Amgen (AMGN) investor relations material

Portfolio performance and growth drivers

• Achieved double-digit growth in both revenue and EPS for 2025, with 13 products growing double digits, 14 exceeding $1 billion in sales, and 18 delivering record performance.

• Six key growth drivers include Repatha, Evenity, Tezspire, rare disease, innovative oncology, and biosimilars portfolios.

• Repatha, Evenity, and Tezspire each grew over 30% year-over-year in 2025, establishing themselves as multi-billion-dollar global franchises.

• Rare disease portfolio delivered $5 billion in 2025 sales, up 14%, with UPLIZNA growing 73% due to new indications and geographic expansion.

• Biosimilars portfolio generated $3 billion in 2025, up 37% year-over-year, driven by strong uptake of Pavblu.

Pipeline and innovation

• IMDELLTRA rapidly became standard of care in second-line or later small cell lung cancer, with three phase III studies underway in earlier-stage disease.

• Xaluritamig is advancing in metastatic castrate-resistant prostate cancer with two phase III studies and potential expansion to earlier lines.

• Biosimilar candidates to OPDIVO, KEYTRUDA, and OCREVUS are in phase III development.

• MariTide is positioned as a differentiated obesity and type 2 diabetes treatment, with six global phase III studies underway and unique monthly/quarterly dosing.

• Olpasiran's OCEAN(a) outcome study is ongoing, with completion delayed but strong conviction in its potential.

Financial outlook and operational execution

• Q1 is expected to be seasonally lighter due to insurance cycles, benefit plan changes, and higher patient co-pays.

• Otezla faces European generic entry, and Prolia/XGEVA will see accelerated erosion in 2026 due to biosimilar competition.

• Q1 non-GAAP operating margin expected to be lowest of the year, roughly consistent with Q4 2025 at 43%.

• $2.6 billion in CapEx planned for the year, focusing on manufacturing and device optimization.