Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37702

Amgen Inc.

(Exact name of registrant as specified in its charter)

Delaware95-3540776
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Amgen Center Drive91320-1799
Thousand Oaks
California
(Address of principal executive offices)(Zip Code)

(805) 447-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueAMGNThe Nasdaq Global Select Market
2.00% Senior Notes due 2026AMGN26The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of July 31, 2025, the registrant had 538,361,851 shares of common stock, $0.0001 par value, outstanding.

AMGEN INC.

INDEX

Page No.
DEFINED TERMS AND PRODUCTSii
PART I—FINANCIAL INFORMATION1
Item 1.FINANCIAL STATEMENTS1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME2
CONDENSED CONSOLIDATED BALANCE SHEETS3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS6
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS7
Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS31
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK45
Item 4.CONTROLS AND PROCEDURES46
PART II—OTHER INFORMATION47
Item 1.LEGAL PROCEEDINGS47
Item 1A.RISK FACTORS47
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS58
Item 5.OTHER INFORMATION58
Item 6.EXHIBITS58
INDEX TO EXHIBITS59
SIGNATURES65

i

Defined Terms and Products

Defined terms

We use several terms in this Form 10-Q, including but not limited to those that are finance, regulation and disease-state related, as well as names of other companies, which are provided below.

TermDescription
2017 Tax ActTax Cuts and Jobs Act of 2017
340B ProgramFederal 340B Drug Pricing Program
AOCIaccumulated other comprehensive income (loss)
AstraZenecaAstraZeneca plc
BeOneBeOne Medicines Ltd. (formerly BeiGene, Ltd.)
BLABiologics License Application
CMSCenters for Medicare & Medicaid Services
EMAEuropean Medicines Agency
EPSearnings per share
EUEuropean Union
FDAU.S. Food and Drug Administration
FitchFitch Ratings, Inc.
G7Group of Seven (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States)
GAAPU.S. generally accepted accounting principles
HHSU.S. Department of Health and Human Services
HorizonHorizon Therapeutics plc
IPR&Din-process research and development
IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
Later-Stage Clinical ProgramsR&D expenses incurred in or related to phase 2 and phase 3 clinical programs intended to result in registration of a new product or a new indication for an existing product primarily in the United States or the EU
Marketed Product SupportR&D expenses incurred in support of the Company’s marketed products that are authorized to be sold primarily in the United States or the EU. Includes clinical trials designed to gather information on product safety (certain of which may be required by regulatory authorities) and their product characteristics after regulatory approval has been obtained, as well as the costs of obtaining regulatory approval of a product in a new market after approval in either the United States or the EU has been obtained
MD&Amanagement’s discussion and analysis
MFNMost-Favored-Nations
MFN EOMost-Favored-Nations Prescription Drug Pricing Executive Order
Moody’sMoody’s Investors Service, Inc.
NeumoraNeumora Therapeutics, Inc.
OBBBAThe One Big Beautiful Bill Act
OECDOrganisation for Economic Co-operation and Development
PBMpharmacy benefit manager
PDABPrescription Drug Affordability Board
R&Dresearch and development
RANKLreceptor activator of nuclear factor kappa-B ligand
RARRevenue Agent Report
Research and Early PipelineR&D expenses incurred in activities substantially in support of early research through the completion of phase 1 clinical trials, including drug discovery, toxicology, pharmacokinetics and drug metabolism and process development

ii

TermDescription
ROWrest of world
S&PStandard & Poor’s Financial Services LLC
SECU.S. Securities and Exchange Commission
SG&Aselling, general and administrative
SOFRSecured Overnight Financing Rate
U.S. TreasuryU.S. Department of the Treasury
UTBunrecognized tax benefit

iii

Products

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

TermDescription
ACTIMMUNEACTIMMUNE® (interferon gamma-1b)
AimovigAimovig® (erenumab-aooe)
AMJEVITA/AMGEVITAAMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab)
AranespAranesp® (darbepoetin alfa)
AVSOLAAVSOLA® (infliximab-axxq)
BKEMV/BEKEMVBKEMV™ (eculizumab-aeeb)/BEKEMV™ (eculizumab)
BLINCYTOBLINCYTO® (blinatumomab)
BUPHENYLBUPHENYL® (sodium phenylbutyrate)
CorlanorCorlanor® (ivabradine)
ENBRELEnbrel® (etanercept)
EPOGENEPOGEN® (epoetin alfa)
EVENITYEVENITY® (romosozumab-aqqg)
IMDELLTRA/IMDYLLTRAIMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab)
IMLYGICIMLYGIC® (talimogene laherparepvec)
KANJINTIKANJINTI® (trastuzumab-anns)
KRYSTEXXAKRYSTEXXA® (pegloticase)
KYPROLISKYPROLIS® (carfilzomib)
LUMAKRAS/LUMYKRASLUMAKRAS®/LUMYKRAS™ (sotorasib)
MariTideMaridebart cafraglutide (MariTide™)
MVASIMVASI® (bevacizumab-awwb)
NeulastaNeulasta® (pegfilgrastim)
NEUPOGENNEUPOGEN® (filgrastim)
NplateNplate® (romiplostim)
OtezlaOtezla® (apremilast)
ParsabivParsabiv® (etelcalcetide)
PAVBLUPAVBLU® (aflibercept-ayyh)
PENNSAIDPENNSAID® (diclofenac sodium topical solution) 2%
PROCYSBIPROCYSBI® (cysteamine bitartrate)
ProliaProlia® (denosumab)
QUINSAIRQUINSAIR® (levofloxacin)
RAVICTIRAVICTI® (glycerol phenylbutyrate)
RAYOSRAYOS® (prednisone)
RepathaRepatha® (evolocumab)
RIABNIRIABNI® (rituximab-arrx)
Sensipar/MimparaSensipar®/Mimpara™ (cinacalcet)
TAVNEOSTAVNEOS® (avacopan)
TEPEZZATEPEZZA® (teprotumumab-trbw)
TEZSPIRETEZSPIRE® (tezepelumab-ekko)
UPLIZNAUPLIZNA® (inebilizumab-cdon)
VectibixVectibix® (panitumumab)
WEZLANA/WEZENLAWEZLANA™ (ustekinumab-auub)/WEZENLA™ (ustekinumab)
XGEVAXGEVA® (denosumab)

iv

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS