SEC EDGAR · 10-Q
10-Q – 2026-08-05 – amgn-20260630.htm

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Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 59
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 $ 9,537 $ 8,771 $ 17,755 $ 16,644 | Other revenues 517 408 917 684
Operating expenses: | Cost of sales 2,811 3,011 5,555 5,979 | Research and development 1,868 1,744 3,587 3,230
Accrued liabilities ( 58 ) ( 50 ) | Accrued sales incentives and allowance 278 1,113 | Other liabilities ( 107 ) ( 70 )
Less: | Manufacturing cost of sales (1)(2) | 2,139 2,484 4,319 5,012
2,139 2,484 4,319 5,012 | Profit share and royalties in cost of sales (1) | 672 527 1,236 967
Rörelseresultat
Operating income 3,514 2,656 6,180 3,834
Operating expenses $ 6,540 $ 6,523 0 % $ 12,492 $ 13,494 (7) % | Operating income $ 3,514 $ 2,656 32 % $ 6,180 $ 3,834 61 % | Net income $ 2,375 $ 1,432 66 % $ 4,194 $ 3,162 33 %
Periodens resultat
Net income $ 2,375 $ 1,432 $ 4,194 $ 3,162
2026 2025 2026 2025 | Net income $ 2,375 $ 1,432 $ 4,194 $ 3,162 | Other comprehensive income (loss), net of reclassification adjustments and taxes:
Net income — — 2,375 — 2,375 | Other comprehensive income, net of taxes — — — 71 71
Net income — — 4,194 — 4,194 | Other comprehensive income, net of taxes — — — 139 139
Net income — — 1,432 — 1,432 | Other comprehensive loss, net of taxes — — — ( 313 ) ( 313 )
Net income — — 3,162 — 3,162 | Other comprehensive loss, net of taxes — — — ( 478 ) ( 478 )
Cash flows from operating activities: | Net income $ 4,194 $ 3,162 | Noncash adjustments to reconcile net income to net cash provided by operating activities:
Net income $ 4,194 $ 3,162 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 2,228 2,728
Resultat per aktie
EPS earnings per share
Earnings per share: | Basic $ 4.40 $ 2.66 $ 7.77 $ 5.88
Weighted-average shares used in calculation of earnings per share: | Basic 540 538 540 538
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 $ 2,375 $ 1,432 $ 4,194 $ 3,162
Shares (Denominator): | Weighted-average shares for basic EPS 540 538 540 538 | Effect of dilutive securities 4 3 4 3
Kassaflöde
(Losses) gains on foreign currency translation adjustments ( 22 ) 86 ( 27 ) 143 | Gains (losses) on cash flow hedges 94 ( 399 ) 171 ( 622 )
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 $ | During the three months ended June 30, 2026 and 2025, we recognized amortization of our finite-lived intangible assets of $ 890 million and $ 1.1 billion, respectively. During the six months ended June 30, 2026 and 2025, we recognized amortization of our finite-lived intangible assets of $ 1.8 billion and $ 2.3 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of June 30, 2026, the total estimate
translation adjustments | Cash flow | hedges Other AOCI
Components of AOCI 2026 2025 | Cash flow hedges: | Foreign currency forward contract (losses) gains $ ( 13 ) $ 12 Product sales
Components of AOCI 2026 2025 | Cash flow hedges: | Foreign currency forward contract (losses) gains $ ( 49 ) $ 68 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 | 23
Cash flow hedges | We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into fore
We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into fore | As of June 30, 2026 and December 31, 2025, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 8.0 billion and $ 7.8 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro and Japanese yen 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 Conso | 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 $ 13,989 $ 9,129
Net cash used in financing activities ( 46 ) ( 6,780 ) | Increase (decrease) in cash and cash equivalents 4,860 ( 3,945 ) | Cash and cash equivalents at beginning of period 9,129 11,973
Increase (decrease) in cash and cash equivalents 4,860 ( 3,945 ) | Cash and cash equivalents at beginning of period 9,129 11,973 | Cash and cash equivalents at end of period $ 13,989 $ 8,028
Cash and cash equivalents at beginning of period 9,129 11,973 | Cash and cash equivalents at end of period $ 13,989 $ 8,028
Condensed Consolidated Balance Sheets locations June 30, 2026 December 31, 2025 | Cash and cash equivalents $ 13,415 $ 8,525
Cash and cash equivalents in the above table excludes bank account cash of $ 574 million and $ 604 million as of June 30, 2026 and December 31, 2025, respectively. | All interest-bearing securities as of June 30, 2026 and December 31, 2025, mature in one year or less. For the three months ended June 30, 2026 and 2025, interest income on these investments was $ 125 million and $ 86 million, respectively. For the six months ended June 30, 2026 and 2025, interest income on these investments was $ 226 million and $ 212 million, respectively.
June 30, 2026 December 31, 2025 | Cash and cash equivalents $ 13,989 $ 9,129 | Total assets $ 95,639 $ 90,586
Cash and cash equivalents | Our balance of cash and cash equivalents was $14.0 billion as of June 30, 2026. 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 issue
Nettoskuld
Net income $ 4,194 $ 3,162 | Noncash adjustments to reconcile net income to net cash provided by operating activities: | Depreciation, amortization and other 2,228 2,728
Other liabilities ( 107 ) ( 70 ) | Net cash provided by operating activities 6,191 3,671 | Cash flows from investing activities:
Other ( 60 ) ( 56 ) | Net cash used in investing activities ( 1,285 ) ( 836 ) | Cash flows from financing activities:
Other ( 224 ) ( 119 ) | Net cash used in financing activities ( 46 ) ( 6,780 ) | Increase (decrease) in cash and cash equivalents 4,860 ( 3,945 )
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
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 certain circumstances, including the settlement of notional amounts of cross-currency swaps, which are included in Net cash used in financing activities.
2026 2025 | Net cash provided by operating activities $ 6,191 $ 3,671 | Net cash used in investing activities $ (1,285) $ (836)
Net cash provided by operating activities $ 6,191 $ 3,671 | Net cash used in investing activities $ (1,285) $ (836) | Net cash used in financing activities $ (46) $ (6,780)
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— 540.6 shares in 2026 and 538.8 shares in 2025
Accumulated other comprehensive loss ( 119 ) ( 258 ) | Total stockholders’ equity 11,688 8,658 | Total liabilities and stockholders’ equity $ 95,639 $ 90,586
Total stockholders’ equity 11,688 8,658 | Total liabilities and stockholders’ equity $ 95,639 $ 90,586
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):
Antal anställda
Our systems also contain and use a high volume of sensitive data, including intellectual property, trade secrets and other proprietary business information, financial information, regulatory information, strategic plans, sales trends and forecasts, litigation materials and/or personal identifiable information belonging to us, our staff, our patients, customers and/or other parties. In some cases, we use third-party service providers to collect, process, store, manage or transmit such data, which | Intentional or inadvertent data privacy or security breaches (including cyberattacks) resulting from attacks or lapses by employees, service providers (including providers of information technology-specific services), business partners, nation states (including groups associated with or supported by foreign intelligence agencies), organized crime organizations, “hacktivists” or others, create risks that our sensitive data may be exposed to unauthorized persons, our competitors or the public. Geo | System vulnerabilities and/or cybersecurity breaches experienced by our third-party service providers have constituted a substantial share of the information security risks that have affected us. We continue to experience cybersecurity incidents involving third-party service providers, including incidents in which unauthorized third parties accessed or exfiltrated certain information, including non-significant Amgen data and personally identifiable patient information, and we have made required
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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 June 30, 2026
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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes   ☑  No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   ☑  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No  ☑
As of July 30, 2026, the registrant had 540,632,005 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
44

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
59

Item 5. OTHER INFORMATION
59

Item 6. EXHIBITS
59

INDEX TO EXHIBITS
60

SIGNATURES
67

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
AAV anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis
AOCI accumulated other comprehensive income (loss)

AstraZeneca AstraZeneca plc

BeOne BeOne Medicines Ltd. (formerly BeiGene, Ltd.)

CDER FDA’s Center for Drug Evaluation and Research
ChemoCentryx ChemoCentryx, Inc.
CMS Centers for Medicare & Medicaid Services

DILI drug-induced liver injury
DSC Drug Safety Communication
EMA European Medicines Agency

EPS earnings per share

EU European Union
FDA U.S. Food and Drug Administration
Fitch Fitch Ratings, Inc.

GAAP U.S. generally accepted accounting principles

GENEROUS GENErating cost Reductions fOr U.S. Medicaid
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

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-Nation
MFN EO Most-Favored-Nation Prescription Drug Pricing Executive Order
Moody’s Moody’s Investors Service, Inc.

NIH National Institutes of Health
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

ROW rest of world
S&P Standard & Poor’s Financial Services LLC
SEC U.S. Securities and Exchange Commission

ii

Term Description
SG&A selling, general and administrative
SOFR Secured Overnight Financing Rate

U.S. Treasury U.S. Department of the Treasury
UTB unrecognized tax benefit
VBDS vanishing bile duct syndrome

iii

Products
The brand names of our products, our delivery devices and certain of our product candidates and their associated generic names are provided below.

Term Description
ACTIMMUNE ACTIMMUNE ® (interferon gamma-1b)

Aimovig Aimovig ® (erenumab-aooe)

AMJEVITA/AMGEVITA AMJEVITA ® (adalimumab-atto)/AMGEVITA ™ (adalimumab)

Aranesp Aranesp ® (darbepoetin alfa)

AVSOLA AVSOLA ® (infliximab-axxq)

BKEMV/BEKEMV BKEMV ® (eculizumab-aeeb)/BEKEMV ™ (eculizumab)

BLINCYTO BLINCYTO ® (blinatumomab)

BUPHENYL BUPHENYL ® (sodium phenylbutyrate)

Corlanor Corlanor ® (ivabradine)

ENBREL Enbrel ® (etanercept)

EPOGEN EPOGEN ® (epoetin alfa)

EVENITY EVENITY ® (romosozumab-aqqg)

IMDELLTRA/IMDYLLTRA IMDELLTRA ® (tarlatamab-dlle)/IMDYLLTRA ™ (tarlatamab)

IMLYGIC IMLYGIC ® (talimogene laherparepvec)

KANJINTI KANJINTI ® (trastuzumab-anns)

KRYSTEXXA KRYSTEXXA ® (pegloticase)

KYPROLIS KYPROLIS ® (carfilzomib)

LUMAKRAS/LUMYKRAS LUMAKRAS ® /LUMYKRAS ™ (sotorasib)

MariTide
Maridebart cafraglutide (MariTide ™ )

MVASI MVASI ® (bevacizumab-awwb)

Neulasta Neulasta ® (pegfilgrastim)

NEUPOGEN NEUPOGEN ® (filgrastim)

Nplate Nplate ® (romiplostim)

Otezla Otezla ® (apremilast)

Parsabiv Parsabiv ® (etelcalcetide)

PAVBLU PAVBLU ® (aflibercept-ayyh)

PENNSAID PENNSAID ® (diclofenac sodium topical solution) 2%

PROCYSBI PROCYSBI ® (cysteamine bitartrate)

Prolia Prolia ® (denosumab)

QUINSAIR QUINSAIR ® (levofloxacin)

RAVICTI RAVICTI ® (glycerol phenylbutyrate)

RAYOS RAYOS ® (prednisone)

Repatha Repatha ® (evolocumab)

RIABNI RIABNI ® (rituximab-arrx)

Sensipar/Mimpara Sensipar ® /Mimpara ™ (cinacalcet)

TAVNEOS TAVNEOS ® (avacopan)

TEPEZZA TEPEZZA ® (teprotumumab-trbw)

TEZSPIRE TEZSPIRE ® (tezepelumab-ekko)

UPLIZNA UPLIZNA ® (inebilizumab-cdon)

Vectibix Vectibix ® (panitumumab)

WEZLANA/WEZENLA WEZLANA ® (ustekinumab-auub)/WEZENLA ™ (ustekinumab)

XGEVA XGEVA ® (denosumab)

iv

PART I—FINANCIAL INFORMATION  

Item 1. FINANCIAL STATEMENTS

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 2026 2025
Revenues:
Product sales $ 9,537   $ 8,771   $ 17,755   $ 16,644  
Other revenues 517   408   917   684  
Total revenues 10,054   9,179   18,672   17,328  

Operating expenses:
Cost of sales 2,811   3,011   5,555   5,979  
Research and development 1,868   1,744   3,587   3,230  

Selling, general and administrative 1,745   1,691   3,347   3,378  
Other 116   77   3   907  
Total operating expenses 6,540   6,523   12,492   13,494  

Operating income 3,514   2,656   6,180   3,834  

Other income (expense):
Interest expense, net ( 673 ) ( 694 ) ( 1,330 ) ( 1,417 )
Other (expense) income, net ( 73 ) ( 394 ) 2   1,124  

Income before income taxes 2,768   1,568   4,852   3,541  

Provision for income taxes 393   136   658   379  

Net income $ 2,375   $ 1,432   $ 4,194   $ 3,162  

Earnings per share:
Basic $ 4.40   $ 2.66   $ 7.77   $ 5.88  
Diluted $ 4.37   $ 2.65   $ 7.71   $ 5.84  

Weighted-average shares used in calculation of earnings per share:
Basic 540   538   540   538  
Diluted 544   541   544   541  

See accompanying notes.
1

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 2026 2025
Net income $ 2,375   $ 1,432   $ 4,194   $ 3,162  
Other comprehensive income (loss), net of reclassification adjustments and taxes:
(Losses) gains on foreign currency translation adjustments ( 22 ) 86   ( 27 ) 143  
Gains (losses) on cash flow hedges 94   ( 399 ) 171   ( 622 )

Other ( 1 ) —   ( 5 ) 1  
Other comprehensive income (loss), net of reclassification adjustments and taxes 71   ( 313 ) 139   ( 478 )
Comprehensive income $ 2,446   $ 1,119   $ 4,333   $ 2,684  

See accompanying notes.    
2

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

June 30, 2026 December 31, 2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 13,989   $ 9,129  

Trade receivables, net 10,227   9,570  
Inventories 6,220   6,225  
Other current assets 4,525   4,133  
Total current assets 34,961   29,057  

Property, plant and equipment, net 8,547   7,913  
Intangible assets, net 20,487   22,276  
Goodwill 18,668   18,680  
Other noncurrent assets 12,976   12,660  
Total assets $ 95,639   $ 90,586  

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,865   $ 2,367  
Accrued liabilities 17,192   18,523  
Current portion of long-term debt 5,445   4,599  
Total current liabilities 25,502   25,489  

Long-term debt 51,859   50,005  
Long-term deferred tax liabilities 1,301   1,366  
Long-term tax liabilities 2,844   2,690  
Other noncurrent liabilities 2,445   2,378  

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— 540.6 shares in 2026 and 538.8 shares in 2025
34,082   34,023  
Accumulated deficit ( 22,275 ) ( 25,107 )
Accumulated other comprehensive loss ( 119 ) ( 258 )
Total stockholders’ equity 11,688   8,658  
Total liabilities and stockholders’ equity $ 95,639   $ 90,586  

See accompanying notes.
3

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

Three months ended June 30, 2026
Number
of shares
of common
stock Common
stock and
additional
paid-in capital Accumulated
deficit Accumulated
other
comprehensive loss Total
Balance as of March 31, 2026 539.7   $ 34,030   $ ( 24,650 ) $ ( 190 ) $ 9,190  

Net income —  —  2,375   —  2,375  
Other comprehensive income, net of taxes —  —  —  71   71  

Issuance of common stock in connection with equity award programs
0.9   41   —  —  41  
Stock-based compensation expense —  165   —  —  165  
Tax impact related to employee stock-based compensation expense
—  ( 154 ) —  —  ( 154 )

Balance as of June 30, 2026 540.6   $ 34,082   $ ( 22,275 ) $ ( 119 ) $ 11,688  

Six months ended June 30, 2026
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, 2025 538.8   $ 34,023   $ ( 25,107 ) $ ( 258 ) $ 8,658  

Net income —  —  4,194   —  4,194  
Other comprehensive income, net of taxes —  —  —  139   139  
Dividends declared on common stock ($ 2.52 per share)
—  —  ( 1,362 ) —  ( 1,362 )
Issuance of common stock in connection with equity award programs
1.8   81   —  —  81  
Stock-based compensation expense —  240   —  —  240  
Tax impact related to employee stock-based compensation expense
—  ( 262 ) —  —  ( 262 )

Balance as of June 30, 2026 540.6   $ 34,082   $ ( 22,275 ) $ ( 119 ) $ 11,688  

4

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

Three months ended June 30, 2025
Number
of shares
of common
stock Common
stock and
additional
paid-in capital Accumulated
deficit Accumulated
other
comprehensive loss Total
Balance as of March 31, 2025 537.7   $ 33,578   $ ( 27,140 ) $ ( 231 ) $ 6,207  

Net income —  —  1,432   —  1,432  
Other comprehensive loss, net of taxes —  —  —  ( 313 ) ( 313 )

Issuance of common stock in connection with equity award programs
0.6   36   —  —  36  
Stock-based compensation expense —  157   —  —  157  
Tax impact related to employee stock-based compensation expense
—  ( 91 ) —  —  ( 91 )

Balance as of June 30, 2025 538.3   $ 33,680   $ ( 25,708 ) $ ( 544 ) $ 7,428  

Six months ended June 30, 2025
Number
of shares
of common
stock Common
stock and
additional
paid-in capital Accumulated
deficit Accumulated
other
comprehensive loss Total
Balance as of December 31, 2024 536.9   $ 33,533   $ ( 27,590 ) $ ( 66 ) $ 5,877  

Net income —  —  3,162   —  3,162  
Other comprehensive loss, net of taxes —  —  —  ( 478 ) ( 478 )
Dividends declared on common stock ($ 2.38 per share)
—  —  ( 1,280 ) —  ( 1,280 )
Issuance of common stock in connection with equity award programs
1.4   78   —  —  78  
Stock-based compensation expense —  242   —  —  242  
Tax impact related to employee stock-based compensation expense
—  ( 173 ) —  —  ( 173 )

Balance as of June 30, 2025 538.3   $ 33,680   $ ( 25,708 ) $ ( 544 ) $ 7,428  

See accompanying notes.
5

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

Six months ended
June 30,
2026 2025
Cash flows from operating activities:
Net income $ 4,194   $ 3,162  
Noncash adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other 2,228   2,728  
Impairment of intangible assets —   800  
Stock-based compensation expense 240   242  
Deferred income taxes ( 467 ) ( 672 )

Loss (gain) on equity securities 301   ( 741 )
Other items, net 8   ( 73 )
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net ( 680 ) ( 1,823 )
Inventories ( 13 ) 527  
Other assets ( 322 ) ( 407 )
Accounts payable 501   1,086  
Accrued income taxes, net ( 60 ) ( 2,313 )
Long-term tax liabilities 148   162  
Accrued liabilities ( 58 ) ( 50 )
Accrued sales incentives and allowance 278   1,113  
Other liabilities ( 107 ) ( 70 )
Net cash provided by operating activities 6,191   3,671  
Cash flows from investing activities:

Purchases of property, plant and equipment ( 1,225 ) ( 780 )

Other ( 60 ) ( 56 )
Net cash used in investing activities ( 1,285 ) ( 836 )
Cash flows from financing activities:
Net proceeds from issuance of debt 3,964   —  
Extinguishment of debt ( 233 ) ( 602 )
Repayment of debt ( 833 ) ( 3,500 )

Dividends paid ( 2,720 ) ( 2,559 )
Other ( 224 ) ( 119 )
Net cash used in financing activities ( 46 ) ( 6,780 )
Increase (decrease) in cash and cash equivalents 4,860   ( 3,945 )
Cash and cash equivalents at beginning of period 9,129   11,973  
Cash and cash equivalents at end of period $ 13,989   $ 8,028  

See accompanying notes.
6

AMGEN INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2026
(Unaudited)

1. Summary of significant accounting policies
Business
Amgen Inc. (including its consolidated subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate our business in one operating segment: human therapeutics. See Note 2, Segment and other information.
Basis of presentation
The interim unaudited financial information for the three and six months ended June 30, 2026 and 2025, 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, 2025, and with the condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
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 $ 9.4  billion and $ 11.1 billion as of June 30, 2026 and December 31, 2025, respectively.
Recent accounting pronouncements not yet adopted
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 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.

7

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 six months ended June 30, 2026 and 2025 (in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 2026 2025
Revenues:
Product sales $ 9,537   $ 8,771   $ 17,755   $ 16,644  
Other revenues 517   408   917   684  
Total revenues 10,054   9,179   18,672   17,328  

Less:
Manufacturing cost of sales (1)(2)
2,139   2,484   4,319   5,012  
Profit share and royalties in cost of sales (1)
672   527   1,236   967  
Research and development (1)
1,868   1,744   3,587   3,230  
Sales and marketing (1)
1,155   1,137   2,289   2,203  
General and administrative (1)
590   554   1,058   1,175  
Other segment items (3)
314   557   227   ( 5 )

Interest income
( 125 ) ( 86 ) ( 226 ) ( 212 )
Interest expense, net 673   694   1,330   1,417  
Provision for income taxes
393   136   658   379  
Segment net income 2,375   1,432   4,194   3,162  
Reconciliation of profit or loss:

Adjustments and reconciling items —   —   —   —  
Consolidated net income $ 2,375   $ 1,432   $ 4,194   $ 3,162  

____________
(1)     During the three months ended June 30, 2026 and 2025, amortization of our finite-lived intangible assets was $ 890 million and $ 1.1 billion, respectively. During the six months ended June 30, 2026 and 2025, amortization of our finite-lived intangible assets was $ 1.8 billion and $ 2.3 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. In addition, during the three months ended June 30, 2026 and 2025, we recognized depreciation and right-of-use asset amortization of $ 222 million and $ 220 million, respectively. During the six months ended June 30, 2026 and 2025, we recognized depreciation and right-of-use asset amortization of $ 442 million and $ 429 million, respectively.
(2)     During the three months ended June 30, 2026 and 2025, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 60 million and $ 339 million, respectively. During the six months ended June 30, 2026 and 2025, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $ 307 million and $ 702 million, respectively.
(3)     For the three and six months ended June 30, 2026, other segment items primarily consisted of: (i) fair value adjustments on equity securities (see Note 6, Investments) and (ii) litigation expenses and settlements. For the three months ended June 30, 2025, other segment items included in Segment net income primarily consisted of fair value adjustments on equity securities (see Note 6, Investments). For the six months ended June 30, 2025, other segment items included in Segment net income primarily consisted of: (i) impairment charges on intangible assets (see Note 8, Goodwill and other intangible assets) and (ii) fair value adjustments on equity securities (see Note 6, Investments).
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 June 30,
2026 2025
U.S. ROW Total U.S. ROW Total
Repatha $ 510   $ 443   $ 953   $ 361   $ 335   $ 696  
Prolia 478   281   759   745   377   1,122  
EVENITY 550   164   714   395   123   518  
TEPEZZA 520   56   576   466   39   505  
Otezla 431   60   491   512   106   618  
ENBREL 574   6   580   597   7   604  
BLINCYTO 285   187   472   270   114   384  
Nplate 275   155   430   228   141   369  
TEZSPIRE (1)
486   —   486   342   —   342  
XGEVA 187   165   352   347   185   532  
Aranesp 94   258   352   107   252   359  
KRYSTEXXA 399   1   400   349   —   349  
KYPROLIS 201   113   314   232   146   378  
Vectibix 167   171   338   144   161   305  
UPLIZNA 317   18   335   132   44   176  
IMDELLTRA/IMDYLLTRA 233   55   288   107   27   134  
Other products (2)
1,283   414   1,697   990   390   1,380  
Total product sales (3)
$ 6,990   $ 2,547   9,537   $ 6,324   $ 2,447   8,771  
Other revenues 517   408  
Total revenues $ 10,054   $ 9,179  

10

Six months ended June 30,
2026 2025
U.S. ROW Total U.S. ROW Total
Repatha $ 975   $ 854   $ 1,829   $ 704   $ 648   $ 1,352  
Prolia 939   547   1,486   1,465   756   2,221  
EVENITY 981 295 1,276   715 245 960  
TEPEZZA 944 122 1,066   831   55   886  
Otezla 783 139 922   855 200 1,055  
ENBREL 888 12 900   1,101 13 1,114  
BLINCYTO 506 381 887   543 211 754  
Nplate 558 284 842   429 253 682  
TEZSPIRE (1)
829 —   829   627 —   627  
XGEVA 415 348 763   707 391 1,098  
Aranesp 171 492 663   198 501 699  
KRYSTEXXA 654 1   655   585   —   585  
KYPROLIS 419 225 644   448 254 702  
Vectibix 303 322 625   279 293 572  
UPLIZNA 563 34 597   214 53 267  
IMDELLTRA/IMDYLLTRA 421 125 546   186 29 215  
Other products (2)
2,414   811 3,225   2,099   756 2,855  
Total product sales (3)
$ 12,763   $ 4,992   $ 17,755   $ 11,986   $ 4,658   $ 16,644  
Other revenues 917   684  
Total revenues $ 18,672   $ 17,328  

_______
(1)     TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.
(2)     Consists of product sales of our non-principal products.
(3)     Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2026 and 2025.

11

4. Income taxes
The effective tax rates for the three and six months ended June 30, 2026 were 14.2 % and 13.6 %, respectively, compared with 8.7 % and 10.7 %, respectively, for the corresponding periods in the prior year.
The increase in our effective tax rate for the three months ended June 30, 2026, was primarily due to the change in earnings mix, including lower amortization expense from acquisition-related assets. The increase in our effective tax rate for the six months ended June 30, 2026, was primarily due to the change in earnings mix, including lower amortization expense from acquisition-related assets, partially offset by the net unrealized losses in the first half of 2026 compared to net unrealized gains in the prior period on equity investments (see Note 6, Investments). The effective tax rates differ from the federal statutory rate primarily due to the impact of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations in which the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to tax incentive grants through 2050 and the Company’s operations in Singapore are subject to a tax incentive grant through 2036. Effective January 1, 2024, selected individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Additional countries, including Singapore, enacted the minimum tax agreement effective January 1, 2025. Singapore’s enactment of the agreement applies irrespective of the Company’s incentive grant. 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 12.6%, as of January 1, 2026.
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, including the tax rate changes on foreign earnings noted above. The legislation has multiple effective dates, with most provisions effective as of January 1, 2026.
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 in 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. The Notices 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 in 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015. The Notice 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, and 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 continue to contest the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court in 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. On March 16, 2026, the Court ordered supplemental closing briefs, which were filed on May 20, 2026. The Company expects a decision from the U.S. Tax Court no earlier than late 2026 or early 2027.
We are currently under examination by the IRS for the years 2016–2018. In April 2026, we received a draft notice of proposed adjustment (NOPA) from the IRS for years 2016–2018, which is similar to the proposed adjustments for years 2010–2015 and relates primarily to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. In May and July 2026, the IRS reissued the NOPA in substantially the same form. We disagree with the NOPA
12

and have informed the IRS audit team that its methodology is inconsistent with certain positions asserted by the IRS in the Tax Court, which positions were more favorable to Amgen than those previously taken by the audit team. If sustained in full, the adjustments set forth in the NOPA could have a material impact on our financial statements. We intend to contest the NOPA. The IRS began its audit for years 2019–2022 in the second quarter of 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 six months ended June 30, 2026, the gross amounts of our UTBs increased by $ 45  million and $ 80 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of June 30, 2026, if recognized, would impact our effective tax rate.

5. Earnings per share
The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.
The computations for basic and diluted EPS were as follows (in millions, except per-share data):

Three months ended
June 30, Six months ended
June 30,
2026 2025 2026 2025
Income (Numerator):
Net income for basic and diluted EPS $ 2,375   $ 1,432   $ 4,194   $ 3,162  

Shares (Denominator):
Weighted-average shares for basic EPS 540   538   540   538  
Effect of dilutive securities 4   3   4   3  
Weighted-average shares for diluted EPS 544   541   544   541  

Basic earnings per share $ 4.40   $ 2.66   $ 7.77   $ 5.88  
Diluted earnings per share $ 4.37   $ 2.65   $ 7.71   $ 5.84  

For the three and six months ended June 30, 2026 and 2025, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

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6. Investments
Available-for-sale investments
The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are classified as available for sale, by type of security were as follows (in millions):

Types of securities as of June 30, 2026 Amortized
cost Gross
unrealized
gains Gross
unrealized
losses Fair
values

U.S. Treasury bills $ 2,493   $ —   $ —   $ 2,493  

Money market mutual funds 10,793   —   —   10,793  
Other short-term interest-bearing securities 129   —   —   129  
Total interest-bearing securities $ 13,415   $ —   $ —   $ 13,415  

Types of securities as of December 31, 2025 Amortized
cost Gross
unrealized
gains Gross
unrealized
losses Fair
values

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

Money market mutual funds 7,395   —   —   7,395  
Other short-term interest-bearing securities 132   —   —   132  
Total interest-bearing securities $ 8,525   $ —   $ —   $ 8,525  

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):

Condensed Consolidated Balance Sheets locations June 30, 2026 December 31, 2025
Cash and cash equivalents $ 13,415   $ 8,525  

Total interest-bearing securities $ 13,415   $ 8,525  

Cash and cash equivalents in the above table excludes bank account cash of $ 574 million and $ 604  million as of June 30, 2026 and December 31, 2025, respectively.
All interest-bearing securities as of June 30, 2026 and December 31, 2025, mature in one year or less. For the three months ended June 30, 2026 and 2025, interest income on these investments was $ 125  million and $ 86  million, respectively. For the six months ended June 30, 2026 and 2025, interest income on these investments was $ 226  million and $ 212  million, respectively.
For the three and six months ended June 30, 2026 and 2025, realized gains and losses on interest-bearing securities were not material and were recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.
The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
Equity securities
BeOne Medicines Ltd.
As of June 30, 2026 and December 31, 2025, our ownership interest in BeOne was approximately 17 % and the fair values of our investment were $ 5.4 billion and $ 5.8 billion, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2026 and 2025, we recorded unrealized losses of $ 227  million and $ 570  million, respectively. During the six months ended June 30, 2026 and 2025, we recorded an unrealized loss of $ 357  million and an unrealized gain of $ 1.1 billion, respectively. These unrealized gains and losses were recognized in Other (expense) income, net, in the Condensed Consolidated Statements of Income.
Subject to certain exceptions or otherwise agreed to by BeOne, while Amgen holds at least 5.0 % of BeOne’s outstanding common stock, (A) we may only sell our BeOne equity investment via: (i) a registered public offering, (ii) a sale under Rule
14

144 of the Securities Act of 1933 (the “Securities Act”) or (iii) a private sale exempt from registration requirements under the Securities Act, and (B) we may not sell more than 5.0 % of BeOne’s outstanding common stock in any rolling 12-month period.
Other equity securities
Excluding our equity investment in BeOne (discussed above), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $ 470 million and $ 389 million as of June 30, 2026 and December 31, 2025, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2026 and 2025, net unrealized gains and losses on these other publicly traded securities were not material. During the six months ended June 30, 2026, net unrealized gains and losses on these other publicly traded securities were not material, compared to net unrealized losses of $ 335 million during the six months ended June 30, 2025. Additionally, net realized gains and losses on sales of these other publicly traded securities for the three and six months ended June 30, 2026 and 2025, were not material.
We held investments of $ 301 million and $ 362 million in equity securities without readily determinable fair values as of June 30, 2026 and December 31, 2025, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2026 and 2025, upward and downward adjustments on these securities were not material. Adjustments were based on observable price transactions. Net realized gains and losses on sales of securities without readily determinable fair values for the three and six months ended June 30, 2026 and 2025, were not material.
Equity method investments
Limited partnerships
We held limited partnership investments of $ 330 million and $ 253 million as of June 30, 2026 and December 31, 2025, respectively, which were included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. These investments, which are primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of June 30, 2026, we had $ 140 million of unfunded additional commitments to be made for these investments during the next several years. For the three and six months ended June 30, 2026 and 2025, net unrealized gains and losses recognized from our limited partnership investments were not material.

7. Inventories
Inventories consisted of the following (in millions):

June 30, 2026 December 31, 2025
Raw materials $ 1,082   $ 915  
Work in process 3,470   3,425  
Finished goods 1,668   1,885  
Total inventories $ 6,220   $ 6,225  

8. Goodwill and other intangible assets
Goodwill
The change in the carrying amount of goodwill was as follows (in millions):

Balance at December 31, 2025
$ 18,680  

Foreign currency translation adjustments
( 12 )
Balance at June 30, 2026
$ 18,668  

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

June 30, 2026 December 31, 2025
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 $ 47,793   $ ( 28,450 ) $ 19,343   $ 47,805   $ ( 26,754 ) $ 21,051  
Licensing rights 3,902   ( 3,573 ) 329   3,917   ( 3,522 ) 395  
Research and development technology rights 1,409   ( 1,304 ) 105   1,425   ( 1,305 ) 120  
Marketing-related rights 1,202   ( 1,202 ) —   1,203   ( 1,203 ) —  
Total finite-lived intangible assets 54,306   ( 34,529 ) 19,777   54,350   ( 32,784 ) 21,566  
Indefinite-lived intangible assets:
In-process research and development 710   —  710   710   —  710  
Total other intangible assets $ 55,016   $ ( 34,529 ) $ 20,487   $ 55,060   $ ( 32,784 ) $ 22,276  

Developed-product-technology rights consists of rights related to marketed products acquired in business combinations. 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.
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.
TAVNEOS developed-product-technology rights
The developed-product-technology rights intangible assets related to TAVNEOS have a carrying value of $ 2.4  billion as of June 30, 2026, with $ 2.3  billion related to the U.S. market. The product, acquired by the Company in connection with our acquisition of ChemoCentryx in 2022, was approved by the FDA in 2021. On April 27, 2026, CDER issued a proposal to withdraw approval of TAVNEOS. The proposal follows the FDA’s March 2026 DSC in which it alerted patients and health care professionals about serious liver injury cases, including fatal cases, of DILI associated with TAVNEOS. The proposal alleges that there is new information indicating lack of substantial evidence of effectiveness for the drug and that ChemoCentryx’s application that resulted in FDA approval contained untrue statements of material facts. On April 30, 2026, the FDA posted a notice in the Federal Register that proposes to withdraw approval of TAVNEOS and announced an opportunity for ChemoCentryx to request a hearing on this proposal. On June 1, 2026, we requested a hearing on this proposal and subsequently submitted information supporting our request on July 23, 2026, including additional real world evidence data and data from an independent, blinded re-adjudication of certain study data that supported the FDA’s approval of TAVNEOS. If a hearing is not granted, the FDA may enter summary judgment and ultimately withdraw approval. The Company has engaged with regulatory authorities, continues to believe that TAVNEOS demonstrates clinical effectiveness and a favorable benefit-risk profile, and intends to follow the appropriate process to support its position. As the FDA’s statement reporting its proposal indicates, TAVNEOS will remain on the market during the pendency of this process.
The Company evaluated these developments, as well as observations with respect to new U.S. patient interest, during the second quarter of 2026. Our evaluation of the potential changes to the estimated future cash flows for TAVNEOS as of June 30, 2026 indicate the carrying value of the related intangible assets remains recoverable; however, future changes to estimated TAVNEOS cash flows could unfavorably impact the Company’s ability to recover the carrying value of the related intangible assets.
Otezla developed-product-technology rights
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
16

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 was recorded in Other operating expenses in the Condensed Consolidated Statements of Income. See Note 11, Fair value measurement.
During the three months ended June 30, 2026 and 2025, we recognized amortization of our finite-lived intangible assets of $ 890  million and $ 1.1  billion, respectively. During the six months ended June 30, 2026 and 2025, we recognized amortization of our finite-lived intangible assets of $ 1.8  billion and $ 2.3  billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of June 30, 2026, the total estimated future amortization of our finite-lived intangible assets for the remaining six months ending December 31, 2026, and the years ending December 31, 2027, 2028, 2029, 2030 and 2031, was $ 1.8 billion, $ 3.6 billion, $ 2.8 billion, $ 2.3 billion, $ 2.2 billion and $ 2.1 billion, respectively.
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9. Financing arrangements
Our borrowings consisted of the following (in millions):

June 30, 2026 December 31, 2025
2.00 % € 750 million notes due 2026 ( 2.00 % 2026 euro Notes)
$ —   $ 881  
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)
630   640  
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)
928   944  
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  
4.20 % notes due 2031 ( 4.20 % 2031 Notes)
1,000   —  
2.30 % notes due 2031 ( 2.30 % 2031 Notes)
1,250   1,250  
2.00 % notes due 2032 ( 2.00 % 2032 Notes)
987   987  
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  
4.85 % notes due 2036 ( 4.85 % 2036 Notes)
1,750   —  
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   1,478  
5.75 % notes due 2040 ( 5.75 % 2040 Notes)
373   373  
2.80 % notes due 2041 ( 2.80 % 2041 Notes)
543   568  
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  
5.50 % notes due 2046 ( 5.50 % 2046 Notes)
500   —  
4.563 % notes due 2048 ( 4.563 % 2048 Notes)
1,415   1,415  
3.375 % notes due 2050 ( 3.375 % 2050 Notes)
1,269   1,462  
4.663 % notes due 2051 ( 4.663 % 2051 Notes)
3,541   3,541  
3.00 % notes due 2052 ( 3.00 % 2052 Notes)
598   703  
4.20 % notes due 2052 ( 4.20 % 2052 Notes)
882   882  
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  
5.65 % notes due 2056 ( 5.65 % 2056 Notes)
750   —  
4.40 % notes due 2062 ( 4.40 % 2062 Notes)
1,128   1,128  

18

June 30, 2026 December 31, 2025
5.75 % notes due 2063 ( 5.75 % 2063 Notes)
2,750   2,750  
Other notes due 2097 100   100  
Total principal amount of debt
58,814   56,044  
Unamortized bond discounts, premiums and issuance costs, net ( 1,317 ) ( 1,306 )
Fair value adjustments ( 217 ) ( 161 )
Other 24   27  
Total carrying value of debt 57,304   54,604  
Less current portion ( 5,445 ) ( 4,599 )
Total long-term debt $ 51,859   $ 50,005  

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 one-month SOFR plus 1.225 %.
Debt issuances
In the first quarter of 2026, we issued $ 4.0 billion of debt consisting of $ 1.0 billion of the 4.20 % 2031 Notes, $ 1.75 billion of the 4.85 % 2036 Notes, $ 500 million of the 5.50 % 2046 Notes and $ 750 million of the 5.65 % 2056 Notes. There were no debt issuances during the three months ended June 30, 2026 or during the three and six months ended June 30, 2025.
Debt repayments
During the three months ended June 30, 2026, we did not have any debt repayments, compared to $ 1.0 billion of debt repayments during the three months ended June 30, 2025. During the six months ended June 30, 2026, we repaid the € 750  million aggregate principal amount of the 2.00 % 2026 euro Notes ($ 833 million upon settlement of the related cross-currency swap), compared to $ 3.5 billion of debt repayments during the six months ended June 30, 2025.
Debt extinguishment
During the three months ended June 30, 2026, we did not have any extinguishments of debt. During the three months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $ 418 million, including portions of the 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes, 3.00 % 2052 Notes, 4.20 % 2052 Notes and 4.40 % 2062 Notes, for an aggregate cost of $ 301 million, which resulted in a $ 117 million gain on extinguishment of debt.
During the six months ended June 30, 2026, we repurchased an aggregate principal amount of our debt of $ 324  million, including portions of the 2.80 % 2041 Notes, 3.375 % 2050 Notes and 3.00 % 2052 Notes, for an aggregate cost of $ 233 million, which resulted in a $ 90  million gain on extinguishment of debt . During the six months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $ 832  million, including portions of the 2.00 % 2032 Notes, 3.15 % 2040 Notes, 2.80 % 2041 Notes, 3.375 % 2050 Notes, 3.00 % 2052 Notes, 4.20 % 2052 Notes and 4.40 % 2062 Notes, for an aggregate cost of $ 602 million, which resulted in a $ 228  million gain on extinguishment of debt. Gains and losses on extinguishments of debt are recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income.
Interest rate swap contracts
See Note 12, Derivative instruments, for a discussion of interest rate swap contracts related to certain of our notes.
Shelf registration statement and other facilities
In February 2026, we filed a shelf registration statement with the SEC that allows us to issue unspecified amounts of debt securities, common stock, preferred stock, warrants to purchase securities (including debt securities, common stock, preferred stock or depositary shares), rights to purchase common stock or preferred stock, securities purchase contracts, securities purchase units, and depositary shares. Under this shelf registration statement, all of the securities available for issuance may be offered from time to time with terms to be determined at the time of issuance. This shelf registration statement expires in February 2029.
In the first quarter of 2026, we extended the term of our $ 4.0  billion syndicated, unsecured, revolving credit facility by one year to March 2029. As of June 30, 2026 and December 31, 2025, no amounts were outstanding under this facility.
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10. Stockholders’ equity
Stock repurchase program
During the six months ended June 30, 2026 and 2025, we did not repurchase shares under our stock repurchase program. As of June 30, 2026, $ 6.8 billion of authorization remained available under the stock repurchase program.
Dividends
In December 2025 and March 2026, our Board of Directors declared quarterly cash dividends of $ 2.52 per share of common stock for the first and second quarters of 2026, respectively, which were paid in March 2026 and June 2026, respectively. In July 2026, our Board of Directors declared a quarterly cash dividend of $ 2.52 per share, which will be paid in September 2026.
Accumulated other comprehensive income (loss)
The components of AOCI were as follows (in millions):

Foreign
currency
translation adjustments
Cash flow
hedges Other AOCI
Balance as of March 31, 2026
$ ( 207 ) $ ( 13 ) $ 30   $ ( 190 )
Foreign currency translation adjustments ( 22 ) —   —   ( 22 )
Unrealized gains —   113   —   113  
Reclassification adjustments into earnings
—   4   —   4  
Other —   —   ( 1 ) ( 1 )
Income taxes —   ( 23 ) —   ( 23 )
Balance as of June 30, 2026
$ ( 229 ) $ 81   $ 29   $ ( 119 )

Foreign
currency
translation adjustments
Cash flow
hedges Other AOCI
Balance as of December 31, 2025 $ ( 202 ) $ ( 90 ) $ 34   $ ( 258 )

Foreign currency translation adjustments ( 27 ) —   —   ( 27 )
Unrealized gains —   98   —   98  
Reclassification adjustments into earnings
—   117   —   117  
Other —   —   ( 5 ) ( 5 )
Income taxes —   ( 44 ) —   ( 44 )
Balance as of June 30, 2026
$ ( 229 ) $ 81   $ 29   $ ( 119 )

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

Three months ended June 30, Condensed Consolidated
Statements of Income locations
Components of AOCI 2026 2025
Cash flow hedges:
Foreign currency forward contract (losses) gains $ ( 13 ) $ 12   Product sales
Cross-currency swap contract gains 9   172   Other (expense) income, net

( 4 ) 184   Income before income taxes
1   ( 40 ) Provision for income taxes
$ ( 3 ) $ 144   Net income

Six months ended June 30, Condensed Consolidated
Statements of Income locations
Components of AOCI 2026 2025
Cash flow hedges:
Foreign currency forward contract (losses) gains $ ( 49 ) $ 68   Product sales
Cross-currency swap contract (losses) gains ( 68 ) 255   Other (expense) income, net

( 117 ) 323   Income before income taxes
25   ( 70 ) Provision for income taxes
$ ( 92 ) $ 253   Net income

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.
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The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):

Quoted prices
in active markets 
for identical assets
(Level 1) Significant
other observable
inputs
(Level 2) Significant
unobservable
inputs
(Level 3)

Fair value measurement as of June 30, 2026, using: Total
Assets:
Available-for-sale securities:

U.S. Treasury bills $ —   $ 2,493   $ —   $ 2,493  

Money market mutual funds 10,793   —   —   10,793  
Other short-term interest-bearing securities —   129   —   129  

Equity securities 5,867   —   —   5,867  
Derivatives:
Foreign currency forward contracts —   306   —   306  

Interest rate swap contracts —   7   —   7  

Total assets $ 16,660   $ 2,935   $ —   $ 19,595  

Liabilities:
Derivatives:
Foreign currency forward contracts $ —   $ 107   $ —   $ 107  
Cross-currency swap contracts —   329   —   329  
Interest rate swap contracts —   330   —   330  

Contingent consideration obligations
—   —   171   171  
Total liabilities $ —   $ 766   $ 171   $ 937  

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, 2025, using: Total
Assets:
Available-for-sale securities:

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

Money market mutual funds 7,395   —   —   7,395  
Other short-term interest-bearing securities —   132   —   132  

Equity securities 6,144   —   —   6,144  
Derivatives:
Foreign currency forward contracts —   196   —   196  
Cross-currency swap contracts —   48   —   48  

Total assets $ 13,539   $ 1,374   $ —   $ 14,913  

Liabilities:
Derivatives:
Foreign currency forward contracts $ —   $ 214   $ —   $ 214  
Cross-currency swap contracts —   320   —   320  
Interest rate swap contracts —   293   —   293  

Contingent consideration obligations
—   —   161   161  
Total liabilities $ —   $ 827   $ 161   $ 988  

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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 investment in BeOne, as of June 30, 2026 and December 31, 2025, 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.
Contingent consideration obligations
Our contingent consideration obligations are recorded at their fair values by using probability-adjusted discounted cash flows, and we revalue these obligations each reporting period until the related contingencies have been resolved. Significant unobservable inputs used in measuring these obligations relate to licensing rights and product candidates acquired through business development activity and include, as applicable, estimated probabilities and the timing of achieving specified development, regulatory and commercial milestones as well as estimated annual sales. Significant changes that increase or decrease the probabilities of achieving the related development, regulatory and commercial events or that shorten or lengthen the time required to achieve such events or that increase or decrease estimated annual sales would result in corresponding increases or decreases in the fair values of the obligations, as applicable. Changes in the fair values of contingent consideration obligations are recognized in Other operating expenses in the Condensed Consolidated Statements of Income.
As of June 30, 2026 and December 31, 2025, the balances of our contingent consideration obligations were $ 171 million and $ 161 million, respectively, and primarily resulted from our acquisition of Teneobio, Inc. in October 2021 and other business development activity in 2025. There were no material changes to our contingent consideration obligations during the six months ended June 30, 2026 and 2025.
Summary of the fair values of other financial instruments
Cash equivalents
The fair values of cash equivalents are approximated at their carrying values due to the short-term nature of such financial instruments.
Borrowings
We estimate the fair values of our fixed-rate debt by using Level 2 inputs. As of June 30, 2026 and December 31, 2025, the aggregate fair values of our fixed-rate debt were $ 53.1 billion and $ 51.0 billion, respectively, and the carrying values of our fixed-rate debt were $ 55.5 billion and $ 52.8 billion, respectively. The estimate of the fair value of our term loan is approximated at its carrying value as of June 30, 2026 and December 31, 2025, as this debt instrument bears interest at a floating rate.
During the six months ended June 30, 2026 and 2025, there were no transfers of assets or liabilities between fair value measurement levels. Except with respect to the partial impairment of the Otezla intangible asset in the first quarter of 2025 as discussed in Note 8, Goodwill and other intangible assets, there were no material remeasurements of the fair values of assets and liabilities that are not measured at fair value on a recurring basis.

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.
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Cash flow hedges
We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into foreign currency forward contracts to hedge a portion of our projected international product sales up to a maximum of three years into the future; and at any given point in time, a higher percentage of nearer-term projected product sales is being hedged than in successive periods.
As of June 30, 2026 and December 31, 2025, we had outstanding foreign currency forward contracts with aggregate notional amounts of $ 8.0 billion and $ 7.8 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro and Japanese yen based, as cash flow hedges. Accordingly, we record the unrealized gains and losses on these contracts in AOCI in the Condensed Consolidated Balance Sheets, and we reclassify them to Product sales in the Condensed Consolidated Statements of Income in the same periods during which the hedged transactions affect earnings.
To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros and pounds sterling and received U.S. dollars for the notional amounts at the inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the terms of the contracts by paying U.S. dollars and receiving euros and pounds sterling. In addition, we will pay U.S. dollars to and receive euros and pounds sterling from the counterparties at the maturities of the contracts for these same notional amounts. The terms of these contracts correspond to the related hedged debt, thereby effectively converting the interest payments and principal repayment on the debt from euros and pounds sterling to U.S. dollars. We have designated these cross-currency swap contracts as cash flow hedges. Accordingly, the unrealized gains and losses on these contracts are recorded in AOCI in the Condensed Consolidated Balance Sheets and reclassified to Other (expense) income, net, in the Condensed Consolidated Statements of Income in the same periods during which the hedged debt affects earnings.
The notional amounts and interest rates of our cross-currency swaps as of June 30, 2026, were as follows (notional amounts in millions):

Foreign currency U.S. dollars
Hedged notes Notional amounts Interest rates Notional amounts Interest rates

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   %

During the first quarter of 2026, our 2.00 % 2026 euro Notes matured and the related cross-currency swaps were settled.
In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts in order to hedge the variability in cash flows due to changes in the applicable U.S. Treasury rate between the time we enter into these contracts and the time the related debt is issued. Gains and losses on forward interest rate contracts, which are designated as cash flow hedges, are recognized in AOCI in the Condensed Consolidated Balance Sheets and are amortized into Interest expense, net, in the Condensed Consolidated Statements of Income over the terms of the associated debt issuances. Amounts recognized in connection with forward interest rate contracts during the six months ended June 30, 2026 and 2025, and amounts expected to be recognized during the next 12 months were not material.
Unrealized gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):

Three months ended
June 30, Six months ended
June 30,
Derivatives in cash flow hedging relationships 2026 2025 2026 2025
Foreign currency forward contracts $ 83   $ ( 503 ) $ 191   $ ( 715 )
Cross-currency swap contracts 30   180   ( 53 ) 246  
Forward interest rate contracts —   —   ( 40 ) —  
Total unrealized gains (losses) $ 113   $ ( 323 ) $ 98   $ ( 469 )

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Fair value hedges
To achieve a desired mix of fixed-rate and floating-rate debt, we enter into interest rate swap contracts that qualify for and are designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate SOFR-based coupons over the terms of the related hedge contracts. As of June 30, 2026 and December 31, 2025, we had interest rate swap contracts with aggregate notional amounts of $ 7.6 billion and $ 6.7 billion, respectively, that hedge certain portions of our long-term debt. During the three months ended June 30, 2026, we entered into $ 900  million of interest rate swap contracts to hedge portions of our 4.85 % 2036 Notes and 5.60 % 2043 Notes.
For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the Condensed Consolidated Statements of Income the unrealized gain or loss on the derivative resulting from the change in fair value during the period, as well as the offsetting unrealized loss or gain of the hedged item resulting from the change in fair value during the period attributable to the hedged risk. If a hedging relationship involving an interest rate swap contract is terminated, the gain or loss realized on contract termination is recorded as an adjustment to the carrying value of the debt and amortized into Interest expense, net, over the remaining term of the previously hedged debt.
The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions):

Carrying amounts of hedged liabilities (1)
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities (2)

Condensed Consolidated Balance Sheets locations June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Current portion of long-term debt $ 1,283   $ 1,273   $ 33   $ 23  
Long-term debt $ 5,934   $ 5,112   $ ( 250 ) $ ( 184 )

____________
(1)     Current portion of long-term debt includes $ 39 million and $ 47 million of carrying value with discontinued hedging relationships as of June 30, 2026 and December 31, 2025, respectively. Long-term debt includes $ 167 million and $ 185 million of carrying value with discontinued hedging relationships as of June 30, 2026 and December 31, 2025, respectively.
(2)     Current portion of long-term debt includes $ 39 million and $ 47 million of hedging adjustments on discontinued hedging relationships as of June 30, 2026 and December 31, 2025, respectively. Long-term debt includes $ 67 million and $ 85 million of hedging adjustments on discontinued hedging relationships as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 Six months ended June 30, 2026
Product sales Other (expense) income, net Interest expense, net Product sales Other (expense) income, net Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income
$ 9,537   $ ( 73 ) $ ( 673 ) $ 17,755   $ 2   $ ( 1,330 )
The effects of cash flow and fair value hedging:
(Losses) gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts $ ( 13 ) $ —  $ —  $ ( 49 ) $ —  $ — 
Cross-currency swap contracts $ —  $ 9   $ —  $ —  $ ( 68 ) $ — 

Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items (1)
$ —  $ —  $ 34   $ —  $ —  $ 56  
Derivatives designated as hedging instruments $ —  $ —  $ ( 22 ) $ —  $ —  $ ( 30 )

Three months ended June 30, 2025 Six months ended June 30, 2025
Product sales Other (expense) income, net Interest expense, net Product sales Other (expense) income, net Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income
$ 8,771   $ ( 394 ) $ ( 694 ) $ 16,644   $ 1,124   $ ( 1,417 )
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts $ 12   $ —  $ —  $ 68   $ —  $ — 
Cross-currency swap contracts $ —  $ 172   $ —  $ —  $ 255   $ — 
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items (1)
$ —  $ —  $ ( 61 ) $ —  $ —  $ ( 157 )
Derivatives designated as hedging instruments $ —  $ —  $ 75   $ —  $ —  $ 187  

__________
(1)     Gains (losses) on hedged items do not exactly offset losses (gains) on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges when the corresponding hedged item was paid down in the period.
No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2026, the amount of net loss 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 $ 57 million.
Derivatives not designated as hedges
To reduce our exposure to foreign currency fluctuations in certain assets and liabilities denominated in foreign currencies, we enter into foreign currency forward contracts that are not designated as hedging transactions. Most of these exposures are hedged on a month-to-month basis. As of June 30, 2026 and December 31, 2025, the total notional amounts of these foreign currency forward contracts were $ 653 million and $ 240 million, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the three and six months ended June 30, 2026 and 2025.
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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
June 30, 2026 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 $ 306   Accrued liabilities/ Other noncurrent liabilities
$ 106  
Cross-currency swap contracts Other current assets/ Other noncurrent assets —   Accrued liabilities/ Other noncurrent liabilities
329  
Interest rate swap contracts Other current assets/ Other noncurrent assets 7   Accrued liabilities/ Other noncurrent liabilities
330  

Total derivatives designated as hedging instruments
313   765  

Derivatives not designated as hedging instruments:

Foreign currency forward contracts Other current assets
—   Accrued liabilities
1  
Total derivatives not designated as hedging instruments
—   1  
Total derivatives $ 313   $ 766  

Derivative assets Derivative liabilities
December 31, 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 $ 195   Accrued liabilities/ Other noncurrent liabilities
$ 213  
Cross-currency swap contracts Other current assets/ Other noncurrent assets 48   Accrued liabilities/ Other noncurrent liabilities
320  
Interest rate swap contracts Other current assets/ Other noncurrent assets —   Accrued liabilities/ Other noncurrent liabilities
293  

Total derivatives designated as hedging instruments
243   826  
Derivatives not designated as hedging instruments:

Foreign currency forward contracts Other current assets 1   Accrued liabilities 1  
Total derivatives not designated as hedging instruments
1   1  
Total derivatives $ 244   $ 827  

For additional information, see Note 11, Fair value measurement.
Our derivative contracts that were in liability positions as of June 30, 2026, 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.
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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 certain circumstances, including the settlement of notional amounts of cross-currency swaps, which are included in Net cash used in financing activities.

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, 2025, 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, 2025; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
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. The outcomes of these proceedings are inherently uncertain and depend on a variety of factors, including the development of the factual record, judicial or administrative rulings, and, in certain cases, the outcome of appellate review. Further, certain of the matters pending against us are at earlier stages of the legal process, which in complex proceedings of the sort we face often extend for several years, and have not progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate. Accordingly, except for amounts accrued, 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-estimable amount of damages or an amount that is 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.
Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation
Amgen Inc. et al. v. Amneal Pharmaceuticals, Inc. et al.; Amgen Inc. et al. v. Dr. Reddy’s Laboratories Ltd., et al.; and Amgen Inc. et al. v Alkem Laboratories Ltd., et al.
A claim construction hearing will be scheduled after October 21, 2027, and the joint pretrial order is due August 28, 2028. A trial date has not yet been set.
PAVBLU ® (aflibercept-ayyh) Patent Litigation
United States
Regeneron Pharmaceuticals, Inc. v. Amgen Inc. (action filed January 10, 2024) (the 2024 Action)
A hearing on Amgen’s motion for a suggestion of remand was held on May 27, 2026.
On May 26, 2026, Amgen filed its opposition brief to Regeneron Pharmaceuticals, Inc.’s (Regeneron) motion to strike certain of Amgen’s affirmative defenses and to dismiss certain of Amgen’s counterclaims pleaded in response to Regeneron’s complaint that was filed in January 2024 (the 2024 Complaint), and on June 24, 2026, Regeneron filed its reply brief.
Regeneron Pharmaceuticals, Inc. v. Amgen Inc. (action filed June 17, 2025) (the 2025 Action)
On July 7, 2026, the U.S. District Court for the Northern District of West Virginia granted in part and denied in part Regeneron’s motion to strike certain of Amgen’s affirmative defenses and to dismiss certain of Amgen’s counterclaims. The court’s ruling (1) dismissed with prejudice the following Amgen defenses and counterclaims: the inequitable conduct defense, the counterclaim seeking a declaratory judgment that U.S. Patent No. 12,331,099 (the ’099 Patent) is unenforceable, the counterclaims for Sherman Act monopolization and attempted monopolization as to the allegations relating to the ’099 Patent, the counterclaim for unlawful and unfair practices under the California Unfair Competition Law as to the allegations relating to the ’099 Patent, the patent misuse defense and counterclaim, and the unclean hands defense; (2) dismissed without prejudice Amgen’s counterclaims for Sherman Act monopolization and attempted monopolization as to the allegations relating to certain
28

patents asserted in the 2024 Action and its counterclaim for unlawful and unfair practices under the California Unfair Competition Law as to the allegations relating to certain patents asserted in the 2024 Action; and (3) denied Regeneron’s motion with respect to Amgen’s prosecution laches defense and counterclaim.
KYPROLIS ® (carfilzomib) Abbreviated New Drug Application (ANDA) Patent Litigation
Onyx Therapeutics, Inc. v. Hetero USA Inc. et al.
On May 4, 2026, Onyx and Hetero entered a joint stipulation in which Hetero agreed that the asserted claims of U.S. Patent No. 7,737,112 (the ’112 Patent) are valid and enforceable, and that the filing of its ANDA infringed and the making, using, offering to sell, selling, or importing of its proposed ANDA product will infringe the asserted claims. On the same day, pursuant to the parties’ joint stipulation, the U.S. District Court for the District of Delaware entered an order enjoining Hetero from infringing the asserted claims until the expiration, or delisting from the Orange Book, of the ’112 Patent, except as, and to the extent, specifically authorized by Onyx in writing, and dismissed the action.
TAVNEOS ® (avacopan) Abbreviated New Drug Application (ANDA) Patent Litigation
ChemoCentryx, Inc. v. Zydus Pharmaceuticals (USA) Inc., Zydus Lifesciences Global FZE, and Zydus Lifesciences Limited (collectively, Zydus); ChemoCentryx, Inc. v. Annora Pharma Private Limited, Hetero USA Inc., and Hetero Labs Limited (collectively, Annora)
On May 18, 2026, ChemoCentryx responded to Zydus’ counterclaims and asserted its affirmative defenses.
On May 21, 2026, the U.S. District Court for the District of New Jersey entered an order consolidating the cases against Zydus and Annora for all purposes, including discovery, case management, and trial.
Antitrust Class Actions
CareFirst of Maryland Antitrust Class Action
On June 8, 2026, Amgen filed its opening brief with the U.S. Court of Appeals for the Fourth Circuit. On June 10, 2026, the U.S. District Court for the Eastern District of Virginia granted Amgen’s motion to stay the case pending the outcome of the appeal.
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)
The parties have reached an agreement to settle this matter, subject to approval by the U.S. District Court for the Southern District of New York (Southern District Court of New York). On July 20, 2026, the plaintiffs filed a motion for preliminary class settlement approval with the Southern District Court of New York.
ChemoCentryx, Inc. Securities Matters
On May 15, 2026 the lead plaintiff filed a revised stipulation of settlement. On June 12, 2026, the U.S. District Court for the Northern District of California entered an order granting preliminary approval of the settlement, setting September 21, 2026 as the deadline for objections to the settlement and to opt into the class. A hearing for final approval of the settlement is scheduled for October 29, 2026.
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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, the consolidated financial statements and accompanying notes of our Annual Report on Form 10-K for the year ended December 31, 2025, and the condensed consolidated financial statements and accompanying notes of this Quarterly Report on Form 10-Q and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. 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, 2025, and in Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. 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 45 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 Repatha, Prolia, EVENITY, TEPEZZA, Otezla, ENBREL, BLINCYTO, Nplate, TEZSPIRE, XGEVA, Aranesp, KRYSTEXXA, KYPROLIS, Vectibix, UPLIZNA and IMDELLTRA/IMDYLLTRA. We also market a number of other products, including but not limited to PAVBLU, Neulasta, AMJEVITA/AMGEVITA, MVASI, TAVNEOS, LUMAKRAS/LUMYKRAS, Parsabiv, Aimovig, PROCYSBI and WEZLANA/WEZENLA.
Macroeconomic and other challenges
Uncertain macroeconomic conditions, including the risk of inflation, fluctuating interest rates and financial system instability, together with rising healthcare costs, evolving tariffs and trade protection measures, and geopolitical conflict, including in the Middle East, continue to pose challenges to our business. The geopolitical conflict, particularly in the Middle East, has increased volatility in the energy and transportation markets and disrupted global supply chains. 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 expanded utilization of the 340B Program from broadened application of 340B discounts, have negatively affected, and are likely to continue to negatively affect, our business. For example, CMS has selected ENBREL and Otezla 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-Nation Prescription Drug Pricing Executive Order (MFN EO) and the July MFN Letter that was delivered to a number of pharmaceutical companies, including Amgen. In December 2025, we announced that we are taking actions that satisfy the components outlined in the July MFN
30

Letter, including the Administration’s MFN pricing requests. We also announced the expansion of our direct-to-patient program. As part of the Administration’s MFN pricing initiative, CMS also announced the GENEROUS Model, under which we and other participating manufacturers will provide additional supplemental rebates for certain drugs to participating state Medicaid programs designed to align Medicaid net prices with prices paid in select other countries for drugs covered under the model. While these developments reflect ongoing engagement on pricing policy, the ultimate effects on our pricing, reimbursement, net sales and profitability remain uncertain in light of such evolving regulatory and policy expectations. 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.
Numerous tariffs and trade protection measures have been proposed, and in a number of cases, implemented by the United States and other countries. Further, there have been previous proposals for sector-specific tariffs on our industry. In April 2026, the Administration issued a proclamation imposing Section 232 tariffs on certain patented pharmaceuticals and associated active pharmaceutical ingredients. However, in December 2025, in recognition of our capital investments in U.S. manufacturing, we received relief from Section 232 tariffs for approximately the next three years from that date. Given the many uncertainties and variables, tariffs and trade protection measures may adversely affect our business and results of operations.
Finally, wholesale and end-user buying patterns can affect our product sales. These buying patterns can cause fluctuations in quarterly product sales, but have generally not been significant to date when comparing full-year product performance to the prior year. For additional discussion of these and other risks, see Part II, Item 1A. Risk Factors, of this Quarterly Report on Form 10-Q.

Significant developments
The following is a summary of select significant developments affecting our business that occurred since the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. For additional developments, see our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Products/pipeline
IMDELLTRA/IMDYLLTRA
In June 2026, we announced that the European Commission has granted marketing authorization for IMDYLLTRA as a monotherapy to treat adults with extensive-stage small cell lung cancer (ES-SCLC) who require systemic therapy following disease progression on or after first-line treatment with platinum-based chemotherapy. The approval was based on results from DeLLphi-304, the first global Phase 3 trial to demonstrate a significant survival benefit over chemotherapy in this setting.

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
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Product sales
U.S. $ 6,990  $ 6,324  11  % $ 12,763  $ 11,986  6  %
ROW 2,547  2,447  4  % 4,992  4,658  7  %
Total product sales 9,537  8,771  9  % 17,755  16,644  7  %
Other revenues 517  408  27  % 917  684  34  %
Total revenues $ 10,054  $ 9,179  10  % $ 18,672  $ 17,328  8  %
Operating expenses $ 6,540  $ 6,523  0  % $ 12,492  $ 13,494  (7) %
Operating income $ 3,514  $ 2,656  32  % $ 6,180  $ 3,834  61  %
Net income $ 2,375  $ 1,432  66  % $ 4,194  $ 3,162  33  %
Diluted EPS $ 4.37  $ 2.65  65  % $ 7.71  $ 5.84  32  %
Diluted shares 544  541  1  % 544  541  1  %

In the following discussion of changes in product sales, any reference to volume 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, in certain circumstances, end users (such as pharmacies) as may be noted.
Total product sales increased 9% for the three months ended June 30, 2026, driven by volume growth. Total product sales increased 7% for the six months ended June 30, 2026, driven by volume growth of 9%, partially offset by lower net selling price.
For the three months ended June 30, 2026, U.S. volume grew 9% and ROW volume grew 8%, driven by certain brands, including Repatha, EVENITY, UPLIZNA, TEZSPIRE, IMDELLTRA/IMDYLLTRA and PAVBLU.
For the six months ended June 30, 2026, U.S. volume grew 9% and ROW volume grew 10%, driven by certain brands, including Repatha, EVENITY, IMDELLTRA/IMDYLLTRA, UPLIZNA, PAVBLU and TEZSPIRE.
Other revenues increased 27% and 34% for the three and six months ended June 30, 2026, respectively, driven by higher corporate partner revenue and royalty income.
Operating expenses remained relatively unchanged for the three months ended June 30, 2026, as lower amortization expense from acquisition-related assets was offset by higher profit share expense and changes in our sales mix, as well as higher R&D, SG&A and litigation expenses. Operating expenses decreased 7% for the six months ended June 30, 2026, reflecting lower amortization expense from acquisition-related assets and the impact of the Otezla intangible asset impairment charge recorded in the first quarter of 2025, partially offset by higher spend in Later-Stage Clinical Programs and higher profit share expense. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements, for additional information related to the Otezla intangible asset impairment charge.
For the remainder of 2026, we expect volume growth from certain brands to be partially offset by net selling price declines.
Uncertain macroeconomic conditions, including geopolitical conflict and rising geopolitical tensions, changes in the healthcare ecosystem, and potential government policy actions, including MFN pricing or similar drug pricing reforms and tariffs or trade protection measures, 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; expanded utilization of the 340B Program from broadened application of 340B discounts; reductions in federal Medicaid spending; and an increase in the number of people without health insurance. 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, 2025; and Part II, Item 1A. Risk Factors, of our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026.
32

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Repatha $ 953  $ 696  37  % $ 1,829  $ 1,352  35  %
Prolia  759  1,122  (32) % 1,486  2,221  (33) %
EVENITY 714  518  38  % 1,276  960  33  %
TEPEZZA 576  505  14  % 1,066  886  20  %
Otezla 491  618  (21) % 922  1,055  (13) %
ENBREL 580  604  (4) % 900  1,114  (19) %
BLINCYTO 472  384  23  % 887  754  18  %
Nplate 430  369  17  % 842  682  23  %
TEZSPIRE (1)
486  342  42  % 829  627  32  %
XGEVA 352  532  (34) % 763  1,098  (31) %
Aranesp 352  359  (2) % 663  699  (5) %
KRYSTEXXA 400  349  15  % 655  585  12  %
KYPROLIS 314  378  (17) % 644  702  (8) %
Vectibix 338  305  11  % 625  572  9  %
UPLIZNA 335  176  90  % 597  267  *
IMDELLTRA/IMDYLLTRA 288  134  * 546  215  *
Other products (2)
1,697  1,380  23  % 3,225  2,855  13  %
Total product sales $ 9,537  $ 8,771  9  % $ 17,755  $ 16,644  7  %

* Change in excess of 100%
____________
(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, 2025: (i) Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products; (ii) Part I, Item 1. Business—Reimbursement; (iii) Part I, Item 1A. Risk Factors; and (iv) Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Overview, and Results of operations—Product sales, as well as in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026: (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.
Repatha
Total Repatha sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Repatha — U.S. $ 510  $ 361  41  % $ 975  $ 704  38  %
Repatha — ROW 443  335  32  % 854  648  32  %
Total Repatha $ 953  $ 696  37  % $ 1,829  $ 1,352  35  %

The increases in global Repatha sales for the three and six months ended June 30, 2026 were driven by volume growth.
33

For a discussion of litigation, including associated settlements, 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, 2025; and Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Prolia
Total Prolia sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Prolia — U.S. $ 478  $ 745  (36) % $ 939  $ 1,465  (36) %
Prolia — ROW 281  377  (25) % 547  756  (28) %
Total Prolia $ 759  $ 1,122  (32) % $ 1,486  $ 2,221  (33) %

The decreases in global Prolia sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 20% and 19%, respectively, and lower net selling price of 12% and 11%, respectively.
For the remainder of 2026, we continue to expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched in the United States and ROW.
As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and 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, 2025; 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, 2026 and June 30, 2026.
EVENITY
Total EVENITY sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
EVENITY — U.S. $ 550  $ 395  39  % $ 981  $ 715  37  %
EVENITY — ROW 164  123  33  % 295  245  20  %
Total EVENITY $ 714  $ 518  38  % $ 1,276  $ 960  33  %

The increases in global EVENITY sales for the three and six months ended June 30, 2026 were driven by volume growth.
TEPEZZA
Total TEPEZZA sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
TEPEZZA — U.S. $ 520  $ 466  12  % $ 944  $ 831  14  %
TEPEZZA — ROW 56  39  44  % 122  55  *
Total TEPEZZA $ 576  $ 505  14  % $ 1,066  $ 886  20  %

* Change in excess of 100%
The increase in global TEPEZZA sales for the three months ended June 30, 2026 was driven by higher net selling price of 6%, volume growth of 6% and favorable changes to estimated sales deductions of 4%, partially offset by 4% from lower inventory.
34

The increase in global TEPEZZA sales for the six months ended June 30, 2026 was primarily driven by a 7% impact from higher inventory, higher net selling price of 7% and volume growth of 3%.
Otezla
Total Otezla sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Otezla — U.S. $ 431  $ 512  (16) % $ 783  $ 855  (8) %
Otezla — ROW 60  106  (43) % 139  200  (31) %
Total Otezla $ 491  $ 618  (21) % $ 922  $ 1,055  (13) %

The decrease in global Otezla sales for the three months ended June 30, 2026 was driven by lower net selling price of 9%, lower volume of 6% and unfavorable changes to estimated sales deductions.
The decrease in global Otezla sales for the six months ended June 30, 2026 was primarily driven by lower net selling price.
Otezla ROW sales were unfavorably impacted for the three and six months ended June 30, 2026 by generic competition following loss of exclusivity in certain European countries during the first quarter of 2026.
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 charge recorded in 2025.
ENBREL
Total ENBREL sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
ENBREL — U.S. $ 574  $ 597  (4) % $ 888  $ 1,101  (19) %
ENBREL — Canada 6  7  (14) % 12  13  (8) %
Total ENBREL $ 580  $ 604  (4) % $ 900  $ 1,114  (19) %

The decrease in ENBREL sales for the three months ended June 30, 2026 was primarily driven by lower net selling price of 22% resulting from the impact of U.S. Medicare Part D price setting under the IRA, effective January 1, 2026, as well as an increase in 340B Program mix, partially offset by favorable changes in estimated sales deductions of 16%.
The decrease in ENBREL sales for the six months ended June 30, 2026 was driven by lower net selling price of 25% resulting from the impact of U.S. Medicare Part D price setting under the IRA, effective January 1, 2026, as well as an increase in 340B Program mix, partially offset by favorable changes in estimated sales deductions of 6%.
BLINCYTO
Total BLINCYTO sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
BLINCYTO — U.S. $ 285  $ 270  6  % $ 506  $ 543  (7) %
BLINCYTO — ROW 187  114  64  % 381  211  81  %
Total BLINCYTO $ 472  $ 384  23  % $ 887  $ 754  18  %

The increase in global BLINCYTO sales for the three months ended June 30, 2026 was driven by volume growth of 16%, favorable changes to estimated sales deductions of 4% and higher net selling price.
35

The increase in global BLINCYTO sales for the six months ended June 30, 2026 was driven by volume growth.
Nplate
Total Nplate sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Nplate — U.S. $ 275  $ 228  21  % $ 558  $ 429  30  %
Nplate — ROW 155  141  10  % 284  253  12  %
Total Nplate $ 430  $ 369  17  % $ 842  $ 682  23  %

The increase in global Nplate sales for the three months ended June 30, 2026 was driven by volume growth of 13% and higher net selling price.
Global Nplate sales for the six months ended June 30, 2026 increased 23% and included a U.S. government order of $60 million for the six months ended June 30, 2026. Excluding the U.S. government order from this comparison, global Nplate sales increased 15% for the six months ended June 30, 2026, driven by volume growth of 11% and higher net selling price.
TEZSPIRE
Total TEZSPIRE sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
TEZSPIRE — U.S.
$ 486  $ 342  42  % $ 829  $ 627  32  %

The increases in TEZSPIRE sales for the three and six months ended June 30, 2026 were primarily driven by volume growth.
XGEVA
Total XGEVA sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
XGEVA — U.S. $ 187  $ 347  (46) % $ 415  $ 707  (41) %
XGEVA — ROW 165  185  (11) % 348  391  (11) %
Total XGEVA $ 352  $ 532  (34) % $ 763  $ 1,098  (31) %

The decreases in global XGEVA sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 22% and 20%, respectively, and lower net selling price of 8% for both periods.
For the remainder of 2026, we continue to expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched in the United States and ROW.
As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, Part I, Item 1. Business—Marketing, Distribution and Selected Marketed Products, our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and 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, 2025; 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, 2026 and June 30, 2026.
36

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Aranesp — U.S. $ 94  $ 107  (12) % $ 171  $ 198  (14) %
Aranesp — ROW 258  252  2  % 492  501  (2) %
Total Aranesp $ 352  $ 359  (2) % $ 663  $ 699  (5) %

The decreases in global Aranesp sales for the three and six months ended June 30, 2026 were primarily driven by lower net selling price.
KRYSTEXXA
Total KRYSTEXXA sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
KRYSTEXXA — U.S.
$ 399  $ 349  14  % $ 654  $ 585  12  %
KRYSTEXXA — ROW
1  —  N/A 1  —  N/A
Total KRYSTEXXA
$ 400  $ 349  15  % $ 655  $ 585  12  %

N/A = not applicable
The increases in global KRYSTEXXA sales for the three and six months ended June 30, 2026 were driven by higher net selling price of 23% and 20%, respectively, partially offset by lower inventory for both periods.
KYPROLIS
Total KYPROLIS sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
KYPROLIS — U.S. $ 201  $ 232  (13) % $ 419  $ 448  (6) %
KYPROLIS — ROW 113  146  (23) % 225  254  (11) %
Total KYPROLIS $ 314  $ 378  (17) % $ 644  $ 702  (8) %

The decreases in global KYPROLIS sales for the three and six months ended June 30, 2026 were driven by lower volume.
For a discussion of ongoing litigation related to KYPROLIS, 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, 2025; 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, 2026 and June 30, 2026.
37

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Vectibix — U.S. $ 167  $ 144  16  % $ 303  $ 279  9  %
Vectibix — ROW 171  161  6  % 322  293  10  %
Total Vectibix $ 338  $ 305  11  % $ 625  $ 572  9  %

The increases in global Vectibix sales for the three and six months ended June 30, 2026 were primarily driven by volume growth.
UPLIZNA
Total UPLIZNA sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
UPLIZNA — U.S. $ 317  $ 132  * $ 563  $ 214  *
UPLIZNA — ROW 18  44  (59) % 34  53  (36) %
Total UPLIZNA $ 335  $ 176  90  % $ 597  $ 267  *

* Change in excess of 100%
The increases in global UPLIZNA sales for the three and six months ended June 30, 2026 were primarily driven by volume growth.
IMDELLTRA/IMDYLLTRA
Total IMDELLTRA/IMDYLLTRA sales by geographic region were as follows (dollar amounts in millions):

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
IMDELLTRA — U.S. $ 233  $ 107  * $ 421  $ 186  *
IMDYLLTRA — ROW 55  27  * 125  29  *
Total IMDELLTRA/IMDYLLTRA $ 288  $ 134  * $ 546  $ 215  *

* Change in excess of 100%
The increases in global IMDELLTRA/IMDYLLTRA sales for the three and six months ended June 30, 2026 were primarily driven by volume growth.
38

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
PAVBLU — U.S. $ 280  $ 126  * $ 556  $ 225  *
PAVBLU — ROW 7  4  75  % 11  4  *
Neulasta — U.S. 164  63  * 313  172  82  %
Neulasta — ROW 15  19  (21) % 31  39  (21) %
AMJEVITA — U.S. 26  —  N/A 67  4  *
AMGEVITA — ROW
129  133  (3) % 261  265  (2) %
MVASI — U.S.
106  142  (25) % 202  280  (28) %
MVASI — ROW
47  49  (4) % 101  90  12  %
TAVNEOS — U.S. 143  103  39  % 257  180  43  %
TAVNEOS — ROW 7  7  —  % 12  20  (40) %
LUMAKRAS — U.S.
62  52  19  % 111  107  4  %
LUMYKRAS — ROW
49  38  29  % 94  68  38  %
Parsabiv — U.S. 54  51  6  % 97  101  (4) %
Parsabiv — ROW 47  41  15  % 91  79  15  %
Aimovig — U.S. 81  64  27  % 149  149  —  %
Aimovig — ROW 7  6  17  % 13  11  18  %
PROCYSBI — U.S. 71  55  29  % 118  112  5  %
PROCYSBI — ROW 3  2  50  % 4  4  —  %
WEZLANA — U.S. —  —  N/A 4  123  (97) %
WEZENLA — ROW 61  35  74  % 104  62  68  %
Other — U.S. (1)
296  334  (11) % 540  646  (16) %
Other — ROW (1)
42  56  (25) % 89  114  (22) %
Total other products $ 1,697  $ 1,380  23  % $ 3,225  $ 2,855  13  %
Total U.S. — other products $ 1,283  $ 990  30  % $ 2,414  $ 2,099  15  %
Total ROW — other products 414  390  6  % 811  756  7  %
Total other products $ 1,697  $ 1,380  23  % $ 3,225  $ 2,855  13  %

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

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 Change 2026 2025 Change
Operating expenses:
Cost of sales $ 2,811  $ 3,011  (7) % $ 5,555  $ 5,979  (7) %
% of product sales 29.5  % 34.3  % 31.3  % 35.9  %
% of total revenues 28.0  % 32.8  % 29.8  % 34.5  %
Research and development $ 1,868  $ 1,744  7  % $ 3,587  $ 3,230  11  %
% of product sales 19.6  % 19.9  % 20.2  % 19.4  %
% of total revenues 18.6  % 19.0  % 19.2  % 18.6  %

Selling, general and administrative $ 1,745  $ 1,691  3  % $ 3,347  $ 3,378  (1) %
% of product sales 18.3  % 19.3  % 18.9  % 20.3  %
% of total revenues 17.4  % 18.4  % 17.9  % 19.5  %
Other $ 116  $ 77  51  % $ 3  $ 907  (100) %
Total operating expenses $ 6,540  $ 6,523  0  % $ 12,492  $ 13,494  (7) %

Cost of sales
Cost of sales decreased to 28.0% of total revenues for the three months ended June 30, 2026, driven by lower amortization expense from acquisition-related assets, partially offset by higher profit share expense, higher manufacturing costs and changes in our sales mix.
Cost of sales decreased to 29.8% of total revenues for the six months ended June 30, 2026, driven by lower amortization expense from acquisition-related assets, partially offset by higher profit share expense and changes in our sales mix.
Research and development
The increase in R&D expense for the three months ended June 30, 2026, was driven by higher spend in both Later-Stage Clinical Programs, primarily those related to MariTide, and Marketed Product Support.
The increase in R&D expense for the six months ended June 30, 2026, was driven by higher spend in Later-Stage Clinical Programs, primarily those related to MariTide.
Selling, general and administrative
The increase in SG&A expense for the three months ended June 30, 2026, was driven by higher general and administrative expenses and higher commercial product-related expenses.
The decrease in SG&A expense for the six months ended June 30, 2026, was driven by lower general and administrative expenses, partially offset by higher commercial product-related expenses.
Other
Other operating expenses for the three and six months ended June 30, 2026, included litigation expenses and settlements, respectively.
Other operating expenses for the three months ended June 30, 2025, included litigation expenses. Other operating expenses for the six months ended June 30, 2025, included the Otezla intangible asset impairment charge of $800 million following its selection for price setting under the IRA. See Note 8, Goodwill and other intangible assets, to the condensed consolidated financial statements.
40

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

Three months ended
June 30, Six months ended
June 30,
2026 2025 2026 2025
Interest expense, net $ (673) $ (694) $ (1,330) $ (1,417)
Other (expense) income, net $ (73) $ (394) $ 2  $ 1,124 
Provision for income taxes $ 393  $ 136  $ 658  $ 379 
Effective tax rate 14.2  % 8.7  % 13.6  % 10.7  %

Interest expense, net
Interest expense, net, decreased for the three and six months ended June 30, 2026, primarily due to lower average debt outstanding.
Other (expense) income, net
The change in Other (expense) income, net, for the three months ended June 30, 2026, was primarily due to lower net unrealized losses on equity investments, primarily BeOne. See Note 6, Investments, to the condensed consolidated financial statements.
The change in Other (expense) income, net, for the six months ended June 30, 2026, was primarily due to net unrealized losses on equity investments, primarily BeOne, in the current-year period compared to net unrealized gains on equity investments, primarily BeOne, in the prior-year period. See Note 6, Investments, to the condensed consolidated financial statements.

Income taxes
The increase in our effective tax rate for the three months ended June 30, 2026, was primarily due to the change in earnings mix, including lower amortization expense from acquisition-related assets. The increase in our effective tax rate for the six months ended June 30, 2026, was primarily due to the change in earnings mix, including lower amortization expense from acquisition-related assets, partially offset by the net unrealized losses in the first half of 2026 compared to net unrealized gains in the prior-year period on equity investments. See Note 6, Investments, to the condensed consolidated financial statements.
In 2021, the OECD reached an initial agreement to align countries on a minimum corporate tax rate and an expansion of the taxing rights of market countries. Select individual countries, including the United Kingdom, EU member countries and Singapore, have enacted the global minimum tax agreement that took effect starting in 2024. Singapore’s enactment of the agreement effective 2025 applies irrespective of the Company’s incentive grant. On January 5, 2026, the OECD issued administrative guidance related to the global minimum tax agreement that, when fully enacted, will exempt U.S. companies from extra territorial minimum taxes effective January 1, 2026. Countries have begun to enact, or have announced intentions to enact, the new guidance, and we continue to monitor the potential impact to our 2026 tax rate.
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, including tax rate changes on foreign earnings. The legislation has multiple effective dates, with most provisions effective as of January 1, 2026.
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 in 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. The Notices 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 in 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015. The Notice 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 and asserts penalties of approximately $2.0 billion. Any additional tax that could be
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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 continue to contest the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court in 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. On March 16, 2026, the Court ordered supplemental closing briefs, which were filed on May 20, 2026. The Company expects a decision from the U.S. Tax Court no earlier than late 2026 or early 2027.
We are currently under examination by the IRS for the years 2016–2018. In April 2026, we received a draft notice of proposed adjustment (NOPA) from the IRS for years 2016–2018, which is similar to the proposed adjustments for years 2010–2015 and relates primarily to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. In May and July 2026, the IRS reissued the NOPA in substantially the same form. We disagree with the NOPA and have informed the IRS audit team that its methodology is inconsistent with certain positions asserted by the IRS in the Tax Court, which positions were more favorable to Amgen than those previously taken by the audit team. If sustained in full, the adjustments set forth in the NOPA could have a material impact on our financial statements. We intend to contest the NOPA. The IRS began its audit for years 2019–2022 in the second quarter of 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 Part I, 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 OB3. Such tax liabilities could adversely affect our profitability and results of operations of our Annual Report on Form 10-K for the year ended December 31, 2025 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):

June 30, 2026 December 31, 2025
Cash and cash equivalents $ 13,989  $ 9,129 
Total assets $ 95,639  $ 90,586 
Current portion of long-term debt $ 5,445  $ 4,599 
Long-term debt $ 51,859  $ 50,005 
Stockholders’ equity $ 11,688  $ 8,658 

Cash and cash equivalents
Our balance of cash and cash equivalents was $14.0 billion as of June 30, 2026. The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with primarily investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.
Capital allocation
Consistent with the objective to optimize our capital structure, we deploy our accumulated cash balances in a strategic manner and consider a number of alternatives, including investments in innovation both internally and externally (including
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