Slide 1: Q1 '25 Earnings Call
Q1 ’25 Earnings Call May 1, 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 Justin Claeys Opening Remarks Bob Bradway Global Commercial Update Murdo Gordon Research & Development Update Jay Bradner Q1 ’25 Results and Outlook Peter Griffith Q&A All Provided May 1, 2025, as part of an oral presentation and is qualified by such, contains forward-looking sta
Slide 4: We are Poised to Deliver Attractive Performance in the Near-Term, and Long-term Growth
We are Poised to Deliver Attractive Performance in the Near-Term, and Long-term Growth • Revenues increased 9% YoY in Q1 2025, with 14 products delivering at least double-digit sales growth • Rapidly advancing innovative pipeline: ― FDA approval for UPLIZNA® in IgG4-RD ― Positive Phase 3 data from I
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q1 '25 Global Commercial Update
Q1 ’25 Global Commercial Update Q1 ’25 Q1 ’24 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® 343 313 656 517 27% EVENITY® 320 122 442 342 29% Prolia® 720 379 1,099 999 10% TEPEZZA® 365 16 381 424 (10%) KRYSTEXXA® 236 — 236 235 0% UPLIZNA® 82 9 91 80 14% TAVNEOS® 77 13 90 51 76% Ultra-
Slide 7: Product Sales Increased 11% YoY in Q1, Fourteen Products Delivered Double-Digit Sales Growth
Product Sales Increased 11% YoY in Q1, Fourteen Products Delivered Double-Digit Sales Growth Highlights • U.S. sales grew 14%. • Fourteen products delivered at least double-digit sales growth in Q1, including Repatha®, Product Sales BLINCYTO®, TEZSPIRE®, EVENITY®, $7.9B, +11% YoY TAVNEOS®, and UPLIZ
Slide 8: General Medicine Generated Over $2B of Sales in Q1 led by Repatha and the Bone Franchise
General Medicine Generated Over $2B of Sales in Q1 led by Repatha® and the Bone Franchise Established / Highlights Repatha® Other* $656M, +27% YoY • Repatha® sales increased 27% YoY in Q1, primarily driven by 41% volume growth, partially offset by 9% lower net selling price**. • EVENITY® sales incre
Slide 9: Rare Disease Generated $1B of Sales in Q1; UPLIZNA and TAVNEOS Delivered Double-Digit Growth
Rare Disease Generated $1B of Sales in Q1; UPLIZNA® and TAVNEOS® Delivered Double-Digit Growth Other** Highlights Ultra-Rare* $179M, +6% YoY • Key products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TEPEZZA® • Q1 sales for TEPEZZA® and KRYSTEXXA® $381M, (10%) YoY were impacted by decrease
Slide 10: Inflammation Generated Over $1B of Sales in Q1; TEZSPIRE Delivered 65% YoY Growth
Inflammation Generated Over $1B of Sales in Q1; TEZSPIRE® Delivered 65% YoY Growth in Q1 PAVBLU® AVSOLA* TEZSPIRE® $99M $285M, +65% YoY Highlights WEZLANA *** • TEZSPIRE® sales increased 65% YoY in Q1, $150M driven by volume growth. AMJEVITA®** • Otezla® and Enbrel® delivered nearly $1B $136M, (19%)
Slide 11: Oncology Generated Over $2B of Sales in Q1; Strong IMDELLTRA Launch Continued
Oncology Generated Over $2B of Sales in Q1; Strong IMDELLTRA ** Launch Continued Established / BLINCYTO® Other* $370M, +52% YoY Highlights MVASI® $179M, (11%) YoY • BLINCYTO® sales increased 52% YoY in Q1, primarily driven by volume growth. IMDELLTRA®** $81M Vectibix® • IMDELLTRA®** generated $81 mi
Slide 12: R&D Update
R&D Update
Slide 13: 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, is enrolling adults living with overweight or obesity, without Type 2 diabetes mellitus. o MARITIME-2, a Phase
Slide 14: 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 VESALIUS-CV, a Phase 3 CV outcomes study of Repatha ® , is ongoing in patients at high CV risk without prior myocardial infarction or stroke. Data readout is event
Slide 15: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS TAVNEOS® o A Phase 3 study is enrolling patients from 6 years to < 18 years of age with active ANCA- associated vasculitis. TEPEZZA® o Regulatory review is underway in multiple additional
Slide 16: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) UPLIZNA® o In April, the FDA approved UPLIZNA® for the treatment of IgG4-RD in adult patients. o In April, data from the UPLIZNA ® Phase 3 MINT study in patients with gMG were
Slide 17: Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth
Multiple Pipeline Programs in Rare Disease Will Drive Additional Growth RARE DISEASE: SELECTED PIPELINE PROGRAMS (Continued) Dazodalibep o Two Phase 3 studies in patients with Sjögren’s disease are enrolling patients. The first study is in patients with moderate-to-severe systemic disease activity,
Slide 18: 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 were initiated and are enrolling patients with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 ce
Slide 19: 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 has enrolled over 3,3
Slide 20: 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 was initiated in adults with systemic lupus erythematosus (SLE). Inebilizumab o A Pha
Slide 21: 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 BLINCYTO® / blinatumomab o In April, the FDA granted Breakthrough Therapy Designation for subcutaneous blinatumomab in the treatment of adults with relapsed/refractory CD
Slide 22: 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) IMDELLTRA / tarlatamab o In April, the Company announced that the global Phase 3 DeLLphi-304 study met its primary endpoint of improved overall survival at a
Slide 23: 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) Xaluritamig o A Phase 3 study in post-taxane mCRPC is enrolling patients. o A Phase 1 study of xaluritamig monotherapy has completed enrollment of patients wi
Slide 24: 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 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 pat
Slide 25: 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, is ongoing in patients with first-line gastric cancer. Data readout is anticipated in Q2 2025. o FORTITUDE-102
Slide 26: 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) LUMAKRAS® /LUMYKRAS o Phase 3 studies in first-line non-small cell lung cancer and first-line colorectal cancer are enrolling. Nplate® o The final analysis of
Slide 27: Important 2025 Pipeline Milestones
IMPORTANT 2025 PIPELINE MILESTONES GENERAL MEDICINE RARE DISEASE INFLAMMATION ONCOLOGY MariTide TEPEZZA® TEZSPIRE® IMDELLTRA ✓ MARITIME Phase 3 study ✓ Japan launch in TED H1 2025 ✓ Phase 3 study initiation in ✓ Phase 3 study data readout in 2L initiation(s) H1 2025 to H2 2025 COPD H1 2025 small cel
Slide 28: Q1 '25 Business Results and Outlook
Q1 ’25 Business Results and Outlook
Slide 29: Q1 '25 Financial Results
Q1 ’25 Financial Results $ Millions, Except Non-GAAP EPS Item Q1 ’25 Q1 ’24 % Incr./(Decr.) Revenue $8,149 $7,447 9% Product Sales 7,873 7,118 11% Other Revenues 276 329 (16%) Non-GAAP Operating Expenses 4,550 4,369 4% Cost of Sales % of product sales 1,420 18.0 % 1,340 18.8 % 6% R&D % of product sa
Slide 30: Cash Flow and Balance Sheet Data as of Q1 '25
Cash Flow and Balance Sheet Data as of Q1 ’25 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q1 ’25 Q1 ’24 Capital Expenditures $0.4 $0.2 Free Cash Flow* 1.0 0.5 Share Repurchases — — YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.38 $2.25 Balance Sheet Data 3/31/25 12/31/24 Cas
Slide 31: 2025 Guidance
2025 Guidance Guidance Comments Revenue $34.3B–$35.7B Unchanged Non-GAAP EPS* $20.00–$21.20 Unchanged Revised from Non-GAAP Tax Rate* 14.5% – 16.0% 15.0%–16.0% Capital Expenditures ~$2.3B Unchanged Note: This guidance includes the estimated impact of implemented tariffs, but does not account for any
Slide 32: Q1 '25 Earnings Call
Q1 ’25 Earnings Call May 1, 2025
Slide 33: Reconciliations
Reconciliations
Slide 34: Amgen Inc. Consolidated Statements of Income (Loss) - GAAP
Amgen Inc. Consolidated Statements of Income (Loss) - GAAP (In millions, except per-share data) Three months ended (Unaudited) March 31, 2025 2024 Revenues: Product sales $ 7,873 $ 7,118 Other revenues 276 329 Total revenues 8,149 7,447 Operating expenses: Cost of sales 2,968 3,200 Research and deve
Slide 35: Amgen Inc. Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) March 31, December 31, 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 8,810 $ 11,973 Trade receivables, net 8,132 6,782 Inventories 6,729 6,998 Other current assets 3,258 3,277 Total current assets 26,929 29,030 Pr
Slide 36: Amgen Inc. GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided May 1, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 36 materially; Amgen disclaims any duty to update.
Slide 37: 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 (loss) per share: Three months ended Three months ended March 31, 2025 March 31, 2024 GAAP
Slide 38: Amgen Inc. Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended March 31, 2025 2024 Net cash provided by operating activities $ 1,391 $ 689 Net cash used in investing activities (447) (217) Net cash used in financing activities (4,107) (1,708) Decrease in cash and cash equivale
Slide 39: Amgen Inc. 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 $ 12.21 — $ 13.46 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 8.27 — 8.32 Impairment of intangible assets (b) 1.29 Net ga
Slide 40: Q1 '25 Earnings Call
Q1 ’25 Earnings Call May 1, 2025