Amgen JP Morgan Presentation

35TH ANNUAL J.P.
MORGAN
HEALTHCARE CONFERENCE
ROBERT A. BRADWAY
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 9, 2017
SAFE HARBOR STATEMENT

This presentation contains forward-looking statements that are based on managements 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 statements about 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 Amgens most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and Form 8-K. Please refer to Amgens 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 9, 2017 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 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 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.
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 cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular
product candidate 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. 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 acquire other companies or products and to integrate the operations of
companies we have acquired may not be successful. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. We are increasingly
dependent on information technology systems, infrastructure and data security. 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.
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 9, 2017, 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.
WHAT I WILL ADDRESS TODAY

Continued strong execution in 2016
Progress with our long-term growth strategy
What to expect in 2017
Within the context of an era of biotech innovation

CONTINUED STRONG EXECUTION

IN 2016
WE MADE SUBSTANTIAL PROGRESS ON OUR

STRATEGIC PRIORITIES IN 2016
Strong financial results with operating leverage driven

by transformation initiatives
Built foundation to support new product launches for future growth
Strong momentum continues with growth brands
Defended mature brands through effective lifecycle management
Advanced innovative late-stage pipeline and international expansion
Invested in internal and external innovation while returning cash

to shareholders

WE DELIVERED STRONG FINANCIAL RESULTS IN 2016*

$ Billions, Except Non-GAAP Operating Margin and EPS
YTD Sept. 30, 16
YoY
$17.0
6%
Non-GAAP Operating Expenses
8.4
0%
Non-GAAP Operating Income
8.6
12%
Non-GAAP Operating Margin
53%
4 pts
$8.74
12%
Item
Revenue
Non-GAAP EPS
*Through September 30, 2016; All income statement items for 2016, except revenue, are non-GAAP financial measuresif 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
WE CONTINUE TO DELIVER CONSISTENT PERFORMANCE

$B, Except EPS
6%
12%
38%
8%
YTD
19%
7%
19%
22%
8%
2012
14%
$6.5 7%
2013
12%
YTD
YTD
$17.3
53%
+15 points
2014
Revenues
2015
2016*
2012
17%
2013
2014
2015
2016*
Non-GAAP Operating Income

and Non-GAAP Operating Margin
2012
2013
2014
2015
2016*
Non-GAAP EPS
*2016 growth rates based on the nine months ended September 30, 2016, versus the nine months ended September 30, 2015; Non-GAAP financial measureif 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
7
OUR TRANSFORMATION PROGRAM IS RESHAPING THE BUSINESS

AND DELIVERING TOP-TIER MARGIN PERFORMANCE
Non-GAAP Operating Margin*
60%
53%
52%54%
50%
40%
38%
Peers
30%
20%
10%
0%
2016
2013
2018 Commitment
Peer Average Margin (20132015)

*Non-GAAP financial measureif 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; YTD September 30, 2016
PROGRESS WITH OUR LONG-TERM

GROWTH STRATEGY
OUR STRATEGY TO GENERATE SHAREHOLDER VALUE

Grow the business through innovative molecules and
delivery devices, biosimilars and international expansion

Transform our operating model to increase efficiency,
agility and operating margins

Maintain strong cash flows and efficient balance sheet
to enable investment, growth and return of cash to

shareholders
10
WE ARE POSITIONED TO SUCCEED IN AN INCREASINGLY

CHALLENGING ENVIRONMENT
Investing in innovative programs with large effect sizes in areas
of significant unmet need

Industry-leading human genetics platform at deCODE provides
a unique advantage in discovery research, speed to market and
external diligence
Focused in six therapeutic areas with multiple modalities
for drug development
Evolving payer and political environments favor innovation
Winners will be those that bring value to the healthcare system
Value-based contracting removes uncertainty for payers
11
CARDIOVASCULAR
AMGEN CARDIOVASCULAR: INNOVATIVE MOLECULES

TO ADDRESS SIGNIFICANT GLOBAL UNMET NEED
Cardiovascular disease remains the worlds leading cause of death with societal
costs of over $600B annually
With mortality rates increasing for the first time in decades, Amgen is
committed to developing innovative medicines in this area
Atherosclerosis
Heart Failure
Repatha*
AMG 899 (CETP inhibitor)
Corlanor*
Omecamtiv mecarbil
Phase 2
Phase 3 CV outcomes study enrolling
ASGR1 inhibitor
AMG 986
Preclinical
Phase 1
Lp(a) inhibitor
Preclinical
CETP = cholesteryl ester transfer protein; CV = cardiovascular
*Mortality benefit not approved in current U.S. labeling; Developed in collaboration with Cytokinetics within an alliance with Servier
13
REPATHA OUTCOMES DATA EXPECTED

TO IMPROVE PATIENT ACCESS OVER TIME
Total Weekly U.S. Repatha Prescriptions
FOURIER CV outcomes data targeted for
presentation at ACC meeting in March*

Positive coronary imaging study supports
4,000
maximal LDL-C reduction hypothesis

No new safety finding (including immunogenicity)
3,000
Continued focus on improving access for

2,000
1,000
appropriate patients
NBRx share
of 55%
in Q4 2016
Launched in Japan, reimbursement discussions
proceeding in EU and ROW

Launched Repatha Pushtronex system,
a single monthly injection, in U.S.

LDL-C = low-density lipoprotein cholesterol; NBRx = new to brand patient share; ACC = American College of Cardiology
Source: IMS; *Event-driven study
14
ONCOLOGY/HEMATOLOGY
WE ARE BUILDING ON OUR STRENGTH IN ONCOLOGY

Continued strong unit growth from XGEVA, KYPROLIS,
Vectibix and Nplate

KYPROLISStrong data in relapsed multiple myeloma
Expect proteasome inhibition to remain foundational therapy
Committed to expansion in first-line setting and in combination
with new agents
Collaboration with Janssen for combination studies with DARZALEX
XGEVA
Regulatory submission for prevention of SREs in multiple myeloma in 2017
New formulation of oprozomib entering clinic in 2017
SRE = skeletal-related event
16
OUR NOVEL APPROACH TO IMMUNO-ONCOLOGY

Bispecific antibodies are a validated platform and commercial reality
BLINCYTO, our first BiTE, approved in R/R ALL
Phase 2/3 DLBCL studies initiatingalso testing in combination with KEYTRUDA
Additional BiTEs in the clinic for AML (CD33) and multiple myeloma (BCMA)
Anti-CD38 bispecific Ab in preclinical development for multiple myeloma
Several extended half-life BiTE programs entering Phase 1 in 2017
IMLYGIC combination studies in multiple tumor types
AMG 820 (anti-CSF1R mAb) combination studies with KEYTRUDA

Access to additional modalities through collaborations with Kite Pharma,
Advaxis, and Immatics

BiTE = bispecific T-cell engager; R/R ALL = relapsed/refractory acute lymphoblastic leukemia; DLBCL = diffuse large B-cell lymphoma; AML = acute myeloid leukemia;
BCMA = B-cell maturation antigen; Ab = antibody; CSF1R = colony-stimulating factor 1 receptor; mAb = monoclonal antibody
17
NEUROSCIENCE
OUR NEUROSCIENCE COLLABORATION WITH NOVARTIS

LEVERAGES BOTH COMPANIES EXPERTISE
Alzheimers Disease
Migraine
Erenumab (anti-CGRP receptor mAb)

Regulatory submissions in 2017
~ 3.5M patients treated with preventative
medicines in U.S.
Pursuing chronic and episodic migraine
with initial BLA
Differentiated approach of targeting CGRP
receptorlow-volume, once-monthly
subcutaneous dosing
CNP 520 (BACE inhibitor)

Phase 2/3
Fast Track designation by FDA
Unique clinical trial strategy in
cognitively normal patients with
strong genetic predisposition to
develop Alzheimers disease
AMG 301 (PAC1 mAb)

Phase 1
Potentially complementary with erenumab
CGRP = calcitonin gene-related peptide; BLA = biologics license application; PAC1 = pituitary adenylate cyclase-activating polypeptide type I receptor
BACE = beta-site amyloid precursor protein-cleaving enzyme-1
19
BONE HEALTH
PROLIA: A SUCCESSFUL BIOLOGICS

COMMERCIALIZATION CASE STUDY
Net Sales, $B
Strong volume-driven growth
since launch
35%+
CAGR
Prolia grew 26% YoY for the
nine-month period through

September 30, 2016
$1.3
$1.0
Significant unmet need remainswe
$0.7
$0.5
are focused on improving diagnosis

and treatment rates
Complementary with EVENITY
2012
2013
2014
2015
(romosozumab)
2016
EVENITY trade name provisionally approved by FDA, developed in collaboration with UCB globally, as well as Astellas in Japan
21
EVENITY (ROMOSOZUMAB) IS AN INNOVATIVE

INVESTIGATIONAL BONE-BUILDING THERAPY
Uniquely increases bone formation and decreases bone resorption
Under regulatory review in U.S., Canada and Japan
Opportunity to build bone in high-risk osteoporosis patients, especially
post fracture, followed by Prolia

~ 9M osteoporotic fractures per year globally*; ~ 80% are not treated post fracture
Complementary with Prolia

Primary analysis of ~ 4,000-patient, alendronate-controlled study (ARCH)
expected Q2 2017
ARCH will contribute to EU submission
July 2017 U.S. PDUFA action date

PDUFA = Prescription Drug User Fee Act; EVENITY trade name provisionally approved by FDA, developed in collaboration with UCB globally, as well as Astellas in Japan
*Source: www.iofbonehealth.org/facts-statistics
22
LIFECYCLE MANAGEMENT
WE ARE EXECUTING SUCCESSFULLY ON OUR LIFECYCLE

MANAGEMENT STRATEGY
Neulasta Onpro Kit
Expect to have exited 2016 with ~ 50% share of Neulasta business
Differentiated from potential competition by improving patient compliance
Erythropoiesis-stimulating agents
~ 80% of the ESA use at independent and mid-size dialysis centers has
converted from EPOGEN to Aranesp
Extended supply contract with DaVita through 2022
Parsabiv
Another treatment option for secondary hyperparathyroidism
Approved in EU; February 9, 2017 U.S. PDUFA action date
ESA = erythropoiesis-stimulating agent
Parsabiv trade name provisionally approved by FDA
24
BIOSIMILARS
BIOSIMILARS ARE A POTENTIAL GROWTH DRIVER

GIVEN OUR UNIQUE BIOLOGICS CAPABILITIES
Status
Originator Worldwide 2016

Sales*
FDA approved
HUMIRA ~ $16B
ABP 980
Phase 3 breast cancer completed
Herceptin ~ $7B
ABP 215
Filed for approval
Avastin ~ $7B
ABP 710
Phase 3
REMICADE ~ $8B
ABP 798
Phase 3
RITUXAN ~ $8B
ABP 959
Phase 1
Soliris ~ $3B
ABP 494
Process development
ERBITUX ~ $2B
Molecules #8#10
Process development
~ $11B
AMJEVITA
Total
~ $60B+
*Per EvaluatePharma (December 8, 2016); numbers may not add due to rounding
26
CAPITAL ALLOCATION
WE ARE INVESTING IN EXTERNAL INNOVATION TO DRIVE

LONG-TERM GROWTH
EARLY STAGE
DELIVERY SYSTEM AND HEALTH TECHNOLOGY
OUT-LICENSE
AMG 282/Asthma

28
ROBUST CASH FLOW GENERATION ALLOWS STRONG INVESTMENT

FOR GROWTH AND SIGNIFICANT RETURNS TO SHAREHOLDERS
LTM September 30, 2016 free cash flow

(FCF) of $8.6B with an FCF yield of 8%*
$38B cash balance at September 30,

2016; potential corporate tax reform will
provide financial flexibility
Annual Dividend Increases

$4.60
$4.00 15%
$3.16 27%
Dividend increased over 300% since its

inception in 2011
$2.44 30%
$1.88 30%
Repurchased ~ $18B, or ~ 25% of shares

outstanding, since year-end 2010
$1.12
$1.44 31%
29%
$0.56
On track with commitment to return

~ 60% (on average) of non-GAAP net
income to shareholders from 20132018
2011
2012
2013
2014
2015
2016
LTM = last twelve months; *FCF yield based on market capitalization as of January 3, 2017; Represents annualized dividend after September 2011 initiation;
2017 annualized dividend based on Q1 dividend payable March 8, 2016, future dividends subject to discretion of the Companys Board of Directors
29
2017
WHAT TO EXPECT IN 2017
OUR PRIORITIES IN 2017

Focused execution of launches and on improving patient access
to our medicines
Continue momentum of growth products
Defend legacy products from increasing competition
Continue to advance pipeline and grow internationally
Continue to deliver on transformation initiatives
31
KEY 2017 CATALYSTS/MILESTONES

Approvals / Launches
Parsabiv
EVENITY (romosozumab)*
ABP 215 (biosimilar Avastin)
Submissions
Erenumab
XGEVA multiple myeloma
ABP 980 (biosimilar Herceptin)
BLINCYTO Ph+ R/R ALL
Pivotal Data
Repatha FOURIER
EVENITY ARCH*
New Study Starts
Omecamtiv mecarbil Phase 3

Oprozomib new formulation
BLINCYTO DLBCL Phase 2/3
Other
Potential corporate tax reform

Repatha/KYPROLIS ex-U.S. reimbursement
Parsabiv and EVENITY trade names provisionally approved by FDA; *Developed in collaboration with UCB globally, as well as Astellas in Japan; Developed in
collaboration with Cytokinetics within an alliance with Servier; mCRC = metastatic colorectal cancer; Ph+ = Philadelphia chromosome-positive
32
WE ARE ON TRACK TO MEET OUR 2018 COMMITMENTS

20132018
In progress and on track for 2018
2018 Commitments
Status
Double-digit growth,
on average
Non-GAAP EPS Growth

Non-GAAP Operating Margin
~ 52%54%
Annual Transformation Savings
> $1.5B
Return of Non-GAAP Net Income*
~ 60%, on average
All items are non-GAAP financial measuresif 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; *20142018 average
33
AMGEN HAS DELIVERED

Strong execution in 2016
Continued progress against our strategy for
long-term growth
Significant cash returns to shareholders
We are well on our way to achieving our commitments
for 2018
34
RECONCILIATIONS
Amgen Inc.
Reconciliations of GAAP to Non-GAAP Measures
($ In millions)
(Unaudited)
Nine months ended September 30,
2016
2015
GAAP operating expenses
Adjustments to operating expenses:
Adjustments to cost of sales
Adjustments to research and development expenses
Adjustments to selling, general and administrative expenses
Certain net charges pursuant to our restructuring initiative (a)
Expense related to various legal proceedings
Acquisition-related adjustments (b)
Total adjustments to operating expenses
Non-GAAP operating expenses
9,717
GAAP operating income

Adjustments to operating income:
Acquisition-related expenses (b)
Certain charges pursuant to our restructuring and other cost savings initiatives (a)
Expense/(benefit) related to various legal proceedings
Expense resulting from clarified guidance on branded prescription drug fee (c)
Stock option expense
Total adjustments to operating income
Non-GAAP operating income
Product sales
9,689
(935)
(63)
(159)
(15)
(105)
(1)
(1,278)
8,439
(887)
(117)
(119)
(41)
(73)
(12)
(1,249)
8,440
7,309
6,437
8,470
6,191
1,147
26
105
1,278
8,587
1,010
166
73
1,249
7,686
1,377
114
91
1,582
10,052
1,546
596
(3)
129
16
2,284
8,475
16,229
15,615
20,944
GAAP operating margin

Impact of total adjustments to operating income
Non-GAAP operating margin
GAAP net income
Adjustments to net income:
Adjustments to operating income
Non-cash interest expense associated with our convertible notes
Bridge financing costs associated with the Onyx business combination
Income tax effect of the above adjustments (d)
Other income tax adjustments (e)
Non-GAAP net income
Weighted-average shares for diluted EPS
GAAP diluted EPS
Non-GAAP diluted EPS
(a)
Year ended December 31,

2014
2013
2015
45.0%
7.9%
52.9%
$
5,787
1,278
(412)
(28)
6,625
$
$
758
7.63
8.74
41.2%
8.0%
49.2%
$
5,139
1,249
(404)
(15)
5,969
$
$
767
6.70
7.78
40.4%
7.6%
48.0%
$
6,939
1,582
(496)
(71)
7,954
$
$
766
9.06
10.38
19,327
5,867
5,577
986
71
14
34
1,105
6,972
470
347
64
59
940
6,517
18,192
16,639
32.0%
11.8%
43.9%
$
5,158
2,284
(717)
(25)
6,700
$
$
770
6.70
8.70
2012
32.3%
6.1%
38.3%
33.5%
5.6%
39.2%
5,081
4,345
1,105
12
22
(376)
(30)
5,814
940
140
(329)
23
5,119
$
$
765
6.64
7.60
$
$
787
5.52
6.51
The adjustments related primarily to asset impairments, accelerated depreciation and other charges related to the closure of our facilities, as well as severance. 2015 also included gains recognized on the sale of assets related to our site closures.
(b) The adjustments related primarily to non-cash amortization of intangible assets acquired in business combinations. For the nine months ended September 30, 2016, the adjustments also included a $73-million charge resulting from the
reacquisition of Prolia, XGEVA and Vectibix license agreements in certain markets from Glaxo Group Limited.
(c)
The adjustments related to the recognition of an additional year of the non-tax deductible branded prescription drug fee, as required by final regulations issued by the Internal Revenue Service.
(d) The 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, this results in a tax impact at the
U.S. marginal tax rate for certain adjustments, including the majority of amortization of intangible assets, whereas the tax impact of other adjustments, including restructuring expense, depends on whether the amounts are deductible in the
respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions.
(e)
The adjustments related to certain prior period items excluded from non-GAAP earnings, resolving certain non-routine transfer-pricing and acquisition-related issues with tax authorities, and a change in interpretation of tax law, as applicable. The
2016 adjustments related primarily to the impact from the adoption of Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting , related to stock options that were previously excluded from non-GAAP
measures.

36
Amgen Inc.
Reconciliations of Free Cash Flow
($ In millions)
(Unaudited)
Nine months ended
September 30, 2016
Operating Cash Flow
Capital Expenditures
Free Cash Flow
7,254
(511)
6,743

37
Three months ended

December 31, 2015
$
$
2,060
(205)
1,855
Amgen Inc.
Reconciliation of Future GAAP to Non-GAAP Financial Measures
Management has presented herein certain forward-looking statements about the Companys future financial performance that include non-GAAP net income
for various years through December 31, 2018. This nonGAAP financial measure is derived by excluding certain amounts, expenses or income, from the
corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from this non-GAAP financial
measure is a matter of management judgment and depend upon, among other factors, the nature of the underlying expense or income amounts recognized
in a given period. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measure to its most
directly comparable forward-looking GAAP financial measure because management cannot reliably predict all of the necessary components of such GAAP
measure. Historically, management has excluded the following items from this non-GAAP financial measure, and such items may also be excluded in future
periods and could be significant:
Expenses related to the acquisition of businesses, including amortization and / or impairment of acquired intangible assets, including in-process
research and development, adjustments to contingent consideration, integration costs, severance and retention costs and transaction costs;
Charges associated with restructuring or cost saving initiatives, including but not limited to asset impairments, accelerated depreciation,
severance costs and lease abandonment charges;
Legal settlements or awards;
The tax effect of the above items; and
Non-routine settlements with tax authorities.

38
35TH ANNUAL J.P. MORGAN

HEALTHCARE CONFERENCE
ROBERT A. BRADWAY
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
JANUARY 9, 2017

Amgen JP Morgan Presentation

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35TH ANNUAL J.P.

SAFE HARBOR STATEMENT

Provided January 9, 2017, as part of an oral presentation and is qualified by

WHAT I WILL ADDRESS TODAY

Within the context of an era of biotech innovation

CONTINUED STRONG EXECUTION

WE MADE SUBSTANTIAL PROGRESS ON OUR

Strong financial results with operating leverage driven

Built foundation to support new product launches for future growth

Strong momentum continues with growth brands

Defended mature brands through effective lifecycle management

Advanced innovative late-stage pipeline and international expansion

Invested in internal and external innovation while returning cash

Provided January 9, 2017, as part of an oral presentation and is qualified by

WE DELIVERED STRONG FINANCIAL RESULTS IN 2016*

Non-GAAP Operating Expenses

Non-GAAP Operating Income

Non-GAAP Operating Margin

WE CONTINUE TO DELIVER CONSISTENT PERFORMANCE

Non-GAAP Operating Income

OUR TRANSFORMATION PROGRAM IS RESHAPING THE BUSINESS

Peer Average Margin (20132015)

PROGRESS WITH OUR LONG-TERM

OUR STRATEGY TO GENERATE SHAREHOLDER VALUE

delivery devices, biosimilars and international expansion

agility and operating margins

to enable investment, growth and return of cash to

WE ARE POSITIONED TO SUCCEED IN AN INCREASINGLY

of significant unmet need

AMGEN CARDIOVASCULAR: INNOVATIVE MOLECULES

Phase 3 CV outcomes study enrolling

REPATHA OUTCOMES DATA EXPECTED

FOURIER CV outcomes data targeted for

presentation at ACC meeting in March*

maximal LDL-C reduction hypothesis

Continued focus on improving access for

Launched in Japan, reimbursement discussions

proceeding in EU and ROW

a single monthly injection, in U.S.

WE ARE BUILDING ON OUR STRENGTH IN ONCOLOGY

Vectibix and Nplate

OUR NOVEL APPROACH TO IMMUNO-ONCOLOGY

Phase 2/3 DLBCL studies initiatingalso testing in combination with KEYTRUDA

Anti-CD38 bispecific Ab in preclinical development for multiple myeloma

Several extended half-life BiTE programs entering Phase 1 in 2017

IMLYGIC combination studies in multiple tumor types

AMG 820 (anti-CSF1R mAb) combination studies with KEYTRUDA

Advaxis, and Immatics

OUR NEUROSCIENCE COLLABORATION WITH NOVARTIS

Erenumab (anti-CGRP receptor mAb)

CNP 520 (BACE inhibitor)

AMG 301 (PAC1 mAb)

PROLIA: A SUCCESSFUL BIOLOGICS

Strong volume-driven growth

Prolia grew 26% YoY for the

nine-month period through

Significant unmet need remainswe

are focused on improving diagnosis

EVENITY (ROMOSOZUMAB) IS AN INNOVATIVE

post fracture, followed by Prolia

Complementary with Prolia

July 2017 U.S. PDUFA action date

WE ARE EXECUTING SUCCESSFULLY ON OUR LIFECYCLE

BIOSIMILARS ARE A POTENTIAL GROWTH DRIVER