AMGEN REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS

THOUSAND OAKS, Calif., Nov. 4, 2025 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the third quarter of 2025.

"We delivered strong volume growth this quarter, reflecting the demand for our medicines and the impact we're having on patients worldwide. With disciplined investment and a pipeline of first-in-class medicines, we're focused on expanding access, advancing innovation, and sustaining long-term growth," said Robert A. Bradway, chairman and chief executive officer.

Key results include:

References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis," and "free cash flow" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented in the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.

Product Sales Performance

General Medicine

Rare Disease

Inflammation

Oncology

Established Products

Product Sales Detail by Product and Geographic Region

$Millions, except percentages

Q3 '25

Q3 '24

YOY Δ

U.S

ROW

TOTAL

Repatha ®

$ 442

$ 352

$ 794

$ 567

40 %

EVENITY ®

417

124

541

399

36 %

Prolia ®

806

333

1,139

1,045

9 %

TEPEZZA ®

518

560

488

15 %

KRYSTEXXA ®

320

—

320

310

3 %

UPLIZNA ®

146

155

106

46 %

TAVNEOS ®

101

107

34 %

Ultra-Rare products (1)

195

200

188

6 %

TEZSPIRE ®

377

—

377

269

40 %

Otezla ®

473

112

585

564

4 %

Enbrel ®

574

580

825

(30 %)

AMJEVITA ®/AMGEVITA ™

138

154

166

(7 %)

PAVBLU ®

212

213

—

N/A

WEZLANA ®/WEZENLA ™

—

BLINCYTO ®

236

156

392

327

20 %

Vectibix ®

162

122

284

282

1 %

KYPROLIS ®

225

134

359

378

(5 %)

LUMAKRAS ®/LUMYKRAS ™

(2 %)

XGEVA ®

357

182

539

541

0 %

Nplate ®

333

124

457

456

0 %

IMDELLTRA ®/IMDYLLTRA ™

144

178

MVASI ®

156

213

195

9 %

Aranesp ®

103

254

357

337

6 %

Parsabiv ®

20 %

Neulasta ®

110

(16 %)

Other products (2)

267

317

309

3 %

Total product sales

$ 6,751

$ 2,386

$ 9,137

$ 8,151

12 %

N/A = not applicable

* Change in excess of 100%

(1) Ultra-Rare products consist of RAVICTI ®, PROCYSBI ®, ACTIMMUNE ®, BUPHENYL ® and QUINSAIR ®

(2) Other products consist of Aimovig ®, AVSOLA ®, KANJINTI ®, EPOGEN ®, RIABNI ®, BKEMV ®/BEKEMV ™,

NEUPOGEN ®, IMLYGIC ®, Corlanor ®, DUEXIS ®, RAYOS ®, Sensipar ®/Mimpara ™ and PENNSAID ®, where

Biosimilars total $151 million in Q3 '25 and $143 million in Q3 '24

Operating Expense, Operating Margin and Tax Rate Analysis

On a GAAP basis:

On a non-GAAP basis:

$Millions, except percentages

GAAP

Non-GAAP

Q3 '25

Q3 '24

YOY Δ

Q3 '25

Q3 '24

YOY Δ

Cost of Sales

$ 3,082

$ 3,310

(7 %)

$ 1,662

$ 1,454

14 %

% of product sales

33.7 %

40.6 %

(6.9) pts

18.2 %

17.8 %

0.4 pts

Research & Development

$ 1,900

$ 1,450

31 %

$ 1,890

$ 1,440

31 %

% of product sales

20.8 %

17.8 %

3.0 pts

20.7 %

17.7 %

3.0 pts

Selling, General & Administrative

$ 1,720

$ 1,625

6 %

$ 1,700

$ 1,565

9 %

% of product sales

18.8 %

19.9 %

(1.1) pts

18.6 %

19.2 %

(0.6) pts

Other

$ 329

$ 71

$ —

N/A

Total Operating Expenses

$ 7,031

$ 6,456

9 %

$ 5,252

$ 4,459

18 %

Operating Margin

Operating income as % of product sales

27.6 %

25.1 %

2.5 pts

47.1 %

49.6 %

(2.5) pts

Tax Rate

18.0 %

8.7 %

9.3 pts

18.2 %

13.4 %

4.8 pts

pts: percentage points

* = Change in excess of 100%

N/A = not applicable

Cash Flow and Balance Sheet

$Billions, except shares

Q3 '25

Q3 '24

YOY Δ

Operating Cash Flow

$ 4.7

$ 3.6

$ 1.1

Capital Expenditures

$ 0.4

$ 0.3

$ 0.2

Free Cash Flow

$ 4.2

$ 3.3

$ 0.9

Dividends Paid

$ 1.3

$ 1.2

$ 0.1

Share Repurchases

$ 0.0

Average Diluted Shares (millions)

542

Note: Numbers may not add due to rounding

$Billions

9/30/25

12/31/24

YTD Δ

Cash and Cash Equivalents

$ 9.4

$ 12.0

$ (2.5)

Debt Outstanding

$ 54.6

$ 60.1

$ (5.5)

Note: Numbers may not add due to rounding

2025 Guidance

For the full year 2025, the Company expects:

This guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector specific tariffs, or pricing actions that could be implemented in the future.

Third Quarter Product and Pipeline Update

The Company provided the following updates on selected product and pipeline programs:

General Medicine

MariTide (maridebart cafraglutide, AMG 133)

AMG 513

Repatha

Olpasiran (AMG 890)

Rare Disease

UPLIZNA

TEPEZZA

TAVNEOS

Dazodalibep

Daxdilimab

AMG 329

AMG 732

Inflammation

TEZSPIRE

Rocatinlimab (AMG 451/KHK4083)

Blinatumomab

Inebilizumab

AMG 104 (AZD8630)

Oncology

BLINCYTO / blinatumomab

IMDELLTRA / tarlatamab

Xaluritamig (AMG 509)

Bemarituzumab

AMG 193

LUMAKRAS/LUMYKRAS

Nplate

Biosimilars

TEZSPIRE is being developed in collaboration with AstraZeneca.

AMG 104 is being developed in collaboration with AstraZeneca.

Rocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin.

Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.

YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink.

Etakafusp alfa (AB248) is a novel CD8+ T cell selective interleukin-2 (IL-2) being developed by Asher Biotherapeutics.

OPDIVO is a registered trademark of Bristol-Myers Squibb Company.

KEYTRUDA is a registered trademark of Merck & Co., Inc.

OCREVUS is a registered trademark of Genentech, Inc.

1 https://wwwext.amgen.com/newsroom/press-releases/2025/09/amgen-and-kyowa-kirin-announce-top-line-results-from-rocatinlimab-phase-3-ascend-long-term-extension-study-in-adults-with-moderate-to-severe-atopic-dermatitis

This website address is not intended to function as a hyperlink, and the information contained on our website is not intended to be a part of this press release.

Non-GAAP Financial Measures

In this news release, management has presented its operating results for the third quarters of 2025 and 2024, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2025 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the third quarters of 2025 and 2024. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.

The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity.

The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

About Amgen

Amgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.

In 2024, Amgen was named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average ®, and it is also part of the Nasdaq-100 Index ®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.

For more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, YouTube and Threads.

Forward-Looking Statements

This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeOne Medicines Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla ® (apremilast), our acquisitions of ChemoCentryx, Inc. or Horizon Therapeutics plc (including the prospective performance and outlook of Horizon's business, performance and opportunities, and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our sustainability objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

CONTACT: Amgen, Thousand Oaks

Elissa Snook, 609-251-1407 (media)

Casey Capparelli, 805-447-1746 (investors)

Amgen Inc.

Consolidated Statements of Income - GAAP

(In millions, except per-share data)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2025

2024

2025

2024

Revenues:

Product sales

$ 9,137

$ 8,151

$ 25,781

$ 23,310

Other revenues

420

352

1,104

1,028

Total revenues

9,557

8,503

26,885

24,338

Operating expenses:

Cost of sales

3,082

3,310

9,061

9,746

Research and development

1,900

1,450

5,130

4,240

Selling, general and administrative

1,720

1,625

5,098

5,218

Other

329

1,236

187

Total operating expenses

7,031

6,456

20,525

19,391

Operating income

2,526

2,047

6,360

4,947

Other income (expense):

Interest expense, net

(685)

(776)

(2,102)

(2,408)

Other income, net

2,080

1,830

3,204

1,288

Income before income taxes

3,921

3,101

7,462

3,827

Provision for income taxes

705

271

1,084

364

Net income

$ 3,216

$ 2,830

$ 6,378

$ 3,463

Earnings per share:

Basic

$ 5.98

$ 5.27

$ 11.86

$ 6.45

Diluted

$ 5.93

$ 5.22

$ 11.77

$ 6.40

Weighted-average shares used in calculation of earnings per share:

Basic

538

537

538

537

Diluted

542

541

Amgen Inc.

Consolidated Balance Sheets - GAAP

(In millions)

September 30,

December 31,

2025

2024

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$ 9,445

$ 11,973

Trade receivables, net

8,490

6,782

Inventories

6,346

6,998

Other current assets

3,604

3,277

Total current assets

27,885

29,030

Property, plant and equipment, net

7,220

6,543

Intangible assets, net

23,139

27,699

Goodwill

18,676

18,637

Other noncurrent assets

13,221

9,930

Total assets

$ 90,141

$ 91,839

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable and accrued liabilities

$ 19,638

$ 19,549

Current portion of long-term debt

2,153

3,550

Total current liabilities

21,791

23,099

Long-term debt

52,434

56,549

Long-term deferred tax liabilities

1,458

1,616

Long-term tax liabilities

2,616

2,349

Other noncurrent liabilities

2,223

2,349

Total stockholders' equity

9,619

5,877

Total liabilities and stockholders' equity

$ 90,141

$ 91,839

Shares outstanding

538

537

Amgen Inc.

GAAP to Non-GAAP Reconciliations

(Dollars in millions)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2025

2024

2025

2024

GAAP cost of sales

$ 3,082

$ 3,310

$ 9,061

$ 9,746

Adjustments to cost of sales:

Acquisition-related expenses (a)

(1,420)

(1,856)

(4,428)

(5,546)

Non-GAAP cost of sales

$ 1,662

$ 1,454

$ 4,633

$ 4,200

GAAP cost of sales as a percentage of product sales

33.7 %

40.6 %

35.1 %

41.8 %

Acquisition-related expenses (a)

(15.5)

(22.8)

(17.1)

(23.8)

Non-GAAP cost of sales as a percentage of product sales

18.2 %

17.8 %

18.0 %

GAAP research and development expenses

$ 1,900

$ 1,450

$ 5,130

$ 4,240

Adjustments to research and development expenses:

Acquisition-related expenses (b)

(10)

(80)

(60)

Non-GAAP research and development expenses

$ 1,890

$ 1,440

$ 5,050

$ 4,180

GAAP research and development expenses as a percentage of product sales

20.8 %

17.8 %

19.9 %

18.2 %

Acquisition-related expenses (b)

(0.1)

(0.3)

Non-GAAP research and development expenses as a percentage of product sales

20.7 %

17.7 %

19.6 %

17.9 %

GAAP selling, general and administrative expenses

$ 1,720

$ 1,625

$ 5,098

$ 5,218

Adjustments to selling, general and administrative expenses:

Acquisition-related expenses (c)

(15)

(60)

(77)

(255)

Certain net charges pursuant to our restructuring and cost-savings initiatives

(5)

—

(16)

—

Total adjustments to selling, general and administrative expenses

(20)

(60)

(93)

(255)

Non-GAAP selling, general and administrative expenses

$ 1,700

$ 1,565

$ 5,005

$ 4,963

GAAP selling, general and administrative expenses as a percentage of product sales

18.8 %

19.9 %

19.8 %

22.4 %

Acquisition-related expenses (c)

(0.1)

(0.7)

(0.3)

(1.1)

Certain net charges pursuant to our restructuring and cost-savings initiatives

(0.1)

0.0

(0.1)

0.0

Non-GAAP selling, general and administrative expenses as a percentage of product sales

18.6 %

19.2 %

19.4 %

21.3 %

GAAP operating expenses

$ 7,031

$ 6,456

$ 20,525

$ 19,391

Adjustments to operating expenses:

Adjustments to cost of sales

(1,420)

(1,856)

(4,428)

(5,546)

Adjustments to research and development expenses

(10)

(80)

(60)

Adjustments to selling, general and administrative expenses

(20)

(60)

(93)

(255)

Impairment of intangible assets (d)

(400)

(61)

(1,200)

(129)

Certain net charges pursuant to our restructuring and cost-savings initiatives

(57)

—

(80)

Certain other expenses

128

(10)

(62)

Total adjustments to operating expenses

(1,779)

(1,997)

(5,837)

(6,048)

Non-GAAP operating expenses

$ 5,252

$ 4,459

$ 14,688

$ 13,343

Three months ended

September 30,

Nine months ended

September 30,

2025

2024

2025

2024

GAAP operating income

$ 2,526

$ 2,047

$ 6,360

$ 4,947

Adjustments to operating expenses

1,779

1,997

5,837

6,048

Non-GAAP operating income

$ 4,305

$ 4,044

$ 12,197

$ 10,995

GAAP operating income as a percentage of product sales

27.6 %

25.1 %

24.7 %

21.2 %

Adjustments to cost of sales

15.5

22.8

17.1

23.8

Adjustments to research and development expenses

0.1

0.3

Adjustments to selling, general and administrative expenses

0.2

0.7

0.4

1.1

Impairment of intangible assets (d)

4.4

0.8

4.7

0.5

Certain net charges pursuant to our restructuring and cost-savings initiatives

0.6

0.0

0.3

0.0

Certain other expenses

(1.3)

0.1

(0.2)

0.3

Non-GAAP operating income as a percentage of product sales

47.1 %

49.6 %

47.3 %

47.2 %

GAAP other income, net

$ 2,080

$ 1,830

$ 3,204

$ 1,288

Adjustments to other income, net

Net gains from equity investments (e)

(1,963)

(1,608)

(2,663)

(693)

Non-GAAP other income, net

$ 117

$ 222

$ 541

$ 595

GAAP income before income taxes

$ 3,921

$ 3,101

$ 7,462

$ 3,827

Adjustments to income before income taxes:

Adjustments to operating expenses

1,779

1,997

5,837

6,048

Adjustments to other income, net

(1,963)

(1,608)

(2,663)

(693)

Total adjustments to income before income taxes

(184)

389

3,174

5,355

Non-GAAP income before income taxes

$ 3,737

$ 3,490

$ 10,636

$ 9,182

GAAP provision for income taxes

$ 705

$ 271

$ 1,084

$ 364

Adjustments to provision for income taxes:

Income tax effect of the above adjustments (f)

(81)

228

537

1,007

Other income tax adjustments (g)

(33)

(44)

Total adjustments to provision for income taxes

(23)

195

590

963

Non-GAAP provision for income taxes

$ 682

$ 466

$ 1,674

$ 1,327

GAAP tax as a percentage of income before taxes

18.0 %

8.7 %

14.5 %

9.5 %

Adjustments to provision for income taxes:

Income tax effect of the above adjustments (f)

(1.4)

5.6

0.7

5.4

Other income tax adjustments (g)

1.6

(0.9)

0.5

(0.4)

Total adjustments to provision for income taxes

0.2

4.7

1.2

5.0

Non-GAAP tax as a percentage of income before taxes

18.2 %

13.4 %

15.7 %

14.5 %

GAAP net income

$ 3,216

$ 2,830

$ 6,378

$ 3,463

Adjustments to net income:

Adjustments to income before income taxes, net of the income tax effect

(103)

161

2,637

4,348

Other income tax adjustments (g)

(58)

(53)

Total adjustments to net income

(161)

194

2,584

4,392

Non-GAAP net income

$ 3,055

$ 3,024

$ 8,962

$ 7,855

Note: Numbers may not add due to rounding

Amgen Inc.

GAAP to Non-GAAP Reconciliations

(In millions, except per-share data)

(Unaudited)

The following table presents the computations for GAAP and non-GAAP diluted earnings per share:

Three months ended

September 30, 2025

Three months ended

September 30, 2024

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income

$ 3,216

$ 3,055

$ 2,830

$ 3,024

Weighted-average shares for diluted EPS

542

Diluted EPS

$ 5.93

$ 5.64

$ 5.22

$ 5.58

Nine months ended

September 30, 2025

Nine months ended

September 30, 2024

GAAP

Non-GAAP

GAAP

Non-GAAP

Net income

$ 6,378

$ 8,962

$ 3,463

$ 7,855

Weighted-average shares for diluted EPS

542

541

Diluted EPS

$ 11.77

$ 16.54

$ 6.40

$ 14.52

(a)

The adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business acquisitions.

(b)

For the three months ended September 30, 2025 and 2024, the adjustments related primarily to noncash amortization of intangible assets acquired from business combinations. For the nine months ended September 30, 2025 and 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition.

(c)

For the three and nine months ended September 30, 2025 and 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition.

(d)

For the three and nine months ended September 30, 2025, the adjustments included intangible asset impairment charges for Otezla ®. For the three and nine months ended September 30, 2024, the adjustments included impairment charges for in-process R&D assets related to our Teneobio, Inc. acquisition from 2021.

(e)

For the three and nine months ended September 30, 2025 and 2024, the adjustments related primarily to our BeOne Medicines Ltd. equity fair value adjustment.

(f)

The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost-savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and nine months ended September 30, 2025, was 44.0% and 16.9%, respectively, compared to 58.6% and 18.8%, respectively, for the corresponding periods of the prior year.

(g)

The adjustments related to certain acquisition-related, prior-period and other items excluded from GAAP earnings.

Amgen Inc.

Reconciliations of Cash Flows

(In millions)

(Unaudited)

Three months ended

September 30,

Nine months ended

September 30,

2025

2024

2025

2024

Net cash provided by operating activities

$ 4,684

$ 3,571

$ 8,355

$ 6,719

Net cash used in investing activities

(414)

(210)

(1,250)

(644)

Net cash used in financing activities

(2,853)

(3,651)

(9,633)

(8,008)

Increase (decrease) in cash and cash equivalents

1,417

(290)

(2,528)

(1,933)

Cash and cash equivalents at beginning of period

8,028

9,301

11,973

10,944

Cash and cash equivalents at end of period

$ 9,445

$ 9,011

$ 9,445

$ 9,011

Three months ended

September 30,

Nine months ended

September 30,

2025

2024

2025

2024

Net cash provided by operating activities

$ 4,684

$ 3,571

$ 8,355

$ 6,719

Capital expenditures

(436)

(257)

(1,216)

(725)

Free cash flow

$ 4,248

$ 3,314

$ 7,139

$ 5,994

Amgen Inc.

Reconciliation of GAAP EPS Guidance to Non-GAAP

EPS Guidance for the Year Ending December 31, 2025

(Unaudited)

GAAP diluted EPS guidance

$ 13.76

—

$ 14.60

Known adjustments to arrive at non-GAAP*:

Acquisition-related expenses (a)

8.70

—

8.74

Impairment of intangible assets (b)

1.94

Net gains from equity investments

(3.86)

Other

0.02

Non-GAAP diluted EPS guidance

$ 20.60

—

$ 21.40

* The known adjustments are presented net of their related tax impact, which amount to approximately $1.46 per share.

(a) The adjustments primarily include noncash amortization of intangible assets and fair value step-up of inventory acquired in business acquisitions.

(b) The adjustment relates to Otezla ® intangible asset impairment charges recorded during the first and third quarters of 2025.

Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments. This guidance includes the estimated impact of implemented tariffs, but does not account for any tariffs or potential pricing actions announced or described but not implemented as well as any tariffs, sector specific tariffs, or pricing actions that could be implemented in the future.

Reconciliation of GAAP Tax Rate Guidance to Non-GAAP

Tax Rate Guidance for the Year Ending December 31, 2025

(Unaudited)

GAAP tax rate guidance

14.5 %

—

16.0 %

Tax rate of known adjustments discussed above

0.5 %

Non-GAAP tax rate guidance

15.0 %

—

16.5 %

SOURCE Amgen