Slides
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November 4, 2025 Q3 ’25 Earnings Call
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2 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Safe Harbor Statement This presentation contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx, Inc. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission (SEC) reports filed by Amgen, including our most recent annual report on Form 10- K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this presentation and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. This presentation includes GAAP and non-GAAP financial measures. In accordance with the requirements of SEC Regulation G, reconciliations between these two measures, if these slides are in hard copy, accompany the hard copy presentation or, if these slides are delivered electronically, are available on the Company's website at www.amgen.com within the Investors section.
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3 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Introduction Casey Capparelli Opening Remarks Bob Bradway Q3 ’25 Results and Outlook Peter Griffith Global Commercial Update Murdo Gordon Research & Development Update Jay Bradner Q&A All Agenda
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4 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • Revenues increased 12% YoY in Q3 2025, with 16 products delivering at least double-digit sales growth • Rapidly advancing innovative pipeline: – Reported significant and clinically meaningful Repatha® VESALIUS-CV Phase 3 clinical trial data – MARTIME-1 and MARITIME-2 Phase 3 Chronic Weight Management studies are fully enrolled – Received FDA approval for TEZSPIRE® in Chronic Rhinosinusitis with Nasal Polyps – Expect continued momentum in Q4, with PDUFA dates for IMDELLTRA® and UPLIZNA®, and additional MariTide Phase 2 data • Invested $1.9B* in research and development in Q3 2025, up 31% YoY • Announced ~$3B in investments in U.S. manufacturing year-to-date We are Focused on Delivering Sustained, Long-term Growth *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. FDA = U.S. Food and Drug Administration; PDUFA = prescription drug user fee act.
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Q3 ’25 Business Results and Outlook
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6 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. $ Millions, Except Non-GAAP EPS All income statement items for Q3 ’25 and/or Q3 ’24, except revenue and average shares, are non-GAAP financial measures—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. Item Q3 ’25 Q3 ’24 % Incr./(Decr.) Revenue $9,557 $8,503 12% Product Sales 9,137 8,151 12% Other Revenues 420 352 19% Non-GAAP Operating Expenses 5,252 4,459 18% Cost of Sales % of product sales 1,662 18.2 % 1,454 17.8 % 14% R&D % of product sales 1,890 20.7 % 1,440 17.7 % 31% SG&A % of product sales 1,700 18.6 % 1,565 19.2 % 9% Non-GAAP Operating Income % of product sales 4,305 47.1 % 4,044 49.6 % 6% Other Income/(Expense) (568) (554) (3%) Non-GAAP Net Income 3,055 3,024 1% Non-GAAP EPS $5.64 $5.58 1% Average Shares (millions) 542 542 —% Non-GAAP Tax Rate 18.2% 13.4% 4.8 pts. Q3 ’25 Financial Results
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7 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. $ Billions, Except Dividends Paid Per Share Cash Flow Data Q3 ’25 Q3 ’24 Capital Expenditures $0.4 $0.3 Free Cash Flow* $4.2 $3.3 Share Repurchases $0.0 $0.0 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.38 $2.25 Balance Sheet Data 9/30/25 12/31/24 Cash and Cash Equivalents $9.4 $12.0 Debt Outstanding $54.6 $60.1 *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section. Cash Flow and Balance Sheet Data as of Q3 ’25
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8 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amounts pertain to previously issued financial guidance, see reconciliations available at: www.amgen.com within the Investors section. Guidance Comments Revenue $35.8B – $36.6B Revised from $35.0B – $36.0B Non-GAAP EPS* $20.60 – $21.40 Revised from $20.20 – $21.30 Non-GAAP Tax Rate* 15.0% – 16.5% Revised from 14.5% – 16.0% Capital Expenditures $2.2B – $2.3B Revised from ~$2.3B 2025 Guidance
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Global Commercial Update
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10 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. N/A = not applicable * = change in excess of 100% (1) Ultra Rare products consist of RAVICTI®, PROCYSBI®, ACTIMMUNE®, BUPHENYL® and QUINSAIR®. (2) Other products consist of Aimovig®, AVSOLA®, KANJINTI®, EPOGEN®, RIABNI®, BKEMV®/BEKEMV , NEUPOGEN®, IMLYGIC®, Corlanor®, DUEXIS®, RAYOS®, Sensipar®/Mimpara and PENNSAID®, where Biosimilars total $151 million in Q3 ’25 and $143 million in Q3 ’24. $ Millions, Net Sales Q3 ’25 Q3 ’24 YoY U.S. ROW Total Total Total Repatha® $442 $352 $794 $567 40% EVENITY® 417 124 541 399 36% Prolia® 806 333 1,139 1,045 9% TEPEZZA® 518 42 560 488 15% KRYSTEXXA® 320 — 320 310 3% UPLIZNA® 146 9 155 106 46% TAVNEOS® 101 6 107 80 34% Ultra-Rare products(1) 195 5 200 188 6% TEZSPIRE® 377 — 377 269 40% Otezla® 473 112 585 564 4% Enbrel® 574 6 580 825 (30%) AMJEVITA®/AMGEVITA 16 138 154 166 (7%) PAVBLU® 212 1 213 — N/A WEZLANA®/WEZENLA — 44 44 5 * BLINCYTO® 236 156 392 327 20% Vectibix® 162 122 284 282 1% KYPROLIS® 225 134 359 378 (5%) LUMAKRAS®/LUMYKRAS 57 39 96 98 (2%) XGEVA® 357 182 539 541 0% Nplate® 333 124 457 456 0% IMDELLTRA®/IMDYLLTRA 144 34 178 36 * MVASI® 156 57 213 195 9% Aranesp® 103 254 357 337 6% Parsabiv® 42 42 84 70 20% Neulasta® 72 20 92 110 (16%) Other products(2) 267 50 317 309 3% Total Product Sales $6,751 $2,386 $9,137 $8,151 12% Total Revenue $9,557 $8,503 12% Q3 ’25 Global Commercial Update
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11 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • Sixteen products delivered at least double-digit sales growth, including Repatha®, EVENITY®, IMDELLTRA®*, TEZSPIRE®, TEPEZZA®, BLINCYTO®, UPLIZNA®, and TAVNEOS®. Q3’25 Highlights Product Sales Increased 12% YoY in Q3, Driven by 14% Volume Growth Product Sales $9.1B, +12% YoY General Medicine Oncology Inflammation Rare Disease *Registered as IMDYLLTRA in the European Union, the United Kingdom, and Saudi Arabia.
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12 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • Repatha® sales increased 40% YoY primarily driven by volume growth. • EVENITY® sales increased 36% YoY driven by volume growth. • Prolia® sales increased 9% YoY, primarily driven by 14% favorable changes to estimated sales deductions, partially offset by lower net selling price. Q3’25 Highlights General Medicine Generated Over $3B of Sales in Q3 Repatha® $794M, +40% YoY Prolia® $1,139M, +9% YoY EVENITY® $541M, +36% YoY EVENITY® is developed and commercialized in collaboration with UCB globally, as well as our collaboration partner Astellas in Japan. *Established / Other consists of Aranesp®, Parsabiv®, Aimovig®, EPOGEN®, Corlanor®, and Sensipar®/Mimpara . Established / Other*
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13 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • Key products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. • UPLIZNA® sales increased 46% YoY, primarily driven by volume growth. Excluding shipments to our ex-U.S. partner, sales grew by 101% YoY. • TAVNEOS® sales increased 34% YoY, driven by 66% volume growth, partially offset by 16% lower inventory levels and 10% lower net selling price. Q3’25 Highlights Rare Disease Delivered Double-Digit Growth in Q3, Annualizing Over $5B Based on Q3 Sales *Ultra-Rare products consist of RAVICTI®, PROCYSBI®, ACTIMMUNE®, BUPHENYL®, and QUINSAIR®. **Other consists of BKEMV®/BEKEMV , DUEXIS®, RAYOS®, and PENNSAID®. KRYSTEXXA® $320M, +3% YoY Ultra-Rare* $200M, +6% YoY UPLIZNA® $155M, +46% YoY TEPEZZA® $560M, +15% YoY TAVNEOS® $107M, +34% YoY Y Other**
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14 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • TEZSPIRE® sales increased 40% YoY, driven by 48% volume growth, partially offset by lower net selling price. • PAVBLU® contributed $213M of sales. Q3’25 Highlights Inflammation Generated Over $2B of Sales in Q3 TEZSPIRE® is developed in collaboration with AstraZeneca. *AVSOLA® is included in Other Products. **Registered as AMGEVITA in the European Union, the United Kingdom, Canada, Japan, and certain other countries outside of the U.S. ***Registered as WEZENLA in the European Union, the United Kingdom, Canada, Japan, and certain other countries outside of the U.S. TEZSPIRE® $377M, +40% YoY Otezla® $585M, +4% YoYEnbrel® $580M, (30%) YoY WEZLANA®*** $44M AVSOLA®* PAVBLU® $213M AMJEVITA®** $154M, (7%) YoY
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15 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. • BLINCYTO® sales increased 20% YoY, driven by 31% volume growth, partially offset by lower inventory levels. • IMDELLTRA®** generated $178 million of sales. Sales increased 33% QoQ, primarily driven by volume growth. • XGEVA® sales were flat YoY, as 6% favorable changes to estimated sales deductions were offset by 3% lower volume and lower inventory levels. Q3’25 Highlights Oncology Delivered Nearly $3B of Sales in Q3 *Established / Other consists of Neulasta®, KANJINTI®, RIABNI®, NEUPOGEN®, and IMLYGIC®. **Registered as IMDYLLTRA in the European Union, the United Kingdom, and Saudi Arabia. ***Registered as LUMYKRAS in the European Union, the United Kingdom, Canada, Japan, and certain other countries outside of the U.S. KYPROLIS® $359M, (5%) YoY LUMAKRAS®*** $96M, (2%) YoY BLINCYTO® $392M, +20% YoY Vectibix® $284M, +1% YoY XGEVA® $539M, 0% YoY Nplate® $457M, 0% YoY MVASI® $213M, +9% YoY Established / Other* IMDELLTRA®** $178M
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R&D Update
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17 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS MariTide (maridebart cafraglutide, AMG 133) o MARITIME-1, a Phase 3 study for chronic weight management , has completed enrollment of adults living with obesity or overweight, without Type 2 diabetes mellitus. o MARITIME-2, a Phase 3 study for chronic weight management, has completed enrollment of adults living with obesity or overweight, with Type 2 diabetes mellitus. o MARITIME-CV, a Phase 3 study, is enrolling adults living with established atherosclerotic cardiovascular disease and obesity or overweight. o MARITIME-HF, a Phase 3 study, is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity. o MARITIME-OSA-1, a Phase 3 study, was recently initiated in adults living with obstructive sleep apnea on positive airway pressure therapy and living with obesity or overweight. o MARITIME-OSA-2, a Phase 3 study, was recently initiated in adults living with obstructive sleep apnea not on positive airway pressure therapy and living with obesity or overweight.
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18 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS (Continued) MariTide (maridebart cafraglutide, AMG 133) (Continued) o Part 2 of the Phase 2 chronic weight management study is ongoing in adults living with obesity or overweight, with or without Type 2 diabetes mellitus. Data readout is anticipated in Q4 2025. o A Phase 2 study investigating MariTide for the treatment of Type 2 diabetes mellitus is ongoing in adults living with and without obesity. Data readout is anticipated in Q4 2025.
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19 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS (Continued) Repatha® o In October, the Company announced that the Phase 3 VESALIUS -CV clinical trial met its dual primary endpoints demonstrating that Repatha ® significantly reduced the risk of major adverse cardiovascular events (MACE) in individuals without a prior history of heart attack or stroke. o Full results from the trial will be presented at the American Heart Association Scientific Sessions (AHA) on November 8th and will be submitted for publication in a peer -reviewed journal. o EVOLVE-MI, a Phase 4 study of Repatha ® administered within 10 days of an acute myocardial infarction to reduce the risk of cardiovascular events, is ongoing.
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20 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. General Medicine Pipeline Focused on Significant Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS (Continued) Olpasiran o OCEAN(a)-outcomes trial, a Phase 3 secondary prevention cardiovascular (CV) outcomes study is ongoing in patients with atherosclerotic cardiovascular disease and elevated lipoprotein(a) ( Lp(a)). o OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study, was initiated and is enrolling patients with elevated Lp(a) at risk for a first major CV event.
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21 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS UPLIZNA® o In October, additional subgroup data from the Phase 3 MITIGATE trial of UPLIZNA ® in IgG4-related disease were presented at the American College of Rheumatology Annual Meeting. These analyses showed benefits comparable to those seen in the overall trial population. o FDA review of the MINT Phase 3 data in patients with generalized myasthenia gravis is ongoing. − The PDUFA date is December 14, 2025. TEPEZZA® o A Phase 3 study in Japan has completed enrollment of patients with chronic/low clinical activity score thyroid eye disease. o A Phase 3 study evaluating the subcutaneous route of administration of teprotumumab is ongoing in patients with thyroid eye disease . IgG4 = immunoglobulin G4; FDA = U.S. Food and Drug Administration; PDUFA = prescription drug user fee act.
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22 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) TAVNEOS® o A Phase 3 study is enrolling patients from 6 years to < 18 years of age with active ANCA - associated vasculitis. Dazodalibep o Two Phase 3 studies in Sjögren’s disease are underway. The first study is ongoing in patients with moderate-to-severe systemic disease activity. The second study is enrolling patients with moderate-to-severe symptomatic burden and low systemic disease activity. Daxdilimab o Phase 2 studies are ongoing in patients with moderate -to-severe active primary discoid lupus erythematosus and in patients with dermatomyositis and antisynthetase inflammatory myositis. ANCA = antineutrophilic cytoplasmic antibody.
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23 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) AMG 329 o A Phase 2 study is ongoing in patients with Sjögren’s disease. AMG 732 o A Phase 2 study is enrolling patients with moderate-to-severe active thyroid eye disease.
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24 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS TEZSPIRE® o In October, the FDA approved TEZSPIRE® for the add on maintenance treatment of adult and pediatric patients aged 12 years and older with inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP). o Two Phase 3 studies are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil count (BEC) ≥ 150 cells/µl . o A Phase 3 study of TEZSPIRE ® is ongoing in patients with eosinophilic esophagitis. FDA = U.S. Food and Drug Administration. TEZSPIRE® is being developed in collaboration with AstraZeneca.
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25 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin. Rocatinlimab o The eight study ROCKET Phase 3 program evaluating rocatinlimab in patients with moderate -to- severe atopic dermatitis (AD) has enrolled over 3,300 patients. Enrollment is now complete across all eight studies. o In September, Amgen and Kyowa Kirin Co., Ltd. announced preliminary top -line results from the ASCEND study evaluating long term maintenance use of rocatinlimab with every four week and every eight-week dosing, in adults and adolescents with moderate to severe AD. The ongoing ASCEND study will continue to evaluate the long -term safety profile of rocatinlimab. o ROCKET ASTRO, a 52-week study of rocatinlimab, is complete. The co-primary and secondary efficacy endpoints were met. These endpoints assessed the efficacy at week 24 of rocatinlimab dosed every four weeks. Overall, safety events were consistent with other trials in the ROCKET program.
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26 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin. Rocatinlimab (Continued) o A Phase 2 study is ongoing in patients with moderate -to-severe asthma. o A Phase 3 study is has completed enrollment in patients with prurigo nodularis.
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27 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) AMG 104 is being developed in collaboration with AstraZeneca. Blinatumomab o A Phase 2 study of blinatumomab in autoimmune disease is enrolling in adults with systemic lupus erythematosus (SLE) and in adults with refractory rheumatoid arthritis. Inebilizumab o A Phase 2 study of inebilizumab in autoimmune disease is enrolling in adults with SLE with nephritis. AMG 104 (AZD8630) o A Phase 2 study has completed enrollment of patients with asthma.
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28 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes BLINCYTO® / blinatumomab o The dose-expansion and optimization phase of a Phase 1/2 study of subcutaneous blinatumomab in adult patients with relapsed or refractory CD19 -positive Ph-negative B-ALL is complete. A potentially registration -enabling Phase 2 portion of this study was initiated and is enrolling in both adults and adolescents. o Golden Gate, a Phase 3 study of BLINCYTO ® alternating with low-intensity chemotherapy is enrolling older adult patients with newly diagnosed CD19-positive Ph-negative B-ALL. ONCOLOGY: SELECTED PIPELINE PROGRAMS CD19 = cluster of differentiation 19; Ph = Philadelphia chromosome; B-ALL = B-cell precursor acute lymphoblastic leukemia.
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29 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes IMDELLTRA® / tarlatamab o In September, results from DeLLphi 303 a Phase 1b study of IMDELLTRA ® in combination with a PD -L1 inhibitor in the first-line maintenance setting of ES -SCLC were presented at WCLC and simultaneously published in Lancet Oncology. This combination demonstrated a manageable safety profile consistent with the known safety of each component, sustained disease control, and promising median overall survival of 25.3 months , supporting further investigation of this combination in the Phase 3 DeLLphi -305 study. o In October, additional results from separate arms of the DeLLphi 303 Phase 1b study which evaluated IMDELLTRA ® in combination with platinum -based chemotherapy and a PD -L1 inhibitor in the first line setting of ES-SCLC were presented at ESMO. IMDELLTRA ® in combination with first -line chemo-immunotherapy induction followed by IMDELLTRA ® with PD-L1 inhibitor maintenance therapy demonstrated a manageable safety profile consistent with the known safety of each component and promising initial survival outcomes. In this study median overall survival was not yet reached, the Kaplan -Meier estimate of overall survival at 12 months was 81%. These data support further investigation of this combination in the Phase 3 DeLLphi -312 study. ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) PD-L1 = programmed cell death ligand 1; ES-SCLC = extensive-stage small cell lung cancer; WCLC = World Conference on Lung Cancer; ESMO = European Society For Medical Oncology.
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30 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes IMDELLTRA® / tarlatamab (Continued) o The U.S. regulatory submission of DeLLphi 304 a global Phase 3 confirmatory study evaluating IMDELLTRA® vs. standard of care in subjects with relapsed ES -SCLC after platinum-based first-line chemotherapy was accepted with a PDUFA date of December 18, 2025. − Regulatory reviews are also underway in a number of additional geographies. o The Company is advancing a comprehensive, global clinical development program across extensive-stage and limited-stage SCLC. ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) ES-SCLC = extensive stage small cell lung cancer; PDUFA = Prescription Drug User Fee Act; SCLC = small cell lung cancer.
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31 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes Xaluritamig o XALute, a Phase 3 study, is enrolling patients in post-taxane mCRPC. o XALience, a Phase 3 study of xaluritamig in combination with abiraterone versus investigator’s choice therapy, was initiated in patients with chemotherapy -naïve mCRPC. o A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with abiraterone is ongoing in patients with mCRPC who have not yet received taxane-based chemotherapy. This study is also ongoing in patients with mCRPC who have previously received taxane-based chemotherapy in a fully outpatient treatment setting to further improve administration convenience. ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) mCRPC = metastatic castrate resistant prostate cancer. Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc..
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32 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes Xaluritamig (Continued) o A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high ‐risk prostate cancer. o A Phase 1b study is enrolling patients with high-risk biochemically recurrent prostate cancer after definitive therapy. o A Phase 1b study of xaluritamig in combination with androgen receptor pathway inhibitors was initiated and is enrolling in patients with metastatic hormone -sensitive prostate cancer. ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc..
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33 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Bemarituzumab o In October, the full results from both the interim analysis and descriptive follow -up analysis of the Phase 3 FORTITUDE-101 clinical trial of bemarituzumab plus chemotherapy (mFOLFOX6) in first- line gastric cancer were presented at ESMO. The results showed: − At the primary analysis bemarituzumab plus chemotherapy led to a statistically significant improvement in overall survival (OS) with a median OS of 17.9 months in the bemarituzumab + mFOLFOX6 arm versus 12.5 months in the placebo + mFOLFOX6 arm, Hazard Ratio (HR) (95%): 0.61 (0.43 - 0.86; P = 0.005). − At the descriptive follow -up analysis, median OS in the bemarituzumab plus mFOLFOX6 arm was 14.5 months (95% C.I 13.0-17.9 months) while the median OS in the placebo plus mFOLFOX6 arm was 13.2 months (95% CI 10.9-14.7 months), HR (95%): 0.82 (0.62 -1.08). ESMO = European Society For Medical Oncology.
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34 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Bemarituzumab (Continued) o FORTITUDE-102, a Phase 1b/3 study in patients with first -line gastric cancer was stopped. o FORTITUDE-103, a Phase 1b/2 study, has completed enrollment of patients with first -line gastric cancer. o FORTITUDE-301, a Phase 1b/2 basket study, is ongoing in patients with solid tumors with FGFR2b overexpression. FGFR2b = Fibroblast growth factor receptor 2b.
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35 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) AMG 193 o A Phase 2 study is enrolling patients with MTAP-null previously treated advanced non -small cell lung cancer. o A Phase 1/1b/2 study is enrolling patients with advanced MTAP-null solid tumors in the dose- expansion portion of the study. o Phase 1b studies of AMG 193 alone or in combination with other therapies are enrolling patients with advanced MTAP-null solid tumors. LUMAKRAS® /LUMYKRAS o Phase 3 studies in first -line non-small cell lung cancer and first-line colorectal cancer are enrolling. MTAP = methylthioadenosine phosphorylase.
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36 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Nplate® o PROCLAIM, a Phase 3 study of Nplate ® for the treatment of chemotherapy -induced thrombocytopenia, is enrolling patients with non-small cell lung cancer, ovarian cancer, or breast cancer.
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37 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward -looking statements, actual results may vary materially; Amgen disclaims any duty to update. IMPORTANT 2025 PIPELINE MILESTONES GENERAL MEDICINE RARE DISEASE INFLAMMATION ONCOLOGY ✓ Japan launch in TED H1 2025 ✓ EU regulatory approval in TED H2 2025 TEPEZZA® UPLIZNA® ✓ PDUFA date in IgG4-related disease Apr 3, 2025 ✓ Regulatory filing in generalized myasthenia gravis H1 2025 • PDUFA date in generalized myasthenia gravis Dec 14, 2025 BKEMV® (SOLIRIS® biosimilar) ✓ U.S. Launch Q2 2025 IMDELLTRA® ✓ Phase 3 study data readout in 2L small cell lung cancer H1 2025 • PDUFA date in 2L small cell lung cancer Dec 18, 2025 Bemarituzumab ✓ FORTITUDE-101 Doublet Phase 3 study data readout in 1L gastric cancer Q2 2025 ✓ FORTITUDE-102 Triplet Phase 3 study data readout in 1L gastric cancer Q4 2025/H1 2026 BLINCYTO® ✓ Phase 2 study initiation in subcutaneous administration H2 2025 LUMAKRAS® (+ Vectibix®) ✓ PDUFA date in KRAS G12c mutated metastatic colorectal cancer 17 Jan 2025 TEZSPIRE® ✓ Phase 3 study initiation in COPD H1 2025 ✓ Regulatory submission in CRSwNP H1 2025 ✓ PDUFA date in CRSwNP Oct 19, 2025 Rocatinlimab • ROCKET Phase 3 program milestones in atopic dermatitis ✓ SHUTTLE H1 2025 ✓ IGNITE H1 2025 ✓ ASCEND H2 2025 ✓ ASTRO H2 2025 WEZLANA (STELARA® biosimilar) ✓ U.S. Launch Q1 2025 ABP 206 (OPDIVO® biosimilar) ✓ Phase 3 study data readout H2 2025 ✓ MARITIME Phase 3 study initiation(s) H1 2025 to H2 2025 • Phase 2 study data readout in Type 2 diabetes Q4 2025 • Phase 2 Part 2 data readout Q4 2025 MariTide Repatha® ✓ VESALIUS-CV Phase 3 study data readout H2 2025 Olpasiran ✓ Phase 3 primary prevention study initiation H2 2025 TED = thyroid eye disease; PDUFA = Prescription Drug User Fee Act; IgG4 = Immunoglobulin G4; CRSwNP = chronic rhinosinusitis with nasal polyps; COPD = chronic obstructive pulmonary disease; 2L = second-line; 1L = first-line; KRAS = Kirsten Rat Sarcoma. Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc. TEZSPIRE® is being developed in collaboration with AstraZeneca. Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin. OPDIVO is a registered trademark of Bristol-Myers Squibb Company. STELARA is a registered trademark of Johnson & Johnson. SOLIRIS is a registered trademark of Alexion Pharmaceuticals, Inc.
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November 4, 2025 Q3 ’25 Earnings Call
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Reconciliations
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40 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Revenues: Product sales $ 9,137 $ 8,151 $ 25,781 $ 23,310 Other revenues 420 352 1,104 1,028 Total revenues 9,557 8,503 26,885 24,338 Operating expenses: Cost of sales 3,082 3,310 9,061 9,746 Research and development 1,900 1,450 5,130 4,240 Selling, general and administrative 1,720 1,625 5,098 5,218 Other 329 71 1,236 187 Total operating expenses 7,031 6,456 20,525 19,391 Operating income 2,526 2,047 6,360 4,947 Other income (expense): Interest expense, net (685) (776) (2,102) (2,408) Other income, net 2,080 1,830 3,204 1,288 Income before income taxes 3,921 3,101 7,462 3,827 Provision for income taxes 705 271 1,084 364 Net income $ 3,216 $ 2,830 $ 6,378 $ 3,463 Earnings per share: Basic $ 5.98 $ 5.27 $ 11.86 $ 6.45 Diluted $ 5.93 $ 5.22 $ 11.77 $ 6.40 Weighted-average shares used in calculation of earnings per share: Basic 538 537 538 537 Diluted 542 542 542 541
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41 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) September 30, December 31, 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,445 $ 11,973 Trade receivables, net 8,490 6,782 Inventories 6,346 6,998 Other current assets 3,604 3,277 Total current assets 27,885 29,030 Property, plant and equipment, net 7,220 6,543 Intangible assets, net 23,139 27,699 Goodwill 18,676 18,637 Other noncurrent assets 13,221 9,930 Total assets $ 90,141 $ 91,839 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 19,638 $ 19,549 Current portion of long-term debt 2,153 3,550 Total current liabilities 21,791 23,099 Long-term debt 52,434 56,549 Long-term deferred tax liabilities 1,458 1,616 Long-term tax liabilities 2,616 2,349 Other noncurrent liabilities 2,223 2,349 Total stockholders’ equity 9,619 5,877 Total liabilities and stockholders’ equity $ 90,141 $ 91,839 Shares outstanding 538 537
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42 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited)
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43 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) (Continued from previous slide) Three months ended September 30, 2025 Three months ended September 30, 2024 GAAP Non-GAAP GAAP Non-GAAP Net income $ 3,216 $ 3,055 $ 2,830 $ 3,024 Weighted-average shares for diluted EPS 542 542 542 542 Diluted EPS $ 5.93 $ 5.64 $ 5.22 $ 5.58 Nine months ended September 30, 2025 Nine months ended September 30, 2024 GAAP Non-GAAP GAAP Non-GAAP Net income $ 6,378 $ 8,962 $ 3,463 $ 7,855 Weighted-average shares for diluted EPS 542 542 541 541 Diluted EPS $ 11.77 $ 16.54 $ 6.40 $ 14.52 The following table presents the computations for GAAP and non-GAAP diluted earnings per share: a. The adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business acquisitions. b. For the three months ended September 30, 2025 and 2024, the adjustments related primarily to noncash amortization of intangible assets acquired from business combinations. For the nine months ended September 30, 2025 and 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. c. For the three and nine months ended September 30, 2025 and 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. d. For the three and nine months ended September 30, 2025, the adjustments included intangible asset impairment charges for Otezla®. For the three and nine months ended September 30, 2024, the adjustments included impairment charges for in-process R&D assets related to our Teneobio, Inc. acquisition from 2021. e. For the three and nine months ended September 30, 2025 and 2024, the adjustments related primarily to our BeOne Medicines Ltd. equity fair value adjustment. f. The tax effect of the adjustments between our GAAP and non-GAAP results takes 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. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and nine months ended September 30, 2025, was 44.0% and 16.9%, respectively, compared to 58.6% and 18.8%, respectively, for the corresponding periods of the prior year. g. The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.
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44 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 4,684 $ 3,571 $ 8,355 $ 6,719 Net cash used in investing activities (414) (210) (1,250) (644) Net cash used in financing activities (2,853) (3,651) (9,633) (8,008) Increase (decrease) in cash and cash equivalents 1,417 (290) (2,528) (1,933) Cash and cash equivalents at beginning of period 8,028 9,301 11,973 10,944 Cash and cash equivalents at end of period $ 9,445 $ 9,011 $ 9,445 $ 9,011 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 4,684 $ 3,571 $ 8,355 $ 6,719 Capital expenditures (436) (257) (1,216) (725) Free cash flow $ 4,248 $ 3,314 $ 7,139 $ 5,994
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45 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update. Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2025 (Unaudited) GAAP diluted EPS guidance $ 13.76 — $ 14.60 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 8.70 — 8.74 Impairment of intangible assets (b) 1.94 Net gains from equity investments (3.86) Other 0.02 Non-GAAP diluted EPS guidance $ 20.60 — $ 21.40 GAAP tax rate guidance 14.5 % — 16.0 % Tax rate of known adjustments discussed above 0.5% Non-GAAP tax rate guidance 15.0 % — 16.5 % Reconciliation of GAAP Tax Rate Guidance to Non-GAAP Tax Rate Guidance for the Year Ending December 31, 2025 (Unaudited) * The known adjustments are presented net of their related tax impact, which amount to approximately $1.46 per share. (a) The adjustments primarily include noncash amortization of intangible assets and fair value step-up of inventory acquired in business acquisitions. (b) The adjustment relates to Otezla® intangible asset impairment charges recorded during the first and third quarters of 2025. Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments. This guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector specific tariffs, or pricing actions that could be implemented in the future.
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November 4, 2025 Q3 ’25 Earnings Call