Slides
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20-200LTS Q2 2026 Earnings Call AUGUST 4 , 2026 AMGEN
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2Provided Aug. 4, 2026, 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.), the performance of Otezla® (apremilast), our acquisitions of ChemoCentryx , Inc., Dark Blue Therapeutics, Ltd. 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 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, and may result in unanticipated costs, delays or failures to realize the benefits of the transactions. 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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3Provided Aug. 4, 2026, 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. Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through new indications and advance the next wave of pipeline molecules through Phase 3, we remain confident in our ability to deliver growth well into the next decade. *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; **Q2 ’26 YoY growth; ***Innovative Oncology Includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, Vectibix® EPS = earnings per share; YoY = year over year; Ph3 = Phase 3; Ph2/3 = Phase 2/3; Phase 2 = Phase 2; CHMP = Committee for Medicinal Products for Human Use; PCI = percutaneous coronary intervention; IgG4-RD = IgG4-Related Disease; AIH = autoimmune hepatitis; OLP = open-label period; 2L = second-line; ES-SCLC = extensive stage-small cell lung cancer; SC = subcutaneous; IV = intravenous. Robert A. Bradway Chairman and CEO Amgen Inc. Q2 2026 Financial Highlights Six Key Growth Drivers ~70% of Product Sales in Q2 2026 $1.9B R&D Expense* ▲ 10% YoY $6.29 EPS* ▲ 4% YoY $10.1B Total Revenue s ▲ 10% YoY 48% Operating Margin* +42% +29% BIOSIMILARS +38% +18% +37% +21% RARE DISEASE General Medicine InflammationRare Disease Oncology Q2 2026 R&D Highlights Repatha® Received positive CHMP opinion for primary prevention Presented high-risk diabetes & prior PCI sub-analyses of Ph3 VESALIUS-CV UPLIZNA® Initiated Ph2/3 AIH study Presented 1-year OLP Ph3 MITIGATE data in IgG4-RD Sunakiment Completed Ph2 dose-ranging study in asthma and planning Phase 3 IMDELLTRA® Approved in EU for 2L ES-SCLC Initiated Ph3 SC delivery in 2L ES-SCLC Announced positive primary analysis of Ph2 alternative IV dosing results ** ** INNOVATIVE ONCOLOGY *** ** ** ** **
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4Provided Aug. 4, 2026, 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. Commercial Update
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5Provided Aug. 4, 2026, 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. Strong Execution Drove Broad-Based Growth 10% Total Revenue Growth 22 Products with at least double-digit sales growth 17 Products are annualizing at $1B+ based on Q2 sales
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6Provided Aug. 4, 2026, 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. Six Key Growth Drivers Grew at an Aggregate Rate of 26% YoY, Representing ~70% of Q2 Sales $9.5B Product Sales Q2 ’26 +9% YoY Rare Disease Innovative Oncology* Biosimilars $1.0B $0.7B $0.5B $1.6B $2.0B $0.9B *Innovative Oncology Includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, Vectibix® YoY = year over year.
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7Provided Aug. 4, 2026, 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®, EVENITY®, and TEZSPIRE® Grew Rapidly as Leaders in Large, Underpenetrated Disease Areas *Q2 ’26 YoY growth LDL-C = low-density lipoprotein cholesterol; CRSwNP = chronic rhinosinusitis with nasal polyps. EVENITY® is developed and commercialized in collaboration with UCB globally, as well as our collaboration partner Astellas in Japan. TEZSPIRE® is being developed in collaboration with AstraZeneca. Expanding adoption across primary care and cardiology ~100M patients not at LDL-C goal Building bone first for ~2M U.S. women at high fracture risk Expanding treatment options for patients with severe asthma CRSwNP launch underway +37%* +38%* +42%*
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8Provided Aug. 4, 2026, 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. Rare Disease, Innovative Oncology, and Biosimilars Drove Broad Portfolio Growth RARE DISEASE INNOVATIVE ONCOLOGY** BIOSIMILARS UPLIZNA® broad momentum across NMOSD, IgG4-RD, gMG TEPEZZA® expanding globally IMDELLTRA® improving overall survival in small cell lung cancer PAVBLU® expanding adoption among retina specialists +21%* +18%* +29%* *Q2 ’26 YoY growth; **Innovative Oncology Includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, Vectibix® NMOSD = neuromyelitis optica spectrum disorder; IgG4-RD = immunoglobulin G4-related disease; gMG = generalized myasthenia gravis.
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R&D Update
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10Provided Aug. 4, 2026, 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. Accelerating Science to Fight the World’s Toughest Diseases THERAPEUTIC AREAS MODALITIES AI & DATA Small Molecules | siRNA | Biologics Accelerating Discovery & Development with AI at Scale General Medicine | Rare Disease Inflammation | Oncology siRNA = small interfering ribonucleic acid; AI = artificial intelligence.
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11Provided Aug. 4, 2026, 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. UPLIZNA® (Autoimmune hepatitis) UPLIZNA® (Chronic inflammatory demyelinating polyneuropathy)* TEPEZZA® (Thyroid eye disease) TEPEZZA® (Subcutaneous administration with on-body injector) TAVNEOS® (ANCA-associated vasculitis in 6 to <18 years of age) Dazodalibep (Systemic Sjögren’s disease) Dazodalibep (Symptomatic Sjögren’s disease) TEZSPIRE® (Chronic obstructive pulmonary disease) TEZSPIRE® (Eosinophilic esophagitis) Phase 3 Pipeline with Breadth and Depth Across All Four Therapeutic Areas *Study initiation anticipated in 2026 TEZSPIRE® is being developed in collaboration with AstraZeneca. GLP-1 = glucagon-like peptide-1; ASCVD = atherosclerotic cardiovascular disease; ANCA = active antineutrophil cytoplasmic antibody; B-ALL = B-cell precursor acute lymphoblastic leukemia; 1L = first-line; ES-SCLC = extensive-stage small cell lung cancer; LS-SCLC = limited-stage small cell lung cancer; 2L = second-line; mCRPC = metastatic castration resistant prostate cancer; CRC = colorectal cancer; NSCLC = non-small cell lung cancer; CIT = chemo-induced thrombocytopenia; ITP = immune thrombocytopenia. MariTide (Chronic weight management) MariTide (Chronic weight management maintenance extensions) MariTide (Switching from weekly GLP-1 therapies) MariTide (ASCVD) MariTide (Heart failure) MariTide (Obstructive sleep apnea) MariTide (Type 2 diabetes)* Olpasiran (ASCVD) Olpasiran (Primary prevention) Olpasiran (Plaque changes in ASCVD) Pursuing Novel Innovative Molecules and Late-Stage Expansions in Phase 3 Studies BLINCYTO® (B-ALL) IMDELLTRA® (1L maintenance in ES-SCLC) IMDELLTRA® (1L induction & maintenance in ES-SCLC) IMDELLTRA® (LS-SCLC) IMDELLTRA® (Subcutaneous tarlatamab in 2L ES-SCLC) Xaluritamig (Post-taxane mCRPC) Xaluritamig (Chemo-naïve mCRPC) LUMAKRAS® (1L CRC) LUMAKRAS® (1L NSCLC) Nplate® (CIT) Nplate® (Untreated ITP) General Medicine OncologyInflammationRare Disease Biosimilars ABP 206 (Investigational biosimilar to OPDIVO ®, nivolumab) ABP 234 (Investigational biosimilar to KEYTRUDA ®, pembrolizumab) ABP 692 (Investigational biosimilar to OCREVUS®, ocrelizumab) ABP 938 (8 mg) (Investigational biosimilar to EYLEA HD ®, afibercept)
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12Provided Aug. 4, 2026, 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. 2026 is a Year of Disciplined Data Generation * Including Pipeline Trials and Real-World Evidence Trials. CHMP = Committee for Medicinal Products for Human Use; PCI = percutaneous coronary intervention; ADA = American Diabetes Associations; EuroPCR = European Paris Course on Revascularization; OLP = open-label period; IgG4-RD= IgG4-related disease; EULAR = European Alliance of Associations for Rheumatology; AIH = autoimmune hepatitis; ES-SCLC = extensive- stage small cell lung cancer; NMPA = National Medical Products Administration; 2L = second-line; B-ALL = B-cell precursor acute lymphoblastic leukemia; ITP = immune thrombocytopenia. Repatha® Received positive CHMP opinion for primary prevention Presented additional high-risk diabetes and prior PCI subgroup results of the Phase 3 VESALIUS-CV at ADA and EuroPCR, respectively UPLIZNA® Presented new Year 1 OLP data from the Phase 3 MITIGATE study in patients with IgG4-RD at EULAR Initiated a Phase 2/3 study in AIH Sunakiment Completed Phase 2 dose-ranging study in asthma IMDELLTRA® Approved by European Commission for second-line ES-SCLC Approved by China NMPA for second-line ES-SCLC Completed primary analysis of a Phase 2 study evaluating alternative intravenous dosing regimens in ES-SCLC Initiated a Phase 3 study of subcutaneous tarlatamab in 2L ES-SCLC BLINCYTO® Completed enrollment of Phase 3 Golden Gate study in B-ALL NPLATE® Initiated a Phase 3 in untreated ITP General Medicine InflammationRare Disease Oncology 43K PATIENTS ON STUDY Snapshot as of Jun 30, 2026. 298 CLINICAL TRIALS*
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13Provided Aug. 4, 2026, 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. Consistent Benefit of Repatha® Demonstrated in a New Subgroup Analysis of the Phase 3 VESALIUS-CV Primary Prevention Trial In the 6,002 high-risk diabetes patients with and without known atherosclerosis, Repatha® demonstrated: • 29% ↓ in 3-P MACE • 21% ↓ in 4-P MACE • Associated with a nominal 21% ↓ in all- cause death High-Risk Diabetes With and Without Atherosclerosis Subgroup Analysis Repatha® reduced the risk of 3-P MACE by 29% Lawrence AL et al. Diabetes Care. 2026;49(8):1-8. https://doi.org/10.2337/dc26-0847; also presented at the American Diabetes Association Scientific Sessions, June 5-8, 2026. 3-P = 3 point; 4-P = 4-point; MACE = major adverse cardiovascular events.
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14Provided Aug. 4, 2026, 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. Consistent Benefit of Repatha® Demonstrated in a New Subgroup Analysis of the Phase 3 VESALIUS-CV Primary Prevention Trial In the 3,627 patients who had a prior PCI, Repatha® demonstrated: • 30% ↓ in 3-P MACE • 18% ↓ in 4-P MACE • 50% ↓ in risk of heart attack with effects seen as soon as 6 months after randomization • Associated with a nominal: • 34% ↓ in CV death • 24% ↓ in all-cause death Prior Percutaneous Coronary Intervention (PCI) Subgroup Analysis Repatha® reduced the risk of heart attack by 50% Bergmark BA, et al. Circulation. 2026;154(1):28-36. https://doi.org/10.1161/CIRCULATIONAHA.126.080616; also presented at the European Paris Course on Revascularization (EUPCR), May 19-22, 2026. 3-P = 3 point; 4-P = 4-point; MACE = major adverse cardiovascular events; CV = cardiovascular.
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15Provided Aug. 4, 2026, 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. Durable Clinical Benefit of UPLIZNA® Demonstrated in the One Year Open-label Period (OLP) of the Phase 3 MITIGATE Trial Of the IgG4-Related Disease (IgG4-RD) patients that continued treatment with UPLIZNA® in Year 1 of the OLP: • 100% of patients remained flare-free • 71.4% of patients achieved both flare-free and glucocorticoid-free complete remission • Consistent safety and efficacy results further support the long-term clinical profile of UPLIZNA® Stone JH, et al. Presented at the European Alliance of Associations for Rheumatology Congress, June 3-6, 2026. POS0440. New Data from Year 1 of OLP in IgG4-RD 100% of patients remained flare-free with continued UPLIZNA® treatment at Year 1 of OLP
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16Provided Aug. 4, 2026, 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. STUDY INITIATIONS STUDY COMPLETIONS MAJOR APPROVALS Anticipated Milestones in 2026 TEPEZZA® Phase 3 on-body injector (OBI) in H1 Dazodalibep Phase 3 systemic Sjögren’s disease in H2 Dazodalibep Phase 3 symptomatic Sjögren’s disease in H2 TEZSPIRE® Phase 3 eosinophilic esophagitis (EoE) in H2 Sunakiment Phase 2 asthma in H1 MARITIDE Phase 3 Switching from weekly GLP-1 therapies MARITIDE Phase 3 CWM maintenance extensions (2 studies) MARITIDE Phase 3 type 2 diabetes mellitus (3 studies) UPLIZNA® Phase 3 autoimmune hepatitis (AIH) in H2 UPLIZNA® Phase 3 chronic inflammatory demyelinating polyneuropathy (CIDP) in H2 2026 – H1 2027 UPLIZNA® Generalized myasthenia gravis (gMG) in EU IMDELLTRA® Approvals and label updates in multiple geographies, including EU , China , and Japan ✓= completed milestone; GLP-1 = glucagon-like peptide-1; CWM = chronic weight management. General Medicine OncologyInflammationRare Disease ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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17Provided Aug. 4, 2026, 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. Financial Update
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18Provided Aug. 4, 2026, 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. Q2 2026 Financial Highlights $0.5B48% $3.5B +10%* +10%* +4%* Earnings Per Share** $6.29 R&D Expense** $1.9B Total Revenues $10.1B Operating Margin** (% of product sales) Free Cash Flow** Capital Expenditures *Year over year 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. R&D investment** of $1.9B, increased 10% YoY, while delivering an operating margin** of 48%
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19Provided Aug. 4, 2026, 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. Q2 2026 Non-GAAP Financial Results All income statement items for Q2 ’26 and/or Q2 ’25, except revenues, 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. Totals may not sum and percentages may not recalculate due to rounding. EPS = earnings per share; Inc = increase; Decr = decrease. $ Billions, Except Non-GAAP EPS Revenues $10.1 $9.2 10% Product Sales $9.5 $8.8 9% Other Revenues 0.5 0.4 27% Operating Expenses 5.4 4.9 11% Operating Income % of product sales 4.6 48.4% 4.3 48.9% 7% Net Income 3.4 3.3 5% EPS $6.29 $6.02 4% Q2 ’26 Q2 ’25 % Inc/(Decr)
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20Provided Aug. 4, 2026, 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. Cash Flow Data Q1 ’25 Capital Expenditures $0.5 $0.4 Free Cash Flow* $3.5 $1.9 Share Repurchases $0.0 $0.0 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.52 $2.38 Balance Sheet Data 3/31/26 12/31/25 Cash and Cash Equivalents $14.0 $9.1 Debt Outstanding $57.3 $54.6 Cash Flow and Balance Sheet Data as of Q2 ’26 *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. YoY = year over year. $ Billions, Except Dividends Paid Per Share Q2 ’25 6/30/26 12/31/25 Q2 ’26
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21Provided Aug. 4, 2026, 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. 2026 Guidance *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. EPS = earnings per share. Revenues $38.2B – $39.4B $37.1B – $38.5B Non-GAAP EPS* $22.30 – $23.50 $21.70 – $23.10 Non-GAAP Tax Rate* 15.0% – 16.5% 15.0% – 16.5% Capital Expenditures ~$2.6B ~$2.6B Current Guidance Previous Guidance
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22Provided Aug. 4, 2026, 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. Q&A
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23Provided Aug. 4, 2026, 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. Reconciliations
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24Provided Aug. 4, 2026, 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 June 30, Six months ended June 30, 2026 2025 2026 2025 Revenues: Product sales $ 9,537 $ 8,771 $ 17,755 $ 16,644 Other revenues 517 408 917 684 Total revenues 10,054 9,179 18,672 17,328 Operating expenses: Cost of sales 2,811 3,011 5,555 5,979 Research and development 1,868 1,744 3,587 3,230 Selling, general and administrative 1,745 1,691 3,347 3,378 Other 116 77 3 907 Total operating expenses 6,540 6,523 12,492 13,494 Operating income 3,514 2,656 6,180 3,834 Other income (expense): Interest expense, net (673) (694) (1,330) (1,417) Other (expense) income, net (73) (394) 2 1,124 Income before income taxes 2,768 1,568 4,852 3,541 Provision for income taxes 393 136 658 379 Net income $ 2,375 $ 1,432 $ 4,194 $ 3,162 Earnings per share: Basic $ 4.40 $ 2.66 $ 7.77 $ 5.88 Diluted $ 4.37 $ 2.65 $ 7.71 $ 5.84 Weighted-average shares used in calculation of earnings per share: Basic 540 538 540 538 Diluted 544 541 544 541
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25Provided Aug. 4, 2026, 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. June 30, December 31, 2026 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $ 13,989 $ 9,129 Trade receivables, net 10,227 9,570 Inventories 6,220 6,225 Other current assets 4,525 4,133 Total current assets 34,961 29,057 Property, plant and equipment, net 8,547 7,913 Intangible assets, net 20,487 22,276 Goodwill 18,668 18,680 Other noncurrent assets 12,976 12,660 Total assets $ 95,639 $ 90,586 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 20,057 $ 20,890 Current portion of long-term debt 5,445 4,599 Total current liabilities 25,502 25,489 Long-term debt 51,859 50,005 Long-term deferred tax liabilities 1,301 1,366 Long-term tax liabilities 2,844 2,690 Other noncurrent liabilities 2,445 2,378 Total stockholders’ equity 11,688 8,658 Total liabilities and stockholders’ equity $ 95,639 $ 90,586 Shares outstanding 541 539 Amgen Inc. Consolidated Balance Sheets - GAAP (In millions)
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26Provided Aug. 4, 2026, 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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27Provided Aug. 4, 2026, 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 June 30, 2026 Three months ended June 30, 2025 GAAP Non-GAAP GAAP Non-GAAP Net income $ 2,375 $ 3,423 $ 1,432 $ 3,258 Shares (Denominator): Weighted-average shares for diluted EPS 544 544 541 541 Diluted EPS $ 4.37 $ 6.29 $ 2.65 $ 6.02 Six months ended June 30, 2026 Six months ended June 30, 2025 GAAP Non-GAAP GAAP Non-GAAP Net income $ 4,194 $ 6,222 $ 3,162 $ 5,907 Shares (Denominator): Weighted-average shares for diluted EPS 544 544 541 541 Diluted EPS $ 7.71 $ 11.44 $ 5.84 $ 10.92 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 combinations. b. For the three months ended June 30, 2026, the adjustment related primarily to acquisition-related expenses related to our Horizon acquisition. For the six months ended June 30, 2026, the adjustment related primarily to noncash amortization of intangible assets acquired from business combinations. For the three and six months ended June 30, 2025, the adjustments related primarily to acquisition-related expenses related to our Horizon acquisition. c. For the three and six months ended June 30, 2026 and 2025, the adjustments related primarily to acquisition-related expenses related to our Horizon acquisition. d. For the six months ended June 30, 2025, the adjustment related to an intangible asset impairment charge for Otezla®. e. For the three and six months ended June 30, 2026, the adjustments included litigation expenses and settlements, respectively. f. For the three and six months ended June 30, 2026 and 2025, the adjustments related primarily to our BeOne Medicines Ltd. equity fair value adjustment. g. 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 and impairments 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 six months ended June 30, 2026, was 16.1% and 15.7%, respectively, compared to 18.0% and 18.4%, respectively, for the corresponding periods of the prior year. h. The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.
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28Provided Aug. 4, 2026, 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. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 4,002 $ 2,280 $ 6,191 $ 3,671 Net cash used in investing activities (569) (389) (1,285) (836) Net cash used in financing activities (1,482) (2,673) (46) (6,780) Increase (decrease) in cash and cash equivalents 1,951 (782) 4,860 (3,945) Cash and cash equivalents at beginning of period 12,038 8,810 9,129 11,973 Cash and cash equivalents at end of period $ 13,989 $ 8,028 $ 13,989 $ 8,028 Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 4,002 $ 2,280 $ 6,191 $ 3,671 Capital expenditures (513) (369) (1,225) (780) Free cash flow $ 3,489 $ 1,911 $ 4,966 $ 2,891 Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited)
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29Provided Aug. 4, 2026, 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. 29 Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2026 (Unaudited) GAAP diluted EPS guidance $15.80 — $17.08 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 6.04 — 6.12 Net losses from equity investments 0.42 Other (0.04) Non-GAAP diluted EPS guidance $22.30 — $23.50 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, 2026 (Unaudited) * The known adjustments are presented net of their related tax impact, which amount to approximately $1.29 per share. (a) The adjustment primarily includes noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations. 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.