AMGEN REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS

PR Newswire2024-08-07

THOUSAND OAKS, Calif., Aug. 6, 2024 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the second quarter 2024. "With a strong, balanced portfolio of in-market products and a ...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMGEN REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-07 04:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/amgen-reports-second-quarter-2024-200100112.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>THOUSAND OAKS, Calif., Aug. 6, 2024 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the second quarter 2024.\n\"With a strong, balanced portfolio of in-market products and a ...</p>\n\n<a href=\"https://finance.yahoo.com/news/amgen-reports-second-quarter-2024-200100112.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4218","symbol_name":"酒店及度假村房地产信托","start_time":0,"source_url":"https://finance.yahoo.com/news/amgen-reports-second-quarter-2024-200100112.html","article_id":"2457974883","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/MUwJUMkfdcxSbG3aWkeckA--~B/aD05ODt3PTQwMDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/prnewswire.com/2c1a06bdf6720fdfc4a33394e07a9a88"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/amgen-reports-second-quarter-2024-200100112.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2457974883","pubTimestamp":1722974460,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"THOUSAND OAKS, Calif., Aug. 6, 2024 /PRNewswire/ -- Amgen  today announced financial results for the second quarter 2024.\"With a strong, balanced portfolio of in-market products and a rapidly advancing pipeline of innovative medicines, we are confident in our ability to deliver attractive long-term growth,\" said Robert A. Bradway, chairman and chief executive officer.For the second quarter, total revenues increased 20% to $8.4 billion in comparison to the second quarter of 2023.Product sales grew 20%, driven by 26% volume growth, partially offset by 3% lower net selling price. Excluding sales from our Horizon Therapeutics  acquisition, product sales grew 5%, driven by volume growth of 10%.Twelve products delivered at least double-digit sales growth in the second quarter, including Prolia , EVENITY , Repatha , TEZSPIRE , BLINCYTO , and TAVNEOS .Non-GAAP EPS decreased 1% from $5.00 to $4.97, driven by higher operating expenses, including incremental expenses from Horizon, and interest ex","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4218":"酒店及度假村房地产信托","LU2112291526.USD":"BGF WORLD HEALTHSCIENCE \"A4\" (USD) INC","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU2242646821.SGD":"Fidelity Global Dividend Plus A-MINCOME(G)-SGD","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","BK4213":"石油与天然气的勘探与生产","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","LU0320765992.SGD":"FTIF - Franklin Biotechnology Discovery A Acc SGD","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","IE00BJT1NW94.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (SGDHDG) ACC","LU0109394709.USD":"富兰克林生物科技新领域基金A (acc)","BK4160":"多样化房地产投资信托v","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0058720904.USD":"联博国际健康护理基金A","BK4139":"生物科技","FCF":"第一联邦金融","TSLP":"Kurv Yield Premium Strategy Tesla (TSLA) ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1061106388.HKD":"BGF WORLD HEALTHSCIENCE \"A2\" (HKDHDG) ACC","BK4188":"贵重金属与矿石","BK4566":"资本集团","BK4211":"区域性银行","BSA":"OM Asset Management plc","MPA":"黑岩宾州投资","GIPR":"Generation Income Properties Inc.","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0122379950.USD":"贝莱德世界健康科学A2","BK4588":"碎股","IE0002141913.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (USD) ACC","BK4181":"酒店及度假村房地产投资信托","IE00BJJMRZ35.SGD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I2\" (SGDHDG) ACC","SG9999001440.SGD":"United Global Dividend Equity Fund A SGD Dist","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","MTA":"Metalla Royalty & Streaming Ltd","LU2242652126.USD":"FIDELITY FUNDS GLOBAL DIVIDENDS PLUS \"A\" (USD) INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00B4R5TH58.HKD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"A2\" (HKD) ACC","LU0889565916.HKD":"FRANKLIN BIOTECHNOLOGY DISCOVERY \"A\" (HKD) ACC","BK4581":"高盛持仓","AMGN":"安进","PK":"Park Hotels & Resorts Inc.","CRC":"加州资源"},"translate_title":"安进报告2024年第二季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLP":1,"PK":1,"MTA":1,"MPA":1,"AMGN":1,"GIPR":1,"FCF":1,"BSA":1,"CRC":1},"content_text":"THOUSAND OAKS, Calif., Aug. 6, 2024 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the second quarter 2024.\n\"With a strong, balanced portfolio of in-market products and a rapidly advancing pipeline of innovative medicines, we are confident in our ability to deliver attractive long-term growth,\" said Robert A. Bradway, chairman and chief executive officer.\nKey results include:\n\nFor the second quarter, total revenues increased 20% to $8.4 billion in comparison to the second quarter of 2023.\n   \nProduct sales grew 20%, driven by 26% volume growth, partially offset by 3% lower net selling price. Excluding sales from our Horizon Therapeutics (Horizon) acquisition, product sales grew 5%, driven by volume growth of 10%.\nTwelve products delivered at least double-digit sales growth in the second quarter, including Prolia® (denosumab), EVENITY® (romosozumab-aqqg), Repatha® (evolocumab), TEZSPIRE® (tezepelumab-ekko), BLINCYTO® (blinatumomab), and TAVNEOS® (avacopan).\nOur performance included $1.1 billion of sales from our rare disease products, driven by several first-in-class, early-in-lifecycle medicines, including TEPEZZA® (teprotumumab-trbw), KRYSTEXXA® (pegloticase), UPLIZNA® (inebilizumab-cdon), and TAVNEOS® (avacopan).\n\nGAAP earnings per share (EPS) decreased 46% from $2.57 to $1.38, driven by higher operating expenses, including amortization expense from Horizon-acquired assets and incremental expenses from Horizon, partially offset by higher revenues.\n   \nGAAP operating income decreased from $2.7 billion to $1.9 billion, and GAAP operating margin decreased 16.5 percentage points to 23.7%.\n\nNon-GAAP EPS decreased 1% from $5.00 to $4.97, driven by higher operating expenses, including incremental expenses from Horizon, and interest expense, partially offset by higher revenues.\n   \nNon-GAAP operating income increased from $3.5 billion to $3.9 billion, and non-GAAP operating margin decreased 4.4 percentage points to 48.2%.\n\nThe Company generated $2.2 billion of free cash flow in the second quarter of 2024 versus $3.8 billion in the second quarter of 2023, driven by the timing of tax payments. In 2023, federal tax payments, including our repatriation tax, were made in Q4, whereas in 2024 these payments were made in Q2.\n\nReferences in this release to \"non-GAAP\" measures, measures presented \"on a non-GAAP basis\" and \"free cash flow\" (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.\nProduct Sales Performance\nGeneral Medicine\n\nRepatha® (evolocumab) sales increased 25% year-over-year to $532 million in the second quarter, driven by 46% volume growth, partially offset by 20% lower net selling price. Repatha remains the global proprotein convertase subtilisin/kexin type 9 (PCSK9) segment leader.\nEVENITY® (romosozumab-aqqg) sales increased 39% year-over-year to $391 million in the second quarter, primarily driven by volume growth.\nProlia® (denosumab) sales increased 13% year-over-year to $1.2 billion in the second quarter, primarily driven by volume growth.\n\nOncology\n\nBLINCYTO® (blinatumomab) sales increased 28% year-over-year to $264 million in the second quarter, driven by broad prescribing across academic and community segments for patients with B-cell precursor acute lymphoblastic leukemia (B-ALL).\nVectibix® (panitumumab) sales increased 9% year-over-year to $270 million in the second quarter, driven by higher net selling price and volume growth, partially offset by unfavorable foreign exchange impact.\nKYPROLIS® (carfilzomib) sales increased 9% year-over-year to $377 million in the second quarter, primarily driven by volume growth outside the U.S.\nLUMAKRAS®/LUMYKRAS™ (sotorasib) sales increased 10% year-over-year to $85 million in the second quarter, primarily driven by volume growth.\nXGEVA® (denosumab) sales increased 6% year-over-year to $562 million in the second quarter, driven by higher net selling price.\nNplate® (romiplostim) sales increased 12% year-over-year to $346 million in the second quarter.\nIMDELLTRA™ (tarlatamab-dlle) generated $12 million of sales in the second quarter. IMDELLTRA is the first and only FDA-approved bispecific T-cell engager (BiTE®) therapy for the treatment of extensive-stage small cell lung cancer (ES-SCLC).\nMVASI® (bevacizumab-awwb) sales decreased 20% year-over-year to $157 million in the second quarter. Going forward, we expect continued sales erosion driven by competition.\n\nInflammation\n\nTEZSPIRE® (tezepelumab-ekko) sales increased 76% year-over-year to $234 million in the second quarter, primarily driven by volume growth. Healthcare providers recognize TEZSPIRE's unique, differentiated profile and its broad potential to treat the 2.5 million patients worldwide with severe, uncontrolled asthma.\nOtezla® (apremilast) sales decreased 9% year-over-year to $544 million in the second quarter, primarily driven by 7% lower net selling price and 6% unfavorable changes to estimated sales deductions, partially offset by 2% volume growth.\nEnbrel® (etanercept) sales decreased 15% year-over-year to $909 million in the second quarter, primarily driven by lower net selling price. Going forward, we expect continued declining net selling price and relatively flat volumes.\nAMJEVITA®/AMGEVITA™ (adalimumab) sales decreased 11% year-over-year to $133 million in the second quarter. Ex-U.S. sales increased 8% year-over-year to $142 million, driven by volume growth. U.S. sales reflect lower net selling price and unfavorable changes to estimated sales deductions, partially offset by volume growth.\n\nRare Disease\nExcept for TAVNEOS®, the products listed below were added through the acquisition of Horizon on Oct. 6, 2023.\n\nTEPEZZA® (teprotumumab-trbw) generated $479 million of sales in the second quarter. TEPEZZA is the first and only FDA-approved treatment for thyroid eye disease (TED).\nKRYSTEXXA® (pegloticase) generated $294 million of sales in the second quarter. KRYSTEXXA is the first and only FDA-approved treatment for chronic refractory gout.\nUPLIZNA® (inebilizumab-cdon) generated $92 million of sales in the second quarter. UPLIZNA is used to treat adults with neuromyelitis optica spectrum disorders.\nTAVNEOS® (avacopan) generated $71 million of sales in the second quarter. Sales increased 137% year-over-year, driven by volume growth. TAVNEOS is a first-in-class treatment for severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis).\nUltra rare products, which consist of RAVICTI® (glycerol phenylbutyrate), PROCYSBI® (cysteamine bitartrate), ACTIMMUNE® (interferon gamma-1b), BUPHENYL® (sodium phenylbutyrate) and QUINSAIR® (levofloxacin), generated $187 million of sales in the second quarter.\n\nEstablished Products\n\nOur established products, which consist of EPOGEN® (epoetin alfa), Aranesp® (darbepoetin alfa), Parsabiv® (etelcalcetide) and Neulasta® (pegfilgrastim), generated $591 million of sales. Sales decreased 21% year-over-year for the second quarter, driven by unfavorable changes to estimated sales deductions and volume declines. In the aggregate, we expect the year-over-year volume declines for this portfolio of products to continue.\n\nProduct Sales Detail by Product and Geographic Region\n\n\n\n\n$Millions, except percentages \n\nQ2 '24 \n\nQ2 '23 \n\nYOYΔ \n\n\n\n\nU.S \n\nROW \n\nTOTAL \n\nTOTAL \n\nTOTAL \n\n\nRepatha® \n\n$         270 \n\n$         262 \n\n$         532 \n\n$         424 \n\n25 % \n\n\nEVENITY® \n\n281 \n\n110 \n\n391 \n\n281 \n\n39 % \n\n\nProlia® \n\n770 \n\n395 \n\n1,165 \n\n1,028 \n\n13 % \n\n\nBLINCYTO® \n\n165 \n\n99 \n\n264 \n\n206 \n\n28 % \n\n\nVectibix® \n\n133 \n\n137 \n\n270 \n\n248 \n\n9 % \n\n\nKYPROLIS® \n\n240 \n\n137 \n\n377 \n\n346 \n\n9 % \n\n\nLUMAKRAS®/LUMYKRAS™ \n\n55 \n\n30 \n\n85 \n\n77 \n\n10 % \n\n\nXGEVA® \n\n399 \n\n163 \n\n562 \n\n530 \n\n6 % \n\n\nNplate® \n\n214 \n\n132 \n\n346 \n\n310 \n\n12 % \n\n\nIMDELLTRA™ \n\n12 \n\n— \n\n12 \n\n— \n\nN/A \n\n\nMVASI® \n\n100 \n\n57 \n\n157 \n\n197 \n\n(20 %) \n\n\nTEZSPIRE® \n\n234 \n\n— \n\n234 \n\n133 \n\n76 % \n\n\nOtezla® \n\n432 \n\n112 \n\n544 \n\n600 \n\n(9 %) \n\n\nEnbrel® \n\n902 \n\n7 \n\n909 \n\n1,068 \n\n(15 %) \n\n\nAMJEVITA®/AMGEVITA™(1) \n\n(9) \n\n142 \n\n133 \n\n150 \n\n(11 %) \n\n\nTEPEZZA®(2) \n\n478 \n\n1 \n\n479 \n\n— \n\nN/A \n\n\nKRYSTEXXA®(2) \n\n294 \n\n— \n\n294 \n\n— \n\nN/A \n\n\nUPLIZNA®(2) \n\n77 \n\n15 \n\n92 \n\n— \n\nN/A \n\n\nTAVNEOS® \n\n61 \n\n10 \n\n71 \n\n30 \n\n* \n\n\nUltra rare products(2) \n\n175 \n\n12 \n\n187 \n\n— \n\nN/A \n\n\nEPOGEN® \n\n32 \n\n— \n\n32 \n\n61 \n\n(48 %) \n\n\nAranesp® \n\n91 \n\n257 \n\n348 \n\n365 \n\n(5 %) \n\n\nParsabiv® \n\n67 \n\n39 \n\n106 \n\n87 \n\n22 % \n\n\nNeulasta® \n\n75 \n\n30 \n\n105 \n\n236 \n\n(56 %) \n\n\nOther products(3) \n\n292 \n\n54 \n\n346 \n\n306 \n\n13 % \n\n\nTotal product sales \n\n$      5,840 \n\n$      2,201 \n\n$      8,041 \n\n$      6,683 \n\n20 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n*Change in excess of 100% \n\n\n\n\n\n\n\n\n\n\n\n\nN/A = not applicable \n\n\n\n\n\n\n\n\n\n\n\n\n(1) U.S AMJEVITA product sales for the three months ended June 30, 2024, were impacted by unfavorable changes to estimated sales deductions \n\n\n(2) Horizon-acquired products, and the Ultra rare products consist of RAVICTI®, PROCYSBI®, ACTIMMUNE®, BUPHENYL® and QUINSAIR® \n\n\n(3) Consists of  (i) KANJINTI®, Aimovig®, RIABNI®, Corlanor®, NEUPOGEN®, AVSOLA®, IMLYGIC®, BEKEMV™, WEZLANA™/WEZENLA™ and Sensipar®/Mimpara™, where Biosimilars total $183 million in Q2 '24 and $130 million in Q2 '23; and (ii) Horizon-acquired products including RAYOS® and PENNSAID® \n\n\n\n\nOperating Expense, Operating Margin and Tax Rate Analysis\nOn a GAAP basis for the second quarter:\n\nTotal Operating Expenses increased 51% year-over-year. Cost of Sales as a percentage of product sales increased 13.1 percentage points driven by higher amortization expense from Horizon acquisition-related assets and, to a lesser extent, higher royalties and profit share, partially offset by the Puerto Rico excise tax. Research & Development (R&D) expenses increased 30% due to higher spend in later-stage clinical programs and research and early pipeline, including Horizon-acquired programs. Selling, General & Administrative (SG&A) expenses increased 38% primarily driven by the addition of Horizon and investments in our commercial brands. Other operating expenses consisted primarily of changes in the fair values of contingent consideration liabilities related to our Teneobio, Inc. acquisition from 2021.\nOperating Margin as a percentage of product sales decreased 16.5 percentage points year-over-year to 23.7%.\nTax Rate decreased 8.6 percentage points year-over-year primarily due to the change in earnings mix as a result of the inclusion of the Horizon business.\n\nOn a non-GAAP basis for the second quarter:\n\nTotal Operating Expenses increased 30% year-over-year. Cost of Sales as a percentage of product sales increased 0.4 percentage points primarily driven by higher royalties and profit share, partially offset by Puerto Rico excise tax. R&D expenses increased 30% due to higher spend in later-stage clinical programs and research and early pipeline, including Horizon-acquired programs. SG&A expenses increased 36%, primarily driven by the addition of Horizon and investments in our commercial brands.\nOperating Margin as a percentage of product sales decreased 4.4 percentage points year-over-year to 48.2%.\nTax Rate decreased 1.5 percentage points year-over-year primarily due to the change in earnings mix as a result of the inclusion of the Horizon business and net favorable items.\n\n\n\n\n\n$Millions, except percentages \n\nGAAP \n\nNon-GAAP \n\n\n\n\nQ2 '24 \n\nQ2 '23 \n\nYOYΔ \n\nQ2 '24 \n\nQ2 '23 \n\nYOYΔ \n\n\nCost of Sales \n\n$   3,236 \n\n$   1,813 \n\n78 % \n\n$   1,406 \n\n$   1,142 \n\n23 % \n\n\n% of product sales \n\n40.2 % \n\n27.1 % \n\n13.1 pts \n\n17.5 % \n\n17.1 % \n\n0.4 pts \n\n\nResearch & Development \n\n$   1,447 \n\n$   1,113 \n\n30 % \n\n$   1,423 \n\n$   1,092 \n\n30 % \n\n\n% of product sales \n\n18.0 % \n\n16.7 % \n\n1.3 pts \n\n17.7 % \n\n16.3 % \n\n1.4 pts \n\n\nSelling, General & Administrative \n\n$   1,785 \n\n$   1,294 \n\n38 % \n\n$   1,686 \n\n$   1,237 \n\n36 % \n\n\n% of product sales \n\n22.2 % \n\n19.4 % \n\n2.8 pts \n\n21.0 % \n\n18.5 % \n\n2.5 pts \n\n\nOther \n\n$        11 \n\n$        82 \n\n(87 %) \n\n$        — \n\n$        — \n\nN/A \n\n\nTotal Operating Expenses \n\n$   6,479 \n\n$   4,302 \n\n51 % \n\n$   4,515 \n\n$   3,471 \n\n30 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Margin \n\n\n\n\n\n\n\n\n\n\n\n\n\n\noperating income as % of product sales \n\n23.7 % \n\n40.2 % \n\n(16.5) pts \n\n48.2 % \n\n52.6 % \n\n(4.4) pts \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTax Rate \n\n6.0 % \n\n14.6 % \n\n(8.6) pts \n\n14.9 % \n\n16.4 % \n\n(1.5) pts \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\npts: percentage points \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nN/A = not applicable \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash Flow and Balance Sheet\n\nThe Company generated $2.2 billion of free cash flow in the second quarter of 2024 versus $3.8 billion in the second quarter of 2023 driven by the timing of tax payments. In 2023, federal tax payments, including our repatriation tax, were made in Q4, whereas in 2024 these payments were made in Q2.\nThe Company's second quarter 2024 dividend of $2.25 per share was declared on March 6, 2024, and was paid on June 7, 2024, to all stockholders of record as of May 17, 2024, representing a 6% increase from this same period in 2023.\nDuring the second quarter, the Company reduced debt outstanding by $1.4 billion. Year to date, the Company has reduced debt outstanding by $2.0 billion and remains on- track to deleverage, including greater than $10 billion of debt reduction by the end of 2025.\nCash and investments totaled $9.3 billion and debt outstanding totaled $62.6 billion as of June 30, 2024.\n\n\n\n\n\n$Billions, except shares \n\nQ2 '24 \n\nQ2 '23 \n\nYOYΔ \n\n\nOperating Cash Flow \n\n$         2.5 \n\n$         4.1 \n\n$        (1.7) \n\n\nCapital Expenditures \n\n$         0.2 \n\n$         0.3 \n\n$         0.0 \n\n\nFree Cash Flow \n\n$         2.2 \n\n$         3.8 \n\n$        (1.6) \n\n\nDividends Paid \n\n$         1.2 \n\n$         1.1 \n\n$         0.1 \n\n\nShare Repurchases \n\n$         0.0 \n\n$          — \n\n$         0.0 \n\n\nAverage Diluted Shares (millions) \n\n541 \n\n537 \n\n4 \n\n\n\n\n\n\n\n\n\n\n\nNote: Numbers may not add due to rounding \n\n\n\n\n\n\n\n\n\n\n\n\n$Billions \n\n6/30/24 \n\n12/31/23 \n\nYTD Δ \n\n\nCash and Investments \n\n$         9.3 \n\n$       10.9 \n\n$        (1.6) \n\n\nDebt Outstanding \n\n$       62.6 \n\n$       64.6 \n\n$        (2.0) \n\n\n\n\n\n\n\n\n\n\n\nNote: Numbers may not add due to rounding \n\n\n\n\n\n\n\n\n2024 Guidance\nFor the full year 2024, the Company now expects:\n\nTotal revenues in the range of $32.8 billion to $33.8 billion.\nOn a GAAP basis, EPS in the range of $6.57 to $7.62, and a tax rate in the range of 6.0% to 7.5%.\nOn a non-GAAP basis, EPS in the range of $19.10 to $20.10, and a tax rate in the range of 15.0% to 16.0%.\nCapital expenditures to be approximately $1.3 billion.\nShare repurchases not to exceed $500 million.\n\nSecond Quarter Product and Pipeline Update\nThe Company provided the following updates on selected product and pipeline programs:\nGeneral MedicineMariTide (maridebart cafraglutide, AMG 133)\n\nMariTide, is a multispecific molecule that inhibits the gastric inhibitory polypeptide receptor (GIPR) and activates the glucagon like peptide 1 (GLP-1) receptor.\nA Phase 2 study of MariTide is ongoing in adults with overweight or obesity with or without type 2 diabetes mellitus. Topline data are anticipated in late 2024.\nPlanning for a broad Phase 3 program across multiple indications remains on track.\nA Phase 2 trial investigating MariTide for the treatment of type 2 diabetes in patients with and without obesity is planned to initiate in late 2024.\n\nOlpasiran (AMG 890) \n\nOlpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.\nThe Ocean(a)-Outcomes trial, a Phase 3 cardiovascular outcomes study is ongoing in patients with atherosclerotic cardiovascular disease and elevated Lp(a).\n\nRepatha\n\nEVOLVE-MI, a Phase 4 study of Repatha administered within 10 days of an acute myocardial infarction to reduce the risk of cardiovascular (CV) events, has completed enrollment.\nVESALIUS-CV, a Phase 3 CV outcomes study of Repatha, is ongoing in patients at high CV risk without prior myocardial infarction or stroke.\n\nOncologyIMDELLTRA\n\nIn May, the U.S. Food and Drug Administration (FDA) granted accelerated approval to IMDELLTRA, a first-in-class delta-like ligand 3 (DLL3) targeting BiTE® (bispecific T-cell engager) molecule, for the treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy. Additional regulatory submissions are underway or complete in countries outside of the U.S.\nIn May, the FDA granted orphan drug exclusivity for IMDELLTRA for treatment of adult patients with ES-SCLC with disease progression on or after platinum-based chemotherapy.\nIMDELLTRA was added to the SCLC National Comprehensive Cancer Network® Clinical Practice Guidelines in Oncology1 (NCCN guidelines®) as a treatment option after first-line therapy. It is listed as a \"Preferred Option\" for patients with chemotherapy-free interval ≤ 6 months and as a \"Other Recommended Treatment Option\" for patients with chemotherapy-free interval > 6 months.\nAdvancing a comprehensive global clinical development program:\n   \nDeLLphi-304, a Phase 3 study comparing tarlatamab with standard of care chemotherapy in second-line ES-SCLC, has completed enrollment.\nDeLLphi-305, a Phase 3 study comparing tarlatamab and durvalumab with durvalumab alone, is enrolling patients with first-line ES-SCLC.\nDeLLphi-306, a Phase 3 study comparing tarlatamab with placebo following concurrent chemoradiation therapy, is enrolling patients with limited-stage SCLC.\nDeLLphi-300, a Phase 1 study of tarlatamab, is ongoing in patients with relapsed /refractory SCLC.\nDeLLphi-302, a Phase 1b study of tarlatamab in combination with AMG 404, is ongoing in patients with second-line or later SCLC. AMG 404 is an anti-programmed cell death protein 1 (PD1) monoclonal antibody.\nDeLLphi-303, a Phase 1b study of tarlatamab in combination with standard of care, continues to enroll patients with first-line ES-SCLC.\nDeLLpro-300, a Phase 1b study of tarlatamab, is ongoing in patients with de novo or treatment-emergent neuroendocrine prostate cancer.\n\nIn June, initial data were presented from:\n   \nThe DeLLpro-300 study highlighting IMDELLTRA safety results with encouraging anti-tumor activity in DLL3-expressing de novo or treatment-emergent neuroendocrine prostate cancer.\nA subgroup analysis of the Phase 2 DeLLphi-301 study demonstrating durable anticancer activity in relapsed / refractory SCLC regardless of the presence of treated, stable brain metastases at baseline.\n\nLong-term follow-up data from the Phase 2 DeLLphi 301 study in patients with ES-SCLC who had failed two or more prior lines of treatment will be presented at the 2024 World Conference on Lung Cancer (WCLC) this fall.\n\nBLINCYTO\n\nIn June, the FDA approved BLINCYTO for the treatment of adult and pediatric patients one month or older with CD19-positive Philadelphia chromosome (Ph)-negative B-cell precursor acute lymphoblastic leukemia (B-ALL) in the consolidation phase, regardless of measurable residual disease (MRD) status. Additional regulatory submissions are underway or complete in countries outside of the U.S.\nData from the Phase 3 E1910 study were recently published in the New England Journal of Medicine. This study was in part the basis for the recent FDA approval and evaluated BLINCYTO in newly diagnosed B-ALL patients who were in remission and tested negative for MRD after an initial round of chemotherapy. At three years of follow-up, 85% of the patients who went on to receive additional standard consolidation chemotherapy plus BLINCYTO were alive, a significant improvement compared to 68% of patients who received chemotherapy only.\nGolden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity chemotherapy, continues to enroll older adult patients with newly diagnosed Ph-negative B-ALL.\nA Phase 1/2 study of subcutaneous blinatumomab continues to enroll adult patients with relapsed or refractory Ph-negative B-ALL. The Company is planning to advance blinatumomab subcutaneous administration to a potentially registration-enabling Phase 2 portion of this study with initiation in H2 2025.\n\nXaluritamig (AMG 509)\n\nXaluritamig is a first-in-class bispecific T-cell engager targeting six-transmembrane epithelial antigen of prostate 1 (STEAP1).\nA Phase 1 monotherapy dose-expansion study of xaluritamig is ongoing in patients with metastatic castrate resistant prostate cancer (mCRPC) and continues to enroll patients to explore reduced monitoring after treatment administration. An outpatient treatment cohort has also been initiated to improve administration convenience.\nA Phase 1 combination of xaluritamig with enzalutamide or abiraterone continues to enroll patients with mCRPC in dose escalation and dose expansion respectively.\nTwo additional Phase 1 studies of xaluritamig to evaluate preliminary efficacy and safety in patients with early prostate cancer are planned.\nUpdated results from the xaluritamig first-in-human trial, including longer follow-up and overall survival on the previously presented dose-escalation and initial results from dose optimization, will be presented at the European Society for Medical Oncology (ESMO) Congress 2024 in September.\n\nAMG 193\n\nAMG 193 is a first-in-class small molecule methylthioadenosine (MTA)-cooperative protein arginine methyltransferase 5 (PRMT5) inhibitor.\nIn August, the FDA granted an orphan drug designation to AMG 193 for the treatment of pancreatic cancer.\nA Phase 1/1b/2 study of AMG 193 continues to enroll patients with advanced methylthioadenosine phosphorylase (MTAP)-null solid tumors in the dose-expansion portion of the study.\nA Phase 1b study of AMG 193 alone or in combination with other therapies is enrolling patients with advanced MTAP-null thoracic tumors.\nA Phase 1b study of AMG 193 in combination with other therapies was initiated in patients with advanced MTAP-null gastrointestinal, biliary tract, or pancreatic cancers.\nA Phase 1/2 study of AMG 193 in combination with IDE397, an investigational methionine adenosyltransferase 2A (MAT2A) inhibitor, continues to enroll patients with advanced MTAP-null solid tumors.\nAdditional data from the Phase 1 dose escalation and initial dose expansion study of AMG 193 in patients with MTAP-null solid tumors will be presented at ESMO in September.\n\nNplate\n\nA Phase 3 study of Nplate as supportive care in chemotherapy-induced thrombocytopenia in gastrointestinal malignancies is complete. Data analysis is ongoing with readout anticipated in H2 2024.\n\nLUMAKRAS/LUMYKRAS \n\nCodeBreaK 202, a Phase 3 study of LUMAKRAS plus chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C–mutated and programmed cell death protein ligand-1 (PD-L1) negative advanced non-small cell lung cancer (NSCLC).\nRegulatory review by the European Medicines Agency (EMA) of the CodeBreaK 200 Phase 3 trial of adults with previously treated locally advanced or metastatic KRAS G12C–mutated NSCLC along with data from the Phase 2 dose-comparison substudy is ongoing.\nA U.S. regulatory submission for the Phase 3 CodeBreaK 300 study of LUMAKRAS plus Vectibix vs. investigator's choice of therapy in KRAS G12C–mutated metastatic colorectal cancer (CRC) was accepted under Priority Review with a Prescription Drug User Fee Act (PDUFA) date of October 17, 2024.\nCodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI, is enrolling patients with first-line KRAS G12C–mutated CRC.\n\nBemarituzumab\n\nBemarituzumab is a first-in-class fibroblast growth factor receptor 2b (FGFR2b) targeting monoclonal antibody.\nFORTITUDE-101, a Phase 3 study of bemarituzumab plus chemotherapy, has completed enrollment in patients with first-line gastric cancer.\nFORTITUDE-102, a Phase 1b/3 study of bemarituzumab plus chemotherapy and nivolumab in first-line gastric cancer, continues to enroll patients in the Phase 3 portion of the study.\nFORTITUDE-103, a Phase 1b/2 study of bemarituzumab plus oral chemotherapy regimens with or without nivolumab continues to enroll patients in first-line gastric cancer.\nFORTITUDE-301, a Phase 1b/2 basket study of bemarituzumab monotherapy, is ongoing in patients with solid tumors with FGFR2b overexpression.\n\nInflammationTEZSPIRE\n\nData were presented from the COURSE Phase 2 study of TEZSPIRE in chronic obstructive pulmonary disease (COPD) demonstrating that TEZSPIRE numerically reduced the annualized rate of moderate or severe COPD exacerbations vs. placebo by 17% (90% CI: −6, 36; p=0.1042). Of note, greater reductions were observed in a subgroup of patients with baseline BEC ≥ 150 cells/μL (37% [95% CI: 7, 57]). The trend in reduction was highest in subjects with BEC ≥ 300 cells/µL. Planning for Phase 3 in COPD remains on track.\nBased on the COURSE Phase 2 results, the FDA granted TEZSPIRE Breakthrough Therapy Designation as an add-on maintenance treatment of patients with moderate to very severe COPD characterized by an eosinophilic phenotype.\nThe DIRECTION Phase 3 study of TEZSPIRE in patients in China with a history of uncontrolled asthma met the primary endpoint, demonstrating a statistically significant reduction in annual asthma exacerbation rate (AAER) over 52 weeks compared to placebo.\nA Phase 3 study of TEZSPIRE is ongoing in patients with chronic rhinosinusitis with nasal polyps. Data readout is anticipated in H2 2024.\nA Phase 3 study of TEZSPIRE continues to enroll patients with eosinophilic esophagitis.\nIn severe asthma, the WAYFINDER Phase 3b study is fully enrolled. The PASSAGE Phase 4 real-world effectiveness study and the SUNRISE Phase 3 study continue to enroll patients.\n\nRocatinlimab (AMG 451/KHK4083)\n\nRocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody targeting the OX40 receptor.\nThe eight study ROCKET Phase 3 program continues to enroll patients with moderate-to-severe atopic dermatitis. To date, over 3,100 patients have been enrolled in the ROCKET program, with five studies having completed enrollment.\nThe Phase 3 HORIZON study (part of the ROCKET program), evaluating rocatinlimab monotherapy vs. placebo in adults with moderate-to-severe atopic dermatitis, is ongoing. Data readout is anticipated in H2 2024.\nA Phase 2 study of rocatinlimab is enrolling patients with moderate-to-severe asthma.\nA Phase 3 study of rocatinlimab is enrolling patients with prurigo nodularis.\n\nOtezla \n\nIn June data were presented:\n   \nResults from a real-world study comparing early vs. late Otezla treatment vs. topical therapy alone in mild-to-moderate psoriasis demonstrated that patients who initiated Otezla early were >50% more likely to achieve treatment goals of body surface area (BSA) ≤1% and BSA-75 at 6 months after treatment initiation compared with patients initiating a new topical treatment.\nIn the FOREMOST Phase 4 study, Otezla led to early improvement in clinical and patient reported outcomes in patients with oligoarticular psoriatic arthritis, which were sustained and further improved over 48 weeks with no new safety signals.\nIn the MOSAIC Phase 4 study in adults with active psoriatic arthritis, treatment with Otezla was associated with improvements in inflammation measured by MRI, clinical outcomes, and patient reported outcomes over 48 weeks of treatment.\n\n\nEfavaleukin alfa (AMG 592)\n\nEfavaleukin alfa is an interleukin 2 (IL 2) mutein Fc fusion protein.\nA Phase 2b study of efavaleukin alfa continues to enroll patients with ulcerative colitis.\n\nOrdesekimab (AMG 714/PRV-015)\n\nOrdesekimab is a monoclonal antibody that binds interleukin-15.\nA Phase 2b study of Ordesekimab is ongoing in nonresponsive celiac disease.\n\nAMG 104 (AZD8630)\n\nAMG 104 is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab).\nData were presented from the Phase 1 study of AMG 104 in healthy volunteers and patients with asthma. In this study AMG 104 demonstrated an acceptable safety profile and a significant reduction in fractional exhaled nitric oxide (FeNO) in patients with moderate-to-severe asthma and elevated FeNO.\nThe Company plans to initiate a Phase 2 study in patients with asthma in H2 2024.\n\nRare DiseaseTAVNEOS \n\nA Phase 3, open-label study of TAVNEOS in combination with Rituximab or a cyclophosphamide-containing regimen was initiated in children from 6 years to < 18 years of age with active ANCA-associated vasculitis (Granulomatosis with Polyangiitis (GPA) / Microscopic Polyangiitis (MPA)).\nIn June a post hoc subgroup analysis of the Phase 3 ADVOCATE trial was presented comparing TAVNEOS with steroid taper in patients with ANCA-associated vasculitis with ear, nose and throat (ENT) involvement at baseline. This analysis demonstrated that a higher proportion of patients receiving TAVNEOS had sustained remission at week 52 with the percentage of ENT manifestations also decreasing more rapidly with TAVNEOS treatment.\n\nTEPEZZA\n\nRegulatory review of the New Drug Application (NDA) for TEPEZZA in Japan and multiple additional geographies continues.\nA Phase 3 study of TEPEZZA in Japan continues to enroll patients with chronic or low clinical activity score TED.\nA Phase 3 study evaluating the subcutaneous route of administration of TEPEZZA is enrolling patients with TED.\n\nUPLIZNA\n\nIn June, the Company announced positive topline results of a Phase 3 clinical trial evaluating the efficacy and safety of UPLIZNA for the treatment of Immunoglobulin G4-related disease (IgG4-RD). The trial met its primary endpoint, showing a statistically significant 87% reduction in the risk of IgG4-RD flare compared to placebo (Hazard Ratio 0.13, p<0.0001) during the 52-week placebo-controlled period. All key secondary endpoints were also met and no new safety signals were identified. Full data from the trial will be presented at a future medical meeting. Regulatory filing activities are underway.\nMINT, a Phase 3 study of UPLIZNA in patients with myasthenia gravis is ongoing. Data readout is anticipated in H2 2024.\n\nDazodalibep\n\nDazodalibep is a fusion protein that inhibits CD40L.\nTwo Phase 3 studies of Dazodalibep in Sjögren's disease are enrolling patients. The first study is in patients with moderate-to-severe systemic disease activity, and the second study is in patients with moderate-to-severe symptomatic burden and low systemic disease activity.\nIn June, a manuscript based on data from the Phase 2 study of Dazodalibep in Sjögren's disease was published in Nature Medicine.\n\nDaxdilimab\n\nDaxdilimab is a fully human monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).\nA Phase 2 study of daxdilimab, is ongoing in patients with moderate-to-severe active primary discoid lupus erythematosus refractory to standard of care.\nA Phase 2 study of daxdilimab is ongoing in patients with dermatomyositis and antisynthetase inflammatory myositis.\n\nFipaxalparant (formerly AMG 670/HZN 825)\n\nFipaxalparant is a lysophosphatidic acid receptor 1 (LPAR1) antagonist.\nA Phase 2 study of fipaxalparant is ongoing in patients with idiopathic pulmonary fibrosis. Data readout is anticipated in H2 2024.\nA Phase 2 study of fipaxalparant is enrolling patients with diffuse cutaneous systemic sclerosis.\n\nBiosimilars\n\nIn May, the FDA approved BKEMV as the first interchangeable biosimilar to SOLIRIS® (eculizumab).\nThe clinical comparative study portion of a randomized, double-blind pivotal study evaluating pharmacokinetic (PK) similarity of ABP 206 compared with OPDIVO® (nivolumab) is enrolling patients with resected stage III or stage IV melanoma in the adjuvant setting.\nA randomized, double-blind Phase 3 study to compare efficacy, pharmacokinetics, safety, and immunogenicity between ABP 234 and Keytruda® (pembrolizumab) was initiated in patients with advanced or metastatic non-squamous non-small cell lung cancer.\n\nTEZSPIRE is being developed in collaboration with AstraZeneca.AMG 104 is being developed in collaboration with AstraZenecaRocatinlimab, formerly AMG 451/KHK4083, is being developed in collaboration with Kyowa Kirin.Ordesekimab, formerly AMG 714 and also known as PRV-015, is being developed in collaboration with Provention Bio, a Sanofi Company. For the purposes of the collaboration, Provention Bio conducts a clinical trial and leads certain development and regulatory activities for the program.Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.IDE397 is an investigational MAT2A inhibitor from IDEAYA Biosciences.OPDIVO is a registered trademark of Bristol-Myers Squibb Company.KEYTRUDA is a registered trademark of Merck & Co., Inc.SOLIRIS is a registered trademark of ALEXION Pharmaceuticals, Inc.1National Comprehensive Cancer Network® (NCCN®) makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.\nNon-GAAP Financial Measures\nIn this news release, management has presented its operating results for the second quarters of 2024 and 2023, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2024 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the second quarters of 2024 and 2023. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP.\nThe Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's normal and recurring business activities by facilitating comparisons of results of normal and recurring business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity.\nThe Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.\nAbout Amgen\nAmgen discovers, develops, manufactures and delivers innovative medicines to help millions of patients in their fight against some of the world's toughest diseases. More than 40 years ago, Amgen helped to establish the biotechnology industry and remains on the cutting-edge of innovation, using technology and human genetic data to push beyond what's known today. Amgen is advancing a broad and deep pipeline that builds on its existing portfolio of medicines to treat cancer, heart disease, osteoporosis, inflammatory diseases and rare diseases.\nIn 2024, Amgen was named one of the \"World's Most Innovative Companies\" by Fast Company and one of \"America's Best Large Employers\" by Forbes, among other external recognitions. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average®, and it is also part of the Nasdaq-100 Index®, which includes the largest and most innovative non-financial companies listed on the Nasdaq Stock Market based on market capitalization.\nFor more information, visit Amgen.com and follow Amgen on X, LinkedIn, Instagram, TikTok, YouTube and Threads. \nForward-Looking Statements\nThis news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeiGene, Ltd. or Kyowa Kirin Co., Ltd.), the performance of Otezla® (apremilast) (including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion), our acquisitions of Teneobio, Inc., ChemoCentryx, Inc., or Horizon (including the prospective performance and outlook of Horizon's business, performance and opportunities and any potential strategic benefits, synergies or opportunities expected as a result of such acquisition, and any projected impacts from the Horizon acquisition on our acquisition-related expenses going forward), as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.\nNo forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, such as COVID-19, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. There can be no guarantee that we will be able to realize any of the strategic benefits, synergies or opportunities arising from the Horizon acquisition, and such benefits, synergies or opportunities may take longer to realize than expected. We may not be able to successfully integrate Horizon, and such integration may take longer, be more difficult or cost more than expected. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our environmental, social and governance objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.\nCONTACT: Amgen, Thousand OaksElissa Snook, 609-251-1407 (media)Justin Claeys, 805-313-9775 (investors)\n\n\n\n\nAmgen Inc.  \n\n\nConsolidated Statements of Income - GAAP \n\n\n(In millions, except per-share data) \n\n\n(Unaudited) \n\n\n\n\n\n\nThree months ended June 30, \n\nSix months ended June 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nRevenues: \n\n\n\n\n\n\n\n\n\nProduct sales \n$    8,041 \n\n$    6,683 \n\n$  15,159 \n\n$  12,529 \n\n\nOther revenues \n347 \n\n303 \n\n676 \n\n562 \n\n\nTotal revenues \n8,388 \n\n6,986 \n\n15,835 \n\n13,091 \n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses: \n\n\n\n\n\n\n\n\n\nCost of sales \n3,236 \n\n1,813 \n\n6,436 \n\n3,533 \n\n\nResearch and development \n1,447 \n\n1,113 \n\n2,790 \n\n2,171 \n\n\nSelling, general and administrative \n1,785 \n\n1,294 \n\n3,593 \n\n2,552 \n\n\nOther \n11 \n\n82 \n\n116 \n\n230 \n\n\nTotal operating expenses \n6,479 \n\n4,302 \n\n12,935 \n\n8,486 \n\n\n\n\n\n\n\n\n\n\n\n\nOperating income \n1,909 \n\n2,684 \n\n2,900 \n\n4,605 \n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expense): \n\n\n\n\n\n\n\n\n\nInterest expense, net \n(808) \n\n(752) \n\n(1,632) \n\n(1,295) \n\n\nOther (expense) income, net \n(307) \n\n(318) \n\n(542) \n\n1,746 \n\n\n\n\n\n\n\n\n\n\n\n\nIncome before income taxes \n794 \n\n1,614 \n\n726 \n\n5,056 \n\n\n\n\n\n\n\n\n\n\n\n\nProvision for income taxes \n48 \n\n235 \n\n93 \n\n836 \n\n\n\n\n\n\n\n\n\n\n\n\nNet income \n$       746 \n\n$    1,379 \n\n$       633 \n\n$    4,220 \n\n\n\n\n\n\n\n\n\n\n\n\nEarnings per share: \n\n\n\n\n\n\n\n\n\nBasic \n$      1.39 \n\n$      2.58 \n\n$      1.18 \n\n$      7.90 \n\n\nDiluted \n$      1.38 \n\n$      2.57 \n\n$      1.17 \n\n$      7.86 \n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares used in calculation of earnings per share: \n\n\n\n\n\n\n\n\n\nBasic \n537 \n\n535 \n\n537 \n\n534 \n\n\nDiluted \n541 \n\n537 \n\n541 \n\n537 \n\n\n\n\n\n\n\n\nAmgen Inc. \n\n\nConsolidated Balance Sheets - GAAP \n\n\n(In millions) \n\n\n\n\n\n\nJune 30, \n\nDecember 31, \n\n\n\n2024 \n\n2023 \n\n\n\n(Unaudited) \n\n\n\n\nAssets \n\n\nCurrent assets: \n\n\n\n\n\nCash and cash equivalents \n$                9,301 \n\n$              10,944 \n\n\nTrade receivables, net \n6,934 \n\n7,268 \n\n\nInventories \n7,995 \n\n9,518 \n\n\nOther current assets \n2,976 \n\n2,602 \n\n\nTotal current assets \n27,206 \n\n30,332 \n\n\n\n\n\n\n\n\nProperty, plant and equipment, net \n6,097 \n\n5,941 \n\n\nIntangible assets, net \n30,172 \n\n32,641 \n\n\nGoodwill \n18,616 \n\n18,629 \n\n\nOther noncurrent assets \n8,816 \n\n9,611 \n\n\nTotal assets \n$              90,907 \n\n$              97,154 \n\n\n\n\n\n\n\n\nLiabilities and Stockholders' Equity \n\n\nCurrent liabilities: \n\n\n\n\n\nAccounts payable and accrued liabilities \n$              15,989 \n\n$              16,949 \n\n\nCurrent portion of long-term debt \n5,528 \n\n1,443 \n\n\nTotal current liabilities \n21,517 \n\n18,392 \n\n\n\n\n\n\n\n\nLong-term debt \n57,117 \n\n63,170 \n\n\nLong-term deferred tax liabilities ...\n     1,780 \n\n2,354 \n\n\nLong-term tax liabilities \n2,205 \n\n4,680 \n\n\nOther noncurrent liabilities \n2,363 \n\n2,326 \n\n\nTotal stockholders' equity \n5,925 \n\n6,232 \n\n\nTotal liabilities and stockholders' equity \n$              90,907 \n\n$              97,154 \n\n\n\n\n\n\n\n\nShares outstanding \n537 \n\n535 \n\n\n\n\n\n\n\n\nAmgen Inc. \n\n\nGAAP to Non-GAAP Reconciliations \n\n\n(Dollars in millions) \n\n\n(Unaudited) \n\n\n\n\n\n\nThree months ended June 30, \n\nSix months ended June 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nGAAP cost of sales \n$       3,236 \n\n$       1,813 \n\n$       6,436 \n\n$       3,533 \n\n\nAdjustments to cost of sales: \n\n\n\n\n\n\n\n\n\nAcquisition-related expenses (a) \n(1,830) \n\n(671) \n\n(3,690) \n\n(1,340) \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives \n— \n\n— \n\n— \n\n(35) \n\n\nTotal adjustments to cost of sales \n(1,830) \n\n(671) \n\n(3,690) \n\n(1,375) \n\n\nNon-GAAP cost of sales \n$       1,406 \n\n$       1,142 \n\n$       2,746 \n\n$       2,158 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP cost of sales as a percentage of product sales \n40.2 % \n\n27.1 % \n\n42.5 % \n\n28.2 % \n\n\nAcquisition-related expenses (a) \n(22.7) \n\n(10.0) \n\n(24.4) \n\n(10.7) \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives \n0.0 \n\n0.0 \n\n0.0 \n\n(0.3) \n\n\nNon-GAAP cost of sales as a percentage of product sales \n17.5 % \n\n17.1 % \n\n18.1 % \n\n17.2 % \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP research and development expenses \n$       1,447 \n\n$       1,113 \n\n$       2,790 \n\n$       2,171 \n\n\nAdjustments to research and development expenses: \n\n\n\n\n\n\n\n\n\nAcquisition-related expenses (b) \n(24) \n\n(4) \n\n(50) \n\n(18) \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives \n— \n\n(17) \n\n— \n\n(17) \n\n\nTotal adjustments to research and development expenses \n(24) \n\n(21) \n\n(50) \n\n(35) \n\n\nNon-GAAP research and development expenses \n$       1,423 \n\n$       1,092 \n\n$       2,740 \n\n$       2,136 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP research and development expenses as a percentage of product sales \n18.0 % \n\n16.7 % \n\n18.4 % \n\n17.3 % \n\n\nAcquisition-related expenses (b) \n(0.3) \n\n(0.1) \n\n(0.3) \n\n(0.2) \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives \n0.0 \n\n(0.3) \n\n0.0 \n\n(0.1) \n\n\nNon-GAAP research and development expenses as a percentage of product sales \n17.7 % \n\n16.3 % \n\n18.1 % \n\n17.0 % \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP selling, general and administrative expenses \n$       1,785 \n\n$       1,294 \n\n$       3,593 \n\n$       2,552 \n\n\nAdjustments to selling, general and administrative expenses: \n\n\n\n\n\n\n\n\n\nAcquisition-related expenses (c) \n(99) \n\n(57) \n\n(195) \n\n(91) \n\n\nNon-GAAP selling, general and administrative expenses \n$       1,686 \n\n$       1,237 \n\n$       3,398 \n\n$       2,461 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP selling, general and administrative expenses as a percentage of product sales \n22.2 % \n\n19.4 % \n\n23.7 % \n\n20.4 % \n\n\nAcquisition-related expenses (c) \n(1.2) \n\n(0.9) \n\n(1.3) \n\n(0.8) \n\n\nNon-GAAP selling, general and administrative expenses as a percentage of product sales \n21.0 % \n\n18.5 % \n\n22.4 % \n\n19.6 % \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP operating expenses \n$       6,479 \n\n$       4,302 \n\n$      12,935 \n\n$       8,486 \n\n\nAdjustments to operating expenses: \n\n\n\n\n\n\n\n\n\nAdjustments to cost of sales \n(1,830) \n\n(671) \n\n(3,690) \n\n(1,375) \n\n\nAdjustments to research and development expenses \n(24) \n\n(21) \n\n(50) \n\n(35) \n\n\nAdjustments to selling, general and administrative expenses \n(99) \n\n(57) \n\n(195) \n\n(91) \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives (d) \n3 \n\n(26) \n\n4 \n\n(167) \n\n\nCertain other expenses (e) \n(14) \n\n(56) \n\n(120) \n\n(63) \n\n\nTotal adjustments to operating expenses \n(1,964) \n\n(831) \n\n(4,051) \n\n(1,731) \n\n\nNon-GAAP operating expenses \n$       4,515 \n\n$       3,471 \n\n$       8,884 \n\n$       6,755 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended June 30, \n\nSix months ended June 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nGAAP operating income \n$       1,909 \n\n$       2,684 \n\n$       2,900 \n\n$       4,605 \n\n\nAdjustments to operating expenses \n1,964 \n\n831 \n\n4,051 \n\n1,731 \n\n\nNon-GAAP operating income \n$       3,873 \n\n$       3,515 \n\n$       6,951 \n\n$       6,336 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP operating income as a percentage of product sales \n23.7 % \n\n40.2 % \n\n19.1 % \n\n36.8 % \n\n\nAdjustments to cost of sales \n22.7 \n\n10.0 \n\n24.4 \n\n11.0 \n\n\nAdjustments to research and development expenses \n0.3 \n\n0.4 \n\n0.3 \n\n0.3 \n\n\nAdjustments to selling, general and administrative expenses \n1.2 \n\n0.9 \n\n1.3 \n\n0.8 \n\n\nCertain net charges pursuant to our restructuring and cost savings initiatives (d) \n0.0 \n\n0.4 \n\n0.0 \n\n1.3 \n\n\nCertain other expenses (e) \n0.3 \n\n0.7 \n\n0.8 \n\n0.4 \n\n\nNon-GAAP operating income as a percentage of product sales \n48.2 % \n\n52.6 % \n\n45.9 % \n\n50.6 % \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP interest expense, net \n$        (808) \n\n$        (752) \n\n$      (1,632) \n\n$      (1,295) \n\n\nAdjustments to interest expense, net: \n\n\n\n\n\n\n\n\n\nInterest expense on acquisition-related debt (f) \n— \n\n333 \n\n— \n\n456 \n\n\nNon-GAAP interest expense, net \n$        (808) \n\n$        (419) \n\n$      (1,632) \n\n$        (839) \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP other (expense) income, net \n$        (307) \n\n$        (318) \n\n$        (542) \n\n$       1,746 \n\n\nAdjustments to other (expense) income, net \n\n\n\n\n\n\n\n\n\nInterest income and other expenses on acquisition-related debt (f) \n— \n\n(288) \n\n— \n\n(294) \n\n\nNet losses (gains) from equity investments (g) \n405 \n\n718 \n\n915 \n\n(1,135) \n\n\nTotal adjustments to other (expense) income, net \n405 \n\n430 \n\n915 \n\n(1,429) \n\n\nNon-GAAP other income, net \n$            98 \n\n$          112 \n\n$          373 \n\n$          317 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP income before income taxes \n$          794 \n\n$       1,614 \n\n$          726 \n\n$       5,056 \n\n\nAdjustments to income before income taxes: \n\n\n\n\n\n\n\n\n\nAdjustments to operating expenses \n1,964 \n\n831 \n\n4,051 \n\n1,731 \n\n\nAdjustments to interest expense, net \n— \n\n333 \n\n— \n\n456 \n\n\nAdjustments to other (expense) income, net \n405 \n\n430 \n\n915 \n\n(1,429) \n\n\nTotal adjustments to income before income taxes \n2,369 \n\n1,594 \n\n4,966 \n\n758 \n\n\nNon-GAAP income before income taxes \n$       3,163 \n\n$       3,208 \n\n$       5,692 \n\n$       5,814 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP provision for income taxes \n$            48 \n\n$          235 \n\n$            93 \n\n$          836 \n\n\nAdjustments to provision for income taxes: \n\n\n\n\n\n\n\n\n\nIncome tax effect of the above adjustments (h) \n420 \n\n288 \n\n779 \n\n171 \n\n\nOther income tax adjustments (i) \n4 \n\n2 \n\n(11) \n\n(17) \n\n\nTotal adjustments to provision for income taxes \n424 \n\n290 \n\n768 \n\n154 \n\n\nNon-GAAP provision for income taxes \n$          472 \n\n$          525 \n\n$          861 \n\n$          990 \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP tax as a percentage of income before taxes \n6.0 % \n\n14.6 % \n\n12.8 % \n\n16.5 % \n\n\nAdjustments to provision for income taxes: \n\n\n\n\n\n\n\n\n\nIncome tax effect of the above adjustments (h) \n8.8 \n\n1.7 \n\n2.5 \n\n0.8 \n\n\nOther income tax adjustments (i) \n0.1 \n\n0.1 \n\n(0.2) \n\n(0.3) \n\n\nTotal adjustments to provision for income taxes \n8.9 \n\n1.8 \n\n2.3 \n\n0.5 \n\n\nNon-GAAP tax as a percentage of income before taxes \n14.9 % \n\n16.4 % \n\n15.1 % \n\n17.0 % \n\n\n\n\n\n\n\n\n\n\n\n\nGAAP net income \n$          746 \n\n$       1,379 \n\n$          633 \n\n$       4,220 \n\n\nAdjustments to net income: \n\n\n\n\n\n\n\n\n\nAdjustments to income before income taxes, net of the income tax effect \n1,949 \n\n1,306 \n\n4,187 \n\n587 \n\n\nOther income tax adjustments (i) \n(4) \n\n(2) \n\n11 \n\n17 \n\n\nTotal adjustments to net income \n1,945 \n\n1,304 \n\n4,198 \n\n604 \n\n\nNon-GAAP net income \n$       2,691 \n\n$       2,683 \n\n$       4,831 \n\n$       4,824 \n\n\n\n\n\n\n\n\n\n\n\n\nNote: Numbers may not add due to rounding \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAmgen Inc. \n\n\nGAAP to Non-GAAP Reconciliations \n\n\n(In millions, except per-share data) \n\n\n(Unaudited) \n\n\n\n\n\nThe following table presents the computations for GAAP and non-GAAP diluted earnings per share: \n\n\n\n\n\n\nThree months ended June 30, 2024 \n\nThree months ended June 30, 2023 \n\n\n\nGAAP \n\nNon-GAAP \n\nGAAP \n\nNon-GAAP \n\n\nNet income \n$           746 \n\n$        2,691 \n\n$        1,379 \n\n$        2,683 \n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares for diluted EPS \n541 \n\n541 \n\n537 \n\n537 \n\n\n\n\n\n\n\n\n\n\n\n\nDiluted EPS \n$          1.38 \n\n$          4.97 \n\n$          2.57 \n\n$          5.00 \n\n\n\n\n\n\n\n\n\n\n\n\n\nSix months ended June 30, 2024 \n\nSix months ended June 30, 2023 \n\n\n\nGAAP \n\nNon-GAAP \n\nGAAP \n\nNon-GAAP \n\n\nNet income \n$           633 \n\n$        4,831 \n\n$        4,220 \n\n$        4,824 \n\n\n\n\n\n\n\n\n\n\n\n\nWeighted-average shares for diluted EPS \n541 \n\n541 \n\n537 \n\n537 \n\n\n\n\n\n\n\n\n\n\n\n\nDiluted EPS \n$          1.17 \n\n$          8.93 \n\n$          7.86 \n\n$          8.98 \n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \n\nThe adjustments related primarily to noncash amortization of intangible assets and fair value step-up of inventory acquired from business acquisitions. \n\n\n\n\n\n\n\n(b) \n\nFor the three and six months ended June 30, 2024, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. For the three and six months ended June 30, 2023, the adjustments related primarily to noncash amortization of intangible assets from business acquisitions. \n\n\n\n\n\n\n\n(c) \n\nFor the three and six months ended June 30, 2024 and 2023, the adjustments related primarily to acquisition-related costs related to our Horizon acquisition. \n\n\n\n\n\n\n\n(d) \n\nFor the three and six months ended June 30, 2023, the adjustments related primarily to separation costs associated with our restructuring plan initiated in early 2023. \n\n\n\n\n\n\n\n(e) \n\nFor the three months ended June 30, 2024, the adjustments related primarily to changes in the fair values of contingent consideration liabilities. For the six months ended June 30, 2024, the adjustments related primarily to a net impairment charge for an in-process R&D asset and changes in the fair values of contingent consideration liabilities, both related to our Teneobio, Inc. acquisition from 2021. For the three and six months ended June 30, 2023, the adjustments related primarily to a net impairment charge for an in-process R&D asset. \n\n\n\n\n\n\n\n(f) \n\nFor the three and six months ended June 30, 2023, the adjustments included (i) interest expense and income on senior notes issued in March 2023 and (ii) debt issuance costs and other fees related to our bridge credit and term loan credit agreements, incurred prior to the closing of our acquisition of Horizon. \n\n\n\n\n\n\n\n(g) \n\nFor the three and six months ended June 30, 2024 and 2023, the adjustments related primarily to our BeiGene, Ltd. equity fair value adjustment. \n\n\n\n\n\n\n\n(h) \n\nThe tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, the tax impact of adjustments, including the amortization of intangible assets and acquired inventory, gains and losses on our investments in equity securities and expenses related to restructuring and cost savings initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes for the three and six months ended June 30, 2024, was 17.7% and 15.7%, respectively, compared to 18.1% and 22.6% for the corresponding periods of the prior year. \n\n\n\n\n\n\n\n(i) \n\nThe adjustments related to certain acquisition items, prior period and other items excluded from GAAP earnings. \n\n\n\n\n\n\n\n\nAmgen Inc. \n\n\nReconciliations of Cash Flows  \n\n\n(In millions) \n\n\n(Unaudited) \n\n\n\n\n\n\nThree months ended June 30, \n\nSix months ended June 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNet cash provided by operating activities \n$    2,459 \n\n$    4,109 \n\n$      3,148 \n\n$      5,173 \n\n\nNet cash (used in) provided by investing activities \n(217) \n\n(211) \n\n(434) \n\n1,147 \n\n\nNet cash (used in) provided by financing activities \n(2,649) \n\n(1,210) \n\n(4,357) \n\n20,299 \n\n\n(Decrease) increase in cash and cash equivalents \n(407) \n\n2,688 \n\n(1,643) \n\n26,619 \n\n\nCash and cash equivalents at beginning of period \n9,708 \n\n31,560 \n\n10,944 \n\n7,629 \n\n\nCash and cash equivalents at end of period \n$    9,301 \n\n$   34,248 \n\n$      9,301 \n\n$    34,248 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThree months ended June 30, \n\nSix months ended June 30, \n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNet cash provided by operating activities \n$    2,459 \n\n$    4,109 \n\n$      3,148 \n\n$      5,173 \n\n\nCapital expenditures \n(238) \n\n(271) \n\n(468) \n\n(615) \n\n\nFree cash flow \n$    2,221 \n\n$    3,838 \n\n$      2,680 \n\n$      4,558 \n\n\n\n\n\n\n\n\nAmgen Inc. \n\n\nReconciliation of GAAP EPS Guidance to Non-GAAP  \n\n\nEPS Guidance for the Year Ending December 31, 2024 \n\n\n(Unaudited) \n\n\n\n\n\nGAAP diluted EPS guidance \n\n$   6.57 \n— \n$   7.62 \n\n\nKnown adjustments to arrive at non-GAAP*: \n\n\n\n\n\n\nAcquisition-related expenses (a) \n\n11.09 \n— \n11.14 \n\n\nNet losses from equity investments \n\n\n1.33 \n\n\n\nOther \n\n\n0.06 \n\n\n\nNon-GAAP diluted EPS guidance \n\n$ 19.10 \n— \n$ 20.10 \n\n\n\n\n\n\n\n\n\n\n\n* The known adjustments are presented net of their related tax impact, which amount to approximately $2.98 per share. \n\n\n\n\n\n(a) The adjustments primarily include noncash amortization of intangible assets and fair value step-up of inventory acquired in business combinations. \n\n\n\n\n\n\n\nOur GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments.\n\n\n\n\nReconciliation of GAAP Tax Rate Guidance to Non-GAAP \n\n\nTax Rate Guidance for the Year Ending December 31, 2024 \n\n\n(Unaudited) \n\n\n\n\n\nGAAP tax rate guidance \n\n6.0 % \n— \n7.5 % \n\n\nTax rate of known adjustments discussed above \n\n8.5 % \n— \n9.0 % \n\n\nNon-GAAP tax rate guidance \n\n15.0 % \n— \n16.0 % \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/amgen-reports-second-quarter-2024-financial-results-302215816.html\nSOURCE Amgen","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457974883"}