AMGEN Inc.

Q2 delivered strong, broad-based growth (and momentum into H2) - Total revenues > $10B (+10% YoY). - 22 products delivered double-digit sales growth; 17 products annualized > $1B based on Q2 sales. - 6 “key growth drivers” grew ~26% YoY and were ~70% of Q2 product sales (Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, Biosimilars). - Management highlighted an ability to grow through patent expirations and increased competition while increasing innovation investment.

Key product drivers: high growth where penetration/label expansion remains - Repatha: $953M (+37% YoY); momentum from new-to-brand prescriptions >50% YoY; strong clinical differentiation (VESALIUS-CV outcomes data supporting earlier/intensive LDL-C lowering). - EVENITY: $714M (+38% YoY); US penetration still “mid-single digits” despite large eligible population; Japan leadership (>55% volume share) with ~1M treated milestone. - TEZSPIRE: $486M (+42% YoY) in severe uncontrolled asthma; expansion via Medicare access (incl. self-administration) and growth signals in nasal polyps. - Rare Disease: $1.6B (+21% YoY) led by UPLIZNA $335M (+90%), TEPEZZA $576M (+14%), with continued indication expansion + international + pricing discipline. - Biosimilars: $855M (+29%); PAVBLU (EYLEA biosimilar) $287M (+121%); note that Prolia/XGEVA combined $1.1B (-33% YoY) due to biosimilar launches (expected).

Pipeline updates (opportunities): multiple Phase III catalysts - Olpasiran (Lp(a)): Phase III outcome studies in primary and secondary prevention; study uses event-driven readout with 3-point MACE and excludes stroke (investor Q&A focused on design rationale and endpoint implications). - MariTide (obesity): multiple Phase III studies; program focused on “start and stay” and switching from weekly GLP-1s; management said they’re highly confident in execution/creating a differentiated monthly/less-frequent profile (only a “preference point,” no hard efficacy numbers were provided in this transcript). - Dazodalibep (Sjögren’s): two Phase III studies (systemic and symptomatic) with results expected H2 2026; investor questions emphasized label differentiation vs systemic-only competitors. - TEZSPIRE franchise expansion: Phase III in eosinophilic esophagitis (EoE) expected to complete H2; further inhaled anti-TSLP program (sunakiment) planned with AstraZeneca. - Oncology platform: IMDELLTRA (tarlatamab) expanding earlier lines via 3 Phase III studies; Xaluritamig progressing in metastatic CRPC Phase III.