Amgen : Q4 2019 Amgen Earnings Conference Call Presentation

Q4 '19 EARNINGS CALL

JANUARY 30, 2020

SAFE HARBOR STATEMENT

This presentation contains forward-looking statements that are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described. 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 with any other company, including BeiGene, Ltd., or the Otezla® (apremilast) acquisition, including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion, 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 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 (SEC) reports filed by Amgen, including Amgen's most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Please refer to Amgen's most recent Forms 10-K,10-Q and 8-K for additional information on the uncertainties and risk factors related to our business. Unless otherwise noted, Amgen is providing this information as of January 30, 2020 and expressly disclaims any duty to update information contained in this presentation.

No 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. 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. A breakdown, cyberattack or information security breach 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 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.

This presentation includes GAAP and non-GAAP financial measures. In accordance with the requirements of SEC Regulation G, reconciliations between these two measures, if these slides are in hard copy, accompany the hard copy presentation or, if these slides are delivered electronically, are available on the Company's website at www.amgen.com within the Investors section.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	2
materially; Amgen disclaims any duty to update.

AGENDA

	Introduction	Arvind Sood
	Opening Remarks	Bob Bradway
	Q4 '19 and FY '19 Business Results	Peter Griffith
	Global Commercial Review	Murdo Gordon
	R&D Review	David Reese
	Q&A	All

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	3
materially; Amgen disclaims any duty to update.

INVESTING FOR LONG-TERM GROWTH

• Entering a period of revenue growth in 2020
• Reshaping our product portfolio with a focus on driving volume growth
• Expanding our geographic footprint-joint venture with Astellas reverts back to Amgen this year; BeiGene collaboration advances our entry into China
• Exceeding $1 billion in biosimilars sales this year
• Expecting important data from our innovative pipeline in 2020
• Engaging in disciplined and thoughtful capital allocation
• Continuing commitment to environmentally sustainable operations

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	4
materially; Amgen disclaims any duty to update.

Q4 '19 AND FY '19 BUSINESS RESULTS

PETER GRIFFITH

EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

NON-GAAP EPS UP 6% IN Q4 2019

$ Millions, Except Non-GAAP EPS

Item	Q4 '19	Q4 '18	B/(W) %
Revenue	$6,197		$6,230		(1)%
Product Sales	5,881		6,001		(2)%
Other Revenues	316		229
Non-GAAP Operating Expenses	3,576		3,513		(2)%
Cost of Sales % of product sales	790	13.4%	819	13.6%
R&D % of product sales	1,285	21.9%	1,162	19.4%
SG&A % of product sales	1,501	25.5%	1,532	25.5%
Non-GAAP Operating Income % of product sales	2,621	44.6%	2,717	45.3%	(4)%
Other Income/(Expense)	(65)		(197)
Non-GAAP Net Income	$2,174		$2,186		(1)%
Non-GAAP EPS	$3.64		$3.42		6%
Average Shares (millions)	598		640		7%
Non-GAAP Tax Rate	14.9%		13.3%		(1.6) pts

All income statement items for Q4 '19 and/or Q4 '18, except revenue, other income/(expense) and average shares, are non-GAAP financial measures-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	6
materially; Amgen disclaims any duty to update.

NON-GAAP EPS UP 3% IN 2019

$ Millions, Except Non-GAAP EPS

Item	FY '19	FY '18	B/(W) %
Revenue	$23,362		$23,747		(2)%
Product Sales	22,204		22,533		(1)%
Other Revenues	1,158		1,214
Non-GAAP Operating Expenses	12,205		11,890		(3)%
Cost of Sales % of product sales	3,065	13.8%	3,001	13.3%
R&D % of product sales	4,027	18.1%	3,657	16.2%
SG&A % of product sales	5,113	23.0%	5,232	23.2%
Non-GAAP Operating Income % of product sales	11,157	50.2%	11,857	52.6%	(6)%
Other Income/(Expense)	(536)		(786)
Non-GAAP Net Income	$9,028		$9,573		(6)%
Non-GAAP EPS	$14.82		$14.40		3%
Average Shares (millions)	609		665		8%
Non-GAAP Tax Rate	15.0%		13.5%		(1.5) pts

All income statement items for FY '19 and/or FY '18, except revenue and average shares, are non-GAAP financial measures-if this slide is in hard copy, see reconciliations

accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	7
materially; Amgen disclaims any duty to update.

STRONG BALANCE SHEET WITH FREE CASH FLOW OF $8.5B IN 2019

$ Billions, Except Dividends Paid per Share

Cash Flow Data	FY '19	FY '18
Capital Expenditures	$0.6	$0.7
Free Cash Flow*	8.5	10.6
Share Repurchases	7.6	17.9
Dividends Paid	3.5	3.5
Dividends Paid Per Share	$5.80	$5.28
Balance Sheet Data	FY '19	FY '18
Cash and Investments	8.9	29.3
Debt Outstanding	29.9	33.9

*Non-GAAP financial measure-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	8
materially; Amgen disclaims any duty to update.

2020 GUIDANCE

		Guidance
	Revenue	$25.0B-$25.6B
	Non-GAAP EPS*
	$14.85-$15.60
	Non-GAAP Tax Rate*	13.5%-14.5%
	Capital Expenditures
	~ $700M

*Non-GAAP financial measure-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, or amounts pertain to previously issued financial guidance, see reconciliations available at: www.amgen.com within the Investors section

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	9
materially; Amgen disclaims any duty to update.

GLOBAL COMMERCIAL REVIEW

MURDO GORDON

EXECUTIVE VICE PRESIDENT, GLOBAL COMMERCIAL OPERATIONS

Q4 '19 GLOBAL COMMERCIAL REVIEW

$ Millions, Net Sales		Q4 '19		Q4 '18	YoY r
U.S.	ROW	Total	Total	Total
	Prolia®	$499	$253	$752	$655	15%
	EVENITY®	27	58	85	-	NM
	Repatha®	117	83	200	159	26%
	Aimovig®	98	-	98	95	3%
	Parsabiv®	156	23	179	120	49%
	Otezla®	139	39	178	-	NM
	Enbrel®	1,306	40	1,346	1,315	2%
	KYPROLIS®	171	95	266	251	6%
	XGEVA®	366	123	489	456	7%
	Vectibix®	80	102	182	168	8%
	Nplate®	125	85	210	182	15%
	BLINCYTO®	50	30	80	63	27%
	Neulasta®	583	82	665	1,169	(43%)
	NEUPOGEN®	41	21	62	75	(17%)
	EPOGEN®	210	-	210	264	(20%)
	Aranesp®	180	247	427	474	(10%)
	Sensipar®/Mimpara®	36	71	107	448	(76%)
	KANJINTI™	79	24	103	23	NM
	MVASI™	79	5	84	-	NM
	AMGEVITA™	-	71	71	11	NM
	Other*	27	60	87	73	19%
	Total Product Sales	$4,369	$1,512	$5,881	$6,001	(2%)
	Total Revenue			$6,197	$6,230	(1%)

NM = not meaningful

*Other includes GENSENTA, Bergamo, Corlanor® and IMLYGIC®

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	11
materially; Amgen disclaims any duty to update.

Q4 '19 PRODUCT SALES

$ Millions, Net Sales

			Q4 '19	YoY	QoQ
		Total Growth	(2%)	8%
ROW			Units	3%	7%
U.S.		Inventory	0%	2%
6,001	5,286	5,574	5,463	5,881
1,346
			1,512
	1,432	1,434
	1,295
4,655	3,991	4,142	4,029	4,369

FY 2019 Highlights

• For the full year, unit volume grew 3%
• Launched EVENITY® for postmenopausal osteoporosis across multiple markets
• Launched our first biosimilars in the U.S. - KANJINTI™ and MVASI™
• Closed deals with Celgene to acquire Otezla® and with BeiGene to expand oncology presence in China
• For the full year, international sales grew 14%, excluding the impact of foreign exchange,* driven by 19% volume growth

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Non-GAAP financial measure-if this slide is in hard copy, see reconciliations accompanying the presentation, or if this slide is delivered electronically, see reconciliations available at: www.amgen.com within the Investors section

Note: Inventory represents wholesaler and, based on prescription data for ENBREL, end-user inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	12
materially; Amgen disclaims any duty to update.

Q4 '19 PROLIA® SALES GREW 15% YOY

$ Millions, Net Sales

			Q4 '19	YoY	QoQ
		Total Growth	15%	19%
ROW			Units	14%	15%
U.S.		Inventory	1%	4%
		698			752
655		630
592
		253
	240
225		205
202
430	390	458	425	499

Highlights

• Strong Q4 performance with 15% sales growth YoY driven by higher unit demand
• QoQ increase follows typical Prolia® seasonality

Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	13
materially; Amgen disclaims any duty to update.

EVENITY® GENERATED $189M IN SALES IN 2019

$ Millions, Net Sales

						Q4 '19		QoQ
			Total Growth		44%
ROW						Units		42%
U.S.					Inventory		5%
									85
						59
									58
		28	47
	17	25
0		12		27
			3
Q4 '18	Q1 '19		Q2 '19	Q3	'19	Q4 '19

Highlights

• Majority of Q4 sales were in Japan
• Approved in the EU for the treatment of severe osteoporosis in postmenopausal women at high risk of fracture

Note: Inventory represents wholesaler inventories

EVENITY® is developed in collaboration with UCB globally, as well as our joint venture partner Astellas in Japan

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	14
materially; Amgen disclaims any duty to update.

Q4 '19 REPATHA® SALES GREW 26% YOY

$ Millions, Net Sales

	Q4 '19	YoY	QoQ
	Total Growth	26%	19%
ROW	Units	67%	11%
U.S.	Inventory	(8%)	(1%)

		200
159	152	168
83
141
55	61	83
58

Highlights

• Repatha® is the U.S. PCSK9 leader with 66% share of total prescriptions and 75% share of new prescriptions
• YoY growth driven primarily by higher unit demand, offset partially by net selling price*
• Blended U.S. net selling price* declined YoY, relatively stable QoQ

104	83	91	85	117
Q4 '18	Q1 '19	Q2 '19	Q3 '19	Q4 '19

• Original list price version discontinued December 31, 2019

Note: Inventory represents wholesaler inventories; PCSK9 = proprotein convertase subtilisin/kexin type 9 *Net selling price represents the impact of list price changes as well as contracting and access changes

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	15
materially; Amgen disclaims any duty to update.

AIMOVIG® CONTINUES TO TRANSFORM THE TREATMENT OF MIGRAINE

$ Millions, Net Sales

	Q4 '19	YoY	QoQ
	Total Growth	3%	48%
U.S.	Units	27%	9%
Inventory	(4%)	1%
95			98
	83

59	66

Highlights

• Four million migraine patients eligible for anti-CGRP treatment
• Aimovig® is the market leader with 48% of total prescriptions
• Paid demand > 80% in Q4
• As of January 1 with the CVS addition, 92% of lives will be covered
• YoY comparison adversely impacted by

• $20M of favorable changes in accounting estimates in Q4 2018

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Note: Inventory represents wholesaler inventories

CGRP = calcitonin gene-related peptide; Aimovig® is developed in collaboration with Novartis

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	16
materially; Amgen disclaims any duty to update.

Q4 '19 PARSABIV® SALES GREW 49% YOY

$ Millions, Net Sales

Highlights

ROW U.S.

Q4 '19 YoY QoQ

Total Growth 49% 14%

Units 67% 12%

Inventory (4%) 1%

•	Strong utilization at independent and
	midsize dialysis providers
•	YoY growth driven primarily by higher

168

179

unit demand, offset partially by net

120 126

1217

108 109

20 157 23

20

148 137 156

selling price*

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Net selling price represents the impact of list price changes as well as contracting and access changes Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	17
materially; Amgen disclaims any duty to update.

Q4 '19 OTEZLA® SALES OF $178M

$ Millions, Net Sales

ROW

U.S.

178

39

139

Highlights

• Acquisition closed on November 21, 2019
  - Amgen sales were $178 million for the ~ 5 weeks of ownership in 2019
• Focus on seamless integration
• Expect continuation of historical pattern of lower Q1 sales
  vs. subsequent quarters

Q2 '19Q3 '19Q4 '19

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	18
materially; Amgen disclaims any duty to update.

Q4 '19 ENBREL® SALES GREW 2% YOY

$ Millions, Net Sales

									Q4 '19	YoY		QoQ
						Total Growth	2%	(1%)
ROW							Units	(5%)	(3%)
U.S.					Inventory	0%	4%
1,315				1,363	1,366	1,346
				48			43
								40
	52		1,151
				45
1,263	1,106	1,315	1,323	1,306

Highlights

• YoY growth driven primarily by favorable changes in accounting estimates and higher net selling price,* offset partially by lower unit demand

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Net selling price represents the impact of list price changes as well as contracting and access changes Note: Inventory represents wholesaler and, based on prescription data, end-user inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	19
materially; Amgen disclaims any duty to update.

Q4 '19 HEMATOLOGY/ONCOLOGY* SALES GREW 10% YOY

$ Millions, Net Sales

			Q4 '19	YoY	QoQ
		Total Growth	10%	1%
ROW			Units	8%	0%
U.S.		Inventory	0%	0%
1,133	1,157	1,257	1,234	1,241
403	405	459	458		437

Highlights

• Double-digitYoY growth driven by unit volume growth
• Sales totaled $4.9 billion in 2019, 10% YoY growth versus 2018

730 752 798 776 804

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Includes XGEVA®, KYPROLIS®, Nplate®, Vectibix®, BLINCYTO® and IMLYGIC® Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	20
materially; Amgen disclaims any duty to update.

Q4 '19 XGEVA® SALES GREW 7% YOY

$ Millions, Net Sales

			Q4 '19	YoY	QoQ
		Total Growth	7%	3%
ROW			Units	4%	0%
U.S.		Inventory	0%	1%
456	471	499	476		489
112	115	120	120		123

Highlights

• YoY growth driven primarily by higher unit demand and, to a lesser extent, higher net selling price*

344 356 379 356 366

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Note: Inventory represents wholesaler and, based on prescription data, end-user inventories

*Net selling price represents the impact of list price changes as well as contracting and access changes

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	21
materially; Amgen disclaims any duty to update.

Q4 '19 KYPROLIS® SALES GREW 6% YOY

$ Millions, Net Sales

			Q4 '19	YoY	QoQ
		Total Growth	6%	0%
ROW			Units	6%	1%
U.S.		Inventory	(1%)	0%
251	245	267	266		266
98	91	101	103		95

Highlights

• YoY growth driven by higher unit demand
• Breadth of prescribers continues to increase

153	154	166	163	171
Q4 '18	Q1 '19	Q2 '19	Q3 '19	Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	22
materially; Amgen disclaims any duty to update.

Q4 '19 NPLATE® SALES GREW 15% YOY

$ Millions, Net Sales

				Q4 '19	YoY	QoQ
		Total Growth	15%	8%
ROW				Units	12%	7%
U.S.			Inventory	2%	1%
		201	195		210
182	189
70	75	79		76		85

112 114 122 119 125

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update.

Highlights

• YoY growth driven primarily by higher unit demand
• Launched 125 mcg presentation in support of pediatric thrombocytopenia
• Recent FDA approval for earlier use in adults with immune thrombocytopenia

23

Q4 '19 NEULASTA® SALES DECREASED 43% YOY

$ Millions, Net Sales

Highlights

ROW

U.S.

1,169

157 1,021

128

1,012 893

Q4 '19 YoY QoQ

Total Growth (43%) (6%)

Units (27%) (6%)

Inventory (1%) 3%

824

105	711	665
	92
719				82
619
583

• YoY sales decrease driven by impact of biosimilar competition on unit demand and lower net selling price*
• • YoY comparison adversely impacted by $55M U.S. Biomedical Advanced Research and Development Authority (BARDA) order in Q4 2018
• Neulasta® exited Q4 with 74% share of the long-acting segment
• Onpro® exited Q4 with 55% share
• Q1 2019 included a $98M BARDA order not expected to repeat in 2020

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Net selling price represents the impact of list price changes as well as contracting and access changes Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	24
materially; Amgen disclaims any duty to update.

Q4 '19 EPOGEN® SALES DECLINED 20% YOY

$ Millions, Net Sales

		Q4 '19	YoY	QoQ
	Total Growth	(20%)	(2%)
U.S.		Units	(10%)	(4%)
Inventory	0%	(2%)
264
219	223	215	210

Highlights

• YoY sales decline driven by lower net selling price* and unit demand
• Net selling price* trend will continue due to DaVita contract

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

*Net selling price represents the impact of list price changes as well as contracting and access changes Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	25
materially; Amgen disclaims any duty to update.

Q4 '19 ARANESP® SALES DECLINED 10% YOY

$ Millions, Net Sales

		Q4 '19	YoY	QoQ
	Total Growth	(10%)	(6%)
ROW		Units	(5%)	1%
U.S.	Inventory	(2%)	(1%)
474	436	452	427
414
246	244	248
232	247

Highlights

• YoY decline driven by the impact of competition on unit demand and lower net selling price* as well as unfavorable changes in inventory

228	182	192	204	180
Q4 '18	Q1 '19	Q2 '19	Q3 '19	Q4 '19

*Net selling price represents the impact of list price changes as well as contracting and access changes Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	26
materially; Amgen disclaims any duty to update.

Q4 '19 SENSIPAR® SALES DECREASED 76% YOY

$ Millions, Net Sales

			Q4 '19	YoY		QoQ
		Total Growth	(76%)	(2%)
ROW			Units	(68%)	(9%)
U.S.		Inventory	0%	4%
448
81
	213
367	78	122	109	107
	135	79	71		71
		43		38			36
Q4 '18	Q1 '19	Q2 '19	Q3 '19	Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update.

Highlights

• YoY decrease driven by the impact of competition on unit demand
• In 2020, expect U.S. trends to continue; potential declines ex-U.S. due to expiries of supplemental patent protections in Europe

27

Q4 '19 KANJINTI™ SALES

$ Millions, Net Sales

			Q4 '19	QoQ
		Total Growth	49%
ROW			Units	52%
U.S.		Inventory	0%
								103
								24
			69
			30
23	24	30						79
				39
Q4 '18	Q1 '19	Q2 '19		Q3 '19	Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update.

Highlights

• Strong uptake in the U.S., with 15% exit share of the trastuzumab market
• Expect several additional U.S. biosimilar competitor launches in first half of 2020

28

Q4 '19 MVASI™ SALES

$ Millions, Net Sales

			Q4 '19	QoQ
	Total Growth	95%
ROW			Units	109%
U.S.			Inventory	(16%)
				84
					5
	43
		1		79
	42
Q2 '19	Q3 '19	Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update.

Highlights

• Strong uptake in the U.S., with 17% exit share of the bevacizumab marketplace
• Broad payer coverage, with ~ 90% supported provider adoption
• Now facing additional U.S. biosimilar competitor

29

Q4 '19 AMGEVITA™ SALES

$ Millions, Net Sales

	Q4 '19	QoQ
	Total Growth	16%
ROW	Units	22%
	Inventory	0%

71

61

52

31

11

Q4 '18

Q1 '19

Q2 '19

Q3 '19

Q4 '19

Note: Inventory represents wholesaler inventories

Provided January 30, 2020, as part of an oral presentation and is qualified by such, contains forward-looking statements, actual results may vary materially; Amgen disclaims any duty to update.

Highlights

• AMGEVITA™ is the adalimumab biosimilar market leader in many European markets

30

R&D REVIEW

DAVID REESE, M.D.

EXECUTIVE VICE PRESIDENT, RESEARCH AND DEVELOPMENT

Q4 '19 R&D UPDATE

Inflammation

• Otezla®
• • Data from the Phase 3 study in patients with mild-to-moderate psoriasis expected by mid-year
  • Label update with Phase 3 scalp psoriasis data under review by FDA-April 2020 PDUFA target action date
  • Under regulatory review in EU for Behçet's disease
• Tezepelumab-TSLPmonoclonal antibody
• • Phase 3 data in severe uncontrolled asthma expected end of 2020

Bone

• EVENITY®
  - Approved in EU for treatment of severe osteoporosis in postmenopausal women at high risk

of fracture

PDUFA = Prescription Drug User Fee Act; TSLP = thymic stromal lymphopoietin

Tezepelumab is being developed in collaboration with AstraZeneca; EVENITY® is developed in collaboration with UCB globally, as well as our joint venture partner Astellas in Japan

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	32
materially; Amgen disclaims any duty to update.

Q4 '19 R&D UPDATE

Oncology

• AMG 510-KRAS G12C inhibitor
• • Enrollment completed for potentially pivotal Phase 2 NSCLC monotherapy study-initial data expected this year
  • Enrolling additional CRC patients in Phase 2 monotherapy study
  • Ongoing Phase 1 monotherapy study also enrolling treatment-naïve NSCLC patients
  • Additional Phase 1 monotherapy data in multiple solid tumor types expected in 2020
  • Initial Phase 1 combination data with KEYTRUDA® (pembrolizumab) in NSCLC expected in 2020
  • Enrolling Phase 1b NSCLC/CRC study in combination with MEK inhibition
  • Entered strategic collaborations with Guardant Health, Inc. and QIAGEN N.V. to develop blood- and tissue-based companion diagnostics, respectively

KRAS G12C = Kirsten rat sarcoma viral oncogene homolog with G12C mutation; NSCLC = non-small cell lung cancer; CRC = colorectal cancer;

MEK = mitogen-activated protein kinase kinase; KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co.

Provided January 30, 2020, as part of an oral presentation and is qualified

by such, contains forward-looking statements, actual results may vary	33
materially; Amgen disclaims any duty to update.

Q4 '19 R&D UPDATE

Oncology (continued)

• AMG 701-BCMAHLE-BiTE® molecule
  - Data from first-in-human dose escalation study expected in 2020
• AMG 199-MUC17HLE-BiTE® molecule

• • First-in-human study enrolling patients with MUC17 positive gastric cancer

• KYPROLIS®

• • Supplemental New Drug Application submitted to FDA based on Phase 3 CANDOR data
  • Under regulatory review in China for relapsed and refractory multiple myeloma
• BLINCYTO®
• • Under priority review in China for adult relapsed or refractory B-cell ALL

BCMA = B-cell maturation antigen; HLE = half-life extended; BiTE® = bispecific T-cell engager; MUC17 = mucin-17; ALL = acute lymphoblastic leukemia

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	34
materially; Amgen disclaims any duty to update.

Q4 '19 R&D UPDATE

Cardiovascular

• Omecamtiv mecarbil-cardiac myosin activator
• • Data from the event-driven Phase 3 GALACTIC-HF cardiovascular outcomes study expected
    Q4 '20
• AMG 890-Lipoprotein(a) siRNA
• • Phase 2 study to begin in H1 2020

Biosimilars

• AVSOLA™ (infliximab-axxq)
• • Approved in U.S. for all approved indications of Remicade®
• ABP 798 (biosimilar rituximab)
• • U.S. Biologics License Application submitted

siRNA = short interfering ribonucleic acid; Omecamtiv mecarbil is being developed under a collaboration between Amgen and Cytokinetics, with funding and

strategic support from Servier
Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	35
materially; Amgen disclaims any duty to update.

Q4 '19 EARNINGS CALL

JANUARY 30, 2020

RECONCILIATIONS

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	38
materially; Amgen disclaims any duty to update.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	39
materially; Amgen disclaims any duty to update.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	40
materially; Amgen disclaims any duty to update.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	41
materially; Amgen disclaims any duty to update.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	42
materially; Amgen disclaims any duty to update.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	43
materially; Amgen disclaims any duty to update.

Amgen Inc.

International Sales Performance Adjusted for Foreign Exchange

Amgen has presented international sales performance excluding the impact of foreign exchange. This measure adjusts for the translation effect of changes in average foreign exchange rates between the current period and the corresponding period in the prior year. Amgen's calculation to adjust for the impact of foreign exchange results in prior period weighted-average, foreign exchange rates being applied to current period product sales. Amgen believes that excluding the impact of foreign exchange enhances an investor's overall understanding of the financial performance and prospects for the future of Amgen's core business activities by facilitating comparisons of results of core business operations among current, past and future periods.

Provided January 30, 2020, as part of an oral presentation and is qualified
by such, contains forward-looking statements, actual results may vary	44
materially; Amgen disclaims any duty to update.

Q4 '19 EARNINGS CALL

JANUARY 30, 2020