Reconciliation of GAAP Earnings Per Share Guidance to "Adjusted"
Earnings Per Share Guidance for the Year Ending December 31, 2010
The following table shows a reconciliation of GAAP earnings per share (diluted) guidance to “Adjusted” earnings per share (diluted)
guidance. On April 21, 2010, the Company announced “Adjusted” earnings per share guidance, including an anticipated impact of
$200 million to $250 million due to U.S. Health Care Reform, now expected towards lower end of current guidance range of $5.05–$5.25.
GAAP earnings per share (diluted) guidance
Known adjustments to arrive at "Adjusted" earnings*:
Amortization of acquired intangible assets, product technology rights
Incremental non-cash interest expense
Stock option expense
Amortization of acquired intangible assets, R&D technology rights
"Adjusted" earnings per share (diluted) guidance
The known adjustments are presented net of their related aggregate tax impact of approximately $0.27 to $0.28 per share.
To exclude the ongoing, non-cash amortization of acquired product technology rights, primarily ENBREL, related to
the Immunex acquisition.
To exclude the incremental non-cash interest expense resulting from a change in accounting in January 2009
related to our convertible debt.
To exclude stock option expense.
To exclude the ongoing, non-cash amortization of the R&D technology intangible assets acquired with the Abgenix
and Avidia acquisitions.
Reconciliation of GAAP Tax Rate Guidance to "Adjusted"
Tax Rate Guidance for the Year Ending December 31, 2010
GAAP tax rate guidance
Tax rate effect of known adjustments discussed above
"Adjusted" tax rate guidance
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