Amgen : Chairman and CEO Letter and Amgen Inc. 2022 Annual Report

LETTER TO SHAREHOLDERS

Robert A. Bradway, Chairman and Chief Executive Officer, Amgen Inc.

TO MY FELLOW SHAREHOLDERS:

Amgen performed very effectively in 2022, reaching roughly 10 million patients around the world with our approved medicines, advancing many promising new medicines, delivering strong financial performance, and keeping the Company on track to achieve attractive growth through the end of the decade.

Total revenues in 2022 were up 1% from the prior year to a record $26.3 billion. We also achieved record non-GAAP earnings per share of $17.69, up 27% from the prior year, and free cash flow of $8.8 billion.1

In a challenging year for the stock market as a whole, Amgen delivered total shareholder return in 2022 of 20%, ahead of the S&P 500 and the NASDAQ

Biotechnology

On the Cover: Yolaigna Ortiz works at Amgen's manufacturing complex in Juncos, Puerto Rico. Since 1992, Amgen has invested $4 billion to expand in Puerto Rico, where we now have more than 2,400

indices, both of which

employees and operate 24 hours a day, seven days a week in our efforts to serve every patient, every time.

1.

Non-GAAP financial measures. See reconciliations to U.S. generally accepted accounting principles (GAAP) accompanying this letter.

declined last year. We returned approximately $10.5 billion to shareholders in 2022 through share repurchases and dividends, with our dividend increasing for the eleventh consecutive year, up 10% per share over 2021.

Our portfolio now includes 27 approved medicines, 16 of which generated record 2022 sales and nine of which generated 2022 sales in excess of $1 billion. Looking across our portfolio as a whole, we achieved healthy volume growth of 9% in 2022, partially offset by a 5% decline in net selling price.

A number of our innovative medicines performed particularly well last year, including our cholesterol treatment Repatha® (sales +16% versus the prior year), our osteoporosis medicines EVENITY® (+48%) and Prolia® (+12%), and several of our oncology and hematology therapies, such as Nplate® (+27%), BLINCYTO® (+24%), and KYPROLIS® (+13%). Two of our newest innovations - LUMAKRAS®/LUMYKRAS™ to treat a type of non-small cell lung cancer and TEZSPIRE® to treat severe asthma - collectively contributed more than $450 million in 2022 sales, and we are pursuing additional indications for both.

$26.3B $17.69 $4.4B

2022 Total Revenue

51.5%

Non-GAAP	GAAP Research and	Non-GAAP
Earnings Per Share1	Development Investment	Operating Margin1,4

We also offer a number of high-quality biosimilars that have been prescribed to patients globally, with the potential to deliver savings to healthcare systems that can be reallocated toward innovative medicines. In 2022, we generated positive phase 3 clinical trial data for our biosimilar

candidates to EYLEA®, SOLIRIS®, and STELARA®,2 positioning us to be in the first wave of these launches in the coming years, which we know is critical to success.

Product sales outside the U.S. exceeded $7 billion in 2022, with strong growth coming from the Asia-Pacific region.

You can find more information about our products atwww.amgen.com/products.3

ADVANCING OUR PIPELINE

We invested $4.4 billion in research and development in 2022, with three-

As a leader in the fight against cardiovascular disease, Amgen is partnering with the Family Heart Foundation to highlight the urgent need for the U.S. healthcare system to prioritize control of LDL (or "bad") cholesterol, the leading modifiable risk factor for heart attacks and strokes. "Our real-world analysis of 38 million high-risk Americans found that less than 30% ever reach their recommended LDL levels, and many are on no therapy at all," said Katherine Wilemon (shown at left), the founder and CEO of the Family Heart Foundation, which conducted the study. "Additionally, only 2% of high-risk patients are treated with more than one lipid-lowering therapy even though many patients can't get their LDL to goal with a single medicine."

2.

EYLEA is a registered trademark of Regeneron Pharmaceuticals, Inc.,

SOLIRIS is a registered trademark of Alexion Pharmaceuticals, and STELARA is a registered trademark of Janssen Biotech, Inc.

quarters of the molecules in our pipeline representing potential first-in-class medicines for serious diseases where new treatments are very much needed. I'll highlight three of these medicines that

• 3. Reference to our website is not intended to function as a hyperlink, and the information contained on our website is not intended to be a part of this letter.

• 4. Non-GAAP operating margin is calculated as a percentage of product sales.

we are advancing rapidly through clinical development.

Olpasiran is being studied in patients with high levels of lipoprotein(a), a type of "bad" cholesterol that is genetically determined and cannot be modified by diet or exercise. Phase 2 data released in 2022 showed remarkable reductions in lipoprotein(a) levels of as much as 95% in patients with established cardiovascular disease. We are currently enrolling several thousand patients in a phase 3 cardiovascular outcomes trial.

In parallel, we are conducting a study in the U.S. focused on Black Americans, who are twice as likely to have elevated lipoprotein(a) levels as non-Hispanic whites. We are collaborating with the Morehouse School of Medicine and the Association of Black Cardiologists on this study, recognizing that minorities are often underrepresented in clinical trials despite being more susceptible to many diseases than the general population.

In a drive to transform how medicines are discovered, developed, and used, Amgen and its subsidiary deCODE Genetics are mining human data at a scale that was once unimaginable. When Amgen acquired deCODE in 2012, for example, deCODE had accumulated detailed genetic and health information on approximately 100,000 people, all from deCODE's home country of Iceland. Today, we have that information on 2.5 million volunteers from around the world. "Our industry-leading human data capabilities allow us to rapidly generate insights into disease and human health that inform our first-in-class clinical programs," said David Reese, executive vice president, Amgen R&D. "We have an unrivaled opportunity to move personalized medicine forward."

Tarlatamab is being studied as a treatment for relapsed/refractory small-cell lung cancer (SCLC), a very aggressive disease where the five-year survival rate is a mere 3%. We released phase 1 data last year showing that tarlatamab delivered significant antitumor

activity and very encouraging

overall survival rates and

response durability in heavily

pretreated SCLC patients.

We are now enrolling

patients in a potentially

registrational trial of

tarlatamab.

AMG 133 is a potential new medicine to treat obesity, one of the most pressing public health issues of our time. Once thought to be a matter of lifestyle solvable through "willpower," obesity is now understood to be a complex, serious disease that affects approximately 750 million people worldwide and one which can lead to a myriad of health problems. Last year, we announced results from a phase 1 trial showing that a once-monthly dose of AMG 133 produced weight loss that was notable for its degree, rate, and durability. We have initiated a phase 2 trial of AMG 133 and are studying additional, earlier-stage molecules to treat obesity, all with different mechanisms of action.

The three molecules described above are all "multispecific" medicines, which we believe represent the next wave of drug discovery. Multispecifics are medicines that have more than one target and can work in a variety of ways. For example, as is the case with olpasiran and tarlatamab, they can act as "molecular matchmakers," linking a disease-causing target to a potent natural effector in our bodies that acts upon that target. They also can bind to multiple targets, acting on each one in a highly specific manner, as is the case with AMG 133. Multispecifics give us the potential to tackle the approximately 85% of disease-causing targets in the body that have long been considered "undruggable."

You can find more information about our pipeline atwww.amgenpipeline.com.5

5.

Reference to our website is not intended to function as a hyperlink, and the information contained on our website is not intended to be a part of this letter.

ACCESSING EXTERNAL INNOVATION

Even as we continue to invest heavily in our own pipeline, we also recognize that there is great innovation happening outside our Company.

In October of last year, we acquired ChemoCentryx, Inc. (ChemoCentryx) for approximately $3.8 billion, net of cash acquired, adding to our portfolio TAVNEOS®, a first-in-class medicine to treat antineutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis, an autoimmune disease that leads to inflammation and eventual destruction of small blood vessels in vital organs such as the kidneys.

In December, we announced an agreement to acquire Horizon Therapeutics plc (Horizon) for $27.8 billion.

The acquisition is expected to close in the first half of this year and will add a number of first-in-class biologic medicines to our portfolio that treat serious inflammatory diseases. Horizon's best-selling product, TEPEZZA®, for example, is the first and only medicine approved in the U.S. for the treatment of active thyroid eye disease, a progressive and potentially vision-threatening disease that can cause symptoms such as eye bulging and double vision.

The strategic rationale behind both our acquisition of ChemoCentryx and our announced Horizon acquisition is the same. We believe that our decades of leadership in inflammation and nephrology, combined with our global presence and world-class biologic capabilities, will enable us to reach many