Financial Analysis

Acquisition Acquisition of Horizon Therapeutics plc On October 6, 2023, Amgen completed its acquisition of Horizon by acquiring all of the outstanding shares of Horizon for $116.50 per share in cash, representing a total consideration of approximately $27.8 billion. Horizon is a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs of patients impacted by rare, autoimmune and severe inflammatory diseases. The acquisition, which was accounted for as a business combination, aligns with Amgens core strategy of delivering innovative medicines that make a significant difference for patients suffering from serious diseases and strengthens Amgens leading rare disease portfolio by adding first-in-class, early-in-lifecycle medicines, including TEPEZZA for TED, KRYSTEXXA for chronic refractory gout and UPLIZNA for neuromyelitis optica spectrum disorder. Upon its acquisition, Horizon became a wholly owned subsidiary of Amgen, and its operations have been included in our consolidated financial statements commencing on the acquisition date. During the year ended December 31, 2024, the purchase price allocation of the acquisition was completed and measurement period adjustments were finalized, which included changes to the purchase price allocation that resulted in a net increase of approximately $25 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired assets and l …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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 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. 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 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Financing arrangements Our borrowings consisted of the following (in millions): December 31, 2025 2024 1.90% notes due 2025 (1.90% 2025 Notes) $ $ 500 5.25% notes due 2025 (5.25% 2025 Notes) 2,000 3.125% notes due 2025 (3.125% 2025 Notes) 1,000 2.00% 750 million notes due 2026 (2.00% 2026 euro Notes) 881 777 5.507% notes due 2026 (5.507% 2026 Notes) 1,500 2.60% notes due 2026 (2.60% 2026 Notes) 1,250 1,250 Term loan due October 2026 1,800 1,800 5.50% 475 million notes due 2026 (5.50% 2026 pound sterling Notes) 640 595 2.20% notes due 2027 (2.20% 2027 Notes) 1,724 1,724 3.20% notes due 2027 (3.20% 2027 Notes) 1,000 1,000 5.15% notes due 2028 (5.15% 2028 Notes) 3,750 3,750 1.65% notes due in 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) 944 876 2.45% notes due 2030 (2.45% 2030 Notes) 1,250 1,250 5.25% notes due 2030 (5.25% 2030 Notes) 2,750 2,750 2.30% notes due 2031 (2.30% 2031 Notes) 1,250 1,250 2.00% notes due 2032 (2.00% 2032 Notes) 987 1,001 3.35% notes due 2032 (3.35% 2032 Notes) 1,000 1,000 4.20% notes due 2033 (4.20% 2033 Notes) 750 750 5.25% notes due 2033 (5.25% 2033 Notes) 4,250 4,250 6.375% notes due 2037 (6.375% 2037 Notes) 478 478 6.90% notes due 2038 (6.90% 2038 Notes) 254 254 6.40% notes due 2039 (6.40% 2039 Notes) 333 333 3.15% notes due 2040 (3.15% 2040 Notes) 1,478 1,668 5.75% notes due 2040 (5.75% 2040 N …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenues were as follows (in millions): Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 U.S. ROW Total U.S. ROW Total U.S. ROW Total Prolia $ 2,978 $ 1,436 $ 4,414 $ 2,885 $ 1,489 $ 4,374 $ 2,733 $ 1,315 $ 4,048 Repatha 1,663 1,353 3,016 1,139 1,083 2,222 793 842 1,635 Otezla 1,839 426 2,265 1,699 427 2,126 1,777 411 2,188 ENBREL 2,199 27 2,226 3,288 28 3,316 3,650 47 3,697 EVENITY 1,600 500 2,100 1,131 432 1,563 809 351 1,160 XGEVA 1,355 729 2,084 1,507 718 2,225 1,527 585 2,112 TEPEZZA (1) 1,758 145 1,903 1,835 16 1,851 441 7 448 BLINCYTO 1,049 510 1,559 800 416 1,216 566 295 861 Nplate 1,027 497 1,524 970 486 1,456 996 481 1,477 TEZSPIRE (2) 1,478 1,478 972 972 567 567 KYPROLIS 913 499 1,412 948 555 1,503 921 482 1,403 Aranesp 416 973 1,389 386 956 1,342 452 910 1,362 KRYSTEXXA (1) 1,340 1,340 1,185 1,185 272 272 Vectibix 604 571 1,175 519 526 1,045 461 523 984 Other products (3) 5,437 1,826 7,263 4,037 1,593 5,630 3,307 1,389 4,696 Total product sales (4) 25,656 9,492 35,148 23,301 8,725 32,026 19,272 7,638 26,910 Other revenues 763 840 1,603 562 836 1,398 534 746 1,280 Total revenues $ 26,419 $ 10,332 $ 36,751 $ 23,863 $ 9,561 $ 33,424 $ 19,806 $ 8,384 $ 28,190 ____________ (1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date. (2) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States. (3) Consists of pr …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-based compensation Our Amended 2009 Plan authorizes for issuance to employees of Amgen and nonemployee members of our Board of Directors shares of our common stock pursuant to grants of equity-based awards, including RSUs, stock options and performance units. The pool of shares available under the Amended 2009 Plan is reduced by one share for each stock option granted and by 1.9 shares for other types of awards granted, including full-value awards. In general, if any shares subject to an award granted under the Amended 2009 Plan expire or become forfeited, terminated or canceled without the issuance of shares, the shares subject to such awards are added back into the authorized pool on the same basis that they were removed. In addition, under the Amended 2009 Plan, shares withheld to pay for minimum statutory tax obligations with respect to full-value awards are added back into the authorized pool on the basis of 1.9 shares. As of December 31, 2025, the Amended 2009 Plan provides for future grants and/or issuances of up to approximately 35 million shares of our common stock. Stock-based awards under our employee compensation plans are made with newly issued shares reserved for this purpose. The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions): Years ended December 31, 2025 2024 2023 RSUs $ 333 $ 351 $ 309 Performance units 112 133 121 Stock options 49 46 43 Total stock-based com …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair value measurement To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes the use of observable inputs and minimizes 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 Companys 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 source 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 indirectlyother 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 the various 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, the inputs used for measuring f …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and other intangible assets Goodwill The changes in the carrying amounts of goodwill were as follows (in millions): December 31, 2025 2024 Beginning balance $ 18,637 $ 18,629 Changes to goodwill resulting from acquisitions, net (1) 25 Foreign currency translation adjustments 43 (17) Ending balance $ 18,680 $ 18,637 ____________ (1) For 2024, changes to Goodwill consisted of measurement-period adjustments related to our Horizon acquisition. Other intangible assets Other intangible assets consisted of the following (in millions): December 31, 2025 2024 Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net Finite-lived intangible assets: Developed-product-technology rights $ 47,805 $ (26,754) $ 21,051 $ 48,611 $ (22,594) $ 26,017 Licensing rights 3,917 (3,522) 395 3,875 (3,392) 483 R&D technology rights 1,425 (1,305) 120 1,374 (1,235) 139 Marketing-related rights 1,203 (1,203) 1,202 (1,202) Total finite-lived intangible assets 54,350 (32,784) 21,566 55,062 (28,423) 26,639 Indefinite-lived intangible assets: In-process research and development 710 710 1,060 1,060 Total other intangible assets $ 55,060 $ (32,784) $ 22,276 $ 56,122 $ (28,423) $ 27,699 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 profi …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income taxes Income before income taxes included the following (in millions): Years ended December 31, 2025 2024 2023 Domestic $ 8,220 $ 4,040 $ 4,047 Foreign 756 569 3,808 Total income before income taxes $ 8,976 $ 4,609 $ 7,855 The provision for income taxes included the following (in millions): Years ended December 31, 2025 2024 2023 Current provision: Federal $ 959 $ 965 $ 1,524 State 35 33 43 Foreign 971 759 786 Total current provision 1,965 1,757 2,353 Deferred benefit: Federal (465) (860) (1,124) State 7 (18) (25) Foreign (242) (360) (66) Total deferred benefit (700) (1,238) (1,215) Total provision for income taxes $ 1,265 $ 519 $ 1,138 Deferred income taxes reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax credit carryforwards and the tax effects of NOL carryforwards. As of December 31, 2022, we elected to establish deferred taxes with respect to the U.S. tax on the earnings of our foreign subsidiaries for the reversal of temporary items in future years. Significant components of our deferred tax assets and liabilities were as follows (in millions): December 31, 2025 2024 Deferred income tax assets: NOL and credit carryforwards $ 1,368 $ 1,352 Accrued expenses 890 693 Capitalized research and development expenses 1,655 1,762 Investments 1 Expenses capitalized for tax 218 200 Earnings of foreign subsidiaries 2,305 1,496 Stock-based com …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We lease certain facilities and equipment related primarily to R&D, administrative and commercial activities. Leases with terms of 12 months or less are expensed as incurred and are not recorded in the Consolidated Balance Sheets. Most leases include one or more options to renew, with renewal terms that may extend the lease term up to ten years. The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain residual value guarantees nor impose significant restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases from former R&D and administrative spaces. The following table summarizes information related to our leases, all of which are classified as operating, included in our Consolidated Balance Sheets (in millions): December 31, Consolidated Balance Sheets locations 2025 2024 Assets: Other noncurrent assets $ 602 $ 557 Liabilities: Accrued liabilities $ 135 $ 107 Other noncurrent liabilities 696 673 Total lease liabilities $ 831 $ 780 The components of net lease costs were as follows (in millions): Years ended December 31, Lease costs 2025 2024 2023 Operating (1) $ 265 $ 219 $ 208 Sublease income (9) (17) (28) Total net lease costs $ 256 $ 202 $ 180 ____________ (1) Includes short-term leases and variable lease costs, which were not material for the …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently adopted accounting pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve income tax disclosure requirements by requiring more detailed information in several income tax disclosures, such as enhancing disclosure of income taxes paid and requiring disaggregation of the effective income tax rate reconciliation. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2024. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We prospectively adopted this standard in fiscal year 2025, which resulted in incremental income taxes disclosures. See Note 7, Income taxes. Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures about a public business entitys 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 Amg …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Defined contribution plan The Company has defined contribution plans to which certain employees of the Company and participating subsidiaries may defer compensation for income tax purposes. Participants are eligible to receive matching contributions based on their contributions, in addition to other Company contributions. Defined contribution plan expenses were $407 million, $375 million and $311 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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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): Year ended December 31, 2025 Year ended December 31, 2024 Year ended December 31, 2023 U.S. ROW Total U.S. ROW Total U.S. ROW Total Prolia $ 2,978 $ 1,436 $ 4,414 $ 2,885 $ 1,489 $ 4,374 $ 2,733 $ 1,315 $ 4,048 Repatha 1,663 1,353 3,016 1,139 1,083 2,222 793 842 1,635 Otezla 1,839 426 2,265 1,699 427 2,126 1,777 411 2,188 ENBREL 2,199 27 2,226 3,288 28 3,316 3,650 47 3,697 EVENITY 1,600 500 2,100 1,131 432 1,563 809 351 1,160 XGEVA 1,355 729 2,084 1,507 718 2,225 1,527 585 2,112 TEPEZZA (1) 1,758 145 1,903 1,835 16 1,851 441 7 448 BLINCYTO 1,049 510 1,559 800 416 1,216 566 295 861 Nplate 1,027 497 1,524 970 486 1,456 996 481 1,477 TEZSPIRE (2) 1,478 1,478 972 972 567 567 KYPROLIS 913 499 1,412 948 555 1,503 921 482 1,403 Aranesp 416 973 1,389 386 956 1,342 452 910 1,362 KRYSTEXXA (1) 1,340 1,340 1,185 1,185 272 272 Vectibix 604 571 1,175 519 526 1,045 461 523 984 Other products (3) 5,437 1,826 7,263 4,037 1,593 5,630 3,307 1,389 4,696 Total product sales (4) 25,656 9,492 35,148 23,301 8,725 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 worlds toughest diseases. The Companys 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 Companys CODM evaluates the financial performance of the Companys human therapeutics segment on a consolidated basis, the measure of segment performance is net income, as reflected in the Consolidated Statements of Income. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and optimize 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 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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. Principles of consolidation The 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 entitys 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 consolidated financial statements and accompanying notes to conform with the current presentation. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying n …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders equity Stock repurchase program During the years ended December 31, 2025 and 2023, we did not repurchase shares under our stock repurchase program. During the year ended December 31, 2024, we repurchased 0.7 million shares of our common stock for a total cost of $200 million under our stock repurchase program. As of December 31, 2025, $6.8 billion of authorization remained available under the stock repurchase program. Dividends Our Board of Directors declared quarterly dividends per share of $2.38, $2.25 and $2.13, which were paid in each of the four quarters of 2025, 2024 and 2023, respectively. Historically, we have declared dividends in December of each year, which were paid in the first quarter of the following fiscal year and in March, July and October, which were paid in the second, third and fourth quarters, respectively, of the same fiscal year. Additionally, in December 2025, the Board of Directors declared a quarterly cash dividend of $2.52 per share of common stock, which will be paid in March 2026, to all stockholders of record as of the close of business on February, 13 2026. Accumulated other comprehensive loss The components of AOCI were as follows (in millions): Foreign currency translation adjustments Cash flow hedges Other AOCI Balance as of December 31, 2022 $ (348) $ 128 $ (11) $ (231) Foreign currency translation adjustments 50 50 Unrealized gains 28 28 Reclassification adjustments into earnings (222) (222) Other 42 42 Income taxes 44 44 Bala …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies and commitments Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See our Annual Report on Form 10-K for the year ended December 31, 2024, Part I, Item 1A. Risk Factors Our business may be affected by litigation and government investigations. We describe our legal proceedings and other matters that are significant or that we believe could become significant in this footnote and in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Our legal proceedings involve various aspects of our business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. In each of the matters described in this fili …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Financing arrangements Our borrowings consisted of the following (in millions): September 30, 2025 December 31, 2024 1.90% notes due 2025 (1.90% 2025 Notes) $ $ 500 5.25% notes due 2025 (5.25% 2025 Notes) 2,000 3.125% notes due 2025 (3.125% 2025 Notes) 1,000 2.00% 750 million notes due 2026 (2.00% 2026 euro Notes) 880 777 5.507% notes due 2026 (5.507% 2026 Notes) 1,500 2.60% notes due 2026 (2.60% 2026 Notes) 1,250 1,250 Term loan due October 2026 1,800 1,800 5.50% 475 million notes due 2026 (5.50% 2026 pound sterling Notes) 639 595 2.20% notes due 2027 (2.20% 2027 Notes) 1,724 1,724 3.20% notes due 2027 (3.20% 2027 Notes) 1,000 1,000 5.15% notes due 2028 (5.15% 2028 Notes) 3,750 3,750 1.65% notes due 2028 (1.65% 2028 Notes) 1,234 1,234 3.00% notes due 2029 (3.00% 2029 Notes) 750 750 4.05% notes due 2029 (4.05% 2029 Notes) 1,250 1,250 4.00% 700 million notes due 2029 (4.00% 2029 pound sterling Notes) 941 876 2.45% notes due 2030 (2.45% 2030 Notes) 1,250 1,250 5.25% notes due 2030 (5.25% 2030 Notes) 2,750 2,750 2.30% notes due 2031 (2.30% 2031 Notes) 1,250 1,250 2.00% notes due 2032 (2.00% 2032 Notes) 987 1,001 3.35% notes due 2032 (3.35% 2032 Notes) 1,000 1,000 4.20% notes due 2033 (4.20% 2033 Notes) 750 750 5.25% notes due 2033 (5.25% 2033 Notes) 4,250 4,250 6.375% notes due 2037 (6.375% 2037 Notes) 478 478 6.90% notes due 2038 (6.90% 2038 Notes) 254 254 6.40% notes due 2039 (6.40% 2039 Notes) 333 333 3.15% notes due 2040 (3.15% 2040 Notes) 1,478 1,668 5.75% notes due 2040 (5 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Revenues were as follows (in millions): Three months ended September 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 806 $ 333 $ 1,139 $ 683 $ 362 $ 1,045 Repatha 442 352 794 281 286 567 ENBREL 574 6 580 817 8 825 Otezla 473 112 585 460 104 564 XGEVA 357 182 539 373 168 541 EVENITY 417 124 541 289 110 399 TEPEZZA 518 42 560 482 6 488 BLINCYTO 236 156 392 237 90 327 Nplate 333 124 457 345 111 456 KYPROLIS 225 134 359 238 140 378 Aranesp 103 254 357 105 232 337 TEZSPIRE (1) 377 377 269 269 KRYSTEXXA 320 320 310 310 Vectibix 162 122 284 132 150 282 Other products (2) 1,408 445 1,853 958 405 1,363 Total product sales (3) $ 6,751 $ 2,386 9,137 $ 5,979 $ 2,172 8,151 Other revenues 420 352 Total revenues $ 9,557 $ 8,503 Nine months ended September 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 2,271 $ 1,089 $ 3,360 $ 2,110 $ 1,099 $ 3,209 Repatha 1,146 1,000 2,146 824 792 1,616 ENBREL 1,675 19 1,694 2,280 21 2,301 Otezla 1,328 312 1,640 1,185 317 1,502 XGEVA 1,064 573 1,637 1,138 526 1,664 EVENITY 1,132 369 1,501 806 326 1,132 TEPEZZA 1,349 97 1,446 1,379 12 1,391 BLINCYTO 779 367 1,146 555 280 835 Nplate 762 377 1,139 749 370 1,119 KYPROLIS 673 388 1,061 712 419 1,131 Aranesp 301 755 1,056 296 738 1,034 TEZSPIRE (1) 1,004 1,004 676 676 KRYSTEXXA 905 905 839 839 Vectibix 441 415 856 385 414 799 Other products (2) 3,907 1,283 5,190 2,858 1,204 4,062 Total product sales (3) $ 18,737 $ 7,044 25,781 $ 16,792 $ 6,518 23,310 Other revenues 1,104 1,028 Total revenues $ 26,885 $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

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 Companys 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 indirectlyother 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 val …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and other intangible assets Goodwill The change in the carrying amount of goodwill was as follows (in millions): Balance at December 31, 2024 $ 18,637 Foreign currency translation adjustments 39 Balance at September 30, 2025 $ 18,676 Other intangible assets Other intangible assets consisted of the following (in millions): September 30, 2025 December 31, 2024 Gross carrying amounts Accumulated amortization Other intangible assets, net Gross carrying amounts Accumulated amortization Other intangible assets, net Finite-lived intangible assets: Developed-product-technology rights $ 47,803 $ (25,884) $ 21,919 $ 48,611 $ (22,594) $ 26,017 Licensing rights 3,875 (3,490) 385 3,875 (3,392) 483 Research and development technology rights 1,421 (1,296) 125 1,374 (1,235) 139 Marketing-related rights 1,202 (1,202) 1,202 (1,202) Total finite-lived intangible assets 54,301 (31,872) 22,429 55,062 (28,423) 26,639 Indefinite-lived intangible assets: In-process research and development 710 710 1,060 1,060 Total other intangible assets $ 55,011 $ (31,872) $ 23,139 $ 56,122 $ (28,423) $ 27,699 Developed-product-technology rights consists of rights related to marketed products acquired in business acquisitions. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty ob …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income taxes The effective tax rates for the three and nine months ended September 30, 2025 were 18.0% and 14.5%, respectively, compared with 8.7% and 9.5%, respectively, for the corresponding periods in the prior year. The increase in our effective tax rate for the three months ended September 30, 2025, was primarily due to the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon. The increase in our effective tax rate for the nine months ended September 30, 2025, was primarily due to the change in earnings mix, including the net unrealized gains on equity investments in the first nine months of 2025 compared to those in the prior-year period (see Note 6, Investments) and partially offset by the year-to-date Otezla impairment charges and related tax impacts (see Note 8, Goodwill and other intangible assets) . The effective tax rates differ from the federal statutory rate primarily due to the impact of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations in which the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to tax incentive grants through 2050 and the Companys operations in Singapore are subject to a tax incentive gran …

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Recent accounting pronouncements not yet adopted In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve income tax disclosure requirements by requiring more detailed information in several income tax disclosures, such as enhancing disclosure of income taxes paid and requiring disaggregation of the effective income tax rate reconciliation. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2024. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We expect the adoption of this new standard to result in incremental disclosures to the notes to our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures about a public business entitys 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 …

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Revenues We operate our business in one operating segment, which also represents one reportable segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers locations, are presented below. A substantial portion of ROW product sales relates to products sold in Europe. Revenues were as follows (in millions): Three months ended September 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 806 $ 333 $ 1,139 $ 683 $ 362 $ 1,045 Repatha 442 352 794 281 286 567 ENBREL 574 6 580 817 8 825 Otezla 473 112 585 460 104 564 XGEVA 357 182 539 373 168 541 EVENITY 417 124 541 289 110 399 TEPEZZA 518 42 560 482 6 488 BLINCYTO 236 156 392 237 90 327 Nplate 333 124 457 345 111 456 KYPROLIS 225 134 359 238 140 378 Aranesp 103 254 357 105 232 337 TEZSPIRE (1) 377 377 269 269 KRYSTEXXA 320 320 310 310 Vectibix 162 122 284 132 150 282 Other products (2) 1,408 445 1,853 958 405 1,363 Total product sales (3) $ 6,751 $ 2,386 9,137 $ 5,979 $ 2,172 8,151 Other revenues 420 352 Total revenues $ 9,557 $ 8,503 Nine months ended September 30, 2025 2024 U.S. ROW Total U.S. ROW Total Prolia $ 2,271 $ 1,089 $ 3,360 $ 2,110 $ 1,099 $ 3,209 Repatha 1,146 1,000 2,146 824 792 1,616 ENBREL 1,675 19 1,694 2,280 21 2,301 Otezla 1,328 312 1,640 1,185 317 1,502 XGEVA 1,064 573 1,637 1,138 526 1,664 EVENITY 1,132 369 1,501 806 326 1,13 …

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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 worlds toughest diseases. The Companys 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 Companys CODM evaluates the financial performance of the Companys 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 in …

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Summary of significant accounting policies Business Amgen Inc. (including its consolidated subsidiaries, referred to as Amgen, the Company, we, our or us) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate our business in one operating segment: human therapeutics. See Note 2, Segment and other information. Basis of presentation The interim unaudited financial information for the three and nine months ended September 30, 2025 and 2024, has been prepared in accordance with GAAP and includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated) that Amgen considers necessary for a fair presentation, in all material respects, of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2024, and with the condensed consolidated financial statements and the notes thereto contained in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen and its majority-owned subsidiaries. In determining whether we are the primary bene …

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Stockholders equity Stock repurchase program During the nine months ended September 30, 2025 and 2024, we did not repurchase shares under our stock repurchase program. As of September 30, 2025, $6.8 billion of authorization remained available under the stock repurchase program. Dividends In August 2025, March 2025 and December 2024, our Board of Directors declared quarterly cash dividends of $2.38 per share, which were paid in September 2025, June 2025 and March 2025, respectively. In October 2025, our Board of Directors declared a quarterly cash dividend of $2.38 per share, which will be paid in December 2025. Accumulated other comprehensive income (loss) The components of AOCI were as follows (in millions): Foreign currency translation adjustments Cash flow hedges Other AOCI Balance as of June 30, 2025 $ (231) $ (335) $ 22 $ (544) Foreign currency translation adjustments 11 11 Unrealized gains 73 73 Reclassification adjustments into earnings 67 67 Other 1 1 Income taxes (30) (30) Balance as of September 30, 2025 $ (220) $ (225) $ 23 $ (422) Foreign currency translation adjustments Cash flow hedges Other AOCI Balance as of December 31, 2024 $ (374) $ 287 $ 21 $ (66) Foreign currency translation adjustments 154 154 Unrealized losses (396) (396) Reclassification adjustments into earnings (256) (256) Other 2 2 Income taxes 140 140 Balance as of September 30, 2025 $ (220) $ (225) $ 23 $ (422) Reclassifications out of AOCI and into earnings, including related income tax expenses, …

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