Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call AUGUST 4, 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: Q2 2026 Financial Highlights and Six Key Growth Drivers
Our results demonstrate strong performance across our business. Our six key growth drivers grew 26% year over year, Robert A. Bradway generating nearly 70% of second-quarter product sales. As we expand the potential of our existing medicines through Chairman and CEO new indications and advance the n
Slide 4: Commercial Update
Commercial Update Provided 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. 4
Slide 5: Strong Execution Drove Broad-Based Growth
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 Provided Aug. 4, 2026, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual re
Slide 6: Six Key Growth Drivers Grew at an Aggregate Rate of 26% YoY
Six Key Growth Drivers Grew at an Aggregate Rate of 26% YoY, Representing ~70% of Q2 Sales $1.0B $0.7B $0.5B $9.5B Product Sales Q2 ’26 Innovative Rare Disease Biosimilars +9% YoY Oncology* $1.6B $2.0B $0.9B *Innovative Oncology Includes Blincyto®, Imdelltra®, Kyprolis®, Lumakras®, Nplate®, Vectibix
Slide 7: Repatha, EVENITY, and TEZSPIRE Grew Rapidly
Repatha®, EVENITY®, and TEZSPIRE® Grew Rapidly as Leaders in Large, Underpenetrated Disease Areas +37% * +38% * +42% * Expanding adoption across primary Building bone first for ~2M U.S. Expanding treatment options for care and cardiology women at high fracture risk patients with severe asthma ~100M
Slide 8: Rare Disease, Innovative Oncology, and Biosimilars Drove Broad Portfolio Growth
Rare Disease, Innovative Oncology, and Biosimilars Drove Broad Portfolio Growth INNOVATIVE RARE DISEASE BIOSIMILARS ONCOLOGY** +21% * +18% * +29% * UPLIZNA® broad momentum IMDELLTRA® improving overall PAVBLU® expanding adoption across NMOSD, IgG4-RD, gMG survival in small cell lung cancer among reti
Slide 9: R&D Update
R& D Update AMGEN
Slide 10: Accelerating Science to Fight the World's Toughest Diseases
Accelerating Science to Fight 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 = artifi
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® (Autoimmune hepatitis) BLINCYTO® (B-ALL) ABP 206 management) (Investigational biosimilar to UPLIZNA® (Chronic i
Slide 12: 2026 is a Year of Disciplined Data Generation
2026 is a Year of Disciplined Data Generation 43K In Q2 2026… Repatha® ✓ Received positive CHMP opinion for primary prevention ✓ Presented additional high-risk diabetes and prior PCI subgroup results of PATIENTS ON STUDY the Phase 3 VESALIUS-CV at ADA and EuroPCR, respectively UPLIZNA® ✓ Presented n
Slide 13: Repatha VESALIUS-CV Subgroup Analysis: High-Risk Diabetes
Consistent Benefit of Repatha® Demonstrated in a New Subgroup Analysis of the Phase 3 VESALIUS-CV Primary Prevention Trial High-Risk Diabetes With and Without Atherosclerosis Subgroup Analysis In the 6,002 high-risk diabetes patients with and without Repatha® reduced the risk of 3-P MACE by 29% know
Slide 14: Repatha VESALIUS-CV Subgroup Analysis: Prior PCI
Consistent Benefit of Repatha® Demonstrated in a New Subgroup Analysis of the Phase 3 VESALIUS-CV Primary Prevention Trial Prior Percutaneous Coronary Intervention (PCI) Subgroup Analysis In the 3,627 patients who had a prior PCI, Repatha® Repatha® reduced the risk of heart attack by 50% demonstrate
Slide 15: Durable Clinical Benefit of UPLIZNA in MITIGATE Open-label Period
Durable Clinical Benefit of UPLIZNA® Demonstrated in the One Year Open-label Period (OLP) of the Phase 3 MITIGATE Trial New Data from Year 1 of OLP in IgG4-RD Of the IgG4-Related Disease (IgG4-RD) patients that 100% of patients remained flare-free with continued continued treatment with UPLIZNA® in
Slide 16: 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 Phase 3 CWM maintenance Dazodalibep Phase 3 syst
Slide 17: Financial Update
Financial Update Provided 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. 17
Slide 18: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Total Revenues R&D Expense** Earnings Per Share** $10.1B $1.9B $6.29 +10%* +10%* +4%* Operating Margin** Free Cash Flow** Capital Expenditures (% of product sales) 48% $3.5B $0.5B R&D investment** of $1.9B, increased 10% YoY, while delivering an operating margin** of 48%
Slide 19: Q2 2026 Non-GAAP Financial Results
Q2 2026 Non-GAAP Financial Results $ Billions, Except Non-GAAP EPS Q2 ’26 Q2 ’25 % Inc/(Decr) 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 4.6 4.3 7% % of product sales 48.4% 48.9% Net Income 3.4 3.3 5% EPS $6.29 $6.02
Slide 20: Cash Flow and Balance Sheet Data as of Q2 '26
Cash Flow and Balance Sheet Data as of Q2 ’26 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q2 ’26 Q2 ’25 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 6/30/
Slide 21: 2026 Guidance
2026 Guidance Current Guidance Previous Guidance 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 *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations acc
Slide 22: Q&A
Q&A Provided 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. 22
Slide 23: Reconciliations
Reconciliations Provided 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. 23
Slide 24: Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) (Unaudited) Three months ended Six months ended June 30, 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
Slide 25: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) 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 Pr
Slide 26: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided 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. 26
Slide 27: GAAP to Non-GAAP Reconciliations (EPS)
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 June 30, 2026 June 30, 2025 GAAP Non-GAAP
Slide 28: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Six months ended June 30, 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 fina
Slide 29: 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 $15.80 — $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.