AMGN · 10-Q · 2026Q3 · Full report

U.S. Tax Law Changes

AMGEN INC · 2026-11-04 · Importance 47 · Surprise 60 · In source text

The United States enacted the One Big Beautiful Bill Act (OB3) on July 4, 2025, with most provisions effective January 1, 2026. The law modifies the international tax framework, and Amgen says its foreign earnings are subject to U.S. tax at a reduced rate of 12.6% as of January 1, 2026. Separately, the global minimum tax agreement applies a 15% minimum tax rate to adjusted financial statement income; the agreement took effect in selected countries, including the United Kingdom and EU member countries, on January 1, 2024, and in Singapore on January 1, 2025.

Key facts

• U.S. legislation OB3 was enacted July 4, 2025, includes permanent extensions of certain expiring 2017 Tax Act provisions and international tax framework modifications including foreign-earnings tax rate changes, with most provisions effective January 1, 2026. source
• Amgen's Puerto Rico operations are subject to tax incentive grants through 2050, and its Singapore operations are subject to a tax incentive grant through 2036. source
• Amgen's foreign earnings became subject to U.S. tax at a reduced rate of 12.6% as of January 1, 2026. source
• OB3 was enacted in the United States on July 4, 2025, and most of its provisions are effective January 1, 2026. source
• Amgen and its subsidiaries are subject to a 15% minimum tax rate on adjusted financial statement income under the currently enacted scope of the global minimum tax agreement. source

Impact estimates