%
EPS Revisions
Robert A. Bradway Chairman & Chief Executive Officer
Esteban Santos Executive Vice President-Operations
David W. Meline Executive VP, Chief Financial & Accounting Officer
Sean E. Harper Executive Vice President-Research & Development
Paul R. Eisenberg Chief Medical Officer & Senior VP-Global Medical
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