SEC EDGAR · 10-Q
10-Q – 2025-08-06 – amgn-20250630.htm
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Omsättning
- Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 58
- IRA Inflation Reduction Act of 2022 | IRS Internal Revenue Service
- RANKL receptor activator of nuclear factor kappa-B ligand | RAR Revenue Agent Report | Research and Early Pipeline R&D expenses incurred in activities substantially in support of early research through the completion of phase 1 clinical trials, including drug discovery, toxicology, pharmacokinetics and drug metabolism and process development
- Revenues: | Product sales $ 8,771 $ 8,041 $ 16,644 $ 15,159 | Other revenues 408 347 684 676
- Operating expenses: | Cost of sales 3,011 3,236 5,979 6,436 | Research and development 1,744 1,447 3,230 2,790
- Accrued liabilities ( 50 ) ( 361 ) | Accrued sales incentives and allowance 1,113 ( 393 ) | Other liabilities ( 70 ) ( 33 )
- Less: | Manufacturing cost of sales (1)(2) | 2,484 2,825 5,012 5,639
- 2,484 2,825 5,012 5,639 | Profit share and royalties in cost of sales (1) | 527 411 967 797
Rörelseresultat
- Operating income 2,656 1,909 3,834 2,900
- Operating expenses $ 6,523 $ 6,479 1 % $ 13,494 $ 12,935 4 % | Operating income $ 2,656 $ 1,909 39 % $ 3,834 $ 2,900 32 % | Net income $ 1,432 $ 746 92 % $ 3,162 $ 633 *
Periodens resultat
- Net income $ 1,432 $ 746 $ 3,162 $ 633
- 2025 2024 2025 2024 | Net income $ 1,432 $ 746 $ 3,162 $ 633 | Other comprehensive (loss) income, net of reclassification adjustments and taxes:
- Net income — — 1,432 — 1,432 | Other comprehensive loss, net of taxes — — — ( 313 ) ( 313 )
- Net income — — 3,162 — 3,162 | Other comprehensive loss, net of taxes — — — ( 478 ) ( 478 )
- Net income — — 746 — 746 | Other comprehensive income, net of taxes — — — 35 35
- Net income — — 633 — 633 | Other comprehensive income, net of taxes — — — 134 134
- Cash flows from operating activities: | Net income $ 3,162 $ 633 | Noncash adjustments to reconcile net income to net cash provided by operating activities:
- Net income $ 3,162 $ 633 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 2,728 2,799
Resultat per aktie
- EMA European Medicines Agency | EPS earnings per share
- Earnings per share: | Basic $ 2.66 $ 1.39 $ 5.88 $ 1.18
- Weighted-average shares used in calculation of earnings per share: | Basic 538 537 538 537
- 5. Earnings per share | The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
- 5. Earnings per share | The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method. | The computations for basic and diluted EPS were as follows (in millions, except per-share data):
- The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method. | The computations for basic and diluted EPS were as follows (in millions, except per-share data):
- Income (Numerator): | Net income for basic and diluted EPS $ 1,432 $ 746 $ 3,162 $ 633
- Shares (Denominator): | Weighted-average shares for basic EPS 538 537 538 537 | Effect of dilutive securities 3 4 3 4
Kassaflöde
- Gains (losses) on foreign currency translation adjustments 86 ( 15 ) 143 ( 39 ) | (Losses) gains on cash flow hedges ( 399 ) 51 ( 622 ) 177
- Developed-product-technology rights consists of rights related to marketed products acquired in business acquisitions. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to | In January 2025, as part of the IRA, the Company’s product Otezla was selected by CMS for Medicare price setting that will be applicable beginning on January 1, 2027. The earlier than anticipated selection resulted in a decrease in the estimated future cash flows for the product in the United States. This selection represented a triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. In the first quarter of 2025, the Company utili | IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval. During the second quarter of 2025, the FDA approved UPLIZNA
- translation adjustments | Cash flow | hedges Other AOCI
- Components of AOCI 2025 2024 | Cash flow hedges: | Foreign currency forward contract gains $ 12 $ 55 Product sales
- Components of AOCI 2025 2024 | Cash flow hedges: | Foreign currency forward contract gains $ 68 $ 106 Product sales
- 12. Derivative instruments | The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We have designated certain of our derivatives as cash flow and fair value hedges; we also have derivatives not designated as hedges. We do not use | Cash flow hedges
- The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We have designated certain of our derivatives as cash flow and fair value hedges; we also have derivatives not designated as hedges. We do not use | Cash flow hedges | We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into fore
- We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into fore | As of June 30, 2025 and December 31, 2024, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 7.4 billion and $ 7.2 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro based, as cash flow hedges. Accordingly, we record the unrealized gains and losses on these contracts in AOCI in the Condensed Consolidated Balance Sheets, and we reclassify them to Product sales in the Condensed Consolidated Statement | To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros and pounds sterling and received U.S. dollars for the notional amounts at the inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the terms of the contracts by paying U.S. dollars and receiving euros a
Likvida medel
- Current assets: | Cash and cash equivalents $ 8,028 $ 11,973
- Net cash used in financing activities ( 6,780 ) ( 4,357 ) | Decrease in cash and cash equivalents ( 3,945 ) ( 1,643 ) | Cash and cash equivalents at beginning of period 11,973 10,944
- Decrease in cash and cash equivalents ( 3,945 ) ( 1,643 ) | Cash and cash equivalents at beginning of period 11,973 10,944 | Cash and cash equivalents at end of period $ 8,028 $ 9,301
- Cash and cash equivalents at beginning of period 11,973 10,944 | Cash and cash equivalents at end of period $ 8,028 $ 9,301
- Condensed Consolidated Balance Sheets locations June 30, 2025 December 31, 2024 | Cash and cash equivalents $ 7,486 $ 11,486
- Cash and cash equivalents in the above table excludes bank account cash of $ 542 million and $ 487 million as of June 30, 2025 and December 31, 2024, respectively. | All interest-bearing securities as of June 30, 2025 and December 31, 2024, mature in one year or less. For the three months ended June 30, 2025 and 2024, interest income on these investments was $ 86 million and $ 115 million, respectively. For the six months ended June 30, 2025 and 2024, interest income on these investments was $ 212 million and $ 268 million, respectively.
- June 30, 2025 December 31, 2024 | Cash and cash equivalents $ 8,028 $ 11,973 | Total assets $ 87,897 $ 91,839
- Cash and cash equivalents | Our balance of cash and cash equivalents was $8.0 billion as of June 30, 2025. The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer
Nettoskuld
- Net income $ 3,162 $ 633 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 2,728 2,799
- Other liabilities ( 70 ) ( 33 ) | Net cash provided by operating activities 3,671 3,148 | Cash flows from investing activities:
- Other ( 56 ) 34 | Net cash used in investing activities ( 836 ) ( 434 ) | Cash flows from financing activities:
- Other ( 119 ) ( 130 ) | Net cash used in financing activities ( 6,780 ) ( 4,357 ) | Decrease in cash and cash equivalents ( 3,945 ) ( 1,643 )
- The human therapeutics segment is engaged in the discovery, development, manufacturing and delivery of innovative medicines to fight some of the world’s toughest diseases. The Company’s Chief Executive Officer has been identified as the chief operating decision maker (CODM). The CODM manages and allocates resources on a consolidated basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance and a | As the Company’s CODM evaluates the financial performance of the Company’s human therapeutics segment on a consolidated basis, the measure of segment performance is net income, as reflected in the Condensed Consolidated Statements of Income. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to both assess the overall level of resources available and optimize the distribution of resources across functions, therapeutic areas, regions and R&D programs in | 8
- Our derivative contracts that were in liability positions as of June 30, 2025, contain certain credit-risk-related contingent provisions that would be triggered if (i) we were to undergo a change in control and (ii) our or the surviving entity’s creditworthiness deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker creditworthiness after the change in control. If these events were to occur, the counterparties would have th | The cash flow effects of our derivative contracts in the Condensed Consolidated Statements of Cash Flows are included in Net cash provided by operating activities, except for the settlement of notional amounts of cross-currency swaps, which are included in Net cash used in financing activities. | 26
- 2025 2024 | Net cash provided by operating activities $ 3,671 $ 3,148 | Net cash used in investing activities $ (836) $ (434)
- Net cash provided by operating activities $ 3,671 $ 3,148 | Net cash used in investing activities $ (836) $ (434) | Net cash used in financing activities $ (6,780) $ (4,357)
Eget kapital
- CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | 4
- LIABILITIES AND STOCKHOLDERS’ EQUITY | Current liabilities:
- Stockholders’ equity: | Common stock and additional paid-in capital; $ 0.0001 par value; 2,750.0 shares authorized; outstanding— 538.3 shares in 2025 and 536.9 shares in 2024
- Accumulated other comprehensive loss ( 544 ) ( 66 ) | Total stockholders’ equity 7,428 5,877 | Total liabilities and stockholders’ equity $ 87,897 $ 91,839
- Total stockholders’ equity 7,428 5,877 | Total liabilities and stockholders’ equity $ 87,897 $ 91,839
- AMGEN INC. | CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | (In millions, except per-share data)
- AMGEN INC. | CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued) | (In millions, except per-share data)
- 10. Stockholders’ equity | Stock repurchase program
Antal aktier
- 5. Earnings per share | The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method. | The computations for basic and diluted EPS were as follows (in millions, except per-share data):
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(Exact name of registrant as specified in its charter) Delaware 95-3540776 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One Amgen Center Drive 91320-1799 Thousand Oaks California (Address of principal executive offices) (Zip Code) ( 805 ) 447-1000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.0001 par value AMGN The Nasdaq Global Select Market 2.00% Senior Notes due 2026 AMGN26 The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ As of July 31, 2025, the registrant had 538,361,851 shares of common stock, $0.0001 par value, outstanding. AMGEN INC. INDEX Page No. DEFINED TERMS AND PRODUCTS ii PART I—FINANCIAL INFORMATION 1 Item 1. FINANCIAL STATEMENTS 1 CONDENSED CONSOLIDATED STATEMENTS OF INCOME 1 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2 CONDENSED CONSOLIDATED BALANCE SHEETS 3 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY 4 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 45 Item 4. CONTROLS AND PROCEDURES 46 PART II—OTHER INFORMATION 47 Item 1. LEGAL PROCEEDINGS 47 Item 1A. RISK FACTORS 47 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 58 Item 5. OTHER INFORMATION 58 Item 6. EXHIBITS 58 INDEX TO EXHIBITS 59 SIGNATURES 65 i Defined Terms and Products Defined terms We use several terms in this Form 10-Q, including but not limited to those that are finance, regulation and disease-state related, as well as names of other companies, which are provided below. Term Description 2017 Tax Act Tax Cuts and Jobs Act of 2017 340B Program Federal 340B Drug Pricing Program AOCI accumulated other comprehensive income (loss) AstraZeneca AstraZeneca plc BeOne BeOne Medicines Ltd. (formerly BeiGene, Ltd.) BLA Biologics License Application CMS Centers for Medicare & Medicaid Services EMA European Medicines Agency EPS earnings per share EU European Union FDA U.S. Food and Drug Administration Fitch Fitch Ratings, Inc. G7 Group of Seven (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) GAAP U.S. generally accepted accounting principles HHS U.S. Department of Health and Human Services Horizon Horizon Therapeutics plc IPR&D in-process research and development IRA Inflation Reduction Act of 2022 IRS Internal Revenue Service Later-Stage Clinical Programs R&D expenses incurred in or related to phase 2 and phase 3 clinical programs intended to result in registration of a new product or a new indication for an existing product primarily in the United States or the EU Marketed Product Support R&D expenses incurred in support of the Company’s marketed products that are authorized to be sold primarily in the United States or the EU. Includes clinical trials designed to gather information on product safety (certain of which may be required by regulatory authorities) and their product characteristics after regulatory approval has been obtained, as well as the costs of obtaining regulatory approval of a product in a new market after approval in either the United States or the EU has been obtained MD&A management’s discussion and analysis MFN Most-Favored-Nations MFN EO Most-Favored-Nations Prescription Drug Pricing Executive Order Moody’s Moody’s Investors Service, Inc. Neumora Neumora Therapeutics, Inc. OBBBA The One Big Beautiful Bill Act OECD Organisation for Economic Co-operation and Development PBM pharmacy benefit manager PDAB Prescription Drug Affordability Board R&D research and development RANKL receptor activator of nuclear factor kappa-B ligand RAR Revenue Agent Report Research and Early Pipeline R&D expenses incurred in activities substantially in support of early research through the completion of phase 1 clinical trials, including drug discovery, toxicology, pharmacokinetics and drug metabolism and process development ii Term Description ROW rest of world S&P Standard & Poor’s Financial Services LLC SEC U.S. Securities and Exchange Commission SG&A selling, general and administrative SOFR Secured Overnight Financing Rate U.S. Treasury U.S. Department of the Treasury UTB unrecognized tax benefit iii Products The brand names of our products, our delivery devices and certain of our product candidates and their associated generic names are provided below. Term Description ACTIMMUNE ACTIMMUNE ® (interferon gamma-1b) Aimovig Aimovig ® (erenumab-aooe) AMJEVITA/AMGEVITA AMJEVITA ® (adalimumab-atto)/AMGEVITA ™ (adalimumab) Aranesp Aranesp ® (darbepoetin alfa) AVSOLA AVSOLA ® (infliximab-axxq) BKEMV/BEKEMV BKEMV ™ (eculizumab-aeeb)/BEKEMV ™ (eculizumab) BLINCYTO BLINCYTO ® (blinatumomab) BUPHENYL BUPHENYL ® (sodium phenylbutyrate) Corlanor Corlanor ® (ivabradine) ENBREL Enbrel ® (etanercept) EPOGEN EPOGEN ® (epoetin alfa) EVENITY EVENITY ® (romosozumab-aqqg) IMDELLTRA/IMDYLLTRA IMDELLTRA ® (tarlatamab-dlle)/IMDYLLTRA ™ (tarlatamab) IMLYGIC IMLYGIC ® (talimogene laherparepvec) KANJINTI KANJINTI ® (trastuzumab-anns) KRYSTEXXA KRYSTEXXA ® (pegloticase) KYPROLIS KYPROLIS ® (carfilzomib) LUMAKRAS/LUMYKRAS LUMAKRAS ® /LUMYKRAS ™ (sotorasib) MariTide Maridebart cafraglutide (MariTide ™ ) MVASI MVASI ® (bevacizumab-awwb) Neulasta Neulasta ® (pegfilgrastim) NEUPOGEN NEUPOGEN ® (filgrastim) Nplate Nplate ® (romiplostim) Otezla Otezla ® (apremilast) Parsabiv Parsabiv ® (etelcalcetide) PAVBLU PAVBLU ® (aflibercept-ayyh) PENNSAID PENNSAID ® (diclofenac sodium topical solution) 2% PROCYSBI PROCYSBI ® (cysteamine bitartrate) Prolia Prolia ® (denosumab) QUINSAIR QUINSAIR ® (levofloxacin) RAVICTI RAVICTI ® (glycerol phenylbutyrate) RAYOS RAYOS ® (prednisone) Repatha Repatha ® (evolocumab) RIABNI RIABNI ® (rituximab-arrx) Sensipar/Mimpara Sensipar ® /Mimpara ™ (cinacalcet) TAVNEOS TAVNEOS ® (avacopan) TEPEZZA TEPEZZA ® (teprotumumab-trbw) TEZSPIRE TEZSPIRE ® (tezepelumab-ekko) UPLIZNA UPLIZNA ® (inebilizumab-cdon) Vectibix Vectibix ® (panitumumab) WEZLANA/WEZENLA WEZLANA ™ (ustekinumab-auub)/WEZENLA ™ (ustekinumab) XGEVA XGEVA ® (denosumab) iv PART I—FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS AMGEN INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per-share data) (Unaudited) Three months ended June 30, Six months ended 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 15,835 Operating expenses: Cost of sales 3,011 3,236 5,979 6,436 Research and development 1,744 1,447 3,230 2,790 Selling, general and administrative 1,691 1,785 3,378 3,593 Other 77 11 907 116 Total operating expenses 6,523 6,479 13,494 12,935 Operating income 2,656 1,909 3,834 2,900 Other income (expense): Interest expense, net ( 694 ) ( 808 ) ( 1,417 ) ( 1,632 ) Other (expense) income, net ( 394 ) ( 307 ) 1,124 ( 542 ) Income before income taxes 1,568 794 3,541 726 Provision for income taxes 136 48 379 93 Net income $ 1,432 $ 746 $ 3,162 $ 633 Earnings per share: Basic $ 2.66 $ 1.39 $ 5.88 $ 1.18 Diluted $ 2.65 $ 1.38 $ 5.84 $ 1.17 Weighted-average shares used in calculation of earnings per share: Basic 538 537 538 537 Diluted 541 541 541 541 See accompanying notes. 1 AMGEN INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income $ 1,432 $ 746 $ 3,162 $ 633 Other comprehensive (loss) income, net of reclassification adjustments and taxes: Gains (losses) on foreign currency translation adjustments 86 ( 15 ) 143 ( 39 ) (Losses) gains on cash flow hedges ( 399 ) 51 ( 622 ) 177 Other — ( 1 ) 1 ( 4 ) Other comprehensive (loss) income, net of reclassification adjustments and taxes ( 313 ) 35 ( 478 ) 134 Comprehensive income $ 1,119 $ 781 $ 2,684 $ 767 See accompanying notes. 2 AMGEN INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per-share data) June 30, 2025 December 31, 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 Property, plant and equipment, net 6,855 6,543 Intangible assets, net 24,614 27,699 Goodwill 18,674 18,637 Other noncurrent assets 11,020 9,930 Total assets $ 87,897 $ 91,839 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 3,010 $ 1,908 Accrued liabilities 15,022 17,641 Current portion of long-term debt 2,444 3,550 Total current liabilities 20,476 23,099 Long-term debt 53,760 56,549 Long-term deferred tax liabilities 1,386 1,616 Long-term tax liabilities 2,511 2,349 Other noncurrent liabilities 2,336 2,349 Contingencies and commitments (see Note 13) Stockholders’ equity: Common stock and additional paid-in capital; $ 0.0001 par value; 2,750.0 shares authorized; outstanding— 538.3 shares in 2025 and 536.9 shares in 2024 33,680 33,533 Accumulated deficit ( 25,708 ) ( 27,590 ) Accumulated other comprehensive loss ( 544 ) ( 66 ) Total stockholders’ equity 7,428 5,877 Total liabilities and stockholders’ equity $ 87,897 $ 91,839 See accompanying notes. 3 AMGEN INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions, except per-share data) (Unaudited) Three months ended June 30, 2025 Number of shares of common stock Common stock and additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total Balance as of March 31, 2025 537.7 $ 33,578 $ ( 27,140 ) $ ( 231 ) $ 6,207 Net income — — 1,432 — 1,432 Other comprehensive loss, net of taxes — — — ( 313 ) ( 313 ) Issuance of common stock in connection with equity award programs 0.6 36 — — 36 Stock-based compensation expense — 157 — — 157 Tax impact related to employee stock-based compensation expense — ( 91 ) — — ( 91 ) Balance as of June 30, 2025 538.3 $ 33,680 $ ( 25,708 ) $ ( 544 ) $ 7,428 Six months ended June 30, 2025 Number of shares of common stock Common stock and additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total Balance as of December 31, 2024 536.9 $ 33,533 $ ( 27,590 ) $ ( 66 ) $ 5,877 Net income — — 3,162 — 3,162 Other comprehensive loss, net of taxes — — — ( 478 ) ( 478 ) Dividends declared on common stock ($ 2.38 per share) — — ( 1,280 ) — ( 1,280 ) Issuance of common stock in connection with equity award programs 1.4 78 — — 78 Stock-based compensation expense — 242 — — 242 Tax impact related to employee stock-based compensation expense — ( 173 ) — — ( 173 ) Balance as of June 30, 2025 538.3 $ 33,680 $ ( 25,708 ) $ ( 544 ) $ 7,428 4 AMGEN INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued) (In millions, except per-share data) (Unaudited) Three months ended June 30, 2024 Number of shares of common stock Common stock and additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total Balance as of March 31, 2024 536.4 $ 33,082 $ ( 27,870 ) $ ( 190 ) $ 5,022 Net income — — 746 — 746 Other comprehensive income, net of taxes — — — 35 35 Issuance of common stock in connection with equity award programs 0.8 65 — — 65 Stock-based compensation expense — 157 — — 157 Tax impact related to employee stock-based compensation expense — ( 100 ) — — ( 100 ) Balance as of June 30, 2024 537.2 $ 33,204 $ ( 27,124 ) $ ( 155 ) $ 5,925 Six months ended June 30, 2024 Number of shares of common stock Common stock and additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total Balance as of December 31, 2023 535.4 $ 33,070 $ ( 26,549 ) $ ( 289 ) $ 6,232 Net income — — 633 — 633 Other comprehensive income, net of taxes — — — 134 134 Dividends declared on common stock ($ 2.25 per share) — — ( 1,208 ) — ( 1,208 ) Issuance of common stock in connection with equity award programs 1.8 99 — — 99 Stock-based compensation expense — 260 — — 260 Tax impact related to employee stock-based compensation expense — ( 225 ) — — ( 225 ) Balance as of June 30, 2024 537.2 $ 33,204 $ ( 27,124 ) $ ( 155 ) $ 5,925 See accompanying notes. 5 AMGEN INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six months ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 3,162 $ 633 Noncash adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and other 2,728 2,799 Impairment of intangible assets 800 68 Stock-based compensation expense 242 260 Deferred income taxes ( 672 ) ( 784 ) (Gains) losses on equity securities ( 741 ) 916 Other items, net ( 73 ) ( 174 ) Changes in operating assets and liabilities, net of acquisitions: Trade receivables, net ( 1,823 ) 310 Inventories 527 1,528 Other assets ( 407 ) ( 339 ) Accounts payable 1,086 666 Accrued income taxes, net ( 2,313 ) ( 1,311 ) Long-term tax liabilities 162 ( 637 ) Accrued liabilities ( 50 ) ( 361 ) Accrued sales incentives and allowance 1,113 ( 393 ) Other liabilities ( 70 ) ( 33 ) Net cash provided by operating activities 3,671 3,148 Cash flows from investing activities: Purchases of property, plant and equipment ( 780 ) ( 468 ) Other ( 56 ) 34 Net cash used in investing activities ( 836 ) ( 434 ) Cash flows from financing activities: Extinguishment of debt ( 602 ) ( 410 ) Repayment of debt ( 3,500 ) ( 1,400 ) Dividends paid ( 2,559 ) ( 2,417 ) Other ( 119 ) ( 130 ) Net cash used in financing activities ( 6,780 ) ( 4,357 ) Decrease in cash and cash equivalents ( 3,945 ) ( 1,643 ) Cash and cash equivalents at beginning of period 11,973 10,944 Cash and cash equivalents at end of period $ 8,028 $ 9,301 See accompanying notes. 6 AMGEN INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS June 30, 2025 (Unaudited) 1. Summary of significant accounting policies Business Amgen Inc. (including its consolidated subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate our business in one operating segment: human therapeutics. See Note 2, Segment and other information. Basis of presentation The interim unaudited financial information for the three and six months ended June 30, 2025 and 2024, has been prepared in accordance with GAAP and includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated) that Amgen considers necessary for a fair presentation, in all material respects, of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2024, and with the condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen and its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with the current presentation. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization of $ 10.8 billion and $ 10.4 billion as of June 30, 2025 and December 31, 2024, respectively. Recent accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve income tax disclosure requirements by requiring more detailed information in several income tax disclosures, such as enhancing disclosure of income taxes paid and requiring disaggregation of the effective income tax rate reconciliation. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2024. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We expect the adoption of this new standard to result in incremental disclosures to the notes to our financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures about a public business entity’s expenses by requiring disaggregated disclosures of certain types of expenses, including purchases of inventory, employee compensation, depreciation, intangible amortization and depletion, as applicable, for each income statement caption that includes those expenses. In addition, the standard will require entities to define and disclose total selling expenses. The standard is effective for public business entities such as Amgen for annual periods beginning after 7 December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and related disclosures. 2. Segment and other information We operate our business in one operating segment, which also represents one reportable segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. The human therapeutics segment is engaged in the discovery, development, manufacturing and delivery of innovative medicines to fight some of the world’s toughest diseases. The Company’s Chief Executive Officer has been identified as the chief operating decision maker (CODM). The CODM manages and allocates resources on a consolidated basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance and allocating resources, which is reviewed on a consolidated basis. As the Company’s CODM evaluates the financial performance of the Company’s human therapeutics segment on a consolidated basis, the measure of segment performance is net income, as reflected in the Condensed Consolidated Statements of Income. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to both assess the overall level of resources available and optimize the distribution of resources across functions, therapeutic areas, regions and R&D programs in line with our long-term corporate-wide strategic goals. In addition, the CODM may also evaluate financial performance based on net income adjusted for certain items that are unusual and non-recurring. As the Company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the Condensed Consolidated Balance Sheets. See Note 6, Investments, for further information regarding equity method investments, and Net cash used in investing activities in the Condensed Consolidated Statements of Cash Flows for further information regarding capital expenditures. 8 The following table provides segment revenues, significant segment expenses, other segment items, reported segment net income and a reconciliation of segment net income to the Company’s total consolidated net income for the three and six months ended June 30, 2025 and 2024 (in millions): Three months ended June 30, Six months ended 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 15,835 Less: Manufacturing cost of sales (1)(2) 2,484 2,825 5,012 5,639 Profit share and royalties in cost of sales (1) 527 411 967 797 Research and development (1) 1,744 1,447 3,230 2,790 Sales and marketing (1) 1,137 1,211 2,203 2,415 General and administrative (1) 554 574 1,175 1,178 Other segment items (3) 539 445 ( 34 ) 965 Equity in loss (income) of equity method investments 18 ( 12 ) 29 ( 39 ) Interest income ( 86 ) ( 115 ) ( 212 ) ( 268 ) Interest expense, net 694 808 1,417 1,632 Provision for income taxes 136 48 379 93 Segment net income 1,432 746 3,162 633 Reconciliation of profit or loss: Adjustments and reconciling items — — — — Consolidated net income $ 1,432 $ 746 $ 3,162 $ 633 ____________ (1) During the three months ended June 30, 2025 and 2024, amortization of our finite-lived intangible assets was $ 1.1 billion and $ 1.2 billion, respectively. During the six months ended June 30, 2025 and 2024, amortization of our finite-lived intangible assets was $ 2.3 billion and $ 2.4 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. In addition, during the three months ended June 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $ 220 million and $ 202 million, respectively. During the six months ended June 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $ 429 million and $ 403 million, respectively. (2) During the three months ended June 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 339 million and $ 660 million, respectively. During the six months ended June 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 702 million and $ 1.4 billion, respectively. (3) Other segment items included in Segment net income primarily consisted of fair value adjustments on equity securities (see Note 6, Investments) and net impairment charges on intangible assets (see Note 8, Goodwill and other intangible assets). 9 3. Revenues We operate our business in one operating segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of ROW product sales relates to products sold in Europe. Revenues were as follows (in millions): Three months ended June 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 745 $ 377 $ 1,122 $ 770 $ 395 $ 1,165 Repatha 361 335 696 270 262 532 ENBREL 597 7 604 902 7 909 XGEVA 347 185 532 399 163 562 Otezla 512 106 618 432 112 544 EVENITY 395 123 518 281 110 391 TEPEZZA 466 39 505 478 1 479 BLINCYTO 270 114 384 165 99 264 KYPROLIS 232 146 378 240 137 377 Aranesp 107 252 359 91 257 348 Nplate 228 141 369 214 132 346 TEZSPIRE (1) 342 — 342 234 — 234 KRYSTEXXA 349 — 349 294 — 294 Vectibix 144 161 305 133 137 270 Other products (2) 1,229 461 1,690 937 389 1,326 Total product sales (3) $ 6,324 $ 2,447 8,771 $ 5,840 $ 2,201 8,041 Other revenues 408 347 Total revenues $ 9,179 $ 8,388 10 Six months ended June 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 1,465 $ 756 $ 2,221 $ 1,427 $ 737 $ 2,164 Repatha 704 648 1,352 543 506 1,049 ENBREL 1,101 13 1,114 1,463 13 1,476 XGEVA 707 391 1,098 765 358 1,123 Otezla 855 200 1,055 725 213 938 EVENITY 715 245 960 517 216 733 TEPEZZA 831 55 886 897 6 903 BLINCYTO 543 211 754 318 190 508 KYPROLIS 448 254 702 474 279 753 Aranesp 198 501 699 191 506 697 Nplate 429 253 682 404 259 663 TEZSPIRE (1) 627 — 627 407 — 407 KRYSTEXXA 585 — 585 529 — 529 Vectibix 279 293 572 253 264 517 Other products (2) 2,499 838 3,337 1,900 799 2,699 Total product sales (3) $ 11,986 $ 4,658 16,644 $ 10,813 $ 4,346 15,159 Other revenues 684 676 Total revenues $ 17,328 $ 15,835 _______ (1) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States. (2) Consists of product sales of our non-principal products. (3) Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2025 and 2024. 11 4. Income taxes The effective tax rates for the three and six months ended June 30, 2025 were 8.7 % and 10.7 %, respectively, compared with 6.0 % and 12.8 %, respectively, for the corresponding periods in the prior year. The increase in our effective tax rate for the three months ended June 30, 2025, was primarily due to the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon, and current year net unfavorable items as compared to the prior period. The decrease in our effective tax rate for the six months ended June 30, 2025, was primarily due to the change in earnings mix, including the Otezla impairment charge recorded in the first quarter of 2025, and current year net favorable items as compared to the prior period, partially offset by the net unrealized gains in the first half of 2025 compared to net unrealized losses in the prior period on equity investments. See Note 6, Investments . The effective tax rates differ from the federal statutory rate primarily due to the impact of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations in which the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to tax incentive grants through 2050 and the Company’s operations in Singapore are subject to a tax incentive grant through 2036. Effective January 1, 2024, selected individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Additional countries, including Singapore, enacted the minimum tax agreement effective January 1, 2025. Singapore’s enactment of the agreement applies irrespective of the Company’s incentive grant. Our legal entities in such countries, along with their direct and indirect subsidiaries, are now subject to a 15% minimum tax rate on adjusted financial statement income. Our foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%. On July 4, 2025, the OBBBA was enacted in the United States. The OBBBA has various provisions, including the permanent extension of certain expiring provisions of the 2017 Tax Act, and modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2026 and beyond. One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes can arise and have arisen with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. Tax authorities, including the IRS, are becoming more aggressive and are particularly focused on such matters. In 2017, we received an RAR and a modified RAR from the IRS for the years 2010–2012, proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office, but were unable to reach a resolution. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for the years 2010–2012 that we received in May and July 2021, which seek to increase our U.S. taxable income for the years 2010–2012 by an amount that would result in additional federal tax of approximately $ 3.6 billion, plus interest. Any additional tax that could be imposed for the years 2010–2012 would be reduced by up to approximately $ 900 million of repatriation tax previously accrued on our foreign earnings. In 2020, we received an RAR and a modified RAR from the IRS for the years 2013–2015, also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico similar to those proposed for the years 2010–2012. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office, but were unable to reach a resolution. In July 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015 that we previously reported receiving in April 2022 that seeks to increase our U.S. taxable income for the years 2013–2015 by an amount that would result in additional federal tax of approximately $ 5.1 billion, plus interest. In addition, the Notice asserts penalties of approximately $ 2.0 billion. Any additional tax that could be imposed for the years 2013–2015 would be reduced by up to approximately $ 2.2 billion of repatriation tax previously accrued on our foreign earnings. We firmly believe that the IRS positions set forth in the 2010–2012 and 2013–2015 Notices are without merit. We are contesting the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court on December 19, 2022. The trial began on November 4, 2024 and concluded on January 17, 2025. The parties filed opening post-trial briefs on June 13, 2025, and the Court held oral argument on July 16, 2025. The parties are scheduled to file post-trial reply briefs in October 2025. The Company expects a decision from the U.S. Tax Court no earlier than the second half of 2026. We are currently under examination by the IRS for the years 2016–2018 with respect to issues similar to those for the 2010 through 2015 period. We expect that the IRS will begin its audit of 2019-2022 in 2025 or early 2026, and we believe that 12 it may seek to continue to audit similar issues related to the allocation of income between the United States and our foreign jurisdictions. In addition, we are under examination by a number of state and foreign tax jurisdictions. Final resolution of these complex matters is not likely within the next 12 months. We continue to believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our condensed consolidated financial statements. During the three and six months ended June 30, 2025, the gross amounts of our UTBs increased by $ 60 million and $ 100 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of June 30, 2025, if recognized, would impact our effective tax rate. 5. Earnings per share The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method. The computations for basic and diluted EPS were as follows (in millions, except per-share data): Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Income (Numerator): Net income for basic and diluted EPS $ 1,432 $ 746 $ 3,162 $ 633 Shares (Denominator): Weighted-average shares for basic EPS 538 537 538 537 Effect of dilutive securities 3 4 3 4 Weighted-average shares for diluted EPS 541 541 541 541 Basic earnings per share $ 2.66 $ 1.39 $ 5.88 $ 1.18 Diluted earnings per share $ 2.65 $ 1.38 $ 5.84 $ 1.17 For the three and six months ended June 30, 2025 and 2024, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant. 13 6. Investments Available-for-sale investments The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are classified as available for sale, by type of security were as follows (in millions): Types of securities as of June 30, 2025 Amortized cost Gross unrealized gains Gross unrealized losses Fair values U.S. Treasury bills $ 994 $ — $ — $ 994 Money market mutual funds 6,363 — — 6,363 Other short-term interest-bearing securities 129 — — 129 Total interest-bearing securities $ 7,486 $ — $ — $ 7,486 Types of securities as of December 31, 2024 Amortized cost Gross unrealized gains Gross unrealized losses Fair values U.S. Treasury bills $ 997 $ — $ — $ 997 Money market mutual funds 10,354 — — 10,354 Other short-term interest-bearing securities 135 — — 135 Total interest-bearing securities $ 11,486 $ — $ — $ 11,486 The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions): Condensed Consolidated Balance Sheets locations June 30, 2025 December 31, 2024 Cash and cash equivalents $ 7,486 $ 11,486 Total interest-bearing securities $ 7,486 $ 11,486 Cash and cash equivalents in the above table excludes bank account cash of $ 542 million and $ 487 million as of June 30, 2025 and December 31, 2024, respectively. All interest-bearing securities as of June 30, 2025 and December 31, 2024, mature in one year or less. For the three months ended June 30, 2025 and 2024, interest income on these investments was $ 86 million and $ 115 million, respectively. For the six months ended June 30, 2025 and 2024, interest income on these investments was $ 212 million and $ 268 million, respectively. For the three and six months ended June 30, 2025 and 2024, realized gains and losses on interest-bearing securities were not material and were recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method. The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. Equity securities BeOne Medicines Ltd. As of June 30, 2025 and December 31, 2024, the fair values of our investment in BeOne were $ 4.6 billion and $ 3.5 billion, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2025 and 2024, we recorded unrealized losses of $ 570 million and $ 260 million, respectively. During the six months ended June 30, 2025 and 2024, we recorded an unrealized gain of $ 1.1 billion and an unrealized loss of $ 714 million, respectively. These unrealized gains and losses were recognized in Other (expense) income, net, in the Condensed Consolidated Statements of Income. Subject to certain exceptions or otherwise agreed to by BeOne, while Amgen holds at least 5.0 % of BeOne’s outstanding common stock, (A) we may only sell our BeOne equity investment via: (i) a registered public offering, (ii) a sale under Rule 14 144 of the Securities Act of 1933 (the “Securities Act”) or (iii) a private sale exempt from registration requirements under the Securities Act, and (B) we may not sell more than 5.0 % of BeOne’s outstanding common stock in any rolling 12-month period. Other equity securities Excluding our equity investments in BeOne (discussed above) and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $ 287 million and $ 314 million as of June 30, 2025 and December 31, 2024, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025 and 2024, net unrealized gains and losses on these publicly traded securities were not material. Additionally, net realized gains and losses on sales of publicly traded securities for the three and six months ended June 30, 2025 and 2024, were not material. We held investments of $ 323 million and $ 319 million in equity securities without readily determinable fair values as of June 30, 2025 and December 31, 2024, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025 and 2024, upward and downward adjustments on these securities were not material. Adjustments were based on observable price transactions. Net realized gains and losses on sales of securities without readily determinable fair values for the three and six months ended June 30, 2025 and 2024, were not material. Equity method investments Neumora Therapeutics, Inc. As of June 30, 2025 and December 31, 2024, our ownership interest in Neumora was approximately 21.9 % and the fair values of our investment were $ 26 million and $ 375 million, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. Although our equity investment qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other (expense) income, net, in the Condensed Consolidated Statements of Income each reporting period. See Note 11, Fair value measurement. We believe the fair value option best reflects the economics of the underlying transaction. During the three months ended June 30, 2025 and 2024, we recognized unrealized losses of $ 9 million and $ 138 million, respectively. During the six months ended June 30, 2025 and 2024, we recognized unrealized losses of $ 349 million and $ 255 million, respectively. We are contractually restricted from selling more than 5.0 % of Neumora’s outstanding common stock in any rolling 12-month period for as long as we hold at least 10.0 % of their outstanding common stock, subject to certain exceptions or otherwise agreed to by Neumora. Limited partnerships We held limited partnership investments of $ 235 million and $ 262 million as of June 30, 2025 and December 31, 2024, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. These investments, which are primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of June 30, 2025, we had $ 146 million of unfunded additional commitments to be made for these investments during the next several years. For the three and six months ended June 30, 2025 and 2024, net unrealized gains and losses recognized from our limited partnership investments were not material. 7. Inventories Inventories consisted of the following (in millions): June 30, 2025 December 31, 2024 Raw materials $ 885 $ 818 Work in process 3,658 4,120 Finished goods 2,040 2,060 Total inventories $ 6,583 $ 6,998 15 8. Goodwill and other intangible assets Goodwill The change in the carrying amount of goodwill was as follows (in millions): Balance at December 31, 2024 $ 18,637 Foreign currency translation adjustments 37 Balance at June 30, 2025 $ 18,674 Other intangible assets Other intangible assets consisted of the following (in millions): June 30, 2025 December 31, 2024 Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net Finite-lived intangible assets: Developed-product-technology rights $ 48,201 $ ( 24,846 ) $ 23,355 $ 48,611 $ ( 22,594 ) $ 26,017 Licensing rights 3,875 ( 3,457 ) 418 3,875 ( 3,392 ) 483 Research and development technology rights 1,419 ( 1,288 ) 131 1,374 ( 1,235 ) 139 Marketing-related rights 1,202 ( 1,202 ) — 1,202 ( 1,202 ) — Total finite-lived intangible assets 54,697 ( 30,793 ) 23,904 55,062 ( 28,423 ) 26,639 Indefinite-lived intangible assets: In-process research and development 710 — 710 1,060 — 1,060 Total other intangible assets $ 55,407 $ ( 30,793 ) $ 24,614 $ 56,122 $ ( 28,423 ) $ 27,699 Developed-product-technology rights consists of rights related to marketed products acquired in business acquisitions. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses. In January 2025, as part of the IRA, the Company’s product Otezla was selected by CMS for Medicare price setting that will be applicable beginning on January 1, 2027. The earlier than anticipated selection resulted in a decrease in the estimated future cash flows for the product in the United States. This selection represented a triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. In the first quarter of 2025, the Company utilized a discounted cash flow analysis based on Level 3 inputs, including estimated product sales, operating expenses and a discount rate, that resulted in an intangible asset fair value of $ 4.0 billion, which was lower than the carrying value of $ 4.8 billion, and resulted in a partial impairment of both the gross and net carrying amounts of $ 800 million, which was recognized in Other operating expenses in the Condensed Consolidated Statements of Income. See Note 11, Fair value measurement. IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval. During the second quarter of 2025, the FDA approved UPLIZNA for the Immunoglobulin G4-related disease (IgG4-RD) indication, and commercialization commenced in the United States. As a result, the Company reclassified the related intangible asset with a gross carrying value of $ 350 million from IPR&D to developed-product-technology rights and began amortizing it on a straight-line basis over its estimated useful life of approximately 11 years from the date placed in service. During the three months ended June 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $ 1.1 billion and $ 1.2 billion, respectively. During the six months ended June 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $ 2.3 billion and $ 2.4 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of June 30, 2025, the total estimated future 16 amortization of our finite-lived intangible assets for the remaining six months ending December 31, 2025, and the years ending December 31, 2026, 2027, 2028, 2029 and 2030, was $ 2.0 billion, $ 3.7 billion, $ 3.7 billion, $ 2.9 billion, $ 2.3 billion and $ 2.2 billion, respectively. 17 9. Financing arrangements Our borrowings consisted of the following (in millions): June 30, 2025 December 31, 2024 1.90 % notes due 2025 ( 1.90 % 2025 Notes) $ — $ 500 5.25 % notes due 2025 ( 5.25 % 2025 Notes) — 2,000 3.125 % notes due 2025 ( 3.125 % 2025 Notes) — 1,000 2.00 % € 750 million notes due 2026 ( 2.00 % 2026 euro Notes) 884 777 5.507 % notes due 2026 ( 5.507 % 2026 Notes) 1,500 1,500 2.60 % notes due 2026 ( 2.60 % 2026 Notes) 1,250 1,250 Term loan due October 2026 1,800 1,800 5.50 % £ 475 million notes due 2026 ( 5.50 % 2026 pound sterling Notes) 652 595 2.20 % notes due 2027 ( 2.20 % 2027 Notes) 1,724 1,724 3.20 % notes due 2027 ( 3.20 % 2027 Notes) 1,000 1,000 5.15 % notes due 2028 ( 5.15 % 2028 Notes) 3,750 3,750 1.65 % notes due 2028 ( 1.65 % 2028 Notes) 1,234 1,234 3.00 % notes due 2029 ( 3.00 % 2029 Notes) 750 750 4.05 % notes due 2029 ( 4.05 % 2029 Notes) 1,250 1,250 4.00 % £ 700 million notes due 2029 ( 4.00 % 2029 pound sterling Notes) 961 876 2.45 % notes due 2030 ( 2.45 % 2030 Notes) 1,250 1,250 5.25 % notes due 2030 ( 5.25 % 2030 Notes) 2,750 2,750 2.30 % notes due 2031 ( 2.30 % 2031 Notes) 1,250 1,250 2.00 % notes due 2032 ( 2.00 % 2032 Notes) 987 1,001 3.35 % notes due 2032 ( 3.35 % 2032 Notes) 1,000 1,000 4.20 % notes due 2033 ( 4.20 % 2033 Notes) 750 750 5.25 % notes due 2033 ( 5.25 % 2033 Notes) 4,250 4,250 6.375 % notes due 2037 ( 6.375 % 2037 Notes) 478 478 6.90 % notes due 2038 ( 6.90 % 2038 Notes) 254 254 6.40 % notes due 2039 ( 6.40 % 2039 Notes) 333 333 3.15 % notes due 2040 ( 3.15 % 2040 Notes) 1,478 1,668 5.75 % notes due 2040 ( 5.75 % 2040 Notes) 373 373 2.80 % notes due 2041 ( 2.80 % 2041 Notes) 594 776 4.95 % notes due 2041 ( 4.95 % 2041 Notes) 600 600 5.15 % notes due 2041 ( 5.15 % 2041 Notes) 729 729 5.65 % notes due 2042 ( 5.65 % 2042 Notes) 415 415 5.60 % notes due 2043 ( 5.60 % 2043 Notes) 2,750 2,750 5.375 % notes due 2043 ( 5.375 % 2043 Notes) 185 185 4.40 % notes due 2045 ( 4.40 % 2045 Notes) 2,250 2,250 4.563 % notes due 2048 ( 4.563 % 2048 Notes) 1,415 1,415 3.375 % notes due 2050 ( 3.375 % 2050 Notes) 1,504 1,764 4.663 % notes due 2051 ( 4.663 % 2051 Notes) 3,541 3,541 3.00 % notes due 2052 ( 3.00 % 2052 Notes) 754 890 4.20 % notes due 2052 ( 4.20 % 2052 Notes) 882 895 4.875 % notes due 2053 ( 4.875 % 2053 Notes) 1,000 1,000 5.65 % notes due 2053 ( 5.65 % 2053 Notes) 4,250 4,250 2.77 % notes due 2053 ( 2.77 % 2053 Notes) 940 940 4.40 % notes due 2062 ( 4.40 % 2062 Notes) 1,128 1,165 18 June 30, 2025 December 31, 2024 5.75 % notes due 2063 ( 5.75 % 2063 Notes) 2,750 2,750 Other notes due 2097 100 100 Total principal amount of debt 57,695 61,778 Unamortized bond discounts, premiums and issuance costs, net ( 1,331 ) ( 1,360 ) Fair value adjustments ( 186 ) ( 343 ) Other 26 24 Total carrying value of debt 56,204 60,099 Less current portion ( 2,444 ) ( 3,550 ) Total long-term debt $ 53,760 $ 56,549 There are no material differences between the effective interest rates and coupon rates of our notes, except for the 4.563 % 2048 Notes, the 4.663 % 2051 Notes and the 2.77 % 2053 Notes, which have effective interest rates of 6.3 %, 5.6 % and 5.2 %, respectively. The Term loan has an interest rate of three-month SOFR plus 1.225 %. Debt repayments During the three months ended June 30, 2025 and 2024, debt repayments totaled $ 1.0 billion and $ 1.4 billion, respectively. During the six months ended June 30, 2025 and 2024, debt repayments totaled $ 3.5 billion and $ 1.4 billion, respectively. Debt extinguishment During the three months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $ 418 million, including portions of the 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes, 3.00 % 2052 Notes, 4.20 % 2052 Notes and 4.40 % 2062 Notes, for an aggregate cost of $ 301 million, which resulted in a $ 117 million gain on extinguishment of debt. During the three months ended June 30, 2024, we did not have any extinguishments of debt. During the six months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $ 832 million, including portions of the 2.00 % 2032 Notes, 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes, 3.00 % 2052 Notes, 4.20 % 2052 Notes and 4.40 % 2062 Notes, for an aggregate cost of $ 602 million, which resulted in a $ 228 million gain on extinguishment of debt. During the six months ended June 30, 2024, we repurchased an aggregate principal amount of our debt of $ 544 million, including portions of the 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes, 3.00 % 2052 Notes, 4.20 % 2052 Notes and 4.40 % 2062 Notes, for an aggregate cost of $ 410 million, which resulted in a $ 133 million gain on extinguishment of debt. Gains on extinguishments of debt are recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income. Interest rate swap contracts See Note 12, Derivative instruments, for a discussion of interest rate swap contracts related to certain of our notes. 10. Stockholders’ equity Stock repurchase program During the six months ended June 30, 2025 and 2024, we did not repurchase shares under our stock repurchase program. As of June 30, 2025, $ 6.8 billion of authorization remained available under the stock repurchase program. Dividends In March 2025 and December 2024, our Board of Directors declared quarterly cash dividends of $ 2.38 per share, which were paid in June 2025 and March 2025, respectively. In August 2025, our Board of Directors declared a quarterly cash dividend of $ 2.38 per share, which will be paid in September 2025. 19 Accumulated other comprehensive income (loss) The components of AOCI were as follows (in millions): Foreign currency translation adjustments Cash flow hedges Other AOCI Balance as of March 31, 2025 $ ( 317 ) $ 64 $ 22 $ ( 231 ) Foreign currency translation adjustments 86 — — 86 Unrealized losses — ( 323 ) — ( 323 ) Reclassification adjustments into earnings — ( 184 ) — ( 184 ) Other — — — — Income taxes — 108 — 108 Balance as of June 30, 2025 $ ( 231 ) $ ( 335 ) $ 22 $ ( 544 ) Foreign currency translation adjustments Cash flow hedges Other AOCI Balance as of December 31, 2024 $ ( 374 ) $ 287 $ 21 $ ( 66 ) Foreign currency translation adjustments 143 — — 143 Unrealized losses — ( 469 ) — ( 469 ) Reclassification adjustments into earnings — ( 323 ) — ( 323 ) Other — — 1 1 Income taxes — 170 — 170 Balance as of June 30, 2025 $ ( 231 ) $ ( 335 ) $ 22 $ ( 544 ) Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions): Three months ended June 30, Condensed Consolidated Statements of Income locations Components of AOCI 2025 2024 Cash flow hedges: Foreign currency forward contract gains $ 12 $ 55 Product sales Cross-currency swap contract gains (losses) 172 ( 3 ) Other (expense) income, net 184 52 Income before income taxes ( 40 ) ( 11 ) Provision for income taxes $ 144 $ 41 Net income Six months ended June 30, Condensed Consolidated Statements of Income locations Components of AOCI 2025 2024 Cash flow hedges: Foreign currency forward contract gains $ 68 $ 106 Product sales Cross-currency swap contract gains (losses) 255 ( 34 ) Other (expense) income, net 323 72 Income before income taxes ( 70 ) ( 15 ) Provision for income taxes $ 253 $ 57 Net income 20 11. Fair value measurement To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the sources of inputs as follows: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access Level 2 — Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement The availability of observable inputs can vary among different types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement. The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions): Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Fair value measurement as of June 30, 2025, using: Total Assets: Available-for-sale securities: U.S. Treasury bills $ — $ 994 $ — $ 994 Money market mutual funds 6,363 — — 6,363 Other short-term interest-bearing securities — 129 — 129 Equity securities 4,898 — — 4,898 Derivatives: Foreign currency forward contracts — 55 — 55 Cross-currency swap contracts — 54 — 54 Total assets $ 11,261 $ 1,232 $ — $ 12,493 Liabilities: Derivatives: Foreign currency forward contracts $ — $ 382 $ — $ 382 Cross-currency swap contracts — 293 — 293 Interest rate swap contracts — 344 — 344 Contingent consideration obligations — — 90 90 Total liabilities $ — $ 1,019 $ 90 $ 1,109 21 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Fair value measurement as of December 31, 2024, using: Total Assets: Available-for-sale securities: U.S. Treasury bills $ — $ 997 $ — $ 997 Money market mutual funds 10,354 — — 10,354 Other short-term interest-bearing securities — 135 — 135 Equity securities 4,188 — — 4,188 Derivatives: Foreign currency forward contracts — 420 — 420 Total assets $ 14,542 $ 1,552 $ — $ 16,094 Liabilities: Derivatives: Foreign currency forward contracts $ — $ 8 $ — $ 8 Cross-currency swap contracts — 483 — 483 Interest rate swap contracts — 531 — 531 Contingent consideration obligations — — 106 106 Total liabilities $ — $ 1,022 $ 106 $ 1,128 Interest-bearing and equity securities The fair values of our U.S. Treasury bills are determined by utilizing third-party pricing services, which obtain pricing data from active market makers and brokers. The fair values of our money market mutual funds and equity investments in publicly traded securities, including our equity investments in BeOne and Neumora, as of June 30, 2025 and December 31, 2024, are based on quoted market prices in active markets, with no valuation adjustment. Derivatives All of our foreign currency forward contracts, cross-currency swap contracts and interest rate swap contracts are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by taking into consideration valuations obtained from a third-party valuation service that uses an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs, as applicable, include foreign currency exchange rates, SOFR, swap rates, obligor credit default swap rates and cross-currency basis swap spreads. Certain inputs, when applicable, are at commonly quoted intervals. See Note 12, Derivative instruments. Summary of the fair values of other financial instruments Cash equivalents The fair values of cash equivalents approximate their carrying values due to the short-term nature of such financial instruments. Borrowings We estimate the fair values of our fixed-rate debt by using Level 2 inputs. As of June 30, 2025 and December 31, 2024, the aggregate fair values of our fixed-rate debt were $ 52.1 billion and $ 54.9 billion, respectively, and the carrying values of our fixed-rate debt were $ 54.4 billion and $ 58.3 billion, respectively. The estimates of the fair values of our term loans approximate their carrying values as of June 30, 2025 and December 31, 2024, as these debt instruments bear interest at floating rates. During the six months ended June 30, 2025 and 2024, there were no transfers of assets or liabilities between fair value measurement levels. Except with respect to the partial impairment of the Otezla intangible asset in the first quarter of 2025 as discussed in Note 8, Goodwill and other intangible assets, there were no material remeasurements of the fair values of assets and liabilities that are not measured at fair value on a recurring basis. 22 12. Derivative instruments The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We have designated certain of our derivatives as cash flow and fair value hedges; we also have derivatives not designated as hedges. We do not use derivatives for speculative trading purposes. Cash flow hedges We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into foreign currency forward contracts to hedge a portion of our projected international product sales up to a maximum of three years into the future; and at any given point in time, a higher percentage of nearer-term projected product sales is being hedged than in successive periods. As of June 30, 2025 and December 31, 2024, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 7.4 billion and $ 7.2 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro based, as cash flow hedges. Accordingly, we record the unrealized gains and losses on these contracts in AOCI in the Condensed Consolidated Balance Sheets, and we reclassify them to Product sales in the Condensed Consolidated Statements of Income in the same periods during which the hedged transactions affect earnings. To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros and pounds sterling and received U.S. dollars for the notional amounts at the inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the terms of the contracts by paying U.S. dollars and receiving euros and pounds sterling. In addition, we will pay U.S. dollars to and receive euros and pounds sterling from the counterparties at the maturities of the contracts for these same notional amounts. The terms of these contracts correspond to the related hedged debt, thereby effectively converting the interest payments and principal repayment on the debt from euros and pounds sterling to U.S. dollars. We have designated these cross-currency swap contracts as cash flow hedges. Accordingly, the unrealized gains and losses on these contracts are recorded in AOCI in the Condensed Consolidated Balance Sheets and reclassified to Other (expense) income, net, in the Condensed Consolidated Statements of Income in the same periods during which the hedged debt affects earnings. The notional amounts and interest rates of our cross-currency swaps as of June 30, 2025, were as follows (notional amounts in millions): Foreign currency U.S. dollars Hedged notes Notional amounts Interest rates Notional amounts Interest rates 2.00 % 2026 euro Notes € 750 2.0 % $ 833 3.9 % 5.50 % 2026 pound sterling Notes £ 475 5.5 % $ 747 6.0 % 4.00 % 2029 pound sterling Notes £ 700 4.0 % $ 1,111 4.6 % In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts in order to hedge the variability in cash flows due to changes in the applicable U.S. Treasury rate between the time we enter into these contracts and the time the related debt is issued. Gains and losses on forward interest rate contracts, which are designated as cash flow hedges, are recognized in AOCI in the Condensed Consolidated Balance Sheets and are amortized into Interest expense, net, in the Condensed Consolidated Statements of Income over the terms of the associated debt issuances. Amounts recognized in connection with forward interest rate contracts during the six months ended June 30, 2025 and 2024, and amounts expected to be recognized during the next 12 months are not material. 23 Unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions): Three months ended June 30, Six months ended June 30, Derivatives in cash flow hedging relationships 2025 2024 2025 2024 Foreign currency forward contracts $ ( 503 ) $ 123 $ ( 715 ) $ 325 Cross-currency swap contracts 180 ( 6 ) 246 ( 30 ) Total unrealized (losses) gains $ ( 323 ) $ 117 $ ( 469 ) $ 295 Fair value hedges To achieve a desired mix of fixed-rate and floating-rate debt, we enter into interest rate swap contracts that qualify for and are designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate SOFR-based coupons over the terms of the related hedge contracts. As of June 30, 2025 and December 31, 2024, we had interest rate swap contracts with aggregate notional amounts of $ 5.7 billion and $ 6.7 billion respectively, that hedge certain portions of our long-term debt issuances. The reduction in aggregate notional amount of these contracts during the six months ended June 30, 2025, was due to the termination of swaps that occurred in connection with the repayment of the 3.125 % 2025 Notes (see Note 9, Financing arrangements). For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the Condensed Consolidated Statements of Income the unrealized gain or loss on the derivative resulting from the change in fair value during the period, as well as the offsetting unrealized loss or gain of the hedged item resulting from the change in fair value during the period attributable to the hedged risk. If a hedging relationship involving an interest rate swap contract is terminated, the gain or loss realized on contract termination is recorded as an adjustment to the carrying value of the debt and amortized into Interest expense, net, over the remaining term of the previously hedged debt. The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions): Carrying amounts of hedged liabilities (1) Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities (2) Condensed Consolidated Balance Sheets locations June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Current portion of long-term debt $ 53 $ 1,045 $ 53 $ 45 Long-term debt $ 5,304 $ 5,152 $ ( 239 ) $ ( 388 ) ____________ (1) Current portion of long-term debt includes $ 53 million and $ 56 million of carrying value with discontinued hedging relationships as of June 30, 2025 and December 31, 2024, respectively. Long-term debt includes $ 206 million and $ 232 million of carrying value with discontinued hedging relationships as of June 30, 2025 and December 31, 2024, respectively. (2) Current portion of long-term debt includes $ 53 million and $ 56 million of hedging adjustments on discontinued hedging relationships as of June 30, 2025 and December 31, 2024, respectively. Long-term debt includes $ 106 million and $ 132 million of hedging adjustments on discontinued hedging relationships as of June 30, 2025 and December 31, 2024, respectively. 24 Impact of hedging transactions The following tables summarize the amounts recorded in income and expense line items and the effects thereon from fair value and cash flow hedging, including discontinued hedging relationships (in millions): Three months ended June 30, 2025 Six months ended June 30, 2025 Product sales Other (expense) income, net Interest expense, net Product sales Other (expense) income, net Interest expense, net Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income $ 8,771 $ ( 394 ) $ ( 694 ) $ 16,644 $ 1,124 $ ( 1,417 ) The effects of cash flow and fair value hedging: Gains on cash flow hedging relationships reclassified out of AOCI: Foreign currency forward contracts $ 12 $ — $ — $ 68 $ — $ — Cross-currency swap contracts $ — $ 172 $ — $ — $ 255 $ — (Losses) gains on fair value hedging relationships—interest rate swap agreements: Hedged items (1) $ — $ — $ ( 61 ) $ — $ — $ ( 157 ) Derivatives designated as hedging instruments $ — $ — $ 75 $ — $ — $ 187 Three months ended June 30, 2024 Six months ended June 30, 2024 Product sales Other (expense) income, net Interest expense, net Product sales Other (expense) income, net Interest expense, net Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income $ 8,041 $ ( 307 ) $ ( 808 ) $ 15,159 $ ( 542 ) $ ( 1,632 ) The effects of cash flow and fair value hedging: Gains (losses) on cash flow hedging relationships reclassified out of AOCI: Foreign currency forward contracts $ 55 $ — $ — $ 106 $ — $ — Cross-currency swap contracts $ — $ ( 3 ) $ — $ — $ ( 34 ) $ — (Losses) gains on fair value hedging relationships—interest rate swap agreements: Hedged items (1) $ — $ — $ ( 18 ) $ — $ — $ 31 Derivatives designated as hedging instruments $ — $ — $ 36 $ — $ — $ 8 __________ (1) Gains (losses) on hedged items do not exactly offset losses (gains) on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges when the corresponding hedged item was paid down in the period. No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2025, $ 131 million of net losses on our foreign currency forward and cross-currency swap contracts were expected to be reclassified out of AOCI and recognized into earnings during the next 12 months. Derivatives not designated as hedges To reduce our exposure to foreign currency fluctuations in certain assets and liabilities denominated in foreign currencies, we enter into foreign currency forward contracts that are not designated as hedging transactions. Most of these exposures are hedged on a month-to-month basis. As of June 30, 2025 and December 31, 2024, the total notional amounts of these foreign currency forward contracts were $ 226 million and $ 148 million, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the three and six months ended June 30, 2025 and 2024. 25 Fair values of derivatives The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions): Derivative assets Derivative liabilities June 30, 2025 Condensed Consolidated Balance Sheets locations Fair values Condensed Consolidated Balance Sheets locations Fair values Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets/ Other noncurrent assets $ 55 Accrued liabilities/ Other noncurrent liabilities $ 382 Cross-currency swap contracts Other current assets/ Other noncurrent assets 54 Accrued liabilities/ Other noncurrent liabilities 293 Interest rate swap contracts Other current assets/ Other noncurrent assets — Accrued liabilities/ Other noncurrent liabilities 344 Total derivatives designated as hedging instruments 109 1,019 Total derivatives $ 109 $ 1,019 Derivative assets Derivative liabilities December 31, 2024 Condensed Consolidated Balance Sheets locations Fair values Condensed Consolidated Balance Sheets locations Fair values Derivatives designated as hedging instruments: Foreign currency forward contracts Other current assets/ Other noncurrent assets $ 420 Accrued liabilities/ Other noncurrent liabilities $ 8 Cross-currency swap contracts Other current assets/ Other noncurrent assets — Accrued liabilities/ Other noncurrent liabilities 483 Interest rate swap contracts Other current assets/ Other noncurrent assets — Accrued liabilities/ Other noncurrent liabilities 531 Total derivatives designated as hedging instruments 420 1,022 Total derivatives $ 420 $ 1,022 For additional information, see Note 11, Fair value measurement. Our derivative contracts that were in liability positions as of June 30, 2025, contain certain credit-risk-related contingent provisions that would be triggered if (i) we were to undergo a change in control and (ii) our or the surviving entity’s creditworthiness deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker creditworthiness after the change in control. If these events were to occur, the counterparties would have the right, but not the obligation, to close the contracts under early-termination provisions. In such circumstances, the counterparties could request immediate settlement of these contracts for amounts that approximate the then current fair values of the contracts. In addition, our derivative contracts are not subject to any type of master netting arrangement, and amounts due either to or from a counterparty under the contracts may be offset against other amounts due either to or from the same counterparty only if an event of default or termination, as defined, were to occur. The cash flow effects of our derivative contracts in the Condensed Consolidated Statements of Cash Flows are included in Net cash provided by operating activities, except for the settlement of notional amounts of cross-currency swaps, which are included in Net cash used in financing activities. 26 13. Contingencies and commitments Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See our Annual Report on Form 10-K for the year ended December 31, 2024, Part I, Item 1A. Risk Factors— Our business may be affected by litigation and government investigations. We describe our legal proceedings and other matters that are significant or that we believe could become significant in this footnote and in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Our legal proceedings involve various aspects of our business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. In each of the matters described in this filing; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in which we could incur a liability, our opponents seek an award of a not-yet-quantified amount of damages or an amount that is not material. In addition, a number of the matters pending against us are at very early stages of the legal process, which in complex proceedings of the sort we face often extend for several years. As a result, none of the matters described in this filing; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, in which we could incur a liability, have progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate a range of possible loss, if any, or such amounts are not material. While it is not possible to accurately predict or determine the eventual outcomes of these matters, an adverse determination in one or more of these matters currently pending could have a material adverse effect on our consolidated results of operations, financial position or cash flows. Certain recent developments concerning our legal proceedings and other matters are discussed below. Repatha Patent Litigation Germany On May 15, 2025, the Regional Court of Munich, which is considering Sanofi-Aventis Deutschland GmbH and Regeneron Pharmaceutical Inc.’s (Regeneron) request for damages arising from Amgen’s provisional enforcement of an injunction against PRALUENT ® , canceled the hearing scheduled for May 21, 2025 and indicated it will reschedule the hearing for December 2025. Unified Patent Court (UPC) of the European Union In Sanofi Biotechnologies SAS (Sanofi) and Regeneron’s action filed against Amgen before the Dusseldorf Local Division of the UPC, alleging infringement of European Patent No. 3,536,712 (the EP’712 Patent), on May 13, 2025, the Dusseldorf Local Division of the UPC issued a decision that the EP’712 Patent, which Sanofi Biotechnology SAS licensed from Regeneron, is valid but not infringed by Amgen. Amgen filed a Statement of Appeal on July 11, 2025, and Sanofi and Regeneron filed a Statement of Appeal on July 14, 2025. On June 9, 2025, Sanofi filed a motion seeking to stay its lawsuit against Amgen in the Dusseldorf Local Division of the UPC that alleges Amgen’s Repatha infringes European Patent No. 4,252,857 (the EP’857 Patent). On June 24, 2025, Amgen filed its Statement of Defense and Counterclaims in response to Sanofi’s allegation of infringement of the EP’857 Patent and, on June 30, 2025, opposed Sanofi’s motion to stay the case. The Court of Appeals of the UPC rescheduled oral argument from May 22, 2025, to August 12, 2025 on Amgen’s appeal seeking to set aside the Central Division of the UPC’s decision to revoke Amgen’s European Patent No. 3,666,797. 27 European Patent Office On June 2, 2025, the European Patent Office (EPO) Board of Appeal accelerated Amgen’s appeal from the EPO’s decision that Regeneron’s EP’712 Patent is valid and scheduled oral argument to take place on March 26, 2026. On June 23, 2025, Amgen filed a Notice of Opposition and Grounds of Opposition before the EPO against Regeneron’s EP’857 Patent. On July 7, 2025, the EPO notified the parties that the Opposition proceedings concerning the EP’857 Patent have been accelerated due to the pending parallel proceedings before the UPC, and Regeneron’s response to Amgen’s Grounds of Opposition must accordingly be filed by October 7, 2025. Japan On May 27, 2025, Amgen filed petition for acceptance of an appeal with the Supreme Court of Japan from the Intellectual Property High Court’s dismissal of Amgen’s appeal in Amgen’s lawsuit against Sanofi K.K. seeking monetary compensation for past patent infringement. Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation Amgen Inc. et al. v. Accord et al. The parties entered into a confidential settlement agreement that resolves the patent litigation related to Accord Biopharma, Inc., Accord Healthcare, Inc. and Intas Pharmaceuticals, Ltd.’s (collectively, Accord) denosumab biosimilar products. Accordingly, the U.S. District Court for the District of New Jersey (New Jersey District Court) entered a Consent Judgment and Injunction on July 16, 2025, that the patents-in-suit are valid, enforceable and infringed and enjoining Accord from making, using, selling or offering for sale or importing its denosumab biosimilar products into the United States until the injunction expires on October 1, 2025. The confidential settlement allows Accord to launch its denosumab biosimilar products in the United States as early as October 1, 2025, subject to regulatory approval. Amgen Inc. et al. v. Shanghai Henlius Biotech Inc. et al. On June 25, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Shanghai Henlius Biotech Inc., Shanghai Henlius Biologics Co., Ltd, Organon LLC and Organon & Co. (collectively the Shanghai Henlius and Organon Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,217,153; 8,460,896; 8,680,248; 9,228,168; 9,359,435; 10,106,829; 10,227,627; 10,513,723; 10,583,397; 10,655,156; 10,894,972; 11,077,404; 11,098,079; 11,192,919; 11,254,963; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; and 12,084,686 (collectively, the Asserted Patents against the Shanghai Henlius and Organon Defendants). Amgen seeks a judgment from the New Jersey District Court that the Shanghai Henlius and Organon Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Shanghai Henlius and Organon Defendants and based on that judgment, a permanent injunction prohibiting the commercial manufacture, use, offer to sell, or sale within the United States or importation into the United States of the accused proposed denosumab biosimilar by the Shanghai Henlius and Organon Defendants before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On June 25, 2025, this litigation became a member of In Re: Denosumab Patent Litigation multi-district litigation with other cases involving Prolia/XGEVA biosimilars pending in the district. A trial date has not yet been set. Amgen Inc. et al. v. Hikma Pharmaceuticals USA Inc. et al. On June 25, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Hikma Pharmaceuticals USA Inc., Gedeon Richter Plc., and Gedeon Richter USA, Inc. (collectively the Hikma and Gedeon Richter Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 9,328,134; 9,359,435; 9,371,554; 10,106,829; 10,167,492; 10,227,627; 10,513,723; 10,583,397; 10,822,630; 10,894,972; 11,077,404; 11,098,079; 11,130,980; 11,192,919; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; and 12,084,686 (collectively, the Asserted Patents against the Hikma and Gedeon Richter Defendants). Amgen seeks a judgment from the New Jersey District Court that the Hikma and Gedeon Richter Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Hikma and Gedeon Richter Defendants and based on that judgment, a permanent injunction prohibiting the commercial manufacture, use, offer to sell, or sale within the United States or importation into the United States of the accused proposed denosumab biosimilar before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On June 25, 2025, this litigation 28 became a member of In Re: Denosumab Patent Litigation multi-district litigation with other cases involving Prolia/XGEVA biosimilars pending in the district. A trial date has not yet been set. Amgen Inc. et al. v. Biocon Biologics, Inc. et al. On June 30, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the U.S. District Court for the Eastern District of Massachusetts (Massachusetts District Court) against Biocon Biologics, Inc., Biocon Biologics UK Limited, and Biocon Biologics Limited (collectively Biocon) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 8,247,210; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 9,328,134; 9,359,435; 10,106,829; 10,167,492; 10,227,627; 10,513,723; 10,583,397; 10,655,156; 10,822,630; 10,894,972; 10,907,186; 11,077,404; 11,098,079; 11,130,980; 11,192,919; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; and 12,084,686 (collectively, the Asserted Patents against Biocon). Amgen seeks a judgment from the Massachusetts District Court that Biocon has infringed or will infringe one or more claims of each of the Asserted Patents against Biocon and based on that judgment, a permanent injunction prohibiting the commercial manufacture, use, offer to sell, or sale within the United States or importation into the United States of Biocon’s proposed denosumab biosimilar before expiration of each of the patents found infringed. Amgen also seeks monetary remedies for any past acts of infringement. On July 3, 2025, the Judicial Panel on Multidistrict Litigation issued a Conditional Order transferring the case from the Massachusetts District Court to the New Jersey District Court pursuant to 28 U.S.C. § 1407 for coordinated and consolidated pretrial proceedings with the other cases involving Prolia/XGEVA biosimilars pending in the district. On July 17, 2025, this case became a member of In Re: Denosumab Patent Litigation multi-district litigation. A trial date has not yet been set. PAVBLU ™ (aflibercept-ayyh) Patent Litigation On June 17, 2025, Regeneron filed a lawsuit in the U.S. District Court for the Central District of California (California Central District Court) against Amgen alleging infringement of U.S. Patent No. 12,331,099 (the ’099 Patent), a formulation patent. By its complaint, Regeneron seeks, among other remedies, damages and an injunction prohibiting the commercial manufacture, use, offer for sale or sale in the United States or import into the United States of PAVBLU before the expiration of the ’099 Patent. On July 17, 2025, the Judicial Panel on Multidistrict Litigation issued a Conditional Order transferring the case from the California Central District Court to the U.S. District Court for the Northern District of West Virginia (West Virginia District Court) pursuant to 28 U.S.C. § 1407 for coordinated and consolidated pretrial proceedings with the other cases involving EYLEA ® biosimilars pending in the district, and on July 31, 2025, the case was opened in the West Virginia District Court. Antitrust Class Action Regeneron Pharmaceuticals, Inc. Antitrust Action A jury trial was held in the U.S. District Court for the District of Delaware (Delaware District Court) from May 5, 2025 to May 14, 2025. On May 15, 2025, the jury returned a verdict finding for Regeneron on its federal and state antitrust law and tortious interference claims but finding for Amgen on its below-cost pricing claim under California’s Unfair Practices Act. The jury awarded Regeneron $ 135.6 million in compensatory damages on its antitrust claims (which are subject to trebling under applicable law), or in the alternative, in compensatory damages plus $ 271.2 million in punitive damages on its tortious interference claim, with such damages under either alternative claim totaling $ 406.8 million. As Regeneron must elect between recovery under the antitrust or tortious interference claims, any potential damages award would be limited to one of these claims. Although we cannot predict with certainty the ultimate outcome of this litigation, Amgen believes that the jury’s decision and amounts awarded are inconsistent with the law and evidence at trial. Both parties have filed post-trial motions. On June 12, 2025, Amgen filed a renewed motion for judgment as a matter of law or, in the alternative, for a new trial. Also on June 12, 2025, Regeneron filed a motion for permanent injunctive relief, a constructive trust, and prejudgment interest. Both motions have since been fully briefed. A hearing on the post-trial motions has been set for August 27, 2025. In assessing whether we should accrue a liability for this litigation in our condensed consolidated financial statements, we considered various factors, including the legal and factual circumstances of the case, the jury’s award, the court’s post-trial proceedings, applicable law, and the likelihood that the jury’s award will be upheld after post-trial briefing and potentially on appeal. As a result of this review, we have determined, in accordance with applicable accounting standards, that it is not probable that we will incur a loss as a result of this litigation, and we have therefore not recorded a liability for this matter. 29 The ultimate result of this litigation, however, is uncertain because it is reasonably possible that by settlement or final court judgment that none, some, or all of the jury’s verdict and other relief sought might ultimately be awarded but the size of an award, if any, is not estimable at this time. Sandoz Inc. Antitrust Action On June 20, 2025, Amgen filed a motion to dismiss the complaint. Sandoz filed its opposition to the motion to dismiss on July 21, 2025, and Amgen’s reply is due August 21, 2025. U.S. Tax Litigation and Related Matters Amgen Inc. & Subsidiaries v. Commissioner of Internal Revenue See Note 4, Income taxes, for discussion of the IRS tax dispute and the Company’s petitions in the U.S. Tax Court. Securities Class Action Litigation (Roofers Local No. 149 Pension Fund) On July 10, 2025, the U.S. District Court for the Southern District of New York (Southern District Court of New York) rescheduled the deadline to file summary judgment motions to October 19, 2026. Shareholder Derivative Actions On April 9, 2025, the Delaware Court of Chancery consolidated the derivative actions filed by each of David Hamilton, Charles Blackburn and Robert Bryla purportedly on behalf of Amgen against nominal defendant Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. On April 21, 2025, the Southern District Court of New York consolidated the derivative action filed by DM Cohen, Inc. with the consolidated action that was filed by Leon Martin and Cheri Clearwater purportedly on behalf of Amgen against Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. On June 9, 2025, the Delaware District Court stayed the shareholder derivative action filed by Carolyn Sieveking and James P. Tierney until a final judgment is entered in the federal securities class action. ChemoCentryx, Inc. Securities Matters On May 8, 2025, the lead plaintiff filed a motion for partial summary judgment. On May 29, 2025, defendants, including ChemoCentryx, filed an opposition to the plaintiff’s motion and a motion for summary judgment in whole or in part. A hearing is set for August 7, 2025. The U.S. District Court for the Northern District of California (Northern District Court of California) rescheduled the trial to begin February 23, 2026. In the case filed by RA Capital Healthcare Fund, LP in the Northern District Court of California, defendants, including ChemoCentryx, moved to dismiss the complaint, and on June 13, 2025, the court issued an order staying the federal case pending resolution of the class action. The court did not reach the merits of defendants’ motion to dismiss. 30 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following MD&A is intended to assist the reader in understanding Amgen’s business. MD&A is provided as a supplement to, and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Our results of operations discussed in MD&A are presented in conformity with GAAP. Amgen operates in one operating segment: human therapeutics. Therefore, our results of operations are discussed on a consolidated basis. Forward-looking statements This report and other documents we file with the SEC contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our business, our beliefs and our management’s assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases, written statements or our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. Such words as “expect,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “should,” “may,” “assume” and “continue” as well as variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance, and they involve certain risks, uncertainties and assumptions that are difficult to predict. We describe our respective risks, uncertainties and assumptions that could affect the outcome or results of operations in Item 1A. Risk Factors in Part II herein and in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and in Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We have based our forward-looking statements on our management’s beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements. Reference is made in particular to forward-looking statements regarding product sales, regulatory activities, clinical trial results, reimbursement, expenses, EPS, liquidity and capital resources, trends, planned dividends, stock repurchases, and collaborations. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this report, whether as a result of new information, future events, changes in assumptions or otherwise. Overview Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) discovers, develops, manufactures and delivers innovative medicines to fight some of the world’s toughest diseases. We focus on areas of high unmet medical need and leverage our expertise to strive for solutions that dramatically improve people’s lives, while also reducing the social and economic burden of disease. We helped launch the biotechnology industry more than 40 years ago and have grown to be one of the world’s leading independent biotechnology companies. Our robust pipeline includes potential first-in-class medicines at all stages of development. Our principal products are Prolia, Repatha, ENBREL, XGEVA, Otezla, EVENITY, TEPEZZA, BLINCYTO, KYPROLIS, Aranesp, Nplate, TEZSPIRE, KRYSTEXXA and Vectibix. We also market a number of other products, including but not limited to MVASI, AMJEVITA/AMGEVITA, UPLIZNA, PAVBLU, IMDELLTRA/IMDYLLTRA, Neulasta, TAVNEOS, RAVICTI, WEZLANA/WEZENLA, Parsabiv, LUMAKRAS/LUMYKRAS, Aimovig and PROCYSBI. Tariffs and trade protection measures The imposition of tariffs and trade protection measures by the United States and other countries, including the universal 10% tariff on goods imported into the United States, the currently-suspended country-specific tariffs, the recently announced preliminary tariff agreements, the China retaliatory tariffs on U.S. goods, the imposition of new and/or other retaliatory tariffs, and potential sector-specific tariffs on our industry, including the Section 232 pharmaceutical tariff, and others, may adversely affect our business and operations. While existing tariffs have not had a material adverse effect on our results of operations for the first half of 2025, we are currently evaluating the potential impact of such tariffs on our business in future periods and our ability to mitigate such impacts. For example, certain tariffs that are currently in effect, or anticipated to take effect in the future, have increased, and are expected to further increase, our manufacturing and operating expenses in future quarters, including the cost to deliver products to markets, cost of sourcing materials for the manufacturing of our products and cost of materials used in our R&D activities. Such tariffs have had a limited impact in the first half of 2025, but may increasingly affect the cost to expand our manufacturing capacity in the United States, including increased construction costs and/or delays in construction for our Ohio and North Carolina facilities. Furthermore, retaliatory tariffs imposed by other countries may adversely affect our business, operations and delivery and launches of products in such markets, including the performance of our collaborations in such markets. However, the degree of adverse effects from any tariffs on our business and operations in 31 future periods will depend on various factors, including the rates of such tariffs, the expansion of such tariffs to include certain goods (such as pharmaceutical products), the magnitude of response by other countries to U.S. tariffs and the length of time such tariffs are in effect. For additional discussion of these and other risks, see Part II, Item 1A. Risk Factors, of this Quarterly Report on Form 10-Q. Macroeconomic and other challenges Uncertain macroeconomic conditions, including the risk of inflation, fluctuating interest rates and instability in the financial system, as well as rising healthcare costs, continue to pose challenges to our business. Uncertainty around tariffs and trade protection measures in the United States and other countries, including the imposition of new or retaliatory tariffs, along with ongoing geopolitical conflicts and rising geopolitical tensions, continue to create additional uncertainty in global macroeconomic conditions. Additionally, with public and private healthcare-provider focus, the industry continues to be subject to cost containment measures and significant pricing pressures, resulting in net price declines. Moreover, provisions of the IRA, as well as the 340B Program, have negatively affected, and are likely to continue to negatively affect, our business. For example, ENBREL and Otezla have been selected by CMS for Medicare price setting beginning in 2026 and 2027, respectively. In addition to the IRA, other recent and proposed U.S. policy actions, including the Most-Favored-Nations Prescription Drug Pricing Executive Order (MFN EO), may negatively impact our product sales depending on their scope and implementation. Finally, wholesale and end-user buying patterns can affect our product sales. These buying patterns can cause fluctuations in quarterly product sales, but have generally not been significant to date when comparing full-year product performance to the prior year. For additional discussion of these and other risks, see Part II, Item 1A. Risk Factors, of this Quarterly Report on Form 10-Q. Significant developments The following is a summary of select significant developments affecting our business that occurred since the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. For additional developments, see our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Products/pipeline Maridebart cafraglutide (MariTide ™ ) In June 2025, the underlying details from Part 1 of the Phase 2 study of MariTide and complete results from the primary analysis of the Phase 1 pharmacokinetics low dose initiation (PK-LDI) study evaluating lower starting doses of MariTide were presented at the American Diabetes Association 85 th Scientific Sessions and simultaneously published in The New England Journal of Medicine . These data are consistent with the topline results from Part 1 of the Phase 2 study as previously announced and presented by the Company in November 2024. See Part I, Item 1. Business—Significant Developments, of our Annual Report on Form 10-K for the year ended December 31, 2024. In Part 1 of the Phase 2 study, among participants living with obesity without type 2 diabetes, MariTide demonstrated average weight loss up to approximately 20% compared to 2.6% in the placebo arm. In participants living with obesity and type 2 diabetes, MariTide demonstrated average weight loss up to approximately 17% compared to 1.4% in the placebo arm, per the efficacy estimand. Weight loss had not plateaued by 52 weeks, indicating the potential for further weight reduction. Additionally, weight loss with MariTide was associated with improvements in cardiometabolic parameters, including reductions in hemoglobin A1c (up to 2.2 percentage points), waist circumference, blood pressure, high-sensitivity C-reactive protein and select lipid levels. No new safety signals were identified in Part 1 of the Phase 2 study, and tolerability was consistent with the GLP-1 class. The most frequently reported adverse events (AEs) were gastrointestinal (GI) related, and most were mild to moderate. GI events were predominantly limited to initial dosing and less frequent when dose escalation was used without compromising efficacy. Discontinuation rates of MariTide due to GI AEs in the dose escalation arms (up to 7.8%) were lower than non-dose escalation arms. IMDELLTRA/IMDYLLTRA In June 2025, Amgen announced interim results from the global Phase 3 DeLLphi-304 trial evaluating IMDELLTRA/IMDYLLTRA in patients with small cell lung cancer (SCLC) who had progressed on or after one line of platinum-based chemotherapy. The study demonstrated that IMDELLTRA/IMDYLLTRA significantly reduced the risk of death by 40% compared to standard-of-care chemotherapy, with a median overall survival of 13.6 months compared to 8.3 months. 32 Additionally, IMDELLTRA/IMDYLLTRA showed a statistically significant improvement in median progression-free survival of 4.2 months compared to 3.7 months and enhanced patient-reported outcomes related to cancer-associated symptoms, including dyspnea and cough. The safety profile of IMDELLTRA/IMDYLLTRA was consistent with prior studies. Bemarituzumab In June 2025, Amgen announced interim results from the Phase 3 FORTITUDE-101 clinical trial evaluating first-line bemarituzumab plus chemotherapy (mFOLFOX6). The study met its primary endpoint of overall survival (OS) at a pre-specified interim analysis, demonstrating a statistically significant and clinically meaningful improvement in OS as compared to placebo plus chemotherapy in people living with unresectable locally advanced or metastatic gastric or gastroesophageal junction (G/GEJ) cancer with FGFR2b overexpression and who are non-HER2 positive. The most common treatment-emergent adverse events (>25%) in patients treated with bemarituzumab plus chemotherapy were reduced visual acuity, punctate keratitis, anaemia, neutropenia, nausea, corneal epithelium defect and dry eye. TEPEZZA In June 2025, the European Commission granted marketing authorization approval of TEPEZZA for treatment of adults with moderate to severe thyroid eye disease (TED). Selected financial information The following is an overview of our results of operations (in millions, except percentages and per-share data): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Product sales U.S. $ 6,324 $ 5,840 8 % $ 11,986 $ 10,813 11 % ROW 2,447 2,201 11 % 4,658 4,346 7 % Total product sales 8,771 8,041 9 % 16,644 15,159 10 % Other revenues 408 347 18 % 684 676 1 % Total revenues $ 9,179 $ 8,388 9 % $ 17,328 $ 15,835 9 % Operating expenses $ 6,523 $ 6,479 1 % $ 13,494 $ 12,935 4 % Operating income $ 2,656 $ 1,909 39 % $ 3,834 $ 2,900 32 % Net income $ 1,432 $ 746 92 % $ 3,162 $ 633 * Diluted EPS $ 2.65 $ 1.38 92 % $ 5.84 $ 1.17 * Diluted shares 541 541 — % 541 541 — % * Change in excess of 100% In the following discussion of changes in product sales, any reference to unit demand growth or decline refers to changes in purchases of our products by healthcare providers (such as physicians or their clinics), dialysis centers, hospitals and pharmacies. In addition, any reference to increases or decreases in inventory refers to changes in inventory held by wholesaler customers and end users (such as pharmacies) as may be noted. Total product sales increased 9% and 10% for the three and six months ended June 30, 2025, respectively, driven by volume growth of 13% and 14%, respectively, partially offset by declines in net selling price of 3% and 4%, respectively. For the three months ended June 30, 2025, U.S. volume grew 13% and ROW volume grew 15%, driven by volume growth in certain brands, including Repatha, PAVBLU, IMDELLTRA/IMDYLLTRA, BLINCYTO, EVENITY and TEZSPIRE. For the six months ended June 30, 2025, U.S. volume grew 14% and ROW volume grew 13%, driven by volume growth in certain brands, including Repatha, BLINCYTO, PAVBLU, TEZSPIRE, EVENITY, IMDELLTRA/IMDYLLTRA, WEZLANA/WEZENLA and Prolia. For the remainder of 2025, we expect volume growth from certain brands to be partially offset by net selling price declines. 33 Uncertain macroeconomic conditions, including uncertainty around tariffs and trade production measures, ongoing geopolitical conflicts and rising geopolitical tensions, and changes in the healthcare ecosystem have the potential to introduce variability into product sales. Furthermore, product sales continue to be impacted by actions from governments and other entities to address macroeconomic challenges, provisions of the IRA, inappropriate expanded utilization of the 340B Program and growth in numbers of Medicaid enrollees and uninsured individuals. See Part I, Item 1. Business—Reimbursement, and Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024; and Part II, Item 1A. Risk Factors, of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. Other revenues increased 18% for the three months ended June 30, 2025, primarily driven by higher corporate partner revenue from licensed products. Other revenues increased 1% for the six months ended June 30, 2025. Operating expenses increased 1% for the three months ended June 30, 2025. Operating expenses increased 4% for the six months ended June 30, 2025, driven by the Otezla intangible asset impairment charge and higher R&D expense, partially offset by lower amortization expense from the fair value step-up of inventory acquired from Horizon. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements, for additional information related to the Otezla intangible asset impairment charge. Results of operations Product sales Worldwide product sales were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Prolia $ 1,122 $ 1,165 (4) % $ 2,221 $ 2,164 3 % Repatha 696 532 31 % 1,352 1,049 29 % ENBREL 604 909 (34) % 1,114 1,476 (25) % XGEVA 532 562 (5) % 1,098 1,123 (2) % Otezla 618 544 14 % 1,055 938 12 % EVENITY 518 391 32 % 960 733 31 % TEPEZZA 505 479 5 % 886 903 (2) % BLINCYTO 384 264 45 % 754 508 48 % KYPROLIS 378 377 0 % 702 753 (7) % Aranesp 359 348 3 % 699 697 0 % Nplate 369 346 7 % 682 663 3 % TEZSPIRE (1) 342 234 46 % 627 407 54 % KRYSTEXXA 349 294 19 % 585 529 11 % Vectibix 305 270 13 % 572 517 11 % Other products (2) 1,690 1,326 27 % 3,337 2,699 24 % Total product sales $ 8,771 $ 8,041 9 % $ 16,644 $ 15,159 10 % ____________ (1) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States. (2) Consists of product sales of our non-principal products. Future sales of our products will depend in part on the factors discussed below and in the following sections of this report: (i) Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview, and Selected financial information; and (ii) Part II, Item 1A. Risk Factors, and in the following sections of our Annual Report on Form 10-K for the year ended December 31, 2024: (i) Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products; (ii) Part I, Item 1A. Risk Factors; and (iii) Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview, and Results of operations—Product sales, as well as in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025: (i) Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of operations—Product sales; and (ii) Part II, Item 1A. Risk Factors. 34 Prolia Total Prolia sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Prolia — U.S. $ 745 $ 770 (3) % $ 1,465 $ 1,427 3 % Prolia — ROW 377 395 (5) % 756 737 3 % Total Prolia $ 1,122 $ 1,165 (4) % $ 2,221 $ 2,164 3 % The decrease in global Prolia sales for the three months ended June 30, 2025 was driven by lower net selling price. The increase in global Prolia sales for the six months ended June 30, 2025 was driven by volume growth of 7%, partially offset by lower net selling price. As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products—Patents, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and will expire in November 2025 in select countries in Europe. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market. For a discussion of litigation, including associated settlements, related to Prolia, see Part IV—Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. Repatha Total Repatha sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Repatha — U.S. $ 361 $ 270 34 % $ 704 $ 543 30 % Repatha — ROW 335 262 28 % 648 506 28 % Total Repatha $ 696 $ 532 31 % $ 1,352 $ 1,049 29 % The increase in global Repatha sales for the three months ended June 30, 2025 was driven by volume growth of 36%, partially offset by unfavorable changes to estimated sales deductions. The increase in global Repatha sales for the six months ended June 30, 2025 was primarily driven by volume growth of 38%, partially offset by lower net selling price of 3% and unfavorable changes to estimated sales deductions. For a discussion of ongoing litigation related to Repatha, see Part IV—Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. 35 ENBREL Total ENBREL sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change ENBREL — U.S. $ 597 $ 902 (34) % $ 1,101 $ 1,463 (25) % ENBREL — Canada 7 7 — % 13 13 — % Total ENBREL $ 604 $ 909 (34) % $ 1,114 $ 1,476 (25) % The decrease in ENBREL sales for the three months ended June 30, 2025 was driven by unfavorable changes to estimated sales deductions of 20% and lower net selling price of 19% resulting from increased 340B Program mix and the impact of the U.S. Medicare Part D redesign, partially offset by volume growth of 3%. The decrease in ENBREL sales for the six months ended June 30, 2025 was driven by lower net selling price of 27% resulting from increased 340B Program mix, higher commercial discounts and the impact of the U.S. Medicare Part D redesign, and by unfavorable changes to estimated sales deductions of 8%, partially offset by higher inventory of 6% and volume growth of 4%. XGEVA Total XGEVA sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change XGEVA — U.S. $ 347 $ 399 (13) % $ 707 $ 765 (8) % XGEVA — ROW 185 163 13 % 391 358 9 % Total XGEVA $ 532 $ 562 (5) % $ 1,098 $ 1,123 (2) % The decrease in global XGEVA sales for the three months ended June 30, 2025 was driven by unfavorable changes to estimated sales deductions of 2% and lower volume. The decrease in global XGEVA sales for the six months ended June 30, 2025 was driven by lower volume. As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products—Patents, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and will expire in November 2025 in select countries in Europe. For 2025, we expect sales erosion driven by biosimilar competition in the second half of the year, as biosimilars have now launched in the U.S. market. For a discussion of litigation, including associated settlements, related to XGEVA, see Part IV—Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. Otezla Total Otezla sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Otezla — U.S. $ 512 $ 432 19 % $ 855 $ 725 18 % Otezla — ROW 106 112 (5) % 200 213 (6) % Total Otezla $ 618 $ 544 14 % $ 1,055 $ 938 12 % The increases in global Otezla sales for the three and six months ended June 30, 2025 were driven by favorable changes to estimated sales deductions of 12% and 7%, respectively, and volume growth of 4% for both periods. 36 In January 2025, Otezla was selected by CMS for Medicare price setting that will be applicable beginning in 2027. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements, for additional information related to the Otezla intangible asset impairment charge of $800 million recorded in the first quarter of 2025. EVENITY Total EVENITY sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change EVENITY — U.S. $ 395 $ 281 41 % $ 715 $ 517 38 % EVENITY — ROW 123 110 12 % 245 216 13 % Total EVENITY $ 518 $ 391 32 % $ 960 $ 733 31 % The increases in global EVENITY sales for the three and six months ended June 30, 2025 were primarily driven by volume growth. TEPEZZA Total TEPEZZA sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change TEPEZZA — U.S. $ 466 $ 478 (3) % $ 831 $ 897 (7) % TEPEZZA — ROW 39 1 * 55 6 * Total TEPEZZA $ 505 $ 479 5 % $ 886 $ 903 (2) % * Change in excess of 100% The increase in global TEPEZZA sales for the three months ended June 30, 2025 was primarily driven by higher inventory. The decrease in global TEPEZZA sales for the six months ended June 30, 2025 was driven by lower volume of 5%, partially offset by higher net selling price. BLINCYTO Total BLINCYTO sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change BLINCYTO — U.S. $ 270 $ 165 64 % $ 543 $ 318 71 % BLINCYTO — ROW 114 99 15 % 211 190 11 % Total BLINCYTO $ 384 $ 264 45 % $ 754 $ 508 48 % The increases in global BLINCYTO sales for the three and six months ended June 30, 2025 were driven by volume growth. 37 KYPROLIS Total KYPROLIS sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change KYPROLIS — U.S. $ 232 $ 240 (3) % $ 448 $ 474 (5) % KYPROLIS — ROW 146 137 7 % 254 279 (9) % Total KYPROLIS $ 378 $ 377 0 % $ 702 $ 753 (7) % Global KYPROLIS sales remained relatively unchanged for the three months ended June 30, 2025. The decrease in global KYPROLIS sales for the six months ended June 30, 2025 was driven by lower volume due to increased competition. Aranesp Total Aranesp sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Aranesp — U.S. $ 107 $ 91 18 % $ 198 $ 191 4 % Aranesp — ROW 252 257 (2) % 501 506 (1) % Total Aranesp $ 359 $ 348 3 % $ 699 $ 697 0 % The increase in global Aranesp sales for the three months ended June 30, 2025 was driven by favorable changes to estimated sales deductions of 7%, partially offset by lower net selling price. Global Aranesp sales remained relatively unchanged for the six months ended June 30, 2025. Nplate Total Nplate sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Nplate — U.S. $ 228 $ 214 7 % $ 429 $ 404 6 % Nplate — ROW 141 132 7 % 253 259 (2) % Total Nplate $ 369 $ 346 7 % $ 682 $ 663 3 % The increase in global Nplate sales for the three months ended June 30, 2025 was driven by volume growth. The increase in global Nplate sales for the six months ended June 30, 2025 was primarily driven by volume growth of 9%, partially offset by unfavorable changes to estimated sales deductions of 3% and unfavorable changes to foreign currency exchange rates. TEZSPIRE Total TEZSPIRE sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change TEZSPIRE — U.S. $ 342 $ 234 46 % $ 627 $ 407 54 % The increases in TEZSPIRE sales for the three and six months ended June 30, 2025 were driven by volume growth. 38 KRYSTEXXA Total KRYSTEXXA sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change KRYSTEXXA — U.S. $ 349 $ 294 19 % $ 585 $ 529 11 % The increase in KRYSTEXXA sales was 19% for the three months ended June 30, 2025, of which 12% was derived from higher inventory and 6% from volume growth. The increase in KRYSTEXXA sales for the six months ended June 30, 2025 was driven by volume growth of 8% and higher inventory of 2%. Vectibix Total Vectibix sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Vectibix — U.S. $ 144 $ 133 8 % $ 279 $ 253 10 % Vectibix — ROW 161 137 18 % 293 264 11 % Total Vectibix $ 305 $ 270 13 % $ 572 $ 517 11 % The increases in global Vectibix sales for the three and six months ended June 30, 2025 were driven by volume growth. 39 Other products Other product sales by geographic region were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change MVASI — U.S. $ 142 $ 100 42 % $ 280 $ 205 37 % MVASI — ROW 49 57 (14) % 90 154 (42) % AMJEVITA — U.S. (1) — (9) (100) % 4 21 (81) % AMGEVITA — ROW 133 142 (6) % 265 280 (5) % UPLIZNA — U.S. 132 77 71 % 214 147 46 % UPLIZNA — ROW 44 15 * 53 25 * PAVBLU — U.S. 126 — N/A 225 — N/A PAVBLU — ROW 4 — N/A 4 — N/A IMDELLTRA — U.S. 107 12 * 186 12 * IMDYLLTRA — ROW 27 — N/A 29 — N/A Neulasta — U.S. 63 75 (16) % 172 162 6 % Neulasta — ROW 19 30 (37) % 39 61 (36) % TAVNEOS — U.S. 103 61 69 % 180 106 70 % TAVNEOS — ROW 7 10 (30) % 20 16 25 % RAVICTI — U.S. 99 96 3 % 190 188 1 % RAVICTI — ROW 6 1 * 9 3 * WEZLANA — U.S. — — N/A 123 — N/A WEZENLA — ROW 35 — N/A 62 1 * Parsabiv — U.S. 51 67 (24) % 101 132 (23) % Parsabiv — ROW 41 39 5 % 79 79 — % LUMAKRAS — U.S. 52 55 (5) % 107 108 (1) % LUMYKRAS — ROW 38 30 27 % 68 59 15 % Aimovig — U.S. 64 80 (20) % 149 145 3 % Aimovig — ROW 6 5 20 % 11 10 10 % PROCYSBI — U.S. 55 54 2 % 112 103 9 % PROCYSBI — ROW 2 4 (50) % 4 5 (20) % Other — U.S. (2) 235 269 (13) % 456 571 (20) % Other — ROW (2) 50 56 (11) % 105 106 (1) % Total other products $ 1,690 $ 1,326 27 % $ 3,337 $ 2,699 24 % Total U.S. — other products $ 1,229 $ 937 31 % $ 2,499 $ 1,900 32 % Total ROW — other products 461 389 19 % 838 799 5 % Total other products $ 1,690 $ 1,326 27 % $ 3,337 $ 2,699 24 % * Change in excess of 100% N/A = not applicable ____________ (1) U.S. AMJEVITA product sales for the three and six months ended June 30, 2024, included unfavorable changes to estimated sales deductions. (2) Consists of product sales from AVSOLA, KANJINTI, EPOGEN, RIABNI, BKEMV/BEKEMV, ACTIMMUNE, NEUPOGEN, IMLYGIC, Corlanor, RAYOS, BUPHENYL, QUINSAIR, DUEXIS, Sensipar/Mimpara and PENNSAID. 40 Operating expenses Operating expenses were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 Change 2025 2024 Change Operating expenses: Cost of sales $ 3,011 $ 3,236 (7) % $ 5,979 $ 6,436 (7) % % of product sales 34.3 % 40.2 % 35.9 % 42.5 % % of total revenues 32.8 % 38.6 % 34.5 % 40.6 % Research and development $ 1,744 $ 1,447 21 % $ 3,230 $ 2,790 16 % % of product sales 19.9 % 18.0 % 19.4 % 18.4 % % of total revenues 19.0 % 17.3 % 18.6 % 17.6 % Selling, general and administrative $ 1,691 $ 1,785 (5) % $ 3,378 $ 3,593 (6) % % of product sales 19.3 % 22.2 % 20.3 % 23.7 % % of total revenues 18.4 % 21.3 % 19.5 % 22.7 % Other $ 77 $ 11 * $ 907 $ 116 * Total operating expenses $ 6,523 $ 6,479 1 % $ 13,494 $ 12,935 4 % * Change in excess of 100% Cost of sales Cost of sales decreased to 32.8% and 34.5% of total revenues for the three and six months ended June 30, 2025, respectively, driven by lower amortization expense from the fair value step-up of inventory acquired from Horizon and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix. Research and development The increase in R&D expense for the three months ended June 30, 2025, was driven by investments in Later-Stage Clinical Programs, including those related to MariTide. The increase in R&D expense for the six months ended June 30, 2025, was driven by investments in Later-Stage Clinical Programs, including those related to MariTide, partially offset by lower spend in Research and Early Pipeline and Marketed Product Support. We expect to continue to grow our spend on Later-Stage Clinical Programs as we advance our pipeline. Selling, general and administrative The decrease in SG&A expense for the three months ended June 30, 2025, was driven by lower commercial product-related expenses and lower Horizon acquisition-related expenses. The decrease in SG&A expense for the six months ended June 30, 2025, was primarily driven by lower commercial product-related expenses and lower Horizon acquisition-related expenses, partially offset by higher general and administrative expenses. Other Other operating expenses for the three months ended June 30, 2025, included litigation expenses. Other operating expenses for the six months ended June 30, 2025, included the Otezla intangible asset impairment charge of $800 million following its selection for price setting under the IRA. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements. Other operating expenses for the three months ended June 30, 2024, included changes in the fair values of contingent consideration liabilities related to our Teneobio, Inc. (Teneobio) acquisition from 2021. Other operating expenses for the six months ended June 30, 2024, included a net impairment charge associated with an IPR&D asset and changes in the fair values of contingent consideration liabilities, both related to our Teneobio acquisition. 41 Nonoperating expenses/income and income taxes Nonoperating expenses/income and income taxes were as follows (dollar amounts in millions): Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Interest expense, net $ (694) $ (808) $ (1,417) $ (1,632) Other (expense) income, net $ (394) $ (307) $ 1,124 $ (542) Provision for income taxes $ 136 $ 48 $ 379 $ 93 Effective tax rate 8.7 % 6.0 % 10.7 % 12.8 % Interest expense, net Interest expense, net, decreased for the three and six months ended June 30, 2025 primarily due to lower average debt outstanding. Other (expense) income, net The change in Other (expense) income, net, for the three months ended June 30, 2025, was primarily due to higher net unrealized losses on equity investments, primarily BeOne, partially offset by a gain on extinguishment of debt in the second quarter of 2025. The change in Other (expense) income, net, for the six months ended June 30, 2025, was primarily due to net unrealized gains on our equity investments, primarily BeOne, in the first half of 2025 compared with net unrealized losses, primarily BeOne, in the first half of 2024. See Note 6, Investments, to the condensed consolidated financial statements. Income taxes The increase in our effective tax rate for the three months ended June 30, 2025, was primarily due to the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon, and current year net unfavorable items as compared to the prior period. The decrease in our effective tax rate for the six months ended June 30, 2025, was primarily due to the change in earnings mix, including the Otezla impairment charge recorded in the first quarter of 2025, and current year net favorable items as compared to the prior period, partially offset by the net unrealized gains in the first half of 2025 compared to net unrealized losses in the prior period on equity investments. See Note 6, Investments , to the condensed consolidated financial statements. As previously reported, the OECD reached an agreement to align countries on a minimum corporate tax rate and an expansion of the taxing rights of market countries. Effective January 1, 2024, select individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Additional countries, including Singapore, enacted the minimum tax agreement, effective January 1, 2025. Singapore’s enactment of the agreement applies irrespective of the Company’s incentive grant. Our legal entities in the countries that have enacted the agreement, along with their direct and indirect subsidiaries, are now subject to a 15% minimum tax rate on adjusted financial statement income. In June 2025, the United States and the other six countries that make up the G7 nations jointly announced that U.S. companies would be exempted from certain minimum taxes related to the OECD agreement. However, significant details regarding the G7 announcement remain uncertain and individual countries that have enacted the OECD agreement, including countries not within the G7, must amend their local legislation for the G7 announcement to become effective. The continued response of other countries, including the U.S. territory of Puerto Rico to the OECD agreement and the G7 announcement remains highly uncertain. The continued enactment of the OECD agreement, either by all OECD participants or unilaterally by individual countries, could result in tax increases or double taxation in the United States or foreign jurisdictions. On July 4, 2025, the OBBBA was enacted in the United States. The OBBBA has various provisions, including the permanent extension of certain expiring provisions of the 2017 Tax Act, and modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2026 and beyond. The impact of these changes on our deferred tax assets and liabilities will be recorded in the third quarter of 2025. 42