Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call APRIL 30, 2026
Slide 2: Safe Harbor Statement
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 outco
Slide 3: Q1 2026 Financial Highlights, Growth Drivers and R&D Highlights
Our first quarter results demonstrate the strength of our business, with 16 brands achieving double-digit growth, Robert A. Bradway enabling us to grow through expected patent expirations and increased competition. With a new wave of molecules Chairman and CEO progressing in Phase 3 clinical develop
Slide 4: Commercial Update
Commercial Update
Slide 5: Continued Broad-Based Growth In Q1 2026
Continued Broad-Based Growth In Q1 2026, With Significant Commercial Momentum Offsetting Patent Erosions Total Revenues $8.6B 6 % Total Revenue Growth $8.1B $7.4B 16 Products with at least double-digit sales growth Q1 2024 Q1 2025 Q1 2026 17 Products annualizing at $1B+ based on Q1 2026 sales Provid
Slide 6: Six Key Growth Drivers Representing ~70% of Q1 Sales
Six Key Growth Drivers Representing ~70% of Q1 Sales, Grew at an Aggregate Rate of 24% $0.9B $0.6B $0.3B $8.2B Product Sales Q1’26 Innovative Rare Disease Biosimilars Oncology* +4% YoY $1.2B $1.8B $0.8B *Innovative Oncology does not include XGEVA ®. Provided April 30, 2026, as part of an oral presen
Slide 7: Repatha, EVENITY, TEZSPIRE Each Grew 20% or More
Repatha®, EVENITY®, TEZSPIRE® Each Grew 20% or More With Leadership Positions in Underpenetrated Disease Areas +34% * +27% * +20% * Actively engaging with both primary care physicians and cardiologists Differentiated bone building Expanding options for patients with therapy for ~2M women in the seve
Slide 8: Rare Disease, Innovative Oncology and Biosimilar Portfolios All Contributed Growth
The Rare Disease, Innovative Oncology and Biosimilar Portfolios All Contributed Meaningful Growth in Q1 INNOVATIVE RARE DISEASE BIOSIMILARS ONCOLOGY +25% * +25% * +14% * UPLIZNA® serving patients in Bispecific T-cell engagers PAVBLU® grew 9% QoQ NMOSD, IgG4-RD, gMG (BiTE®s) that are changing the sup
Slide 9: R&D Update
R&D Update
Slide 10: Accelerating Science to Defeat the World's Toughest Diseases
Accelerating Science to Defeat the World’s Toughest Diseases THERAPEUTIC AREAS MODALITIES AI & DATA General Medicine | Rare Disease Small Molecules | siRNA | Biologics Accelerating Discovery & Development Inflammation | Oncology with AI at Scale siRNA = small interfering ribonucleic acid; AI = artif
Slide 11: Phase 3 Pipeline with Breadth and Depth Across All Four Therapeutic Areas
Phase 3 Pipeline with Breadth and Depth Across All Four Therapeutic Areas Pursuing Novel Innovative Molecules and Late-Stage Expansions in Phase 3 Studies MariTide (Chronic weight UPLIZNA® (Chronic inflammatory BLINCYTO® (B-ALL) ABP 206 management) demyelinating polyneuropathy)* (Investigational bio
Slide 12: 2026 is a Year of Disciplined Data Generation
2026 is a Year of Disciplined Data Generation 39K MariTide ü Initiated a Phase 3 MARITIME-SWITCH study ü Initiated two Phase 3 MARITIME CWM maintenance extension studies ü Announced plans to initiate three Phase 3 MARITIME T2D studies PATIENTS ON STUDY Repatha® ü Presented additional VESALIUS-CV sub
Slide 13: Consistent Benefit in Subgroup Analysis of Phase 3 VESALIUS-CV
Consistent Benefit Demonstrated in a Subgroup Analysis of the Phase 3 VESALIUS-CV Study High-Risk Primary Prevention Subgroup Analysis In the 3,655 high-risk patients with diabetes without Repatha reduced the risk of 4-P MACE by 31% known significant atherosclerosis, results were: • 31% ↓ in 3-P MAC
Slide 14: Anticipated Milestones in 2026
Anticipated Milestones in 2026 STUDY INITIATIONS STUDY COMPLETIONS MAJOR APPROVALS ✓ MARITIDE Phase 3 Switching from weekly ✓ TEPEZZA® Phase 3 on-body injector (OBI) ✓ UPLIZNA® Generalized myasthenia gravis ✓ GLP-1 therapies in H1 (gMG) in EU MARITIDE Dazodalibep IMDELLTRA® Phase 3 CWM maintenance P
Slide 15: Financial Update
Financial Update
Slide 16: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Total Revenues R&D Expense* Earnings Per Share* $8.6B $1.7B $5.15 +6% +16% +5% Operating Margin* Free Cash Flow* Capital Expenditures (% of product sales) 45% $1.5B $0.7B R&D investment* of $1.7B, up 16% YoY, while maintaining an operating margin* of 45% *Non-GAAP financ
Slide 17: Q1 2026 Non-GAAP Financial Results
Q1 2026 Non-GAAP Financial Results $ Billions, Except Non-GAAP EPS Q1 ‘26 Q1 ‘25 % Inc./(Decr.) Revenue $8.6 $8.1 6% Product Sales 8.2 7.9 4% Other Revenues 0.4 0.3 45% Operating Expenses 4.9 4.6 8% Operating Income 3.7 3.6 3% % of product sales 45.3% 45.7% Net Income 2.8 2.6 6% EPS $5.15 $4.90 5% A
Slide 18: Cash Flow and Balance Sheet Data as of Q1 '26
Cash Flow and Balance Sheet Data as of Q1 ’26 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q1’26 Q1 ‘26 Q1 ‘25 Q1 ’25 Capital Expenditures $0.7 $0.4 Free Cash Flow* $1.5 $1.0 Share Repurchases $0.0 $0.0 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.52 $2.38 Balance Sheet Data
Slide 19: 2026 Guidance
2026 Guidance Current Guidance Previous Guidance Revenue $37.1B – $38.5B $37.0B – $38.4B Non-GAAP EPS* $21.70 – $23.10 $21.60 – $23.00 Non-GAAP Tax Rate* 15.0% – 16.5% 16.0% – 17.5% Capital Expenditures ~$2.6B ~$2.6B *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations acco
Slide 20: Q&A
Q&A
Slide 21: Reconciliations
Reconciliations
Slide 22: Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) Three months ended (Unaudited) March 31, 2026 2025 Revenues: Product sales $ 8,218 $ 7,873 Other revenues 400 276 Total revenues 8,618 8,149 Operating expenses: Cost of sales 2,744 2,968 Research and developme
Slide 23: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) March 31, 2026 December 31, 2025 (Unaudited) Assets Current assets: Cash and cash equivalents $ 12,038 $ 9,129 Trade receivables, net 9,138 9,570 Inventories 6,186 6,225 Other current assets 4,113 4,133 Total current assets 31,475 29,057 Pr
Slide 24: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) 24 Provided April 30, 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. 24
Slide 25: GAAP to Non-GAAP Reconciliations (continued)
Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) (Continued from previous slide) The following table presents the computations for GAAP and non-GAAP diluted earnings per share: Three months ended Three months ended March 31, 2026 March 31, 2025 GAAP Non-GA
Slide 26: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended March 31, 2026 2025 Net cash provided by operating activities $ 2,189 $ 1,391 Net cash used in investing activities (716) (447) Net cash provided by (used in) financing activities 1,436 (4,107) Increase (decrease)
Slide 27: Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance
Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2026 (Unaudited) GAAP diluted EPS guidance $ 15.62 — $ 17.10 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 6.02 — 6.10 Net losses from equity investments 0.15 Other (