Slide 1: Q3 '24 Earnings Call
Q3 ’24 Earnings Call October 30, 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 Q3 ’24 Results and Outlook Peter Griffith Q&A All Provided October 30, 2024, as part of an oral presentation and is qualifi
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 23% YoY in Q3, with 10 products achieving at least double-digit sales growth or better • Rapidly advancing our innovative pipeline: ◦ MariTide: Initiated a Phase 2 study in type 2 diabetes ◦ UPLI
Slide 5: Global Commercial Update
Global Commercial Update
Slide 6: Q3 '24 Global Commercial Update
Q3 ’24 Global Commercial Update Q3 ’24 Q3 ’23 YoY $ Millions, Net Sales U.S. ROW Total Total Total Repatha® 281 286 567 406 40% EVENITY® 289 110 399 307 30% Prolia® 683 362 1,045 986 6% BLINCYTO® 237 90 327 220 49% Vectibix® 132 150 282 252 12% KYPROLIS® 238 140 378 349 8% LUMAKRAS®/LUMYKRAS 53 45 9
Slide 7: Product Sales Increased 24% YoY in Q3 Driven by 29% Volume Growth
Product Sales Increased 24% YoY in Q3 Driven by 29% Volume Growth Highlights • Ten products delivered at least double-digit sales growth in Q3, including Repatha®, TEZSPIRE®, BLINCYTO®, EVENITY®, and TAVNEOS®. Product Sales $8.2B, +24% YoY • Excluding sales from the Horizon acquisition, product sale
Slide 8: General Medicine Generated Over $2B of Sales in Q3
General Medicine Generated Over $2B of Sales in Q3 Highlights Repatha® Established / $567M, +40% YoY • Repatha® sales increased 40% YoY, Other** driven by 41% volume growth and 8% favorable changes to estimated sales deductions, partially offset by 10% lower net selling price*. EVENITY® $399M, +30%
Slide 9: Oncology Generated Over $2B of Sales in Q3
Oncology Generated Over $2B of Sales in Q3 Established / BLINCYTO® Other* $327M, +49% YoY Highlights MVASI® $195M, (8%) YoY • BLINCYTO® sales increased 49% IMDELLTRA Vectibix® YoY, primarily driven by volume $282M, +12% YoY $36M growth. • IMDELLTRA is the first and only Nplate® FDA-approved bispecif
Slide 10: Inflammation Generated Nearly $2B of Sales in Q3
Inflammation Generated Nearly $2B of Sales in Q3 AMJEVITA® / Other** AMGEVITA $166M, +9% YoY TEZSPIRE® $269M, +67% YoY Highlights • TEZSPIRE® sales increased 67% YoY, driven by volume growth. • Otezla® and Enbrel® delivered $564M and Otezla® $825M, respectively, in Q3. $564M, (1%) YoY Enbrel® $825M,
Slide 11: Rare Disease Generated $1.2B of Sales in Q3
Rare Disease Generated $1.2B of Sales in Q3 Other** Highlights Ultra-Rare* $188M • Key products include TEPEZZA®, KRYSTEXXA®, UPLIZNA®, and TAVNEOS®. TAVNEOS® $80M, +116% YoY TEPEZZA® • TAVNEOS® sales more than Y $488M doubled YoY, primarily driven UPLIZNA® $106M by volume growth. KRYSTEXXA® $310M *
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 OBESITY AND RELATED CONDITIONS PROGRAMS MariTide (maridebart cafraglutide, AMG 133) o A Phase 2 study of MariTide is ongoing in adults who are living with overweight or obesity, with or without T
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 is ongoing in patients with atherosclerotic cardiovascular disease and elev
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 The Company is advancing a comprehensive global clinical development program across extensive-stage and limited-stage SCLC. o Long-term follow-up data from th
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) Xaluritamig o A Phase 3 study in post-taxane mCRPC will be initiated this quarter. o Phase 1 studies of monotherapy and combination therapy in mCRPC are advan
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 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 Phase 1b studie
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) Bemarituzumab o FORTITUDE-101, a Phase 3 study, is ongoing in patients with first-line gastric cancer. o FORTITUDE-102, a Phase 1b/3 study in patients with fi
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) Nplate® o The primary analysis of a Phase 3 study of Nplate ® as supportive care in chemotherapy-induced thrombocytopenia in gastrointestinal malignancies is
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 The Company is planning to initiate Phase 3 studies in patients with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 cells/µ
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 (AD). To date, over 3,200 patients h
Slide 22: 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) Blinatumomab o A Phase 2 study was initiated in patients with autoimmune disease with an initial focus on SLE with nephritis. Inebilizumab o A Phase 2 study was
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 TAVNEOS® o A Phase 3 study is enrolling patients from 6 years to < 18 years of age with active ANCA- associated vasculitis. TEPEZZA® o TEPEZZA® was approved for the treatment of active TED
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) UPLIZNA® o Presented positive results from the Phase 3 MINT study evaluating UPLIZNA® in gMG. o Planning for regulatory submissions for gMG is underway. o In August, the FDA gra
Slide 25: 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 patients with Sjögren’s disease are enrolling patients; the first in patients with moderate-to-severe systemic disease activity, the second
Slide 26: 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 ES- COPD data readout H1 H1 2024 SCLC to be initiated H1
Slide 27: Q3 '24 Business Results and Outlook
Q3 ’24 Business Results and Outlook
Slide 28: Q3 '24 Financial Results
Q3 '24 Financial Results $ Millions, Except Non-GAAP EPS Item Q3 ’24 Q3 ’23 % Incr./(Decr.) Revenue $8,503 $6,903 23% Product Sales 8,151 6,548 24% Other Revenues 352 355 (1%) Non-GAAP Operating Expenses 4,459 3,500 27% Cost of Sales % of product sales 1,454 17.8 % 1,137 17.4 % 28% R&D % of product
Slide 29: Cash Flow and Balance Sheet Data as of Q3 '24
Cash Flow and Balance Sheet Data as of Q3 '24 $ Billions, Except Dividends Paid Per Share Cash Flow Data Q3 ’24 Q3 ’23 Capital Expenditures $0.3 $0.2 Free Cash Flow* 3.3 2.5 Share Repurchases 0 — YoY Dividend Increase 6% 10% Dividends Paid Per Share $2.25 $2.13 Balance Sheet Data 9/30/24 12/31/23 Ca
Slide 30: 2024 Guidance
2024 Guidance Guidance Comments Revised from Revenue $33.0B –$33.8B $32.8B - $33.8B Revised from Non-GAAP EPS* $19.20 – $20.00 $19.10 - $20.10 Revised from Non-GAAP Tax Rate* 14.0% – 15.0% 15.0% – 16.0% Capital Expenditures ~$1.3B Unchanged *Non-GAAP financial measure—if this slide is in hard copy,
Slide 31: Q3 '24 Earnings Call
Q3 ’24 Earnings Call October 30, 2024
Slide 32: Reconciliations
Reconciliations
Slide 33: Amgen Inc. Consolidated Statements of Income - GAAP
Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per - share data) Three months ended Nine months ended (Unaudited) September 30, September 30, 2024 2023 2024 2023 Revenues: Product sales $ 8,151 $ 6,548 $ 23,310 $ 19,077 Other revenues 352 355 1,028 917 Total revenues 8,503
Slide 34: Amgen Inc. Consolidated Balance Sheets - GAAP
Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) September 30, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 9,011 $ 10,944 Trade receivables, net 7,317 7,268 Inventories 7,362 9,518 Other current assets 3,076 2,602 Total current assets 26,766 30,33
Slide 35: Amgen Inc. GAAP to Non-GAAP Reconciliations
Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars In millions) (Unaudited) Provided October 30, 2024, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary 35 materially; Amgen disclaims any duty to update.
Slide 36: 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 September 30, 2024 September 30, 2023 GAA
Slide 37: Amgen Inc. Reconciliations of Cash Flows
Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net cash provided by operating activities $ 3,571 $ 2,760 $ 6,719 $ 7,933 Net cash (used in) provided by investing activities (210) (262) (644) 885
Slide 38: 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 $ 8.71 — $ 9.56 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 11.33 — 11.38 Net gains from equity investments (1.01) Other
Slide 39: Q3 '24 Earnings Call
Q3 ’24 Earnings Call October 30, 2024