Slide 1: Q3 '25 Earnings Call
Q3 ’25 Earnings Call November 4, 2025
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: Agenda
Agenda 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 Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-loo
Slide 4: We are Focused on Delivering Sustained, Long-term Growth
We are Focused on Delivering Sustained, Long-term Growth • 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
Slide 5: Q3 '25 Business Results and Outlook
Q3 ’25 Business Results and Outlook
Slide 6: Q3 '25 Financial Results
Q3 ’25 Financial Results $ Millions, Except Non-GAAP EPS 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 s
Slide 7: Cash Flow and Balance Sheet Data as of Q3 '25
Cash Flow and Balance Sheet Data as of Q3 ’25 $ 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 12/3
Slide 8: 2025 Guidance
2025 Guidance Guidance Comments Revised from Revenue $35.8B – $36.6B $35.0B – $36.0B Revised from Non-GAAP EPS* $20.60 – $21.40 $20.20 – $21.30 Revised from Non-GAAP Tax Rate* 15.0% – 16.5% 14.5% – 16.0% Revised from Capital Expenditures $2.2B – $2.3B ~$2.3B *Non-GAAP financial measure—if this slide
Slide 9: Global Commercial Update
Global Commercial Update
Slide 10: Q3 '25 Global Commercial Update
Q3 ’25 Global Commercial Update Q3 ’25 Q3 ’24 YoY $ Millions, Net Sales 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%
Slide 11: Product Sales Increased 12% YoY in Q3, Driven by 14% Volume Growth
Product Sales Increased 12% YoY in Q3, Driven by 14% Volume Growth Q3’25 Highlights • Sixteen products delivered at least double-digit sales growth, including Repatha®, EVENITY®, IMDELLTRA®*, TEZSPIRE®, TEPEZZA®, Product Sales BLINCYTO®, UPLIZNA®, and $9.1B, +12% YoY TAVNEOS®. General Medicine Infla
Slide 12: General Medicine Generated Over $3B of Sales in Q3
General Medicine Generated Over $3B of Sales in Q3 Established / Q3’25 Highlights Repatha® Other* $794M, +40% YoY • 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
Slide 13: Rare Disease Delivered Double-Digit Growth in Q3, Annualizing Over $5B
Rare Disease Delivered Double-Digit Growth in Q3, Annualizing Over $5B Based on Q3 Sales Ultra-Rare* Other** $200M, +6% YoY Q3’25 Highlights • Key products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TAVNEOS® $107M, +34% YoY TEPEZZA® • UPLIZNA® sales increased 46% YoY, $560M, +15% YoY prim
Slide 14: Inflammation Generated Over $2B of Sales in Q3
Inflammation Generated Over $2B of Sales in Q3 AVSOLA®* WEZLANA®*** $44M TEZSPIRE® Q3’25 Highlights $377M, +40% YoY PAVBLU® • TEZSPIRE® sales increased 40% YoY, $213M driven by 48% volume growth, partially offset by lower net selling price. AMJEVITA®** $154M, (7%) YoY • PAVBLU® contributed $213M of
Slide 15: Oncology Delivered Nearly $3B of Sales in Q3
Oncology Delivered Nearly $3B of Sales in Q3 Established / BLINCYTO® MVASI® Other* $392M, +20% YoY Q3’25 Highlights $213M, +9% YoY • BLINCYTO® sales increased 20% YoY, driven by 31% volume growth, partially IMDELLTRA®** $178M Vectibix® offset by lower inventory levels. $284M, +1% YoY • IMDELLTRA®**
Slide 16: R&D Update
R&D Update
Slide 17: General Medicine Pipeline Focused on Significant Unmet Medical Needs
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 Typ
Slide 18: General Medicine Pipeline Focused on Significant Unmet Medical Needs
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 o
Slide 19: General Medicine Pipeline Focused on Significant Unmet Medical Needs
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
Slide 20: General Medicine Pipeline Focused on Significant Unmet Medical Needs
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
Slide 21: Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth
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 Annu
Slide 22: Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth
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 Sjö
Slide 23: Multiple Pipeline Programs in Rare Disease Are Expected to Drive Additional Growth
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
Slide 24: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
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 cont
Slide 25: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Rocatinlimab o The eight study ROCKET Phase 3 program evaluating rocatinlimab in patients with moderate-to- severe atopic dermatitis (AD) has enrolled ove
Slide 26: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) 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 patient
Slide 27: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With Significant Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Blinatumomab o A Phase 2 study of blinatumomab in autoimmune disease is enrolling in adults with systemic lupus erythematosus (SLE) and in adults with ref
Slide 28: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS 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
Slide 29: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) 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 main
Slide 30: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) IMDELLTRA® / tarlatamab (Continued) o The U.S. regulatory submission of DeLLphi 304 a global Phase 3 confirmatory study evaluating IMDELLTRA® vs. standard of
Slide 31: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) 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
Slide 32: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Xaluritamig (Continued) o A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed local
Slide 33: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
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
Slide 34: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
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, ha
Slide 35: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
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 pa
Slide 36: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes
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 ca
Slide 37: Important 2025 Pipeline Milestones
IMPORTANT 2025 PIPELINE MILESTONES GENERAL MEDICINE RARE DISEASE INFLAMMATION ONCOLOGY MariTide UPLIZNA® TEZSPIRE® IMDELLTRA® ✓ MARITIME Phase 3 study ✓ PDUFA date in IgG4-related ✓ Phase 3 study initiation in ✓ Phase 3 study data readout in 2L initiation(s) H1 2025 to H2 2025 disease Apr 3, 2025 CO
Slide 38: Q3 '25 Earnings Call
Q3 ’25 Earnings Call November 4, 2025
Slide 39: Reconciliations
Reconciliations
Slide 40: Amgen Inc. Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) Three months ended Nine months ended (Unaudited) September 30, 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 9,55
Slide 41: Amgen Inc. Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP September 30, December 31, (In millions) 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 29,03
Slide 42: Amgen Inc. GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided November 4, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 42 materially; Amgen disclaims any duty to update.
Slide 43: Amgen Inc. GAAP to Non-GAAP Reconciliations
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 September 30, 2025 September 30, 2024 GAA
Slide 44: Amgen Inc. Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Nine months ended September 30, 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 u
Slide 45: 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, 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 46: Q3 '25 Earnings Call
Q3 ’25 Earnings Call November 4, 2025