Slide 1: Q1 '24 Earnings Call
Q1 ’24 Earnings Call May 2, 2024
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 Justin Claeys Opening Remarks Bob Bradway Research & Development Update Jay Bradner Global Commercial Update Murdo Gordon Rare Disease Update Vikram Karnani Q1 ’24 Results and Outlook Peter Griffith Q&A All Provided May 2, 2024, as part of an oral presentation and is qualified by
Slide 4: Strong Long-term Growth Outlook Driven by Innovative Pipeline and Marketed Products
Strong Long-term Growth Outlook Driven by Innovative Pipeline and Marketed Products • Delivered strong revenue growth across our four pillars, with 10 brands achieving double-digit volume growth in Q1 2024 • Expanded our international business and reached more patients with 17% ex-U.S. volume growth
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q1 '24 Global Commercial Update
Q1 ’24 Global Commercial Update Q1 ’24 Q1 ’23 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® 273 244 517 388 33% Prolia® 657 342 999 927 8% EVENITY® 236 106 342 254 35% BLINCYTO® 153 91 244 194 26% Vectibix® 120 127 247 233 6% KYPROLIS® 234 142 376 358 5% LUMAKRAS®/LUMYKRAS 53 29 82 7
Slide 7: Product Sales Increased 22% YoY in Q1, Driven by 25% Volume Growth
Product Sales Increased 22% YoY in Q1, Driven by 25% Volume Growth Highlights • Ten products delivered at least double-digit volume growth in Q1, including Repatha®, TEZSPIRE®, EVENITY®, BLINCYTO®, and TAVNEOS®. Product Sales $7.1B, +22% YoY • U.S. volume grew 29% and ex-U.S. volume grew 17%. Genera
Slide 8: General Medicine Generated Over $2B of Sales in Q1
General Medicine Generated Over $2B of Sales in Q1 Highlights Repatha® Established / $517M, +33% YoY • Repatha® sales increased 33% YoY, Other** driven by 44% volume growth, partially offset by 13% lower net selling price*. • Prolia® sales increased 8% YoY, primarily driven by volume growth. EVENITY
Slide 9: Oncology Generated Over $2B of Sales in Q1
Oncology Generated Over $2B of Sales in Q1 Established / BLINCYTO® Other* $244M, +26% YoY Highlights • BLINCYTO® sales increased 26% Vectibix® MVASI® $247M, +6% YoY YoY, driven by broad prescribing $202M, —% YoY across academic and community segments for patients with B-cell precursor acute lymphobl
Slide 10: Inflammation Generated Over $1B of Sales in Q1
Inflammation Generated Over $1B of Sales in Q1 AMJEVITA® / Other** AMGEVITA TEZSPIRE® $173M, +80% YoY Highlights $168M, +2% YoY • TEZSPIRE®'s unique, differentiated profile has broad potential to treat 2.5 million patients worldwide with severe uncontrolled asthma. • Otezla® sales increased 1% YoY.
Slide 11: Rare Disease Generated Over $950M of Sales in Q1
Rare Disease Generated Over $950M of Sales in Q1 Other** Highlights Ultra rare* $169M • Products added through our Horizon acquisition include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, TAVNEOS® $51M, +122% YoY and Ultra rare*. TEPEZZA® Y $424M • TAVNEOS® sales increased 122% UPLIZNA® $80M YoY, driven by volum
Slide 12: R&D Update
R&D Update
Slide 13: Pipeline in General Medicine Focused on Potentially Best-in-class Therapies
Pipeline in General Medicine Focused on Potentially Best-in-class Therapies in Large Patient Populations GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS MariTide (maridebart cafraglutide, AMG 133) o A Phase 2 study of MariTide, a multispecific molecule that inhibits the gastric inhibitory polypeptide r
Slide 14: Pipeline in General Medicine (Continued)
Pipeline in General Medicine Focused on Potentially Best-in-class Therapies in Large Patient Populations GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS (Continued) Olpasiran o Ocean(a)-Outcomes trial, a Phase 3 cardiovascular outcomes study of olpasiran, a potentially best-in-class siRNA molecule that
Slide 15: Pipeline in Oncology Focused on High-Conviction Targets
Pipeline in Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS Tarlatamab o Priority regulatory review underway in advanced SCLC with June 12 PDUFA date. o Advancing a comprehensive global clinical development program in
Slide 16: Pipeline in Oncology (Continued)
Pipeline in Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) AMG 193 o A Phase 1/1b/2 study continues to enroll patients with advanced MTAP-null solid tumors in the dose-expansion portion of the study. o Two
Slide 17: Pipeline in Oncology (Continued)
Pipeline in Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) LUMAKRAS® o Advancing Phase 3 studies in first-line non-small cell lung cancer and first-line colorectal cancer. Bemarituzumab o Enrolling Phase 3
Slide 18: Pipeline in Inflammation Focused on Difficult-to-treat Diseases
Pipeline in Inflammation Focused on Difficult-to-treat Diseases With High Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS TEZSPIRE® o A Phase 2 study of TEZSPIRE® in COPD is complete – TEZSPIRE® numerically reduced the annualized rate of moderate or severe COPD exacerbations vs. placebo by 17% (
Slide 19: Pipeline in Inflammation (Continued)
Pipeline in Inflammation Focused on Difficult-to-treat Diseases With High Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS (Continued) Rocatinlimab o The eight study ROCKET Phase 3 program in moderate-to-severe atopic dermatitis, continues to enroll patients. o To date, over 2,800 patients have b
Slide 20: Multiple Pipeline Programs in Rare Disease to Drive Additional Growth
Multiple Pipeline Programs in Rare Disease to Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS TEPEZZA® o Enrolling Phase 3 study in Japan for chronic/low clinical activity score thyroid eye disease. o Initiated a Phase 3 study evaluating subcutaneous administration. o Regulatory sub
Slide 21: Multiple Pipeline Programs in Rare Disease (Continued)
Multiple Pipeline Programs in Rare Disease to Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) Dazodalibep o Two Phase 3 studies in Sjögren’s disease are enrolling patients; the first in patients with moderate-to-severe systemic disease activity, the second study in patie
Slide 22: Important Pipeline Milestones in 2024
Important Pipeline Milestones in 2024 GENERAL ONCOLOGY INFLAMMATION Y RARE DISEASE MEDICINE • MariTide Phase 2 • Tarlatamab PDUFA date 6/12/24 ✓TEZSPIRE® Phase 2 ✓TEPEZZA® Japan submission data readout late 2024 ✓ Tarlatamab Phase 3 study in 1L COPD data readout H1 H1 2024 ES-SCLC to be initiated H1
Slide 23: Q1 '24 Business Results and Outlook
Q1 ’24 Business Results and Outlook
Slide 24: Q1 '24 Financial Results
Q1 '24 Financial Results $ Millions, Except Non-GAAP EPS Item Q1 ’24 Q1 ’23 % Incr./(Decr.) Revenue $7,447 $6,105 22% Product Sales 7,118 5,846 22% Other Revenues 329 259 27% Non-GAAP Operating Expenses 4,369 3,284 33% Cost of Sales % of product sales 1,340 18.8 % 1,016 17.4 % 32% R&D % of product s
Slide 25: Strong Balance Sheet With Free Cash Flows of $0.5B in Q1 '24
Strong Balance Sheet With Free Cash Flows of $0.5B in Q1 '24 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q1 ’24 Q1 ’23 Capital Expenditures $0.2 $0.3 Free Cash Flow* 0.5 0.7 Share Repurchases — — YoY Dividend Increase 6% 10% Dividends Paid Per Share $2.25 $2.13 Balance Sheet Data 3/31
Slide 26: 2024 Guidance
2024 Guidance Guidance Comments Revised from Revenue $32.5B–$33.8B $32.4B–$33.8B Revised from Non-GAAP EPS* $19.00–$20.20 $18.90–$20.30 Non-GAAP Tax Revised from 15.0% – 16.0% Rate* 16.0%–17.0% Capital ~$1.1B Unchanged Expenditures *Non-GAAP financial measure—if this slide is in hard copy, see recon
Slide 27: Q1 '24 Earnings Call
Q1 ’24 Earnings Call May 2, 2024
Slide 28: Reconciliations
Reconciliations
Slide 29: Consolidated Statements of (Loss) Income - GAAP
Amgen Inc. Consolidated Statements of (Loss) Income - GAAP (In millions, except per - share data) Three months ended (Unaudited) March 31, 2024 2023 Revenues: Product sales $ 7,118 $ 5,846 Other revenues 329 259 Total revenues 7,447 6,105 Operating expenses: Cost of sales 3,200 1,720 Research and de
Slide 30: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) March 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,708 $ 10,944 Trade receivables, net 6,776 7,268 Inventories 8,724 9,518 Other current assets 2,821 2,602 Total current assets 28,029 30,332 Pr
Slide 31: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided May 2, 2024, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 31 materially; Amgen disclaims any duty to update.
Slide 32: 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 March 31, 2024 March 31, 2023 GAAP Non-GA
Slide 33: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended March 31, 2024 2023 Net cash provided by operating activities $ 689 $ 1,064 Net cash (used in) provided by investing activities (217) 1,358 Net cash (used in) provided by financing activities (1,708) 21,509 (Decrea
Slide 34: 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, 2024 (Unaudited) GAAP diluted EPS guidance $ 7.15 — $ 8.40 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 10.98 — 11.03 Net losses from equity investments 0.74 Other 0
Slide 35: Q1 '24 Earnings Call
Q1 ’24 Earnings Call May 2, 2024