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 41 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 42 investments that expand our portfolio of products in areas of therapeutic interest), capital expenditures, repayment of debt, payment of dividends and stock repurchases. We intend to continue investing in our business while returning capital to stockholders through the payment of cash dividends and stock repurchases. This reflects our desire to optimize our cost of capital and our confidence in the future cash flows of our business. The timing and amount of future dividends and stock repurchases will vary based on a number of factors, including future capital requirements for strategic transactions, debt levels and debt service requirements, our credit rating, availability of financing on acceptable terms, changes to applicable tax laws or corporate laws, changes to our business model and periodic determination by our Board of Directors that cash dividends and/or stock repurchases are in the best interests of stockholders and are in compliance with applicable laws and the Company’s agreements. In addition, the timing and amount of stock repurchases may also be affected by our overall level of cash, stock price and blackout periods, during which we are restricted from repurchasing stock. The manner of stock repurchases may include block purchases, tender offers, accelerated share repurchases and market transactions. 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, an increase of 6% over the same periods in the prior year, 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 of common stock to be paid in September 2026. During the six months ended June 30, 2026, 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. As a result of stock repurchases and quarterly dividend payments, we have an accumulated deficit as of June 30, 2026 and December 31, 2025. Our accumulated deficit is not anticipated to affect our future ability to operate, repurchase stock, pay dividends or repay our debt given our expected continued profitability and strong financial position. During the six months ended June 30, 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 six months ended June 30, 2025. During the six months ended June 30, 2026, we repaid the €750 million aggregate principal amount of our 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. We periodically consider the repurchase of our debt when conditions are favorable. During the six months ended June 30, 2026 and 2025, we repurchased aggregate principal amounts of our debt of $324 million and $832 million, respectively, for aggregate costs of $233 million and $602 million, respectively, which resulted in the recognition of gains on extinguishment of debt of $90 million and $228 million respectively, recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income. We believe that existing funds, cash generated from operations and existing sources of and access to financing are adequate to satisfy our needs for working capital, capital expenditure and debt service requirements, as well as our plans to pay dividends and repurchase stock, and other business initiatives we plan to strategically pursue, including acquisitions and licensing activities. We anticipate that our liquidity needs can be met through a variety of sources, including cash provided by operating activities, borrowings through commercial paper and/or syndicated credit facilities and access to other domestic and foreign debt markets and equity markets. See Part II, Item 1A. Risk Factors—Global economic conditions may negatively affect us and may magnify certain risks that affect our business, of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. 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. Certain of our financing arrangements contain nonfinancial covenants. In addition, our revolving credit agreement and term loan credit agreement include a financial covenant that requires us to maintain a specified minimum interest coverage ratio of (i) the sum of consolidated net income, interest expense, provision for income taxes, depreciation expense, amortization expense, unusual or nonrecurring charges and other noncash items (consolidated earnings before interest, taxes, depreciation 43 and amortization) to (ii) Consolidated Interest Expense, each as defined and described in the respective agreements. We were in compliance with all applicable covenants under these arrangements as of June 30, 2026. Cash flows Our summarized cash flow activity was as follows (in millions): Six months ended June 30, 2026 2025 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) Operating Cash provided by operating activities has been and is expected to continue to be our primary recurring source of funds. Cash provided by operating activities during the six months ended June 30, 2026, increased as compared to the same period in the prior year primarily due to the final $1.8 billion repatriation tax payment in the second quarter of 2025 and higher net income in the current-year period after adjustments for noncash items. Investing Cash used in investing activities during the six months ended June 30, 2026 and 2025, was primarily due to capital expenditures of $1.2 billion and $780 million, respectively, including construction costs for new plants and expansion of manufacturing capacity. We currently estimate full year 2026 investments in capital projects to be approximately $2.6 billion. Financing Cash used in financing activities during the six months ended June 30, 2026, was primarily due to the payment of dividends of $2.7 billion and the repayment and extinguishment of debt of $833 million and $233 million, respectively, partially offset by $4.0 billion of net proceeds from long-term debt issuances. Cash used in financing activities during the six months ended June 30, 2025, was primarily due to the repayment and extinguishment of debt of $3.5 billion and $602 million, respectively, and the payment of dividends of $2.6 billion. See Note 9, Financing arrangements, and Note 10, Stockholders’ equity, to the condensed consolidated financial statements for further discussion. Critical accounting policies and estimates The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes to the financial statements. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. A summary of our critical accounting policies and estimates is presented in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026. Recently issued accounting standards For a discussion of recently issued accounting standards, see Note 1, Summary of significant accounting policies, to the condensed consolidated financial statements.