To My Fellow
Shareholders,
Amgen delivered strong results in 2024. We reached millions of patients worldwide with our life-changing medicines, advanced the broadest and deepest pipeline in our history, and positioned ourselves to deliver attractive long-term growth.
In 2024, total revenues grew 19% to a record $33.4 billion, driven by 23% volume growth, as our medicines reached more patients worldwide. Non-GAAP earnings per share increased 6% to $19.84.1
We increased our dividend per share by 6%, marking our 13th consecutive annual dividend increase, and we generated $10.4 billion1 of free cash flow.
Unlike some of our competitors that are heavily reliant on one or two products, Amgen exited 2024 with 14 blockbuster products, defined as those with an annualized run rate of over $1 billion in sales.2 Furthermore, we saw record sales across 21 products, with ten delivering at least double-digit sales growth, including Repatha®, TEZSPIRE®, EVENITY®, BLINCYTO®, and TAVNEOS®. These measures provide support for the strong foundation on which our growth is based.
Earnings Per Share1
Operating Margin1,4
We invested a record $6.0 billion in R&D, up 25% from the prior year,3 and we have numerous potential first- or best-in-class medicines moving rapidly through our pipeline to treat obesity and obesity-related conditions, cancer, heart disease, and many other serious illnesses.
We're also continuing to invest in growing our manufacturing network to keep pace with the demand for our products, opening our state-of-the-art manufacturing site in central Ohio and announcing a $1 billion expansion of our North Carolina facility.
Four Therapeutic Areas Drive Our Growth
Amgen's growth is fueled by a diverse portfolio of approximately 40 products spanning four therapeutic areas—General Medicine, Rare Disease, Inflammation, and Oncology. As the global population ages, we expect demand for innovative medicines to grow across all four areas.
GENERAL MEDICINE: EXPANDING OUR LEADERSHIP IN CARDIOMETABOLIC DISEASE
Cardiovascular disease, osteoporosis, and obesity together affect hundreds of millions of people worldwide, leading to enormous personal and societal costs. Amgen has been a leader in addressing these massive challenges, and we are excited about what lies ahead.
Repatha® provides powerful LDL cholesterol reduction to patients at high risk of heart attack and stroke. Sales of Repatha grew 36% in 2024, reaching $2.2 billion. There is still work to be done in this area, as heart disease remains the leading cause of death worldwide,5 with an estimated 100 million high-risk patients needing treatment to lower LDL cholesterol.6
EVENITY® and Prolia® are helping millions of patients lower their risk of breaking a bone. Sales of EVENITY grew 35% in 2024, to $1.6 billion. EVENITY remains the only therapy that both builds bone and slows bone loss for postmenopausal women at high risk. The need for such therapies remains high, as more than 90% of high-risk patients remain untreated, providing a significant opportunity to expand access and improve care.6
Looking ahead, we see tremendous potential in obesity and cardiovascular risk reduction with two innovative molecules advancing: MariTide™ (maridebart cafraglutide) for obesity and obesity-related conditions, and Olpasiran for cardiovascular disease.
In a Phase 2 study, MariTide delivered up to approximately 20% average weight loss at 52 weeks without an observed weight-loss plateau. MariTide has the potential to be administered monthly or even less frequently, which would be a key differentiator from currently available treatments. MariTide entered Phase 3 development with the initiation of two studies focused on people living with obesity or overweight, with and without type 2 diabetes. If approved, MariTide has the potential to help the 1 in 8 people globally who are living with obesity or overweight.7
Olpasiran, our investigational therapy for elevated Lp(a), is advancing through Phase 3 trials and could provide a much-needed treatment for a major cardiovascular risk factor with no approved therapies today.
RARE DISEASE: EXPANDING ACCESS FOR PATIENTS WITH LIMITED TREATMENT OPTIONS
With the successful integration of Horizon Therapeutics plc, acquired in late 2023, Amgen is now a leader in rare disease, offering hope for patients suffering from conditions where few or no treatment options exist. Sales for our rare disease portfolio were $4.5 billion in 2024.
TEPEZZA® generated $1.9 billion in sales in 2024 and remains the first and only FDA-approved treatment for thyroid eye disease (TED), a lifelong debilitating and potentially vision-threatening rare autoimmune disease that can get worse over time. We look forward to expanding access to even more patients in 2025, both in the U.S. and internationally.
KRYSTEXXA® generated $1.2 billion in sales in 2024 and is used to prevent the severe joint damage that can result from uncontrolled gout. UPLIZNA® generated $379 million in sales and is an important treatment for neuromyelitis optica spectrum disorder (NMOSD), protecting patients from attacks of inflammation that can lead to disability.
UPLIZNA is also being evaluated in IgG4-related disease and generalized myasthenia gravis, two areas with urgent unmet needs. Late last year, positive Phase 3 study results in IgG4-RD were published in the New England Journal of Medicine, and the FDA has accepted a regulatory submission under priority review with a Prescription Drug User Fee Act (PDUFA) action date of April 3, 2025. The FDA has also granted UPLIZNA Orphan Drug Designation for generalized myasthenia gravis, and we expect regulatory filing to be completed in the first half of 2025.
With sales more than doubling in 2024, TAVNEOS® is emerging as an important treatment option for ANCA-associated vasculitis, an autoimmune disease that can severely impact the kidneys and lungs.
We recently launched two biosimilars in rare disease: PAVBLU™ (a biosimilar to Eylea®8) for wet age-related macular degeneration, and BKEMV™/BEKEMV™ (a biosimilar to Soliris®8) for rare blood disorders.
INFLAMMATION: TRANSFORMING TREATMENT FOR CHRONIC AND DEBILITATING DISEASES
Amgen has been a leader in inflammation for decades, bringing groundbreaking therapies to millions of patients.
In 2024, sales of TEZSPIRE® increased 71% year-over-year, reaching nearly $1 billion. As the only biologic approved for all types of severe asthma, this treatment offers new hope for approximately 2.5 million patients globally who are uncontrolled or biologic-eligible.9 TEZSPIRE is also being evaluated in chronic obstructive pulmonary disease (COPD), which is projected to impact 600 million patients worldwide10 by 2050, as well as chronic rhinosinusitis with nasal polyps and eosinophilic esophagitis.
With $2.1 billion in 2024 sales, Otezla® remains the preferred oral systemic treatment for psoriasis, offering a convenient option for adult and pediatric patients. In our pipeline, Rocatinlimab is being studied in a Phase 3 program for atopic dermatitis, a Phase 3 study for prurigo nodularis, and a Phase 2 study for asthma.
Our biosimilar portfolio in inflammation is robust, with AVSOLA® (a biosimilar to REMICADE®8), AMJEVITA®/AMGEVITA™ (a biosimilar to HUMIRA®8), and WEZLANA™/WEZENLA™ (a biosimilar to STELARA®8).
ONCOLOGY: ADVANCING NEXT-GENERATION T-CELL ENGAGERS AND TARGETED THERAPIES
Amgen has been a pioneer in oncology for more than four decades, delivering therapies that extend and improve lives. We continue to lead the way in Bispecific T-cell Engagers (BiTE®), which harness the body's own T cells—specialized white blood cells that serve as the immune system's frontline defense—to precisely identify and destroy cancer cells.
IMDELLTRA® and BLINCYTO® are first-in-class BiTE molecules transforming cancer treatment. IMDELLTRA®, which was named as one of Time Magazine's Best Inventions of 2024, is redefining care for small cell lung cancer (SCLC) and has been rapidly adopted for patients facing this aggressive disease. BLINCYTO® has revolutionized treatment for B-cell acute lymphoblastic leukemia (B-ALL), with sales rising 41% year-over-year to $1.2 billion in 2024. As its use expands into earlier lines of therapy, BLINCYTO will continue to benefit even more patients.
Our pipeline includes numerous potential oncology breakthroughs. Bemarituzumab is being explored in late-stage trials in gastric cancer, a disease that is becoming more common globally. Xaluritamig has advanced into Phase 3 trials for prostate cancer, and AMG 193 has demonstrated promising activity across multiple tumor types, supporting its continued development.
Amgen also offers biosimilars to some of the most-prescribed cancer treatments in the world, including MVASI® (a biosimilar to Avastin®8), KANJINTI® (a biosimilar to Herceptin®8), and RIABNI® (a biosimilar to RITUXAN®8).
You can find more information about our approved medicines at www.amgen.com/products.11
To learn more about our pipeline, please visit www.amgenpipeline.com.11
Supporting Our People
At Amgen, our people are our greatest asset. That's why we invest in programs that foster a healthy, engaged, and high-performing workforce. Our commitment to workplace excellence earned us recognition on Forbes' list of America's Best Large Employers and Glassdoor's list of Best Large Places to Work for the eighth consecutive year.
To attract and develop top talent, we've expanded skills-based hiring, including our "earn-and-learn" apprenticeship program, which provides career opportunities regardless of having a four-year degree. In addition, our Amplifying Manager Performance program equips leaders with critical skills to support their teams. Investing in our people is investing in Amgen's future, ensuring we continue to grow, innovate, and lead with impact.
Accelerating Innovation With Cutting-Edge Science and Technology
Innovation has always been at the heart of Amgen's mission to serve patients, and dramatic advances in science and technology make this an exciting time for us. Already recognized as one of the World's Most Innovative Companies by Fast Company and one of America's Most Innovative Companies by Fortune, we are now employing artificial intelligence to enhance drug discovery, accelerate drug development, optimize clinical trials, and improve manufacturing efficiency.
Inspiring the Next Generation of Innovators
The future of science depends on nurturing the next generation of scientists. As the main philanthropic arm of Amgen, the Amgen Foundation supports world-class, no-cost science education for 25 million learners and educators each year.
In 2024, LabXchange, an online science learning platform developed at Harvard University, surpassed 50 million unique visitors, while the Amgen Biotech Experience reached its millionth student with hands-on biotechnology experiments.
In Ventura County, California, Amgen and the Amgen Foundation helped bring kidSTREAM Children's Museum to life, funding the region's first STEM-focused museum with a $2 million investment. And through our continued support of Khan Academy, the Amgen Foundation has now provided $10 million in funding to keep high-quality biology education free and accessible.
Being a Good Corporate Citizen
In 2024, we made meaningful progress toward our goal of being carbon neutral by 2027. We also remain on track to meet our 2027 Science-Based Target Initiatives (SBTi) Scope 3 supplier engagement target, reinforcing our commitment to responsible sourcing. In 2024, we were also pleased to be named to Newsweek's inaugural list of America's Greenest Companies.
In early 2025, we were deeply saddened by the unprecedented wildfires in Southern California—our home for more than 40 years. We are committed to supporting our employees, their families, and the broader community—to date, Amgen and the Amgen Foundation have committed $10 million in disaster relief to local agencies. In addition, employees have donated more than $75,000, which has been matched by the Amgen Foundation, totaling more than $150,000.
You can learn more about our commitment to good corporate citizenship at www.amgen.com/responsibility.11
Looking Ahead: A Bright Future for Amgen
This is an exciting time for Amgen and the biotechnology industry. The need for innovative medicines has never been greater, driven by an aging population and the growing burden of chronic disease. Our ability to innovate has also never been greater, giving us confidence that we can continue to bring transformative medicines to more patients, unlock opportunities for our employees, and deliver lasting value for shareholders.
On behalf of Amgen's board of directors, senior leadership team, and employees worldwide, thank you for your trust and support.
Robert A. Bradway
Chairman and Chief Executive Officer
March 13, 2025
IMDELLTRA® Approved for SCLC
After decades of minimal advancements in small cell lung cancer (SCLC) treatments, the approval of Amgen's IMDELLTRA in 2024 marked a much-needed new treatment option for patients living with this aggressive disease. SCLC makes up about 15% of the 2.4 million annual cases of lung cancer diagnosed worldwide and has an average 5-year relative survival rate of only 7%.
IMDELLTRA is the latest innovation using Amgen's Bispecific T-cell Engager (BiTE®) immunotherapy platform, in this case targeting delta-like ligand 3 (DLL3), which is expressed on the surface of cancer cells in approximately 85%–96% of SCLC patients.
"Our track record in BiTE immunotherapies has reshaped patient care, delivering significant efficacy in hematologic malignancies and now solid tumor malignancies, as evidenced by this approval," said Paul Burton, MD, senior vice president and chief medical officer at Amgen. "This underscores our commitment to patients with aggressive cancers who are in urgent need of innovative therapies."
Tackling Obesity
Murielle Véniant-Ellison vividly remembers the moment she first witnessed the impact serious illness can have on the lives of patients and their families. She was 15 years old when her uncle died from a sudden heart attack on New Year's Day. She sat in the back seat of the car, watching her father cry as they made their way through the streets of Dijon, France, to the house where her uncle had been vibrant and alive the day before.
More than 40 years later, Véniant-Ellison is the scientist at Amgen who led the breakthrough for what would become MariTide™, Amgen's investigational obesity drug, which has entered into Phase 3 trials.
Obesity is one of the world's leading public health challenges, impacting more than 1 billion people across the globe,7 and it's an underlying factor for many related conditions, including heart disease and diabetes, that take so many others' family members far too soon.
Véniant-Ellison's scientific journey began in the back of that car, when she began asking the big questions that set her on a lifelong search for answers, inspiring her to uncover an innovative approach to tackling obesity.
Now, that answer feels closer than ever.
Together We Make A Difference
The celebration of Amgen's annual Mission Week event in 2024 gave every employee the opportunity to hear powerful, deeply moving stories from some of the patients they serve every day through their work.
MJ, a preteen living with pediatric B-cell acute lymphoblastic leukemia (B-ALL), came from Texas to Southern California with his mother, Chaundra, to share how his struggle as a patient inspired him to fight for others as an advocate.
Yu sharing her story with Amgen staff during Singapore's Mission Week 2024, alongside Mindy Chee from Corporate Affairs, Amgen Singapore Manufacturing.
Patient panelists and staff gathered at Amgen's headquarters in Southern California.
Celebrating 1 Million Students: The Amgen Biotech Experience Reaches a Worldwide Milestone
The Amgen Biotech Experience (ABE) recently celebrated reaching 1 million students worldwide. This global initiative—established in 1990 and funded by the Amgen Foundation—brings biotechnology into classrooms, providing students hands-on experience with scientific equipment and experiments.
To celebrate the milestone, a special event in Ireland was attended by Simon Harris, taoiseach (Irish prime minister), and Bob Bradway, Amgen's CEO, at Temple Carrig School in Greystones.
"Remember, every great scientist started somewhere—often in a school just like this one, with a teacher just like your own and with a curiosity about how things work," Bradway said. "Keep pushing the boundaries, keep asking questions, and keep believing in your potential to change the world."
From Vision Loss to Visionary Chef
Christine Ha first got interested in cooking during college, both to save money and to reconnect with her Vietnamese roots. "Growing up, my mom, an excellent cook, made traditional Vietnamese meals," she said. "But I never had the chance to learn from her after she passed away when I was 14. I missed those dishes deeply."
At 20, blurriness in her right eye led to misdiagnosis and treatment for multiple sclerosis, which caused spinal inflammation that left her temporarily paralyzed and unable to see. Four years later, she was diagnosed with NMOSD, a rare autoimmune disease that caused severe damage to her central nervous system and near-total vision loss by her late 20s.
Despite this, Ha remained determined to cook, relying on her other senses—touch, sound, and taste—to achieve her goals. Through cooking, she proved she could accomplish anything she puts her mind to by entering—and winning—the third season of MasterChef. Today, 20 years after losing her vision to NMOSD, she is an entrepreneur operating two restaurants in Houston, Texas.
