Amgen Inc. · NASDAQ:AMGN
Amgen — Q2 2025 Earnings Presentation
42 slides from Amgen's earnings presentation, Aug 5, 2025
Slide 1: Q2 ’25 Earnings Call
Q2 ’25 Earnings Call August 5, 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 Q2 ’25 Results and Outlook Peter Griffith Q&A All Provided August 5, 2025, as part of an oral presentation and is qualified by such, contains forward-looking
Slide 4: We are Focused on Delivering Sustained, Long-term Growth
We are Focused on Delivering Sustained, Long-term Growth • Revenues increased 9% YoY in Q2 2025, with 15 products delivering at least double-digit sales growth • Non-GAAP EPS grew 21% YoY* in Q2’25 • Rapidly advancing innovative pipeline: • Additional data from MariTide, IMDELLTRA®, and Bemarituzuma
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q2 ’25 Global Commercial Update
Q2 ’25 Global Commercial Update Q2 ’25 Q2 ’24 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® $361 $335 $696 $532 31% EVENITY® 395 123 518 391 32% Prolia® 745 377 1,122 1,165 (4%) TEPEZZA® 466 39 505 479 5% KRYSTEXXA® 349 — 349 294 19% UPLIZNA® 132 44 176 92 91% TAVNEOS® 103 7 110 71 5
Slide 7: Product Sales Increased 9% YoY in Q2, Driven by 13% Volume Growth
Product Sales Increased 9% YoY in Q2, Driven by 13% Volume Growth Q2’25 Highlights • Fifteen products delivered at least double-digit sales growth, including Repatha®, EVENITY®, IMDELLTRA®*, BLINCYTO®, TEZSPIRE®, Product Sales UPLIZNA®, and TAVNEOS®. $8.8B, +9% YoY General Medicine Inflammation Rare
Slide 8: General Medicine Generated Over $2B of Sales in Q2
General Medicine Generated Over $2B of Sales in Q2 Driven by Repatha® and EVENITY® Established / Q2’25 Highlights Repatha® Other* $696M, +31% YoY • Repatha® sales increased 31% YoY, driven by 36% volume growth, partially offset by unfavorable changes to estimated sales deductions. • EVENITY® sales i
Slide 9: Our Rare Disease Portfolio Delivered Double-Digit Growth in Q2
Our Rare Disease Portfolio Delivered Double-Digit Growth in Q2, Annualizing >$5B Based on Q2 Sales Other** Ultra-Rare* $183M, (2%) YoY Q2’25 Highlights • Key products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TAVNEOS® $110M, +55% YoY TEPEZZA® • UPLIZNA® sales increased 91% YoY, $505M, +5
Slide 10: Inflammation Generated Nearly $2B of Sales in Q2
Inflammation Generated Nearly $2B of Sales in Q2 Highlighted by TEZSPIRE® Growth of 46% YoY WEZLANA *** AVSOLA®* $35M TEZSPIRE® Q2’25 Highlights PAVBLU® $342M, +46% YoY $130M • TEZSPIRE® sales increased 46% YoY, AMJEVITA®** driven by volume growth. $133M, 0% YoY • PAVBLU® contributed $130M of sales.
Slide 11: Our Oncology Products Delivered Double-Digit Growth in Q2
Our Oncology Products Delivered Double-Digit Growth in Q2, with Over $2B of Sales Established / BLINCYTO® MVASI® Other* $384M, +45% YoY Q2’25 Highlights $191M, +22% YoY • BLINCYTO® sales increased 45% YoY, IMDELLTRA®** driven by volume growth. $134M Vectibix® • IMDELLTRA®** generated $134 million of
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 In June, the underlying details from Part 1 of the Phase 2 study and complete results from the primary analysis of the Phase 1 PK-LDI study
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) MariTide (maridebart cafraglutide, AMG 133) (Continued) o Part 2 of the Phase 2 chronic weight management study is ongoing in adults living with obesity or overweight, with o
Slide 15: 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 OCEAN(a)-outcomes trial, a Phase 3 secondary prevention cardiovascular outcomes study is ongoing in patients with atherosclerotic cardiovascular disease and eleva
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 UPLIZNA® o FDA review of the MINT Phase 3 data in patients with generalized myasthenia gravis is ongoing. − The PDUFA date is December 14, 2025. TEPEZZA® o In June, the European Commissio
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) TAVNEOS® o A Phase 3 study is enrolling patients from 6 years to < 18 years of age with active ANCA- associated vasculitis. Dazodalibep o Two Phase 3 studies in Sjögren’s dise
Slide 18: 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) AMG 329 o A Phase 2 study is ongoing in patients with Sjögren’s disease. AMG 732 o A Phase 2 study is enrolling patients with moderate-to-severe active thyroid eye disease. Pr
Slide 19: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases
Pipeline in Inflammation Focused on Difficult-to- Treat Diseases With Significant Unmet Need INFLAMMATION: SELECTED PIPELINE PROGRAMS TEZSPIRE® o Two Phase 3 studies are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 cells/µl. o In May, pri
Slide 20: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases
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 (AD) has enrolled ove
Slide 21: Pipeline in Inflammation Focused on Difficult-to-Treat Diseases
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) and in adults with re
Slide 22: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS BLINCYTO® / blinatumomab o In June, Phase 1b/2 subcutaneous blinatumomab data were presented at EHA and simultaneously published in The Lancet Haematology demonstrating
Slide 23: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) IMDELLTRA® / tarlatamab o In June, interim results from the global Phase 3 DeLLphi-304 trial were presented at ASCO and simultaneously published in the New E
Slide 24: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Xaluritamig o XALute, a Phase 3 study in post-taxane mCRPC, is enrolling patients. o A Phase 1 study of xaluritamig monotherapy is ongoing in patients with m
Slide 25: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Bemarituzumab o In June, the Company announced that the Phase 3 FORTITUDE-101 clinical trial of first-line bemarituzumab plus chemotherapy (mFOLFOX6) met its
Slide 26: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes 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 pa
Slide 27: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) KYPROLIS® o In May, the FDA granted pediatric exclusivity to KYPROLIS ® for studies conducted under a Written Request and approved updates to the "Pediatric
Slide 28: Oncology Focused on High-Conviction Targets, Differentiated Therapies
Oncology Focused on High-Conviction Targets, Differentiated Therapies, and Large Effect Sizes ONCOLOGY: SELECTED PIPELINE PROGRAMS (Continued) Nplate® o In June, data were presented at ASCO from the final analysis of RECITE, a Phase 3 study of Nplate® as supportive care for CIT in gastrointestinal c
Slide 29: Important 2025 Pipeline Milestones
IMPORTANT 2025 PIPELINE MILESTONES GENERAL MEDICINE RARE DISEASE INFLAMMATION ONCOLOGY MariTide UPLIZNA® TEZSPIRE® IMDELLTRA® ✓ MARITIME Phase 3 study ✓ PDUFA date in IgG4-related ✓ Phase 3 study initiation in ✓ Phase 3 study data readout in 2L initiation(s) H1 2025 to H2 2025 disease Apr 3, 2025 CO
Slide 30: Q2 ’25 Business Results and Outlook
Q2 ’25 Business Results and Outlook
Slide 31: Q2 ’25 Financial Results
Q2 ’25 Financial Results $ Millions, Except Non-GAAP EPS Item Q2 ’25 Q2 ’24 % Incr./(Decr.) Revenue $9,179 $8,388 9% Product Sales 8,771 8,041 9% Other Revenues 408 347 18% Non-GAAP Operating Expenses 4,886 4,515 8% Cost of Sales % of product sales 1,551 17.7 % 1,406 17.5 % 10% R&D % of product sale
Slide 32: Cash Flow and Balance Sheet Data as of Q2 ’25
Cash Flow and Balance Sheet Data as of Q2 ’25 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q2 ’25 Q2 ’24 Capital Expenditures $0.4 $0.2 Free Cash Flow* $1.9 $2.2 Share Repurchases $0.0 $0.0 YoY Dividend Increase 6% 6% Dividends Paid Per Share $2.38 $2.25 Balance Sheet Data 6/30/25 12/3
Slide 33: 2025 Guidance
2025 Guidance Guidance Comments Revised from Revenue $35.0B – $36.0B $34.3 – $35.7B Revised from Non-GAAP EPS* $20.20 – $21.30 $20.00 – $21.20 Non-GAAP Tax Rate* 14.5% – 16.0% Unchanged Capital Expenditures ~$2.3B Unchanged Note: This guidance includes the estimated impact of implemented tariffs, bu
Slide 34: Q2 ’25 Earnings Call
Q2 ’25 Earnings Call August 5, 2025
Slide 35: Reconciliations
Reconciliations
Slide 36: 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, 2025 2024 2025 2024 Revenues: Product sales $ 8,771 $ 8,041 $ 16,644 $ 15,159 Other revenues 408 347 684 676 Total revenues 9,179 8,388 17,328
Slide 37: Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP June 30, December 31, (In millions) 2025 2024 (Unaudited) Assets Current assets: Cash and cash equivalents $ 8,028 $ 11,973 Trade receivables, net 8,701 6,782 Inventories 6,583 6,998 Other current assets 3,422 3,277 Total current assets 26,734 29,030 Pro
Slide 38: GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided August 5, 2025, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 38 materially; Amgen disclaims any duty to update.
Slide 39: 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, 2025 June 30, 2024 GAAP Non-GAAP
Slide 40: Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 2,280 $ 2,459 $ 3,671 $ 3,148 Net cash used in investing activities (389) (217) (836) (434) Net cash used in financ
Slide 41: 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 $ 10.97 — $ 12.11 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 8.56 — 8.60 Impairment of intangible assets (b) 1.29 Net ga
Slide 42: Q2 ’25 Earnings Call
Q2 ’25 Earnings Call August 5, 2025