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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 March 31, 2026


☐			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)


Delaware						95-3540776
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Amgen Center Drive						91320-1799
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 class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.0001 par value			AMGN			The 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 April 27, 2026, the registrant had 539,708,274 shares of common stock, $0.0001 par value, outstanding.

AMGEN INC.

INDEX


		Page No.
	DEFINED TERMS AND PRODUCTS	ii
PART I—FINANCIAL INFORMATION		1
Item 1.	FINANCIAL STATEMENTS	1
	CONDENSED CONSOLIDATED STATEMENTS OF INCOME	1
	CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	2
	CONDENSED CONSOLIDATED BALANCE SHEETS	3
	CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY	4
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	5
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	29
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
Item 4.	CONTROLS AND PROCEDURES	44
PART II—OTHER INFORMATION		45
Item 1.	LEGAL PROCEEDINGS	45
Item 1A.	RISK FACTORS	45
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	57
Item 5.	OTHER INFORMATION	57
Item 6.	EXHIBITS	57
INDEX TO EXHIBITS		58
SIGNATURES		64

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.


Term			Description
2017 Tax Act			Tax Cuts and Jobs Act of 2017
340B Program			Federal 340B Drug Pricing Program
AAV			anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis
AOCI			accumulated other comprehensive income (loss)

AstraZeneca			AstraZeneca plc

BeOne			BeOne Medicines Ltd. (formerly BeiGene, Ltd.)




CDER			FDA’s Center for Drug Evaluation and Research
ChemoCentryx			ChemoCentryx, Inc.
CMS			Centers for Medicare & Medicaid Services


DILI			drug-induced liver injury
DSC			Drug Safety Communication
EMA			European Medicines Agency

EPS			earnings per share

EU			European Union
FDA			U.S. Food and Drug Administration
Fitch			Fitch Ratings, Inc.


GAAP			U.S. generally accepted accounting principles

HHS			U.S. Department of Health and Human Services
Horizon			Horizon Therapeutics plc
IPR&D			in-process research and development
IRA			Inflation Reduction Act of 2022
IRS			Internal Revenue Service


July MFN Letter			Letter dated July 31, 2025, by the Administration to certain pharmaceutical manufacturers, including Amgen

Later-Stage Clinical Programs			R&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

MD&A			management’s discussion and analysis
MFN			Most-Favored-Nations
MFN EO			Most-Favored-Nations Prescription Drug Pricing Executive Order
Moody’s			Moody’s Investors Service, Inc.

NIH			National Institutes of Health
OB3			P.L. 119-21, commonly known as The One Big Beautiful Bill Act signed into law on July 4, 2025
OECD			Organisation for Economic Co-operation and Development
PBM			pharmacy benefit manager
PDAB			Prescription Drug Affordability Board
R&D			research and development
RANKL			receptor activator of nuclear factor kappa-B ligand
RAR			Revenue Agent Report

ROW			rest of world
S&P			Standard & Poor’s Financial Services LLC
SEC			U.S. Securities and Exchange Commission
SG&A			selling, general and administrative
SOFR			Secured Overnight Financing Rate

U.S. Treasury			U.S. Department of the Treasury
UTB			unrecognized tax benefit
VBDS			vanishing bile duct syndrome

Products

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


Term			Description
ACTIMMUNE			ACTIMMUNE® (interferon gamma-1b)
Aimovig			Aimovig® (erenumab-aooe)
AMJEVITA/AMGEVITA			AMJEVITA® (adalimumab-atto)/AMGEVITA™ (adalimumab)
Aranesp			Aranesp® (darbepoetin alfa)
AVSOLA			AVSOLA® (infliximab-axxq)
BKEMV/BEKEMV			BKEMV® (eculizumab-aeeb)/BEKEMV™ (eculizumab)
BLINCYTO			BLINCYTO® (blinatumomab)
BUPHENYL			BUPHENYL® (sodium phenylbutyrate)
Corlanor			Corlanor® (ivabradine)

ENBREL			Enbrel® (etanercept)
EPOGEN			EPOGEN® (epoetin alfa)
EVENITY			EVENITY® (romosozumab-aqqg)
IMDELLTRA/IMDYLLTRA			IMDELLTRA® (tarlatamab-dlle)/IMDYLLTRA™ (tarlatamab)
IMLYGIC			IMLYGIC® (talimogene laherparepvec)
KANJINTI			KANJINTI® (trastuzumab-anns)
KRYSTEXXA			KRYSTEXXA® (pegloticase)
KYPROLIS			KYPROLIS® (carfilzomib)
LUMAKRAS/LUMYKRAS			LUMAKRAS®/LUMYKRAS™ (sotorasib)
MariTide			Maridebart cafraglutide (MariTide™)
MVASI			MVASI® (bevacizumab-awwb)
Neulasta			Neulasta® (pegfilgrastim)
NEUPOGEN			NEUPOGEN® (filgrastim)
Nplate			Nplate® (romiplostim)
Otezla			Otezla® (apremilast)
Parsabiv			Parsabiv® (etelcalcetide)
PAVBLU			PAVBLU® (aflibercept-ayyh)
PENNSAID			PENNSAID® (diclofenac sodium topical solution) 2%
PROCYSBI			PROCYSBI® (cysteamine bitartrate)
Prolia			Prolia® (denosumab)
QUINSAIR			QUINSAIR® (levofloxacin)
RAVICTI			RAVICTI® (glycerol phenylbutyrate)
RAYOS			RAYOS® (prednisone)
Repatha			Repatha® (evolocumab)
RIABNI			RIABNI® (rituximab-arrx)
Sensipar/Mimpara			Sensipar®/Mimpara™ (cinacalcet)
TAVNEOS			TAVNEOS® (avacopan)
TEPEZZA			TEPEZZA® (teprotumumab-trbw)
TEZSPIRE			TEZSPIRE® (tezepelumab-ekko)
UPLIZNA			UPLIZNA® (inebilizumab-cdon)
Vectibix			Vectibix® (panitumumab)
WEZLANA/WEZENLA			WEZLANA® (ustekinumab-auub)/WEZENLA™ (ustekinumab)
XGEVA			XGEVA® (denosumab)

iii

PART I—FINANCIAL INFORMATION

Next: Item 1. FINANCIAL STATEMENTS