Slide 1: Q2 ’24 Earnings Call
Q2 ’24 Earnings Call August 6, 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 Global Commercial Update Murdo Gordon Rare Disease Update Vikram Karnani Research & Development Update Jay Bradner Q2 ’24 Results and Outlook Peter Griffith Q&A All Provided August 6, 2024, as part of an oral presentation and is qualified
Slide 4: Strong Long-term Growth Outlook Driven By Marketed Products and Innovative Pipeline
Strong Long-term Growth Outlook Driven By Marketed Products and Innovative Pipeline • Revenues increased 20% YoY in Q2, with 12 products achieving at least double-digit sales growth • Made important advancements for patients: ◦ Recent approvals for IMDELLTRA and BLINCYTO® ◦ Exciting TEZSPIRE® data f
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q2 ’24 Global Commercial Update
Q2 ’24 Global Commercial Update Q2 ’24 Q2 ’23 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® 270 262 532 424 25% EVENITY® 281 110 391 281 39% Prolia® 770 395 1,165 1,028 13% BLINCYTO® 165 99 264 206 28% Vectibix® 133 137 270 248 9% KYPROLIS® 240 137 377 346 9% LUMAKRAS®/LUMYKRAS 55 30
Slide 7: Product Sales Increased 20% YoY in Q2, Driven by 26% Volume Growth
Product Sales Increased 20% YoY in Q2, Driven by 26% Volume Growth Highlights • Twelve products delivered at least double-digit sales growth in Q2, including Prolia®, EVENITY®, Repatha®, TEZSPIRE®, BLINCYTO®, and TAVNEOS®. Product Sales $8.0B, +20% YoY • Excluding sales from the Horizon acquisition,
Slide 8: General Medicine Generated Over $2B of Sales in Q2
General Medicine Generated Over $2B of Sales in Q2 Highlights Repatha® Established / $532M, +25% YoY • Repatha® sales increased 25% YoY, Other** driven by 46% volume growth, partially offset by 20% lower net selling price.* • EVENITY® sales increased 39% YoY, EVENITY® $391M, +39% YoY primarily drive
Slide 9: Oncology Generated Over $2B of Sales in Q2
Oncology Generated Over $2B of Sales in Q2 Established / BLINCYTO® Other* $264M, +28% YoY Highlights MVASI® • BLINCYTO® sales increased 28% Vectibix® $157M, (20%) YoY $270M, +9% YoY YoY, driven by broad prescribing IMDELLTRA across academic and community $12M segments for patients with B-cell precur
Slide 10: Inflammation Generated Nearly $2B of Sales in Q2
Inflammation Generated Nearly $2B of Sales in Q2 AMJEVITA® / Other** AMGEVITA $133M, (11%) YoY TEZSPIRE® $234M, +76% YoY Highlights • The unique, differentiated profile of TEZSPIRE® has broad potential to treat 2.5 million patients worldwide with severe, uncontrolled asthma. • Otezla® sales decrease
Slide 11: Rare Disease Generated Over $1B of Sales in Q2
Rare Disease Generated Over $1B of Sales in Q2 Other** Highlights Ultra rare* $187M • Key Products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TAVNEOS® $71M, +137% YoY TEPEZZA® • TAVNEOS® sales increased 137% Y $479M YoY, driven by volume growth. UPLIZNA® $92M TAVNEOS® is a first-in-class
Slide 12: R&D Update
R&D Update
Slide 13: General Medicine Pipeline Focused on Addressing Important Unmet Medical Needs
General Medicine Pipeline Focused on Addressing Important Unmet Medical Needs GENERAL MEDICINE: SELECTED PIPELINE PROGRAMS MariTide (maridebart cafraglutide, AMG 133) o A Phase 2 study of MariTide is ongoing in adults with overweight or obesity with or without type 2 diabetes mellitus. Topline data
Slide 14: General Medicine Pipeline Focused on Addressing Important Unmet Medical Needs
General Medicine Pipeline Focused on Addressing Important Unmet Medical Needs 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 reduces Lp(a), is ongoing.
Slide 15: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS IMDELLTRA o In May, the FDA granted accelerated approval to IMDELLTRA for the treatment of adult patients with ES-SCLC with disease progression on or after platinum-based
Slide 16: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (continued) BLINCYTO® o The FDA approved BLINCYTO® for the treatment of adult and pediatric patients one month or older with CD19-positive Ph-negative B-ALL in the consol
Slide 17: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (continued) AMG 193 o In August, the FDA granted an orphan drug designation to AMG 193 for the treatment of pancreatic cancer. o A Phase 1/1b/2 study continues to enroll
Slide 18: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (continued) Nplate® o A Phase 3 study of Nplate ® as supportive care in chemotherapy-induced thrombocytopenia in gastrointestinal malignancies is complete. Data analysis
Slide 19: Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Size ONCOLOGY: SELECTED PIPELINE PROGRAMS (continued) Bemarituzumab o FORTITUDE-101, a Phase 3 study, has completed enrollment in patients with first-line gastric cancer. o FORTITUDE-102, a Phase 3 study, continu
Slide 20: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases With High Unmet Need
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With High Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS TEZSPIRE® o Data were presented from the COURSE Phase 2 study of TEZSPIRE ® in COPD: – TEZSPIRE® numerically reduced the annualized rate of moderate or severe COPD exacerbat
Slide 21: Pipeline in Inflammation Focused on Difficult-to-treat Diseases With High Unmet Need
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 continues to enroll patients with moderate-to-severe atopic dermatitis. o To date, over 3,100 patients have
Slide 22: 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 TAVNEOS® o A Phase 3 study was initiated in children from 6 years to < 18 years of age with active ANCA- associated vasculitis. TEPEZZA® o Regulatory review of the New Drug Application for
Slide 23: 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 (continued) UPLIZNA® o Announced positive topline results of a Phase 3 trial evaluating UPLIZNA ® in IgG4-RD. – The trial met its primary endpoint, showing a statistically significant 87% r
Slide 24: 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 (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 pati
Slide 25: 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 26: Q2 ’24 Business Results and Outlook
Q2 ’24 Business Results and Outlook
Slide 27: Q2 '24 Financial Results
Q2 '24 Financial Results $ Millions, Except Non-GAAP EPS Item Q2 ’24 Q2 ’23 % Incr./(Decr.) Revenue $8,388 $6,986 20% Product Sales 8,041 6,683 20% Other Revenues 347 303 15% Non-GAAP Operating Expenses 4,515 3,471 30% Cost of Sales % of product sales 1,406 17.5 % 1,142 17.1 % 23% R&D % of product s
Slide 28: Cash Flow and Balance Sheet Data as of Q2 '24
Cash Flow and Balance Sheet Data as of Q2 '24 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q2 ’24 Q2 ’23 Capital Expenditures $0.2 $0.3 Free Cash Flow* 2.2 3.8 Share Repurchases 0.0 — YoY Dividend Increase 6% 10% Dividends Paid Per Share $2.25 $2.13 Balance Sheet Data 6/30/24 12/31/23
Slide 29: 2024 Guidance
2024 Guidance Guidance Comments Revised from Revenue $32.8B – 33.8B $32.5B – $33.8B Revised from Non-GAAP EPS* $19.10 – $20.10 $19.00 – $20.20 Non-GAAP Tax Rate* 15.0% – 16.0% Unchanged Revised from Capital Expenditures ~$1.3B ~$1.1B to ~$1.2B *Non-GAAP financial measure—if this slide is in hard cop
Slide 30: Q2 ’24 Earnings Call
Q2 ’24 Earnings Call August 6, 2024
Slide 31: Reconciliations
Reconciliations
Slide 32: Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) Three months ended Six months ended (Unaudited) June 30, June 30, 2024 2023 2024 2023 Revenues: Product sales $ 8,041 $ 6,683 $ 15,159 $ 12,529 Other revenues 347 303 676 562 Total revenues 8,388 6,986 15,835
Slide 33: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) June 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,301 $ 10,944 Trade receivables, net 6,934 7,268 Inventories 7,995 9,518 Other current assets 2,976 2,602 Total current assets 27,206 30,332 Pro
Slide 34: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided August 6, 2024, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 34 materially; Amgen disclaims any duty to update.
Slide 35: 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 June 30, 2024 June 30, 2023 GAAP Non-GAAP
Slide 36: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 2,459 $ 4,109 $ 3,148 $ 5,173 Net cash (used in) provided by investing activities (217) (211) (434) 1,147 Net cash
Slide 37: 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 $ 6.57 — $ 7.62 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 11.09 — 11.14 Net losses from equity investments 1.33 Other 0
Slide 38: Q2 ’24 Earnings Call
Q2 ’24 Earnings Call August 6, 2024