SEC EDGAR · 10-Q
10-Q – 2025-11-05 – amgn-20250930.htm

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Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 53
IRA Inflation Reduction Act of 2022 | IRS Internal Revenue Service
RANKL receptor activator of nuclear factor kappa-B ligand | RAR Revenue Agent Report
Revenues: | Product sales $ 9,137 $ 8,151 $ 25,781 $ 23,310 | Other revenues 420 352 1,104 1,028
Operating expenses: | Cost of sales 3,082 3,310 9,061 9,746 | Research and development 1,900 1,450 5,130 4,240
Accrued liabilities ( 250 ) ( 636 ) | Accrued sales incentives and allowance 2,297 536 | Other liabilities ( 80 ) ( 72 )
Less: | Manufacturing cost of sales (1)(2) | 2,508 2,852 7,520 8,491
2,508 2,852 7,520 8,491 | Profit share and royalties in cost of sales (1) | 574 458 1,541 1,255
Rörelseresultat
Operating income 2,526 2,047 6,360 4,947
Operating expenses $ 7,031 $ 6,456 9 % $ 20,525 $ 19,391 6 % | Operating income $ 2,526 $ 2,047 23 % $ 6,360 $ 4,947 29 % | Net income $ 3,216 $ 2,830 14 % $ 6,378 $ 3,463 84 %
Periodens resultat
Net income $ 3,216 $ 2,830 $ 6,378 $ 3,463
2025 2024 2025 2024 | Net income $ 3,216 $ 2,830 $ 6,378 $ 3,463 | Other comprehensive income (loss), net of reclassification adjustments and taxes:
Net income — — 3,216 — 3,216 | Other comprehensive income, net of taxes — — — 122 122
Net income — — 6,378 — 6,378 | Other comprehensive loss, net of taxes — — — ( 356 ) ( 356 )
Balance as of June 30, 2024 537.2 $ 33,204 $ ( 27,124 ) $ ( 155 ) $ 5,925 | Net income — — 2,830 — 2,830 | Other comprehensive loss, net of taxes — — — ( 181 ) ( 181 )
Net income — — 3,463 — 3,463 | Other comprehensive loss, net of taxes — — — ( 47 ) ( 47 )
Cash flows from operating activities: | Net income $ 6,378 $ 3,463 | Noncash adjustments to reconcile net income to net cash provided by operating activities:
Net income $ 6,378 $ 3,463 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 4,035 4,195
Resultat per aktie
EO Executive Order | EPS earnings per share
Earnings per share: | Basic $ 5.98 $ 5.27 $ 11.86 $ 6.45
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 $ 3,216 $ 2,830 $ 6,378 $ 3,463
Shares (Denominator): | Weighted-average shares for basic EPS 538 537 538 537 | Effect of dilutive securities 4 5 4 4
Kassaflöde
Gains on foreign currency translation adjustments 11 71 154 32 | Gains (losses) on cash flow hedges 110 ( 253 ) ( 512 ) ( 76 )
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. R&D technology rights pertains to technologies used in R&D that h | 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 (losses) gains $ ( 28 ) $ 45 Product sales
Components of AOCI 2025 2024 | Cash flow hedges: | Foreign currency forward contract gains $ 40 $ 151 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 September 30, 2025 and December 31, 2024, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 7.7 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 Stat | 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 $ 9,445 $ 11,973
Net cash used in financing activities ( 9,633 ) ( 8,008 ) | Decrease in cash and cash equivalents ( 2,528 ) ( 1,933 ) | Cash and cash equivalents at beginning of period 11,973 10,944
Decrease in cash and cash equivalents ( 2,528 ) ( 1,933 ) | Cash and cash equivalents at beginning of period 11,973 10,944 | Cash and cash equivalents at end of period $ 9,445 $ 9,011
Cash and cash equivalents at beginning of period 11,973 10,944 | Cash and cash equivalents at end of period $ 9,445 $ 9,011
Condensed Consolidated Balance Sheets locations September 30, 2025 December 31, 2024 | Cash and cash equivalents $ 8,708 $ 11,486
Cash and cash equivalents in the above table excludes bank account cash of $ 737 million and $ 487 million as of September 30, 2025 and December 31, 2024, respectively. | All interest-bearing securities as of September 30, 2025 and December 31, 2024, mature in one year or less. For the three months ended September 30, 2025 and 2024, interest income on these investments was $ 99 million and $ 126 million, respectively. For the nine months ended September 30, 2025 and 2024, interest income on these investments was $ 311 million and $ 394 million, respectively.
September 30, 2025 December 31, 2024 | Cash and cash equivalents $ 9,445 $ 11,973 | Total assets $ 90,141 $ 91,839
Cash and cash equivalents | Our balance of cash and cash equivalents was $9.4 billion as of September 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 i
Nettoskuld
Net income $ 6,378 $ 3,463 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 4,035 4,195
Other liabilities ( 80 ) ( 72 ) | Net cash provided by operating activities 8,355 6,719 | Cash flows from investing activities:
Other ( 34 ) 81 | Net cash used in investing activities ( 1,250 ) ( 644 ) | Cash flows from financing activities:
Other ( 109 ) ( 122 ) | Net cash used in financing activities ( 9,633 ) ( 8,008 ) | Decrease in cash and cash equivalents ( 2,528 ) ( 1,933 )
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 September 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 ha | The cash flow effects of our derivative contracts in the Condensed Consolidated Statements of Cash Flows are primarily 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 $ 8,355 $ 6,719 | Net cash used in investing activities $ (1,250) $ (644)
Net cash provided by operating activities $ 8,355 $ 6,719 | Net cash used in investing activities $ (1,250) $ (644) | Net cash used in financing activities $ (9,633) $ (8,008)
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— 538.5 shares in 2025 and 536.9 shares in 2024
Accumulated other comprehensive loss ( 422 ) ( 66 ) | Total stockholders’ equity 9,619 5,877 | Total liabilities and stockholders’ equity $ 90,141 $ 91,839
Total stockholders’ equity 9,619 5,877 | Total liabilities and stockholders’ equity $ 90,141 $ 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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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM  10-Q
(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37702
Amgen Inc.
(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 October 30, 2025, the registrant had 538,480,671 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
30

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
45

Item 4. CONTROLS AND PROCEDURES
45

PART II—OTHER INFORMATION
46

Item 1. LEGAL PROCEEDINGS
46

Item 1A. RISK FACTORS
46

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
53

Item 5. OTHER INFORMATION
53

Item 6. EXHIBITS
53

INDEX TO EXHIBITS
54

SIGNATURES
61

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.)

CMS Centers for Medicare & Medicaid Services

EO Executive Order
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

July MFN Letter Letter dated July 31, 2025, by the Administration to certain pharmaceutical manufacturers, including Amgen
July Tariff EOs Executive orders issued by the Administration in July 2025 that raised or modified country-specific tariffs for more than 60 countries, effective August 7, 2025
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.

OB3 P.L. 119-21, commonly known as The One Big Beautiful Bill Act signed into law on July 4, 2025
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

ii

Term Description
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
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
September 30, Nine months ended
September 30,
  2025 2024 2025 2024
Revenues:
Product sales $ 9,137   $ 8,151   $ 25,781   $ 23,310  
Other revenues 420   352   1,104   1,028  
Total revenues 9,557   8,503   26,885   24,338  

Operating expenses:
Cost of sales 3,082   3,310   9,061   9,746  
Research and development 1,900   1,450   5,130   4,240  

Selling, general and administrative 1,720   1,625   5,098   5,218  
Other 329   71   1,236   187  
Total operating expenses 7,031   6,456   20,525   19,391  

Operating income 2,526   2,047   6,360   4,947  

Other income (expense):
Interest expense, net ( 685 ) ( 776 ) ( 2,102 ) ( 2,408 )
Other income, net 2,080   1,830   3,204   1,288  

Income before income taxes 3,921   3,101   7,462   3,827  

Provision for income taxes 705   271   1,084   364  

Net income $ 3,216   $ 2,830   $ 6,378   $ 3,463  

Earnings per share:
Basic $ 5.98   $ 5.27   $ 11.86   $ 6.45  
Diluted $ 5.93   $ 5.22   $ 11.77   $ 6.40  

Weighted-average shares used in calculation of earnings per share:
Basic 538   537   538   537  
Diluted 542   542   542   541  

See accompanying notes.
1

AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

Three months ended
September 30, Nine months ended
September 30,
  2025 2024 2025 2024
Net income $ 3,216   $ 2,830   $ 6,378   $ 3,463  
Other comprehensive income (loss), net of reclassification adjustments and taxes:
Gains on foreign currency translation adjustments 11   71   154   32  
Gains (losses) on cash flow hedges 110   ( 253 ) ( 512 ) ( 76 )

Other 1   1   2   ( 3 )
Other comprehensive income (loss), net of reclassification adjustments and taxes 122   ( 181 ) ( 356 ) ( 47 )
Comprehensive income $ 3,338   $ 2,649   $ 6,022   $ 3,416  

See accompanying notes.
2

AMGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)

September 30, 2025 December 31, 2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,445   $ 11,973  

Trade receivables, net 8,490   6,782  
Inventories 6,346   6,998  
Other current assets 3,604   3,277  
Total current assets 27,885   29,030  

Property, plant and equipment, net 7,220   6,543  
Intangible assets, net 23,139   27,699  
Goodwill 18,676   18,637  
Other noncurrent assets 13,221   9,930  
Total assets $ 90,141   $ 91,839  

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,838   $ 1,908  
Accrued liabilities 16,800   17,641  
Current portion of long-term debt 2,153   3,550  
Total current liabilities 21,791   23,099  

Long-term debt 52,434   56,549  
Long-term deferred tax liabilities 1,458   1,616  
Long-term tax liabilities 2,616   2,349  
Other noncurrent liabilities 2,223   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— 538.5 shares in 2025 and 536.9 shares in 2024
33,841   33,533  
Accumulated deficit ( 23,800 ) ( 27,590 )
Accumulated other comprehensive loss ( 422 ) ( 66 )
Total stockholders’ equity 9,619   5,877  
Total liabilities and stockholders’ equity $ 90,141   $ 91,839  

See accompanying notes.
3

AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except per-share data)
(Unaudited)

Three months ended September 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 June 30, 2025 538.3   $ 33,680   $ ( 25,708 ) $ ( 544 ) $ 7,428  

Net income —  —  3,216   —  3,216  
Other comprehensive income, net of taxes —  —  —  122   122  
Dividends declared on common stock ($ 2.38 per share)
—  —  ( 1,308 ) —  ( 1,308 )
Issuance of common stock in connection with equity award programs
0.2   46   —  —  46  
Stock-based compensation expense —  127   —  —  127  
Tax impact related to employee stock-based compensation expense
—  ( 12 ) —  —  ( 12 )

Balance as of September 30, 2025 538.5   $ 33,841   $ ( 23,800 ) $ ( 422 ) $ 9,619  

Nine months ended September 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 —  —  6,378   —  6,378  
Other comprehensive loss, net of taxes —  —  —  ( 356 ) ( 356 )
Dividends declared on common stock ($ 2.38 per share)
—  —  ( 2,588 ) —  ( 2,588 )
Issuance of common stock in connection with equity award programs
1.6   124   —  —  124  
Stock-based compensation expense —  369   —  —  369  
Tax impact related to employee stock-based compensation expense
—  ( 185 ) —  —  ( 185 )

Balance as of September 30, 2025 538.5   $ 33,841   $ ( 23,800 ) $ ( 422 ) $ 9,619  

4

AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(In millions, except per-share data)
(Unaudited)

Three months ended September 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 June 30, 2024 537.2   $ 33,204   $ ( 27,124 ) $ ( 155 ) $ 5,925  
Net income —  —  2,830   —  2,830  
Other comprehensive loss, net of taxes —  —  —  ( 181 ) ( 181 )
Dividends declared on common stock ($ 2.25 per share)
—  —  ( 1,236 ) —  ( 1,236 )
Issuance of common stock in connection with equity award programs
0.3   67   —  —  67  
Stock-based compensation expense —  136   —  —  136  
Tax impact related to employee stock-based compensation expense
—  ( 14 ) —  —  ( 14 )

Balance as of September 30, 2024 537.5   $ 33,393   $ ( 25,530 ) $ ( 336 ) $ 7,527  

Nine months ended September 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 —  —  3,463   —  3,463  
Other comprehensive loss, net of taxes —  —  —  ( 47 ) ( 47 )
Dividends declared on common stock ($ 2.25 per share)
—  —  ( 2,444 ) —  ( 2,444 )
Issuance of common stock in connection with equity award programs
2.1   166   —  —  166  
Stock-based compensation expense —  396   —  —  396  
Tax impact related to employee stock-based compensation expense
—  ( 239 ) —  —  ( 239 )

Balance as of September 30, 2024 537.5   $ 33,393   $ ( 25,530 ) $ ( 336 ) $ 7,527  

See accompanying notes.
5

AMGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

  Nine months ended
September 30,
  2025 2024
Cash flows from operating activities:
Net income $ 6,378   $ 3,463  
Noncash adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other 4,035   4,195  
Impairment of intangible assets 1,200   129  
Stock-based compensation expense 369   396  
Deferred income taxes ( 702 ) ( 894 )

Gains on equity securities ( 2,712 ) ( 717 )
Other items, net ( 101 ) ( 139 )
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net ( 1,601 ) ( 32 )
Inventories 767   2,209  
Other assets ( 690 ) ( 638 )
Accounts payable 912   544  
Accrued income taxes, net ( 1,703 ) ( 1,064 )
Long-term tax liabilities 236   ( 561 )
Accrued liabilities ( 250 ) ( 636 )
Accrued sales incentives and allowance 2,297   536  
Other liabilities ( 80 ) ( 72 )
Net cash provided by operating activities 8,355   6,719  
Cash flows from investing activities:

Purchases of property, plant and equipment ( 1,216 ) ( 725 )

Other ( 34 ) 81  
Net cash used in investing activities ( 1,250 ) ( 644 )
Cash flows from financing activities:

Extinguishment of debt ( 683 ) ( 659 )
Repayment of debt ( 5,000 ) ( 3,600 )

Dividends paid ( 3,841 ) ( 3,627 )
Other ( 109 ) ( 122 )
Net cash used in financing activities ( 9,633 ) ( 8,008 )
Decrease in cash and cash equivalents ( 2,528 ) ( 1,933 )
Cash and cash equivalents at beginning of period 11,973   10,944  
Cash and cash equivalents at end of period $ 9,445   $ 9,011  

See accompanying notes.
6

AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 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 nine months ended September 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 Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 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 $ 11.0  billion and $ 10.4 billion as of September 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 consolidated 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.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs, including updating guidance on the recognition and measurement of costs incurred in connection with development and implementation activities related to internal-use software. The standard is effective for all entities for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We are currently evaluating the impact of adopting this new 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 and reported segment net income for the Company’s one reportable segment, as well as a reconciliation of segment net income to the Company’s total consolidated net income for the three and nine months ended September 30, 2025 and 2024 (in millions):

Three months ended
September 30, Nine months ended
September 30,
2025 2024 2025 2024
Revenues:
Product sales $ 9,137   $ 8,151   $ 25,781   $ 23,310  
Other revenues 420   352   1,104   1,028  
Total revenues 9,557   8,503   26,885   24,338  

Less:
Manufacturing cost of sales (1)(2)
2,508   2,852   7,520   8,491  
Profit share and royalties in cost of sales (1)
574   458   1,541   1,255  
Research and development (1)
1,900   1,450   5,130   4,240  
Sales and marketing (1)
1,097   1,117   3,300   3,532  
General and administrative (1)
623   508   1,798   1,686  
Other segment items (3)
( 1,642 ) ( 1,661 ) ( 1,676 ) ( 696 )
Equity in (income) loss of equity method investments ( 10 ) 28   19   ( 11 )
Interest income
( 99 ) ( 126 ) ( 311 ) ( 394 )
Interest expense, net 685   776   2,102   2,408  
Provision for income taxes
705   271   1,084   364  
Segment net income 3,216   2,830   6,378   3,463  
Reconciliation of profit or loss:

Adjustments and reconciling items —   —   —   —  
Consolidated net income $ 3,216   $ 2,830   $ 6,378   $ 3,463  

____________
(1)     During the three months ended September 30, 2025 and 2024, amortization of our finite-lived intangible assets was $ 1.1 billion and $ 1.2 billion, respectively. During the nine months ended September 30, 2025 and 2024, amortization of our finite-lived intangible assets was $ 3.4 billion and $ 3.6 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 September 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $ 232 million and $ 198 million, respectively. During the nine months ended September 30, 2025 and 2024, we recognized depreciation and right-of-use asset amortization of $ 661 million and $ 601 million, respectively.
(2)     During the three months ended September 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 338 million and $ 661 million, respectively. During the nine months ended September 30, 2025 and 2024, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 1.0 billion and $ 2.0 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, 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. Revenues by product and by geographic area, based on customers’ locations, are presented below. A substantial portion of ROW product sales relates to products sold in Europe.
Revenues were as follows (in millions):

Three months ended September 30,
2025 2024
U.S. ROW Total U.S. ROW Total
Prolia $ 806   $ 333   $ 1,139   $ 683   $ 362   $ 1,045  
Repatha 442   352   794   281   286   567  
ENBREL 574   6   580   817   8   825  
Otezla 473   112   585   460   104   564  
XGEVA 357   182   539   373   168   541  
EVENITY 417   124   541   289   110   399  
TEPEZZA 518   42   560   482   6   488  
BLINCYTO 236   156   392   237   90   327  
Nplate 333   124   457   345   111   456  
KYPROLIS 225   134   359   238   140   378  
Aranesp 103   254   357   105   232   337  
TEZSPIRE (1)
377   —   377   269   —   269  
KRYSTEXXA 320   —   320   310   —   310  
Vectibix 162   122   284   132   150   282  
Other products (2)
1,408   445   1,853   958   405   1,363  
Total product sales (3)
$ 6,751   $ 2,386   9,137   $ 5,979   $ 2,172   8,151  
Other revenues 420   352  
Total revenues $ 9,557   $ 8,503  

10

Nine months ended September 30,
2025 2024
U.S. ROW Total U.S. ROW Total
Prolia $ 2,271   $ 1,089   $ 3,360   $ 2,110   $ 1,099   $ 3,209  
Repatha 1,146 1,000 2,146   824 792 1,616  
ENBREL 1,675 19 1,694   2,280 21 2,301  
Otezla 1,328 312 1,640   1,185 317 1,502  
XGEVA 1,064 573 1,637   1,138 526 1,664  
EVENITY 1,132 369 1,501   806 326 1,132  
TEPEZZA 1,349 97 1,446   1,379   12   1,391  
BLINCYTO 779 367 1,146   555 280 835  
Nplate 762 377 1,139   749 370 1,119  
KYPROLIS 673 388 1,061   712 419 1,131  
Aranesp 301 755 1,056   296 738 1,034  
TEZSPIRE (1)
1,004 —   1,004   676 —   676  
KRYSTEXXA 905 —   905   839   —   839  
Vectibix 441 415 856   385 414 799  
Other products (2)
3,907   1,283 5,190   2,858   1,204 4,062  
Total product sales (3)
$ 18,737   $ 7,044   25,781   $ 16,792   $ 6,518   23,310  
Other revenues 1,104   1,028  
Total revenues $ 26,885   $ 24,338  

_______
(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 nine months ended September 30, 2025 and 2024.

11

4. Income taxes
The effective tax rates for the three and nine months ended September 30, 2025 were 18.0 % and 14.5 %, respectively, compared with 8.7 % and 9.5 %, respectively, for the corresponding periods in the prior year.
The increase in our effective tax rate for the three months ended September 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. The increase in our effective tax rate for the nine months ended September 30, 2025, was primarily due to the change in earnings mix, including the net unrealized gains on equity investments in the first nine months of 2025 compared to those in the prior-year period (see Note 6, Investments) and partially offset by the year-to-date Otezla impairment charges and related tax impacts (see Note 8, Goodwill and other intangible assets) . 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. Due to the currently enacted scope of the agreement, the Company and its 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, OB3 was enacted in the United States. OB3 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 was recorded in the third quarter of 2025 and did not have a material effect on our effective tax rate or on our condensed consolidated financial statements.
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 and paid 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 and paid 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 filed post-trial reply briefs on October 10, 2025. The Company expects a decision from the U.S. Tax Court no earlier than the second half of 2026.
12

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 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 nine months ended September 30, 2025, the gross amounts of our UTBs increased by $ 45 million and $ 145  million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of September 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
September 30, Nine months ended
September 30,
  2025 2024 2025 2024
Income (Numerator):
Net income for basic and diluted EPS $ 3,216   $ 2,830   $ 6,378   $ 3,463  

Shares (Denominator):
Weighted-average shares for basic EPS 538   537   538   537  
Effect of dilutive securities 4   5   4   4  
Weighted-average shares for diluted EPS 542   542   542   541  

Basic earnings per share $ 5.98   $ 5.27   $ 11.86   $ 6.45  
Diluted earnings per share $ 5.93   $ 5.22   $ 11.77   $ 6.40  

For the three and nine months ended September 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 September 30, 2025 Amortized
cost Gross
unrealized
gains Gross
unrealized
losses Fair
values

U.S. Treasury bills $ 998   $ —   $ —   $ 998  

Money market mutual funds 7,581   —   —   7,581  
Other short-term interest-bearing securities 129   —   —   129  
Total interest-bearing securities $ 8,708   $ —   $ —   $ 8,708  

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 September 30, 2025 December 31, 2024
Cash and cash equivalents $ 8,708   $ 11,486  

Total interest-bearing securities $ 8,708   $ 11,486  

Cash and cash equivalents in the above table excludes bank account cash of $ 737 million and $ 487  million as of September 30, 2025 and December 31, 2024, respectively.
All interest-bearing securities as of September 30, 2025 and December 31, 2024, mature in one year or less. For the three months ended September 30, 2025 and 2024, interest income on these investments was $ 99  million and $ 126  million, respectively. For the nine months ended September 30, 2025 and 2024, interest income on these investments was $ 311  million and $ 394  million, respectively.
For the three and nine months ended September 30, 2025 and 2024, realized gains and losses on interest-bearing securities were not material and were recorded in Other 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 September 30, 2025 and December 31, 2024, the fair values of our investment in BeOne were $ 6.5 billion and $ 3.5 billion, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended September 30, 2025 and 2024, we recorded unrealized gains of $ 1.9  billion and $ 1.6  billion, respectively. During the nine months ended September 30, 2025 and 2024, we recorded unrealized gains of $ 3.0  billion and $ 836  million, respectively. These unrealized gains were recognized in Other 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 $ 300 million and $ 314 million as of September 30, 2025 and December 31, 2024, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2025, and 2024, net unrealized gains on these publicly traded securities were not material. Additionally, net realized gains and losses on sales of publicly traded securities for the three and nine months ended September 30, 2025 and 2024, were not material.
We held investments of $ 339 million and $ 319 million in equity securities without readily determinable fair values as of September 30, 2025 and December 31, 2024, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and nine months ended September 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 nine months ended September 30, 2025 and 2024, were not material.
Equity method investments
Neumora Therapeutics, Inc.
As of September 30, 2025 and December 31, 2024, our ownership interest in Neumora was approximately 21.8 % and 21.9 %, respectively, and the fair values of our investment were $ 64 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 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 September 30, 2025 and 2024, we recognized unrealized gains of $ 38 million and $ 119 million, respectively, and during the nine months ended September 30, 2025 and 2024, we recognized unrealized losses of $ 311 million and $ 136 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 $ 246 million and $ 262 million as of September 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 September 30, 2025, we had $ 142 million of unfunded additional commitments to be made for these investments during the next several years. For the three and nine months ended September 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):

September 30, 2025 December 31, 2024
Raw materials $ 955   $ 818  
Work in process 3,555   4,120  
Finished goods 1,836   2,060  
Total inventories $ 6,346   $ 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
39  
Balance at September 30, 2025
$ 18,676  

Other intangible assets
Other intangible assets consisted of the following (in millions):

  September 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 $ 47,803   $ ( 25,884 ) $ 21,919   $ 48,611   $ ( 22,594 ) $ 26,017  
Licensing rights 3,875   ( 3,490 ) 385   3,875   ( 3,392 ) 483  
Research and development technology rights 1,421   ( 1,296 ) 125   1,374   ( 1,235 ) 139  
Marketing-related rights 1,202   ( 1,202 ) —   1,202   ( 1,202 ) —  
Total finite-lived intangible assets 54,301   ( 31,872 ) 22,429   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 $ 55,011   $ ( 31,872 ) $ 23,139   $ 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. R&D technology rights pertains to technologies used in R&D that have alternative future uses. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products.
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 a partial impairment of $ 800  million. In the third quarter of 2025, new facts and circumstances, primarily from the CMS price setting process, indicated a further triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. A subsequent discounted cash flow analysis, prepared using the same Level 3 input framework and updated assumptions, resulted in a revised intangible asset fair value of $ 3.0  billion, which was lower than the carrying value of $ 3.4  billion, and an additional impairment of $ 400  million. The impairment charges of $ 400  million and $ 1.2  billion for three and nine months ended September 30, 2025, respectively, were recorded 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.
16

During the three months ended September 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $ 1.1  billion and $ 1.2  billion, respectively. During the nine months ended September 30, 2025 and 2024, we recognized amortization of our finite-lived intangible assets of $ 3.4  billion and $ 3.6  billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of September 30, 2025, the total estimated future amortization of our finite-lived intangible assets for the remaining three months ending December 31, 2025, and the years ending December 31, 2026, 2027, 2028, 2029 and 2030, was $ 0.9 billion, $ 3.6 billion, $ 3.5 billion, $ 2.8 billion, $ 2.3 billion and $ 2.2 billion, respectively.
17

9. Financing arrangements
Our borrowings consisted of the following (in millions):

  September 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)
880   777  
5.507 % notes due 2026 ( 5.507 % 2026 Notes)
—   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)
639   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)
941   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)
568   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)
1,462   1,764  
4.663 % notes due 2051 ( 4.663 % 2051 Notes)
3,541   3,541  
3.00 % notes due 2052 ( 3.00 % 2052 Notes)
703   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

  September 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
56,039   61,778  
Unamortized bond discounts, premiums and issuance costs, net ( 1,317 ) ( 1,360 )
Fair value adjustments ( 159 ) ( 343 )
Other 24   24  
Total carrying value of debt 54,587   60,099  
Less current portion ( 2,153 ) ( 3,550 )
Total long-term debt $ 52,434   $ 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 September 30, 2025 and 2024, debt repayments totaled $ 1.5 billion and $ 2.2 billion, respectively. During the nine months ended September 30, 2025 and 2024, debt repayments totaled $ 5.0 billion and $ 3.6 billion, respectively.
Debt extinguishment
During the three months ended September 30, 2025, we repurchased an aggregate principal amount of our debt of $ 119  million, including portions of the 2.80 % 2041 Notes, 3.375 % 2050 Notes and 3.00 % 2052 Notes, for an aggregate cost of $ 81 million, which resulted in a $ 36  million gain on extinguishment of debt . During the three months ended September 30, 2024, we repurchased an aggregate principal amount of our debt of $ 331 million, including portions of the 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes and 3.00 % 2052 Notes, for an aggregate cost of $ 249 million, which resulted in an $ 82 million gain on extinguishment of debt.
During the nine months ended September 30, 2025, we repurchased an aggregate principal amount of our debt of $ 1.0  billion, 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 $ 683 million, which resulted in a $ 264  million gain on extinguishment of debt. During the nine months ended September 30, 2024, we repurchased an aggregate principal amount of our debt of $ 875  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 $ 659 million, which resulted in a $ 215  million gain on extinguishment of debt. Gains and losses on extinguishments of debt are recorded in Other 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 nine months ended September 30, 2025 and 2024, we did not repurchase shares under our stock repurchase program. As of September 30, 2025, $ 6.8 billion of authorization remained available under the stock repurchase program.
Dividends
In August 2025, March 2025 and December 2024, our Board of Directors declared quarterly cash dividends of $ 2.38 per share, which were paid in September 2025, June 2025 and March 2025, respectively. In October 2025, our Board of Directors declared a quarterly cash dividend of $ 2.38 per share, which will be paid in December 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 June 30, 2025
$ ( 231 ) $ ( 335 ) $ 22   $ ( 544 )
Foreign currency translation adjustments 11   —   —   11  
Unrealized gains —   73   —   73  
Reclassification adjustments into earnings
—   67   —   67  
Other —   —   1   1  
Income taxes —   ( 30 ) —   ( 30 )
Balance as of September 30, 2025
$ ( 220 ) $ ( 225 ) $ 23   $ ( 422 )

Foreign
currency
translation adjustments
Cash flow
hedges Other AOCI
Balance as of December 31, 2024 $ ( 374 ) $ 287   $ 21   $ ( 66 )
Foreign currency translation adjustments 154   —   —   154  
Unrealized losses —   ( 396 ) —   ( 396 )
Reclassification adjustments into earnings
—   ( 256 ) —   ( 256 )
Other —   —   2   2  
Income taxes —   140   —   140  
Balance as of September 30, 2025
$ ( 220 ) $ ( 225 ) $ 23   $ ( 422 )

Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):

Three months ended September 30, Condensed Consolidated
Statements of Income locations
Components of AOCI 2025 2024
Cash flow hedges:
Foreign currency forward contract (losses) gains $ ( 28 ) $ 45   Product sales
Cross-currency swap contract (losses) gains ( 39 ) 121   Other income, net

( 67 ) 166   Income before income taxes
14   ( 36 ) Provision for income taxes
$ ( 53 ) $ 130   Net income

Nine months ended September 30, Condensed Consolidated
Statements of Income locations
Components of AOCI 2025 2024
Cash flow hedges:
Foreign currency forward contract gains $ 40   $ 151   Product sales
Cross-currency swap contract gains 216   87   Other income, net

256   238   Income before income taxes
( 56 ) ( 51 ) Provision for income taxes
$ 200   $ 187   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 September 30, 2025, using: Total
Assets:
Available-for-sale securities:

U.S. Treasury bills $ —   $ 998   $ —   $ 998  

Money market mutual funds 7,581   —   —   7,581  
Other short-term interest-bearing securities —   129   —   129  

Equity securities 6,819   —   —   6,819  
Derivatives:
Foreign currency forward contracts —   93   —   93  
Cross-currency swap contracts —   48   —   48  
Interest rate swap contracts —   1   —   1  

Total assets $ 14,400   $ 1,269   $ —   $ 15,669  

Liabilities:
Derivatives:
Foreign currency forward contracts $ —   $ 261   $ —   $ 261  
Cross-currency swap contracts —   337   —   337  
Interest rate swap contracts —   306   —   306  

Contingent consideration obligations
—   —   95   95  
Total liabilities $ —   $ 904   $ 95   $ 999  

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 September 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 September 30, 2025 and December 31, 2024, the aggregate fair values of our fixed-rate debt were $ 51.2 billion and $ 54.9 billion, respectively, and the carrying values of our fixed-rate debt were $ 52.8 billion and $ 58.3 billion, respectively. The estimate of the fair value of our term loan approximates its carrying value as of September 30, 2025 and December 31, 2024, as this debt instrument bears interest at a floating rate.
During the nine months ended September 30, 2025 and 2024, there were no transfers of assets or liabilities between fair value measurement levels. Except with respect to the partial impairments of the Otezla intangible asset in the first and third quarters 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.

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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 September 30, 2025 and December 31, 2024, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 7.7 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 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 September 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   4.7   %

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 nine months ended September 30, 2025 and 2024, and amounts expected to be recognized during the next 12 months are not material.
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Unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):

  Three months ended
September 30, Nine months ended
September 30,
Derivatives in cash flow hedging relationships 2025 2024 2025 2024
Foreign currency forward contracts $ 123   $ ( 238 ) $ ( 592 ) $ 87  
Cross-currency swap contracts ( 50 ) 80   196   50  

Total unrealized gains (losses) $ 73   $ ( 158 ) $ ( 396 ) $ 137  

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 September 30, 2025 and December 31, 2024, we had interest rate swap contracts with aggregate notional amounts of $ 6.2 billion and $ 6.7 billion respectively, that hedge certain portions of our long-term debt. During the nine months ended September 30, 2025 there was a reduction in the aggregate notional amount of these contracts due to the termination of swaps that occurred in connection with the repayment of the 3.125 % 2025 Notes (see Note 9, Financing arrangements). In addition, we entered into $ 550  million of new interest rate swaps to hedge a portion of our 5.25 % 2033 Notes, resulting in an interest rate of SOFR plus 1.7 % on the $ 550  million hedged portion.
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 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Current portion of long-term debt $ 1,266   $ 1,045   $ 16   $ 45  
Long-term debt $ 4,670   $ 5,152   $ ( 175 ) $ ( 388 )

____________
(1)     Current portion of long-term debt includes $ 51 million and $ 56 million of carrying value with discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively. Long-term debt includes $ 194 million and $ 232 million of carrying value with discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively.
(2)     Current portion of long-term debt includes $ 51 million and $ 56 million of hedging adjustments on discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively. Long-term debt includes $ 94 million and $ 132 million of hedging adjustments on discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively.
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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 September 30, 2025 Nine months ended September 30, 2025
Product sales Other income, net Interest expense, net Product sales Other income, net Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income
$ 9,137   $ 2,080   $ ( 685 ) $ 25,781   $ 3,204   $ ( 2,102 )
The effects of cash flow and fair value hedging:
(Losses) gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts $ ( 28 ) $ —  $ —  $ 40   $ —  $ — 
Cross-currency swap contracts $ —  $ ( 39 ) $ —  $ —  $ 216   $ — 

(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items (1)
$ —  $ —  $ ( 27 ) $ —  $ —  $ ( 184 )
Derivatives designated as hedging instruments $ —  $ —  $ 40   $ —  $ —  $ 227  

Three months ended September 30, 2024 Nine months ended September 30, 2024
Product sales Other income, net Interest expense, net Product sales Other income, net Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income
$ 8,151   $ 1,830   $ ( 776 ) $ 23,310   $ 1,288   $ ( 2,408 )
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts $ 45   $ —  $ —  $ 151   $ —  $ — 
Cross-currency swap contracts $ —  $ 121   $ —  $ —  $ 87   $ — 
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items (1)
$ —  $ —  $ ( 153 ) $ —  $ —  $ ( 122 )
Derivatives designated as hedging instruments $ —  $ —  $ 168   $ —  $ —  $ 176  

__________
(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 September 30, 2025, the amount of net losses on our foreign currency forward and cross-currency swap contracts expected to be reclassified out of AOCI and recognized into earnings during the next 12 months was not material.
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 September 30, 2025 and December 31, 2024, the total notional amounts of these foreign currency forward contracts were $ 245 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 nine months ended September 30, 2025 and 2024.
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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
September 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 $ 93   Accrued liabilities/ Other noncurrent liabilities
$ 261  
Cross-currency swap contracts Other current assets/ Other noncurrent assets 48   Accrued liabilities/ Other noncurrent liabilities
337  
Interest rate swap contracts Other current assets/ Other noncurrent assets 1   Accrued liabilities/ Other noncurrent liabilities
306  

Total derivatives designated as hedging instruments
142   904  

Total derivatives $ 142   $ 904  

  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 September 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 primarily 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.
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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 Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 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 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 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
Patent Disputes in the International Region
Unified Patent Court (UPC) of the European Union
On August 6, 2025, the Dusseldorf Local Division of the UPC stayed Sanofi’s lawsuit against Amgen alleging infringement of the European Patent No. 4,252,857 until the UPC Court of Appeals reaches a decision on the appeal from Sanofi’s lawsuit against Amgen involving European Patent No. 3,536,712 (the EP’712 Patent).
On August 12, 2025, the Court of Appeals of the UPC heard oral argument 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.
On September 15, 2025, Amgen and Sanofi Biotechnologies SAS and Regeneron Pharmaceuticals, Inc. (Regeneron) filed respective Statements of Grounds of Appeal from the Dusseldorf Local Division of the UPC’s decision that the EP’712 Patent is valid but not infringed by Amgen.
Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation
Amgen Inc. et al. v. Samsung Bioepis Co. Ltd. et al.
The parties entered into a confidential settlement agreement that resolves the patent litigation related to Samsung Bioepis Co Ltd.’s and Samsung Biologics Co., Ltd’s (collectively, Samsung) denosumab biosimilar products in the United States. Accordingly, the U.S. District Court for the District of New Jersey (New Jersey District Court) entered a Consent Order and Judgment on September 5, 2025, finding the claims of Amgen’s U.S. patents asserted against Samsung are valid, enforceable and infringed by Samsung’s denosumab biosimilars in the United States. In addition, Amgen and Samsung have reached a confidential settlement that allows Samsung to launch its biosimilar products in the United States.
Amgen Inc. et al. v. Shanghai Henlius Biotech Inc. et al.
On September 5, 2025, Shanghai Henlius Biotech Inc., Shanghai Henlius Biologics Co., Ltd., Organon LLC and Organon & Co. responded to Amgen’s complaint, asserting counterclaims and affirmative defenses. On October 10, 2025, Amgen responded to those counterclaims and asserted its affirmative defenses.
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Amgen Inc. et al. v. Hikma Pharmaceuticals USA Inc. et al.
On September 5, 2025, Hikma Pharmaceuticals USA Inc., Gedeon Richter Plc., and Gedeon Richter USA, Inc. responded to Amgen’s complaint, asserting counterclaims and affirmative defenses on September 5, 2025. On October 10, 2025, Amgen responded to those counterclaims and asserted its affirmative defenses.
Amgen Inc. et al. v. Biocon Biologics, Inc. et al.
On September 5, 2025, Biocon Biologics, Inc., Biocon Biologics UK Limited, and Biocon Biologics Limited (collectively, Biocon) responded to Amgen’s complaint, asserting counterclaims and affirmative defenses. Pursuant to a consent order providing leave to amend, Amgen filed an Amended Complaint on September 23, 2025, adding Biosimilars Newco Limited (BNCL) as a defendant to the litigation.
The parties entered into a confidential settlement agreement that resolves the patent litigation related to Biocon’s denosumab biosimilar products in the United States. Accordingly, the New Jersey District Court entered a Consent Judgment and Injunction on September 30, 2025, finding the claims of Amgen’s U.S. patents asserted against Biocon valid, enforceable and infringed by Biocon's denosumab biosimilars in the United States. In addition, Amgen and Biocon have reached a confidential settlement that allowed Biocon to launch its biosimilar products in the United States as early as October 1, 2025.
In re: Denosumab Patent Litigation (Multidistrict Litigations)
The claim construction hearing previously set by the New Jersey District Court was cancelled and on September 8, 2025, a new case schedule was issued for all matters pending in the multidistrict litigation. Neither a claim construction hearing nor a trial date have been set.
PAVBLU ™ (aflibercept-ayyh) Patent Litigation
On September 12, 2025, Amgen responded to Regeneron’s complaint asserting infringement of U.S. Patent No. 12,331,099 (the ’099 Patent), denying infringement and asserting counterclaims seeking a declaratory judgment that the ’099 Patent is not infringed, invalid, and/or unenforceable, and counterclaims for Sherman Act (15 U.S.C. § 2) monopolization through Walker Process fraud, Sherman Act (15 U.S.C. § 2) attempted monopolization through Walker Process fraud, and unlawful and unfair practices under the California Unfair Competition Law. By its counterclaims, Amgen seeks, among other remedies, damages and an injunction against conduct by Regeneron. On September 29, 2025, the U.S. District Court for the Northern District of West Virginia entered a scheduling order for the matters pending in the multidistrict litigation including a claim construction hearing for November 23, 2026.
KYPROLIS ® (carfilzomib) Abbreviated New Drug Application (ANDA) Patent Litigation
Onyx Therapeutics, Inc. v. Somerset Therapeutics, LLC
On October 3, 2025, based on a joint request by Onyx Therapeutics, Inc. (Onyx Therapeutics, a wholly-owned subsidiary of Amgen) and Somerset Therapeutics, LLC (Somerset), the U.S. District Court for the District of Delaware (Delaware District Court) entered a Stipulation and Order that the filing of Somerset’s ANDA infringed, and the making, using, offering to sell, selling or importing of its proposed ANDA product will infringe, U.S. Patent No. 7,737,112 (the ’112 Patent), which Somerset admits is valid and enforceable. The Stipulation and Order enjoins Somerset and its affiliates from engaging in infringing conduct during the term of the ’112 Patent, subject to the terms of a confidential settlement agreement.
Onyx Therapeutics, Inc. v. Amneal Pharmaceuticals of New York, LLC and Amneal EU, Limited.
On September 4, 2025, Onyx Therapeutics filed a lawsuit in the Delaware District Court against Amneal Pharmaceuticals of New York, LLC and Amneal EU, Limited (collectively, Amneal), asserting infringement of the ’112 Patent based on Amneal’s submission of an application pursuant to Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act seeking FDA approval to market a generic version of KYPROLIS. Onyx Therapeutics seeks an order from the Delaware District Court making any FDA approval of the defendant’s application effective no earlier than the expiration of the ’112 Patent.
Antitrust Actions
CareFirst of Maryland Antitrust Class Action
On September 30, 2025, the U.S. District Court for the Eastern District of Virginia issued an order granting in part and denying in part Amgen’s motion to dismiss. The court dismissed the plaintiffs’ antitrust claim under Puerto Rico law, and their unjust enrichment claims under the laws of seven states and Puerto Rico, but otherwise permitted the plaintiffs’ claims to proceed.
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Sandoz Inc. Antitrust Action
On August 21, 2025, Amgen filed its reply to Sandoz Inc.’s opposition to Amgen’s motion to dismiss.
Other Similar Antitrust Actions
In August and September 2025, the Company received service of process of seven cases that were filed in the California Superior Court for the County of Ventura that raise allegations substantially similar to those in the CareFirst of Maryland antitrust class action. The cases were filed by: Centene Corporation on July 29, 2025; Humana, Inc. on July 29, 2025; Molina Healthcare, Inc. on July 29, 2025; Blue Cross and Blue Shield of Florida, Inc. (BCBSFL) on July 29, 2025; Blue Cross and Blue Shield of Kansas City (BCBSKC) on July 29, 2025; Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. (BCBSMA) on August 8, 2025; and Health Care Services Corp. (HCSC) on August 21, 2025. Amgen subsequently removed the cases filed by BCBSFL, BCBSKC, BCBSMA, and HCSC to the U.S. District Court for the Central District of California. On September 29, 2025, HCSC voluntarily dismissed its case without prejudice. BCBSFL, BCBSKC, and BCBSMA voluntarily dismissed their cases without prejudice on October 1, 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 September 11, 2025, the U.S. District Court for the Southern District of New York issued an order that extended deadlines. Pursuant to the order, the class certification briefing will be completed by April 24, 2026. The last day to file summary judgment motions is December 21, 2026, but no briefing schedule has been set.
ChemoCentryx, Inc. Securities Matters
On August 15, 2025, the U.S. District Court for the Northern District of California granted defendants’, including ChemoCentryx’s, motion for summary judgment in its entirety and denied lead plaintiff’s motion for partial summary judgment. On September 12, 2025, the lead plaintiff filed a notice of appeal to the Ninth Circuit Court of Appeals; its opening brief is due December 5, 2025.
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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 Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 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 Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 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, Otezla, XGEVA, EVENITY, TEPEZZA, BLINCYTO, Nplate, KYPROLIS, Aranesp, TEZSPIRE, KRYSTEXXA and Vectibix. We also market a number of other products, including but not limited to MVASI, PAVBLU, AMJEVITA/AMGEVITA, UPLIZNA, IMDELLTRA/IMDYLLTRA, TAVNEOS, RAVICTI, Neulasta, LUMAKRAS/LUMYKRAS, Parsabiv, Aimovig, WEZLANA/WEZENLA and PROCYSBI.
Tariffs and trade protection measures
Numerous tariffs and trade protection measures have been proposed, and in a number of cases, implemented by the United States and other countries. These tariffs and trade protection measures include the universal 10% tariff on goods imported into the United States, the July Tariff EOs imposing additional country-specific tariffs for more than 60 countries, the trade framework with the EU effective September 2025 that imposes a baseline 15% tariff on most goods from the EU, bilateral trade deals with certain other countries such as Vietnam, Japan and the United Kingdom for special tariff rates, China’s country-specific tariff that is expected to become effective on November 10, 2025, and retaliatory tariffs on U.S. goods. These tariffs and trade protection measures may adversely affect our business and results of operations. Further, there are a number of proposed and potential sector-specific tariffs on our industry that are in development. See Part II, Item 1A. Risk Factors —Global economic conditions may negatively affect us and may magnify certain risks that affect our business, of this Quarterly Report on Form 10-Q for further discussion. While existing tariffs have not had a material adverse effect on our results of operations for the nine months ended September 30, 2025, certain tariffs that are currently in effect, or anticipated to take effect in the future, 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. Furthermore, such tariffs may increasingly affect the cost to expand our manufacturing capacity in the United
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States, including increased construction costs and/or delays in construction for our Ohio and North Carolina facilities. Additionally, 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 future periods will depend on various factors, including the application and rates of such tariffs, as well as 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, retaliatory or sector-specific 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 focus on drug pricing, including the Most-Favored-Nations Prescription Drug Pricing Executive Order (MFN EO) that is aimed at using price benchmarks from other developed countries to set U.S. pricing targets, and the July MFN Letter that was delivered to many pharmaceutical companies, including Amgen, and called for drug manufacturers to: 1) extend MFN pricing to Medicaid; 2) guarantee MFN pricing to Medicaid, Medicare and commercial payers on all newly launched drugs; 3) use future increased revenues from outside the United States to reduce U.S. drug prices; and 4) participate in direct-to-consumer models to provide MFN pricing for certain drugs. The details of these drug pricing actions and how they might be operationalized are unclear, but if put into place they could reasonably be expected to adversely affect our business. See Part II, Item 1A. Risk Factors —Changing U.S. federal coverage and reimbursement policies and practices have affected, and are likely to continue to affect, access to, pricing of, and sales of our products, of this Quarterly Report on Form 10-Q for further discussion.
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 June 30, 2025. For additional developments, see our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025.
Products/pipeline
Repatha
In August 2025, we announced that the FDA broadened the approved use of Repatha to include adults at increased risk for major adverse cardiovascular events (MACE) due to uncontrolled low-density lipoprotein cholesterol (LDL-C). The update removes a prior requirement for a patient to have been diagnosed with cardiovascular (CV) disease.
In October 2025, we announced that the Phase 3 VESALIUS-CV trial met its dual primary endpoints demonstrating that Repatha significantly reduced the risk of MACE in individuals without a prior history of heart attack or stroke. No new safety signals were observed.
TEZSPIRE
In October 2025, we announced that the FDA approved TEZSPIRE for the add-on maintenance treatment of inadequately controlled chronic rhinosinusitis with nasal polyps (CRSwNP) in adult and pediatric patients aged 12 years and older.
Bemarituzumab
In November 2025, we announced that FORTITUDE-102, a Phase 1b/3 study of bemarituzumab plus chemotherapy and nivolumab in patients with first-line gastric cancer, was stopped.
31

Selected financial information
The following is an overview of our results of operations (in millions, except percentages and per-share data):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Product sales
U.S. $ 6,751  $ 5,979  13  % $ 18,737  $ 16,792  12  %
ROW 2,386  2,172  10  % 7,044  6,518  8  %
Total product sales 9,137  8,151  12  % 25,781  23,310  11  %
Other revenues 420  352  19  % 1,104  1,028  7  %
Total revenues $ 9,557  $ 8,503  12  % $ 26,885  $ 24,338  10  %
Operating expenses $ 7,031  $ 6,456  9  % $ 20,525  $ 19,391  6  %
Operating income $ 2,526  $ 2,047  23  % $ 6,360  $ 4,947  29  %
Net income $ 3,216  $ 2,830  14  % $ 6,378  $ 3,463  84  %
Diluted EPS $ 5.93  $ 5.22  14  % $ 11.77  $ 6.40  84  %
Diluted shares 542  542  —  % 542  541  0  %

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 12% and 11% for the three and nine months ended September 30, 2025, respectively, driven by volume growth of 14% for both periods, partially offset by declines in net selling price of 4% and 3%, respectively.
For the three months ended September 30, 2025, U.S. volume grew 13% and ROW volume grew 16%, driven by volume growth in certain brands, including PAVBLU, Repatha, EVENITY, IMDELLTRA/IMDYLLTRA, TEZSPIRE and BLINCYTO.
For the nine months ended September 30, 2025, U.S. and ROW volumes grew 14% each, driven by volume growth in certain brands, including Repatha, PAVBLU, EVENITY, TEZSPIRE, IMDELLTRA/IMDYLLTRA and BLINCYTO.
For the remainder of 2025, we expect volume growth from certain brands to be partially offset by net selling price declines.
Other revenues increased 19% and 7% for the three and nine months ended September 30, 2025, respectively, primarily driven by higher royalty income.
Operating expenses increased 9% and 6% for the three and nine months ended September 30, 2025, respectively, driven by investments in Later-Stage Clinical Programs and Otezla intangible asset impairment charges, 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 charges.
Uncertain macroeconomic conditions, including uncertainty around tariffs and trade protection measures, ongoing geopolitical conflicts and rising geopolitical tensions, changes in the healthcare ecosystem, and potential government policy actions, including MFN pricing or similar drug pricing reforms, 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, June 30, 2025 and September 30, 2025.
32

Results of operations
Product sales
Worldwide product sales were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Prolia  $ 1,139  $ 1,045  9  % $ 3,360  $ 3,209  5  %
Repatha 794  567  40  % 2,146  1,616  33  %
ENBREL 580  825  (30) % 1,694  2,301  (26) %
Otezla 585  564  4  % 1,640  1,502  9  %
XGEVA 539  541  0  % 1,637  1,664  (2) %
EVENITY 541  399  36  % 1,501  1,132  33  %
TEPEZZA 560  488  15  % 1,446  1,391  4  %
BLINCYTO 392  327  20  % 1,146  835  37  %
Nplate 457  456  0  % 1,139  1,119  2  %
KYPROLIS 359  378  (5) % 1,061  1,131  (6) %
Aranesp 357  337  6  % 1,056  1,034  2  %
TEZSPIRE (1)
377  269  40  % 1,004  676  49  %
KRYSTEXXA 320  310  3  % 905  839  8  %
Vectibix 284  282  1  % 856  799  7  %
Other products (2)
1,853  1,363  36  % 5,190  4,062  28  %
Total product sales $ 9,137  $ 8,151  12  % $ 25,781  $ 23,310  11  %

____________
(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 Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 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.
Prolia
Total Prolia sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Prolia — U.S. $ 806  $ 683  18  % $ 2,271  $ 2,110  8  %
Prolia — ROW 333  362  (8) % 1,089  1,099  (1) %
Total Prolia $ 1,139  $ 1,045  9  % $ 3,360  $ 3,209  5  %

The increase in global Prolia sales for the three months ended September 30, 2025 was primarily driven by favorable changes to estimated sales deductions of 14%, partially offset by lower net selling price.
The increase in global Prolia sales for the nine months ended September 30, 2025 was driven by volume growth.
33

For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.
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 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, June 30, 2025 and September 30, 2025.
Repatha
Total Repatha sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Repatha — U.S. $ 442  $ 281  57  % $ 1,146  $ 824  39  %
Repatha — ROW 352  286  23  % 1,000  792  26  %
Total Repatha $ 794  $ 567  40  % $ 2,146  $ 1,616  33  %

The increases in global Repatha sales for the three and nine months ended September 30, 2025 were primarily driven by volume growth.
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, June 30, 2025 and September 30, 2025.
ENBREL
Total ENBREL sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
ENBREL — U.S. $ 574  $ 817  (30) % $ 1,675  $ 2,280  (27) %
ENBREL — Canada 6  8  (25) % 19  21  (10) %
Total ENBREL $ 580  $ 825  (30) % $ 1,694  $ 2,301  (26) %

The decrease in ENBREL sales for the three months ended September 30, 2025 was primarily driven by lower net selling price of 38% resulting from the impact of the U.S. Medicare Part D redesign and increased 340B Program mix, partially offset by favorable changes to estimated sales deductions and volume growth.
The decrease in ENBREL sales for the nine months ended September 30, 2025 was driven by lower net selling price of 30% resulting from increased 340B Program mix, the impact of the U.S. Medicare Part D redesign and higher commercial discounts, partially offset by volume growth.
34

Otezla
Total Otezla sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Otezla — U.S. $ 473  $ 460  3  % $ 1,328  $ 1,185  12  %
Otezla — ROW 112  104  8  % 312  317  (2) %
Total Otezla $ 585  $ 564  4  % $ 1,640  $ 1,502  9  %

The increase in global Otezla sales for the three months ended September 30, 2025 was primarily driven by volume growth of 6% and favorable changes to estimated sales deductions of 5%, partially offset by lower net selling price of 5%.
The increase in global Otezla sales for the nine months ended September 30, 2025 was driven by volume growth of 5%, favorable changes to estimated sales deductions of 3% and higher net selling price of 2%.
In January 2025, Otezla was selected by CMS for Medicare price setting that will be applicable beginning in 2027. As a result, we expect further declines in net selling price driven by Medicare price setting 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 charges.
XGEVA
Total XGEVA sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
XGEVA — U.S. $ 357  $ 373  (4) % $ 1,064  $ 1,138  (7) %
XGEVA — ROW 182  168  8  % 573  526  9  %
Total XGEVA $ 539  $ 541  0  % $ 1,637  $ 1,664  (2) %

Global XGEVA sales remained relatively unchanged for the three months ended September 30, 2025, as favorable changes to estimated sales deductions of 6% were offset by lower volume of 3% and lower inventory.
The decrease in global XGEVA sales for the nine months ended September 30, 2025 was driven by lower volume.
For the remainder of 2025, we expect sales erosion driven by biosimilar competition, as biosimilars have launched in the U.S. market.
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 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, June 30, 2025 and September 30, 2025.
35

EVENITY
Total EVENITY sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
EVENITY — U.S. $ 417  $ 289  44  % $ 1,132  $ 806  40  %
EVENITY — ROW 124  110  13  % 369  326  13  %
Total EVENITY $ 541  $ 399  36  % $ 1,501  $ 1,132  33  %

The increases in global EVENITY sales for the three and nine months ended September 30, 2025 were driven by volume growth.
TEPEZZA
Total TEPEZZA sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
TEPEZZA — U.S. $ 518  $ 482  7  % $ 1,349  $ 1,379  (2) %
TEPEZZA — ROW 42  6  * 97  12  *
Total TEPEZZA $ 560  $ 488  15  % $ 1,446  $ 1,391  4  %

* Change in excess of 100%
The increase in global TEPEZZA sales for the three months ended September 30, 2025 was driven by higher inventory and higher net selling price.
The increase in global TEPEZZA sales for the nine months ended September 30, 2025 was driven by higher net selling price of 5% and higher inventory of 2%, partially offset by lower volume.
BLINCYTO
Total BLINCYTO sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
BLINCYTO — U.S. $ 236  $ 237  0  % $ 779  $ 555  40  %
BLINCYTO — ROW 156  90  73  % 367  280  31  %
Total BLINCYTO $ 392  $ 327  20  % $ 1,146  $ 835  37  %

The increase in global BLINCYTO sales for the three months ended September 30, 2025 was driven by volume growth of 31%, partially offset by lower inventory.
The increase in global BLINCYTO sales for the nine months ended September 30, 2025 was primarily driven by volume growth.
36

Nplate
Total Nplate sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Nplate — U.S. $ 333  $ 345  (3) % $ 762  $ 749  2  %
Nplate — ROW 124  111  12  % 377  370  2  %
Total Nplate $ 457  $ 456  0  % $ 1,139  $ 1,119  2  %

Global Nplate sales for the three months ended September 30, 2025 remained relatively unchanged and included U.S. government orders of $90 million and $128 million for the three months ended September 30, 2025 and 2024, respectively. Excluding the U.S. government orders from this comparison, global Nplate sales increased 12% for the three months ended September 30, 2025, driven by volume growth.
Global Nplate sales for the nine months ended September 30, 2025 increased 2% and included U.S. government orders of $90 million and $128 million for the nine months ended September 30, 2025 and 2024, respectively. Excluding the U.S. government orders from this comparison, global Nplate sales increased 6% for the nine months ended September 30, 2025, primarily driven by volume growth.
KYPROLIS
Total KYPROLIS sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
KYPROLIS — U.S. $ 225  $ 238  (5) % $ 673  $ 712  (5) %
KYPROLIS — ROW 134  140  (4) % 388  419  (7) %
Total KYPROLIS $ 359  $ 378  (5) % $ 1,061  $ 1,131  (6) %

The decreases in global KYPROLIS sales for the three and nine months ended September 30, 2025 were 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
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Aranesp — U.S. $ 103  $ 105  (2) % $ 301  $ 296  2  %
Aranesp — ROW 254  232  9  % 755  738  2  %
Total Aranesp $ 357  $ 337  6  % $ 1,056  $ 1,034  2  %

The increases in global Aranesp sales for the three and nine months ended September 30, 2025 were driven by volume growth of 10% and 5%, respectively, partially offset by unfavorable changes to foreign currency exchange rates of 2% for each period and lower net selling price.
37

TEZSPIRE
Total TEZSPIRE sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
TEZSPIRE — U.S.
$ 377  $ 269  40  % $ 1,004  $ 676  49  %

The increase in TEZSPIRE sales for the three months ended September 30, 2025 was driven by volume growth of 48%, partially offset by lower net selling price.
The increase in TEZSPIRE sales for the nine months ended September 30, 2025 was primarily driven by volume growth.
KRYSTEXXA
Total KRYSTEXXA sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
KRYSTEXXA — U.S.
$ 320  $ 310  3  % $ 905  $ 839  8  %

The increase in KRYSTEXXA sales for the three months ended September 30, 2025 was driven by volume growth of 9% and higher net selling price of 3%, partially offset by lower inventory of 10%.
The increase in KRYSTEXXA sales for the nine months ended September 30, 2025 was driven by volume growth.
Vectibix
Total Vectibix sales by geographic region were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Vectibix — U.S. $ 162  $ 132  23  % $ 441  $ 385  15  %
Vectibix — ROW 122  150  (19) % 415  414  0  %
Total Vectibix $ 284  $ 282  1  % $ 856  $ 799  7  %

Global Vectibix sales remained relatively unchanged for the three months ended September 30, 2025.
The increase in global Vectibix sales for the nine months ended September 30, 2025 was driven by volume growth.
38

Other products
Other product sales by geographic region were as follows (dollar amounts in millions):

Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
MVASI — U.S.
$ 156  $ 136  15  % $ 436  $ 341  28  %
MVASI — ROW
57  59  (3) % 147  213  (31) %
PAVBLU — U.S. 212  —  N/A 437  —  N/A
PAVBLU — ROW 1  —  N/A 5  —  N/A
AMJEVITA — U.S. 16  28  (43) % 20  49  (59) %
AMGEVITA — ROW
138  138  —  % 403  418  (4) %
UPLIZNA — U.S. 146  74  97  % 360  221  63  %
UPLIZNA — ROW 9  32  (72) % 62  57  9  %
IMDELLTRA — U.S.
144  36  * 330  48  *
IMDYLLTRA — ROW
34  —  N/A 63  —  N/A
TAVNEOS — U.S. 101  74  36  % 281  180  56  %
TAVNEOS — ROW 6  6  —  % 26  22  18  %
RAVICTI — U.S. 104  98  6  % 294  286  3  %
RAVICTI — ROW 1  9  (89) % 10  12  (17) %
Neulasta — U.S. 72  84  (14) % 244  246  (1) %
Neulasta — ROW 20  26  (23) % 59  87  (32) %
LUMAKRAS — U.S.
57  53  8  % 164  161  2  %
LUMYKRAS — ROW
39  45  (13) % 107  104  3  %
Parsabiv — U.S. 42  32  31  % 143  164  (13) %
Parsabiv — ROW 42  38  11  % 121  117  3  %
Aimovig — U.S. 90  77  17  % 239  222  8  %
Aimovig — ROW 5  5  —  % 16  15  7  %
WEZLANA — U.S. —  —  N/A 123  —  N/A
WEZENLA — ROW 44  5  * 106  6  *
PROCYSBI — U.S. 62  57  9  % 174  160  9  %
PROCYSBI — ROW 1  1  —  % 5  6  (17) %
Other — U.S. (1)
206  209  (1) % 662  780  (15) %
Other — ROW (1)
48  41  17  % 153  147  4  %
Total other products $ 1,853  $ 1,363  36  % $ 5,190  $ 4,062  28  %
Total U.S. — other products $ 1,408  $ 958  47  % $ 3,907  $ 2,858  37  %
Total ROW — other products 445  405  10  % 1,283  1,204  7  %
Total other products $ 1,853  $ 1,363  36  % $ 5,190  $ 4,062  28  %

N/A = not applicable
* Change in excess of 100%
____________
(1)     Consists of product sales from AVSOLA, KANJINTI, EPOGEN, RIABNI, BKEMV/BEKEMV, ACTIMMUNE, NEUPOGEN, IMLYGIC, Corlanor, RAYOS, BUPHENYL, QUINSAIR, DUEXIS, Sensipar/Mimpara and PENNSAID.
39

Operating expenses
Operating expenses were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 Change 2025 2024 Change
Operating expenses:
Cost of sales $ 3,082  $ 3,310  (7) % $ 9,061  $ 9,746  (7) %
% of product sales 33.7  % 40.6  % 35.1  % 41.8  %
% of total revenues 32.2  % 38.9  % 33.7  % 40.0  %
Research and development $ 1,900  $ 1,450  31  % $ 5,130  $ 4,240  21  %
% of product sales 20.8  % 17.8  % 19.9  % 18.2  %
% of total revenues 19.9  % 17.1  % 19.1  % 17.4  %

Selling, general and administrative $ 1,720  $ 1,625  6  % $ 5,098  $ 5,218  (2) %
% of product sales 18.8  % 19.9  % 19.8  % 22.4  %
% of total revenues 18.0  % 19.1  % 19.0  % 21.4  %
Other $ 329  $ 71  * $ 1,236  $ 187  *
Total operating expenses $ 7,031  $ 6,456  9  % $ 20,525  $ 19,391  6  %

* Change in excess of 100%
Cost of sales
Cost of sales decreased to 32.2% and 33.7% of total revenues for the three and nine months ended September 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 September 30, 2025, was driven by investments in Later-Stage Clinical Programs, including those related to MariTide.
The increase in R&D expense for the nine months ended September 30, 2025, was driven by investments in Later-Stage Clinical Programs, including those related to MariTide, partially offset by lower spend in Marketed Product Support and Research and Early Pipeline.
We expect to continue to grow our spend on Later-Stage Clinical Programs as we advance our pipeline.
Selling, general and administrative
The increase in SG&A expense for the three months ended September 30, 2025, was driven by higher general and administrative expenses, partially offset by lower Horizon acquisition-related expenses.
The decrease in SG&A expense for the nine months ended September 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 and nine months ended September 30, 2025, included Otezla intangible asset impairment charges of $400 million and $1.2 billion, respectively. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements.
Other operating expenses for the three and nine months ended September 30, 2024, included impairment charges associated with IPR&D assets and changes in the fair values of contingent consideration liabilities, both related to our Teneobio, Inc. acquisition from 2021.
40

Nonoperating expenses/income and income taxes
Nonoperating expenses/income and income taxes were as follows (dollar amounts in millions):

  Three months ended
September 30, Nine months ended
September 30,
  2025 2024 2025 2024
Interest expense, net $ (685) $ (776) $ (2,102) $ (2,408)
Other income, net $ 2,080  $ 1,830  $ 3,204  $ 1,288 
Provision for income taxes $ 705  $ 271  $ 1,084  $ 364 
Effective tax rate 18.0  % 8.7  % 14.5  % 9.5  %

Interest expense, net
Interest expense, net, decreased for the three and nine months ended September 30, 2025, primarily due to lower average debt outstanding.
Other income, net
Other income, net, increased for the three and nine months ended September 30, 2025, primarily due to higher net unrealized gains on equity investments, primarily BeOne. See Note 6, Investments, to the condensed consolidated financial statements.

Income taxes
The increase in our effective tax rate for the three months ended September 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. The increase in our effective tax rate for the nine months ended September 30, 2025, was primarily due to the change in earnings mix, including the net unrealized gains on equity investments in the first nine months of 2025 compared to those in the prior-year period (see Note 6, Investments) and partially offset by the year-to-date Otezla impairment charges and related tax impacts (see Note 8, Goodwill and other intangible assets).
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. Due to the currently enacted scope of the agreement, the Company and its 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, OB3 was enacted in the United States. OB3 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 was recorded in the third quarter of 2025 and did not have a material effect on our effective tax rate or on our condensed consolidated financial statements.
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 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 and paid on our foreign earnings.
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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 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 and paid 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 filed post-trial reply briefs on October 10, 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 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.
See our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, Part II, Item 1A. Risk Factors— We could be subject to additional tax liabilities, including from an adverse outcome in our ongoing tax dispute with the IRS and other tax examinations, enactment of the OECD minimum corporate tax rate agreement and the adoption and interpretation of new tax legislation including the OBBBA. Such tax liabilities could adversely affect our profitability and results of operations, and Note 4, Income taxes, to the condensed consolidated financial statements of this Quarterly Report on Form 10-Q for further discussion.

Financial condition, liquidity and capital resources
Selected financial data were as follows (in millions):

September 30, 2025 December 31, 2024
Cash and cash equivalents $ 9,445  $ 11,973 
Total assets $ 90,141  $ 91,839 
Current portion of long-term debt $ 2,153  $ 3,550 
Long-term debt $ 52,434  $ 56,549 
Stockholders’ equity $ 9,619  $ 5,877