Slide 1: Q4 '25 Earnings Call
Q4 ’25 Earnings Call February 3, 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: Agenda
Agenda Introduction Casey Capparelli Opening Remarks Bob Bradway Research & Development Update Jay Bradner Global Commercial Update Murdo Gordon Q4 ’25 and FY ’25 Results and Outlook Peter Griffith Q&A All Provided February 3, 2026, as part of an oral presentation and is qualified by such, contains
Slide 4: We are Focused on Delivering Sustained, Long-Term Growth
We are Focused on Delivering Sustained, Long-Term Growth • Revenues and Non-GAAP EPS* both increased 10% YoY in 2025 – 18 products achieved record sales for the full year – 14 products exceeded one billion dollars in annual sales – 13 products delivered at least double-digit sales growth for the ful
Slide 5: R&D Update
R&D Update
Slide 6: 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 of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, without Type
Slide 7: 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, an exploratory evaluation of MariTide treatment for an additi
Slide 8: 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 A Phase 2 study of MariTide for the treatment of Type 2 diabetes (T2D) in adults living with and without obesity has
Slide 9: 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 November 2025, results from the landmark Phase 3 VESALIUS-CV clinical trial of more than 12,000 patients with atherosclerosis or diabetes without a prior heart
Slide 10: 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 The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention cardiovascular (CV) outcomes study, is ongoing in patients with atherosclerotic CV disease and elevate
Slide 11: 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 November, the European Commission approved UPLIZNA® for the treatment of adults with active immunoglobulin G4-related disease (IgG4-RD). o In December, the FDA ap
Slide 12: 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, open-label study of TAVNEOS ® in combination with rituximab or a cyclophosphamide- containing regimen is enrolling patients from 6 years to <
Slide 13: 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) Daxdilimab o A Phase 2 study of daxdilimab in adult patients with moderate-to-severe primary discoid lupus erythematosus (DLE) is complete. – The study met the prim
Slide 14: 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 of AMG 329 is ongoing in patients with Sjögren’s disease. AMG 732 o A Phase 2 study of AMG 732 is enrolling patients with moderate-to-seve
Slide 15: 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 Two Phase 3 studies of TEZSPIRE® are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a blood eosinophil cou
Slide 16: 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 adults with systemic lupus erythematosus (SLE), with and without nephrit
Slide 17: 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 Golden Gate, a Phase 3 study of BLINCYTO® alternating with low-intensity chemotherapy, is enrolling older adult patients with newly diagnosed
Slide 18: 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 November, the FDA granted full approval to IMDELLTRA ® for the treatment of adult patients with extensive stage small cell lung
Slide 19: 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 of xaluritamig, is enrolling patients with metastatic castrate resistant prostate cancer (mCRPC) who have previously be
Slide 20: 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 21: 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 Bemarituzumab is a first-in-class fibroblast growth factor receptor 2b (FGFR2b) targeting monoclonal antibody. o Based upon data from the FOR
Slide 22: 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 of AMG 193 is ongoing patients with MTAP-null previously treated advanced non-small cell lung cancer (NSCLC). o A Phase 1/1b/2 stud
Slide 23: 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) LUMAKRAS® / LUMYKRASTM o Phase 3 studies in first-line non-small cell lung cancer (NSCLC) and first-line colorectal cancer are enrolling. Nplate® o PROCLAIM,
Slide 24: 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 • Systemic Sjögren’s Disease • Atherosclerotic (Secondary prevent
Slide 25: Global Commercial Update
Global Commercial Update
Slide 26: Q4 '25 Global Commercial Update
Q4 ’25 Global Commercial Update Q4 ’25 Q4 ’24 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® $517 $353 $870 $606 44% EVENITY® 468 131 599 431 39% Prolia® 707 347 1,054 1,165 (10%) TEPEZZA® 409 48 457 460 (1%) KRYSTEXXA® 435 — 435 346 26% UPLIZNA® 168 65 233 101 * TAVNEOS® 142 10 152 8
Slide 27: FY '25 Global Commercial Update
FY ’25 Global Commercial Update FY ’25 FY ’24 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® $1,663 $1,353 $3,016 $2,222 36% EVENITY® 1,600 500 2,100 1,563 34% Prolia® 2,978 1,436 4,414 4,374 1% TEPEZZA® 1,758 145 1,903 1,851 3% KRYSTEXXA® 1,340 — 1,340 1,185 13% UPLIZNA® 528 127 655
Slide 28: Product Sales Increased 10% for FY'25
Product Sales Increased 10% for FY’25 Highlights • 18 products achieved record sales for the full year. • 14 products exceeded $1B in Product Sales annual sales. $35.1B, +10% YoY1 • 13 products delivered at least double-digit sales growth for the full year. General Medicine Inflammation Rare Disease
Slide 29: General Medicine Generated Over $11B for FY'25
General Medicine Generated Over $11B for FY’25 Established / Highlights Repatha® Other2 $3,016M, +36% YoY1 • Repatha® sales increased 36% YoY for FY’25, driven by volume growth. • EVENITY® sales increased 34% YoY for FY’25, primarily driven by volume growth. EVENITY® • Prolia® sales increased 1% YoY
Slide 30: Rare Disease Generated Over $5B for FY'25
Rare Disease Generated Over $5B for FY’25 Ultra-Rare2 Other3 $719M, (5%) YoY1 Highlights • Key products include TEPEZZA®, TAVNEOS® KRYSTEXXA®, and UPLIZNA®. $459M, +62% YoY1 TEPEZZA® • UPLIZNA® sales increased 73% YoY $1,903M, +3% YoY1 for FY’25, primarily driven by Y volume growth. • KRYSTEXXA® sal
Slide 31: Inflammation Generated Over $7B for FY'25
Inflammation Generated Over $7B for FY’25 WEZLANA®4 AVSOLA ®2 $273M1 Highlights TEZSPIRE ® PAVBLU $1,478M, +52% YoY1 • TEZSPIRE® sales increased 52% for ® $700M1 FY’25, driven by volume growth. AMJEVITA®3 $597M, (22)% YoY1 • PAVBLU® generated $700M for FY’25. Otezla® $2,265M, +7% YoY1 Enbrel® $2,226
Slide 32: Oncology Delivered Roughly $10B for FY'25
Oncology Delivered Roughly $10B for FY’25 Established / BLINCYTO® MVASI® Other2 $1,559M, +28% YoY1 Highlights $771M, +6% YoY1 • BLINCYTO® sales increased 28% for FY’25, driven by volume growth. IMDELLTRA®3 Vectibix® $627M1 $1,175M, +12% YoY1 • IMDELLTRA®3 generated $627M for FY’25. • XGEVA® sales de
Slide 33: Q4 '25 and FY '25 Business Results and Outlook
Q4 ’25 and FY ’25 Business Results and Outlook
Slide 34: Q4 '25 Financial Results
Q4 ’25 Financial Results $ Millions, Except Non-GAAP EPS Item Q4 ’25 Q4 ’24 % Incr./(Decr.) Revenue $9,866 $9,086 9% Product Sales 9,367 8,716 7% Other Revenues 499 370 35% Non-GAAP Operating Expenses 5,860 5,053 16% Cost of Sales % of product sales 1,790 19.1 % 1,536 17.6 % 17% R&D % of product sal
Slide 35: FY 2025 Financial Results
FY 2025 Financial Results $ Millions, Except Non-GAAP EPS Item FY ’25 FY ’24 % Incr./(Decr.) Revenue $36,751 $33,424 10% Product Sales 35,148 32,026 10% Other Revenues 1,603 1,398 15% Non-GAAP Operating Expenses 20,548 18,396 12% Cost of Sales % of product sales 6,423 18.3 % 5,736 17.9 % 12% R&D % o
Slide 36: Cash Flow and Balance Sheet Data as of Q4 '25
Cash Flow and Balance Sheet Data as of Q4 ’25 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q4 ’25 Q4 ’24 Capital Expenditures $0.6 $0.4 Free Cash Flow* $1.0 $4.4 Share Repurchases $0.0 $0.2 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.38 $2.25 Balance Sheet Data 12/31/25 12/
Slide 37: 2026 Guidance
2026 Guidance Guidance Revenue $37.0B – $38.4B Non-GAAP EPS* $21.60 – $23.00 Non-GAAP Tax Rate* 16.0% – 17.5% Capital Expenditures ~$2.6B *Non-GAAP financial measure—if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amo
Slide 38: Q4 '25 Earnings Call
Q4 ’25 Earnings Call February 3, 2026
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 Twelve months ended (Unaudited) December 31, December 31, 2025 2024 2025 2024 Revenues: Product sales $ 9,367 $ 8,716 $ 35,148 $ 32,026 Other revenues 499 370 1,603 1,398 Total revenues 9,86
Slide 41: Amgen Inc. Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP December 31, December 31, (In millions) 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,129 $ 11,973 Trade receivables, net 9,570 6,782 Inventories 6,225 6,998 Other current assets 4,133 3,277 Total current assets 29,057 29,030
Slide 42: Amgen Inc. GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided February 3, 2026, 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 December 31, 2025 December 31, 2024 GAAP
Slide 44: Amgen Inc. Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 1,603 $ 4,771 $ 9,958 $ 11,490 Net cash used in investing activities (693) (402) (1,943) (1,046) Net cas
Slide 45: Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation
Amgen Inc. Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation (In millions) (Unaudited) Twelve months ended December 31, 2025 GAAP Net Income $ 7,711 Depreciation and amortization 5,167 Interest expense, net 2,755 Provision for income taxes 1,265 EBITDA(a) $ 16,898 As of
Slide 46: 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 $ 15.45 — $ 16.94 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 6.06 — 6.15 Non-GAAP diluted EPS guidance $ 21.60 — $ 23.00
Slide 47: Q4 '25 Earnings Call
Q4 ’25 Earnings Call February 3, 2026