Amgen Inc. · NASDAQ:AMGN
Amgen — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
23 slides from Amgen's conference presentation, Jan 12, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44TH ANNUAL J.P. MORGAN HEALTHCARE CONFERENCE ROBERT A. BRADWAY, Chairman and Chief Executive Officer January 12, 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: We Have a Broad and Deep Portfolio Across Four Therapeutic Areas
We Have a Broad and Deep Portfolio Across Four Therapeutic Areas GENERAL MEDICINE RARE DISEASE • Heart Attack Thyroid Eye Disease • • Stroke Uncontrolled Gout • • Hypercholesterolemia Neuromyelitis Optica Spectrum Disorder • • Osteoporosis Immunoglobulin G4 Related Disease • • Chronic Weight Managem
Slide 4: ...With a Number of Important Medicines
...With a Number of Important Medicines GENERAL MEDICINE RARE DISEASE ONCOLOGY INFLAMMATION Provided January 12, 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. 4
Slide 5: We Expect our Strategy to Deliver Sustained Long-Term Growth
We Expect our Strategy to Deliver Sustained Long-Term Growth Revenues (USD Billions) Non-GAAP EPS (USD) 1 • Multiple high-potential products delivering $35.8B to $36.6B2 $40. 00 $30. 00 $35. 00 $28. 00 growth $26. 00 • Leadership position in underpenetrated $30. 00 $24. 00 $25. 00 $22B disease areas
Slide 6: 2025: Another Year of Strong Performance and Progress
2025: Another Year of Strong Performance and Progress WHAT WE SAID WE WOULD DO WHAT WE DID 10% YoY revenue growth1 Grow revenue ⇒ 14 products annualizing at >$1 billion2 14% YoY Non-GAAP EPS growth1 Grow EPS and dividend ⇒ 6% YoY dividend growth1 Achieve key regulatory approvals ⇒ Five successful FD
Slide 7: Six Key Growth Drivers Expected to Drive Product Sales in 2026 and Through the End of the Decade
Six Key Growth Drivers Expected to Drive Product Sales in 2026 and Through the End of the Decade Large, Underpenetrated Portfolios with Multiple Disease Areas Growth Opportunities CARDIOVASCULAR RARE DISEASE BONE HEALTH INNOVATIVE ONCOLOGY RESPIRATORY BIOSIMILARS Provided January 12, 2026, as part o
Slide 8: Three Innovative Brands Driving Particularly Strong Volume-Driven Growth
Three Innovative Brands Driving Particularly Strong Large, Underpenetrated Portfolios with Multiple Disease Areas Growth Opportunities Volume-Driven Growth Through the End of the Decade +33% +33% +49% Q3 YTD Sales Growth1 Q3 YTD Sales Growth1 Q3 YTD Sales Growth1 Annualizing at ~$3B2 Annualizing at
Slide 9: Rare Disease Portfolio Annualizing at ~$5B with Multiple Products Driving Growth
Rare Disease Portfolio Annualizing at Large, Underpenetrated Portfolios with Multiple Disease Areas Growth Opportunities ~$5B1 with Multiple Products Driving Growth Approved in NMOSD, and now in First and only First and only Only complement IgG4-RD, and gMG uncontrolled thyroid eye disease inhibitor
Slide 10: BiTE Platform Driving Innovative Oncology Growth and Clinical Impact
BiTE® Platform Driving Innovative Large, Underpenetrated Portfolios with Multiple Disease Areas Growth Opportunities Oncology Growth and Clinical Impact Xaluritamig In Phase 3 +33% +37% First-in-class Q3 QoQ Sales Growth Q3 YTD Sales Growth1 Annualizing at ~$0.5B2 Annualizing at ~$1.5B2 STEAP1-targe
Slide 11: Industry-Leading Biosimilars Portfolio Annualizing at Greater Than $3 Billion
Industry-Leading Biosimilars Portfolio Annualizing Large, Underpenetrated Portfolios with Multiple Disease Areas Growth Opportunities at Greater Than $3 Billion on YTD Product Sales1 WAVE 1 WAVE 2 WAVE 3 ~$13B ABP 206 • Amgen biosimilars (Biosimilar OPDIVO®) have generated ABP 234 ~$13B in cumulativ
Slide 12: Six Key Growth Drivers Expected to Drive Product Sales in 2026 and Through the End of the Decade
Six Key Growth Drivers Expected to Drive Product Sales in 2026 and Through the End of the Decade 2025 YoY Annualized Continued Growth Opportunity Sales Growth1 Sales2 ~100M WW patients not at LDL-C goal CARDIOVASCULAR +33% ~$3B Single-digit penetration ~2M U.S. women at high fracture risk BONE HEALT
Slide 13: Strong, Innovative Phase 3 Pipeline with Breadth and Depth Across Four Therapeutic Areas
Strong, Innovative Phase 3 Pipeline with Breadth and Depth Across Four Therapeutic Areas GENERAL MEDICINE RARE DISEASE MariTide Olpasiran UPLIZNA® Dazodalibep • Chronic weight management • Cardiovascular disease • Chronic Inflammatory • Sjögren’s Disease • Atherosclerotic (Secondary prevention) Demy
Slide 14: MariTide: A New Paradigm for Obesity, Type 2 Diabetes and Obesity Related Conditions
MariTide: A New Paradigm for Obesity, Type 2 Diabetes and Obesity Related Conditions The Type 2 Diabetes Phase 2 Study and Part 2 of the Phase 2 Chronic Weight Management Study were well executed and completed in a timely manner • Strong treatment efficacy with monthly or less frequent dosing, toler
Slide 15: Results of MariTide Phase 2 Study Confirm Potential to be the First Monthly Therapy for Type 2 Diabetes
Results of MariTide Phase 2 Study Confirm Potential to be the First Monthly Therapy for Type 2 Diabetes Study design: • 24-week placebo-controlled study of monthly MariTide in people living with Type 2 diabetes (T2D) with or without overweight or obesity • Study evaluated several different dosing re
Slide 16: Results of MariTide Chronic Weight Management Phase 2 Study, Part 2 Establish Strong Potential for Maintenance Therapy
Results of MariTide Chronic Weight Management Phase 2 Study, Part 2 Establish Strong Potential for Maintenance Therapy Study design: • Evaluated an additional 52 weeks of treatment with MariTide in people who lost at least 15% of their body weight in Part 1 • Study was exploratory and provided quali
Slide 17: Driving Innovation Across the Company Through Technology and Artificial Intelligence
Driving Innovation Across the Company Through Technology and Artificial Intelligence • Deeper biological insight and faster R&D therapeutic discovery • Accelerated late-stage development • Predictive, more efficient manufacturing Operations • Improved quality and reliability • Faster, higher-quality
Slide 18: Disciplined Capital Allocation Supports Long-Term Growth and Capacity Expansion
Disciplined Capital Allocation Supports Long-Term Growth and Capacity Expansion Disciplined capital allocation framework Investment in new U.S. manufacturing to create durable capacity that supports continued volume growth and preparation for MariTide launch Ongoing investment in external innovation
Slide 19: Adding to Our Innovative Pipeline
Adding to Our Innovative Pipeline Provided January 12, 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. 19
Slide 20: Confident in Our Ability to Deliver Sustained Long-Term Growth
Confident in Our Ability to Deliver Sustained Long-Term Growth Multiple high-potential products delivering growth Leadership position in underpenetrated disease areas with significant unmet need Demonstrated ability to grow through patent expirations Rigorous operating and financial discipline Pipel
Slide 21: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Provided January 12, 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. 21
Slide 22: Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2025
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 ga
Slide 23: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) The following table presents the computations for GAAP and non-GAAP diluted earnings per share: Nine months ended Nine months ended September 30, 2025 September 30, 2024 GAAP Non-GAAP GAAP Non-GAAP Net incom
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