Amgen Reports Higher Revenue and Profit Across Both Reported Windows in Interim Filing

Answer-first conclusion plus reporting-period identity and source scope

Across the three-month and six-month year-to-date windows reported in this filing, AMGEN INC (ticker AMGN, CIK 0000318154) posted top-line growth and stronger bottom-line results on a year-over-year basis, while operating income also moved higher in both reporting periods. The interim unaudited condensed consolidated statements, presented under U.S. GAAP, were furnished on form 10-Q for fiscal period period-ended-2026-06-30 and filed under accession 0000318154-26-000126. The filing covers both the three-month reporting period and the six-month year-to-date period, with the prior-year comparative for each window disclosed alongside the current period.

For the three-month reporting period, revenue from contracts with customers excluding assessed tax was $10,054,000,000 USD, higher than the prior-year comparative of $9,179,000,000 USD for the prior-year quarter. Operating income for the quarter was $3,514,000,000 USD, higher than the prior-year quarter figure of $2,656,000,000 USD. Net income attributable to the parent for the three-month reporting period was $2,375,000,000 USD, higher than the prior-year comparative of $1,432,000,000 USD. Earnings per share on a diluted basis for the quarter were $4.37 per diluted share USD/SHARES, higher than the prior-year quarter figure of $2.65 per diluted share USD/SHARES. Both the current and prior periods reflect a profit on a diluted basis.

For the six-month year-to-date period, revenue from contracts with customers excluding assessed tax was $18,672,000,000 USD, higher than the prior-year six-month figure of $17,328,000,000 USD. Operating income for the six-month window was $6,180,000,000 USD, higher than the prior-year comparative of $3,834,000,000 USD. Net income attributable to the parent for the six-month period was $4,194,000,000 USD, higher than the prior-year six-month figure of $3,162,000,000 USD. Earnings per share on a diluted basis for the six-month period were $7.71 per diluted share USD/SHARES, higher than the prior-year six-month figure of $5.84 per diluted share USD/SHARES. Again, both periods reflect a profit on a diluted basis.

The filing evidence does not attribute this change to any single cause.

The reporting basis is clarified in the basis-of-presentation language, which states that the interim unaudited financial information for the three and six months ended in mid-year has been prepared in accordance with GAAP and includes only normal, recurring adjustments, while interim results are not necessarily indicative of results for the full fiscal year. The filing additionally references the Annual Report on Form referenced for the year ended December and the prior Quarterly Report on Form 10-Q for the quarter ended March for continuity; segment-level detail is addressed in the cited segment information note within Part I.

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Financial performance, accounting context, and comparison baselines

For the three-month reporting period, Amgen reported Revenue from Contract with Customer, Excluding Assessed Tax that was higher than the prior-year comparative, with both periods positive. Operating Income (Loss) for the same quarter was higher than the prior-year quarter, and both periods remained profitable. Net Income (Loss) Attributable to Parent for the quarter was higher than the prior-year quarter, continuing a profit-to-profit pattern. Earnings Per Share, Diluted for the quarter was higher than the prior-year quarter, again with both periods profitable.

For the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was higher than the prior-year comparative, with both periods positive. Operating Income (Loss) for the six-month window was higher than the prior-year comparative, with both periods profitable. Net Income (Loss) Attributable to Parent for the six-month window was higher than the prior-year comparative, maintaining a profit-to-profit transition. Earnings Per Share, Diluted for the six-month window was higher than the prior-year comparative, with both periods profitable. The filing evidence does not attribute this change to any single cause.

The interim results are not necessarily indicative of full-year results, and the condensed consolidated statements should be read alongside the prior Annual Report on Form referenced in the basis-of-presentation note. Certain prior-period amounts have been reclassified to conform with the current presentation. Amgen operates as a single operating and reportable segment, human therapeutics, with the Chief Executive Officer identified as the chief operating decision maker reviewing consolidated net income to allocate resources.

Regarding pending accounting changes, a recent FASB update on expense disaggregation has been issued; Amgen is currently evaluating the impact of adopting this standard on its consolidated financial statements and related disclosures, with the standard effective for annual and interim periods beginning after the cited future year-end. The filing evidence does not attribute this change to any single cause.

For the year-to-date window, other segment items primarily consisted of impairment charges on intangible assets (referenced in the goodwill and other intangible assets note) and fair value adjustments on equity securities (referenced in the investments note). For the quarter, other segment items primarily consisted of fair value adjustments on equity securities (referenced in the investments note). In the prior-year comparative periods, other segment items primarily consisted of fair value adjustments on equity securities and litigation expenses and settlements.

The filing evidence contains no forward-looking guidance commentary from management regarding expected future revenue, operating income, net income, or earnings-per-share levels; the filing provides reported results and accounting context only. The filing evidence contains no peer or industry comparison. The filing evidence also does not include any specific commentary from analysts on these interim results. Management's own narrative focuses on the basis of presentation, the single-segment structure, the CODM's use of consolidated net income for resource allocation, the pending expense-disaggregation standard, and the nature of other segment items in each reporting window.

Readers evaluating the year-to-date versus quarter profile should note that the six-month window captures both the impairment-related other segment items and the equity-securities fair-value adjustments, while the standalone quarter captures only the latter, which is consistent with the comparative baselines presented above but does not, on its own, explain the direction of the changes shown. The filing evidence does not attribute this change to any single cause.

Operating drivers, segment evidence, and management claims versus independent analysis

- Amgen operates as a single reportable segment — human therapeutics — so the consolidated income statement is the only segment view available; no separate product, geography or therapeutic-area margins are disclosed in this filing. - Within that one segment, the measure reviewed by the CODM is segment net income on a consolidated basis, and the measure of segment assets is total assets, also on a consolidated basis. - Segment net income for the three-month reporting period was higher than the prior-year three-month period (authorized direction: increase; transition profit to profit). - Segment net income for the six-month year-to-date period was higher than the prior-year six-month period (authorized direction: increase; transition profit to profit). - Revenue from contract with customer for the three-month reporting period was higher than the prior-year three-month period (authorized direction: increase). - Revenue from contract with customer for the six-month year-to-date period was higher than the prior-year six-month period (authorized direction: increase). - Operating income for the three-month reporting period was higher than the prior-year three-month period (authorized direction: increase; transition profit to profit). - Operating income for the six-month year-to-date period was higher than the prior-year six-month period (authorized direction: increase; transition profit to profit). - For the six-month year-to-date period, other segment items touched segment net income through (i) intangible-asset impairment charges (per the cited note on goodwill and other intangible assets) and (ii) fair-value adjustments on equity securities (per the cited note on investments), so part of the segment profitability picture is shaped by those non-operating or non-cash items rather than core product economics alone. - For the three-month reporting period, other segment items consisted primarily of fair-value adjustments on equity securities, with litigation expenses and settlements also called out as a component; the filing does not size these items in dollar terms.

- Management frames the business as one operating and one reportable segment — human therapeutics — covering discovery, development, manufacturing and delivery of innovative medicines, with consolidated review by the CODM. - Management does not, in the cited narrative, attribute the year-over-year improvement in revenue, operating income or segment net income to any single product, pricing action, geographic mix or cost lever; the filing simply presents the higher comparative numbers without a written driver story. - Management flags that other segment items — fair-value movements on equity securities and, for the year-to-date period, intangible-asset impairments — are treated outside the core operating picture and are disclosed separately, signalling management's own segmentation of what is and is not core to the human-therapeutics result. - Management also notes that the July MFN Letter and the Inflation Reduction Act of the cited year are part of the regulatory environment, but the filing text provided does not quantify their effect on revenue, operating income or segment net income for either the quarter or the half-year window. - Net Cash Provided by Operating Activities was higher than the prior-year six-month comparative (authorized direction: increase), while Payments to Acquire Property, Plant, and Equipment were higher than the prior-year six-month comparative (authorized direction: increase) and Payments of Ordinary Dividends, Common Stock were higher than the prior-year six-month comparative (authorized direction: increase) — capital return and capital spending both stepped up alongside the operating improvement. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Cash flow, balance sheet, and capital allocation

AMGEN INC（CIK 0000318154，股票代號 AMGN）依據 0000318154-26-000126 的存檔編號，提交了截至 2026-06-30 期間的 10-Q 報告。所述證據中的現金流報告僅限於六個月年初至今的期間，因此以下分析涵蓋年初至今的現金流量表，以及資產負債表日為 2026 年 6 月 30 日的資產負債表快照。

報告事實（依現金流量表所載，截至 2026 年 6 月 30 日止六個月）：- 營運活動：$6,191,000,000（前一年度：$3,671,000,000）。- 投資活動：-$1,285,000,000（前一年度：-$836,000,000）。- 融資活動：-$46,000,000（前一年度：-$6,780,000,000）。

取自所述證據的管理階層說明：- CODM 以合併基礎將公司作為單一人體治療領域營運部門管理，使用淨利潤在各職能、治療領域、地區及研發計畫之間配置資源，並提及投資活動所用淨現金以及所述「投資」附註中的揭露，作為評估資本支出的觀察角度。- 影響淨利潤的其他部門項目，包括三個月及六個月期間的權益證券公允價值調整，以及六個月期間的無形資產減損費用，各項目均與所述證據中的特定附註相關。- 所述證據亦說明，兩個期間的有效稅率均較去年同期上升，原因包括獲利組合變化（包括與收購相關資產的攤銷降低），以及六個月期間由前一期間的淨未實現收益轉為本期權益投資的淨未實現損失；然而，這些是稅項列報項目的影響因素，而非現金流驅動因素。

分析師推論（僅限所述證據可支持的內容）：- 營運現金流項目在正數基礎上按核准方向較去年同期增加，而投資項目在負數基礎上按核准方向較去年同期減少，融資項目則在負數基礎上按核准方向較去年同期增加。融資項目的變動表示現金流出縮減，而非融資轉為正的流入。- 資本支出為 $1,225,000,000（前一年度：$780,000,000），計入投資項目，並獲准在正數基礎上較去年同期增加，這表示投資惡化並非源自不動產、廠房及設備支出縮減。- 普通股股息為 $2,720,000,000（前一年度：$2,559,000,000），獲准在正數基礎上較去年同期增加，與融資流出中股息發放比例上升的情況一致。

反證與調節警示：- 所述證據揭露，在全球最低稅制立法後，公司及其子公司如今須就調整後財務報表所得適用最低稅率；這是稅率觀察結果，並非目錄中的現金流驅動因素。- 下列現金流量表與資產負債表在所述摘錄中無法勾稽，因此，除非借用一個數字，否則無法從目錄重建任何推算出的「自由現金流」。- 所述證據亦指出美國國稅局 RAR 及美國稅務法院訴訟，涉及美國與波多黎各實體之間的利潤分配；這屬或有曝險，而非已確定的現金流出。

資產負債表日為 2026 年 6 月 30 日的資產負債表概況：- 現金及約當現金：$13,989,000,000。- 長期債務（不含一年內到期部分）：$51,859,000,000。- 應付帳款（流動）：$2,865,000,000。- 所述證據未提供計算後的槓桿、償債能力或流動性比率，且規則禁止我進行任何計算，因此未提供這三項的列間比率。

未知事項／所述證據未載明：- 本節目錄未記載庫藏股回購活動及庫藏股變動。- 投資活動所用淨現金的兩個組成部分（資本支出與其他投資流出，例如收購或有價證券活動）未在所述證據中分別拆分，僅提供資本支出數字，因此無法在此分析其餘投資流出。- 未提供前一資產負債表日期的現金及債務數字，因此無法從所述證據推導流動性與槓桿的期間變化。- 所述證據未提供同業基準；該申報文件證據未包含同業或產業比較。

因果關係規範：- 對於營運、投資、融資、資本支出及股息的同比變化，未核准任何原因。申報文件證據未將此變化歸因於任何單一原因。- 對於現金餘額、長期債務及應付帳款在報告日期之間的變動，未核准任何原因。申報文件證據未將此變化歸因於任何單一原因。

同業與歷史比較

- Amgen 所報告的營收在 3 個月報告期間及 6 個月年初至今期間均較去年同期增加，延續前一比較期間所觀察到的營收成長趨勢。- 歸屬於母公司的淨利潤亦呈相同方向，無論單季或半年均較去年同期增加，且兩個期間相較其去年同期均維持獲利。- 營業利益呈現相近走勢，相較去年同期比較期間，在單季及半年均有所增加，並在比較兩端均維持獲利。- 半年度營運現金流亦較去年同期比較期間增加，以更強勁的現金產生訊號強化損益表的改善。- 營收、營業利益、淨利潤及營運現金流的變動方向一致，顯示整體而言呈現廣泛的同比改善，而非單一項目的扭曲。- 申報文件中的有效稅率說明，將稅率上升部分歸因於獲利組合變化，包括與收購相關資產的攤銷費用降低，另一部分則是投資淨未實現損失，相對於前一年的收益；此背景資訊不會單獨由損益表呈現。- 對於與其他大型生物製藥發行商的同業基準比較，由於申報文件證據未包含第三方同業資料集，本節僅依據本份期中申報文件中的公司報告數字。- 本節所報告的事實僅限於上述損益表及現金流項目；資產負債表、股數及部門層級數字不屬於本比較範圍。- 未使用因果關係用語說明同比變動；申報文件敘述未針對營收、營業利益或淨利潤的方向性變化辨識出單一驅動因素。- 在通常會討論同業或產業背景之處，本比較僅嚴格依據同一申報人提交的去年同期期間進行歷史比較。

基準、上行情境與下行情境

- 在基準情境中，依據申報文件所呈現的年初至今及 3 個月成長，AMGEN INC 在兩個報告期間持續繳出較高的營收及較高的底線。截至 2026 年 6 月 30 日止 6 個月，與截至 2025 年 6 月 30 日止 6 個月相比，依據客戶合約收取且不含已評估稅項的營收有所增加（見 $18,672,000,000 及 $17,328,000,000）；截至 2026 年 6 月 30 日止 3 個月與截至 2025 年 6 月 30 日止 3 個月相比亦有所增加（見 $10,054,000,000 及 $9,179,000,000）。歸屬於母公司的淨利潤（損失）同樣在兩個期間增加，年初至今數字為 $4,194,000,000，相較前一年度年初至今的 $3,162,000,000；3 個月數字為 $2,375,000,000，相較前一年度同季的 $1,432,000,000。基準路徑假設此一趨勢持續，且兩個期間均維持獲准的獲利轉為獲利過渡；申報文件證據未將此變化歸因於任何單一原因。- 上行情境在基準情境之上加入兩項建設性假設。首先，$18,672,000,000 對 $17,328,000,000 及 $10,054,000,000 對 $9,179,000,000 所呈現的動能延續至財政年度剩餘期間，使全年營收高於由半年總額推算的年化水準。其次，年初至今及 3 個月獲利比較所隱含的營運槓桿（$4,194,000,000 對 $3,162,000,000，以及 $2,375,000,000 對 $1,432,000,000）延續，因此利潤率持續以與所報告的歸屬於母公司淨利潤（損失）及營業利益（損失）兩個獲利轉為獲利過渡相一致的速度擴張。基準證據未核准任何因果歸因，因此上行情境僅代表方向上有利的延續，而非有來源依據的驅動因素故事；申報文件證據未將此變化歸因於任何單一原因。- 下行情境以來源敘述中的稅務揭露為基礎。依申報文件所述協議新頒布的適用範圍，公司及其子公司如今須就調整後財務報表所得適用更高的最低稅率，大多數條款自下一曆年開始生效。此外，所述與美國國稅局相關的事項——包括針對所述年度的通知所涉及的稅務法院訴訟、針對後續年度重新發出的 NOPA，以及後續年度的進行中稽核——均明確被指出可能要求支付遠高於應計金額的款項，並可能對簡明合併財務報表造成重大不利影響。倘若其中任何事項獲得不利解決，由 $18,672,000,000 及 $10,054,000,000 所建立的高營收基準，以及由 $4,194,000,000 及 $2,375,000,000 所建立的高獲利基準均可能受到壓縮，導致營業利益（損失）及歸屬於母公司淨利潤（損失）的獲利轉為獲利過渡中斷；申報文件證據未將此變化歸因於任何單一原因。- 對 3 種情境均適用的共通說明：申報文件未揭露上述任何數字的部門層級經濟資訊或同業基準，因此各情境完全以合併走勢及所述稅務敘述為基礎；申報文件證據未包含同業或產業比較。申報文件證據亦未揭露此一層面的部門級詳細資訊。請參閱所述附註中的營運部門討論，瞭解證據所支持的唯一部門架構。讀者若自行建立基準、上行或下行區間，應將上述稅務曝險與本摘要所涵蓋的半年及 3 個月比較中呈現的營收及獲利動能一併衡量；這是資訊性架構而非建議，且不提供價格目標或交易建議。

風險、反證、未知事項及下一期應觀察的指標

- 申報直接標示的風險集中在美國稅務狀況。管理階層說明一樁未決的稅務法院案件，與美國實體與美國屬地波多黎各之間的利潤分配有關，另外還有一項進行中的國稅局 (IRS) 查核，以實質上相同的形式重新發出了一份擬議調整通知草案。管理階層指出，若該等擬議調整被全部維持，可能對財務報表產生重大影響，並警告最終結果可能導致支付的金額大幅超過已提列的金額，且在未來幾個月內不太可能達成最終解決。於附註 13 中所引述的附註為這些所得稅事項的常設參考依據。 - 第二項與稅務相關的風險為資產負債表的不確定性。管理階層揭露，由於本年度的稅務立場，未認列的稅務利益總額於 10-Q 期間結束日 2026-06-30 所申報的三個月及六個月期間皆增加，提高了日後若任一部分被否准時或然義務的規模。在此面向值得關注的催化劑包括查核團隊所使用方法的任何改變、查核團隊立場是否轉向先前國稅局在其他地方所主張的立場，以及敘述中所描述待決稅務法院口頭辯論及庭審後書面陳述流程的時程。 - 反向證據已內建於上、下兩行的經授權比較中。「客戶合約收入 (扣除評估稅)」於 2026 年 6 月 30 日結束的三個月對比 2025 年 6 月 30 日結束的三個月，以及 2026 年 6 月 30 日結束的六個月對比 2025 年 6 月 30 日結束的六個月，皆顯示為較去年同期為高；而「歸屬於母公司的淨利 (損)」在此兩個期間以年比基礎計算同樣較高，轉換過程在本季及年初至今均維持在獲利區間。該概況係對稅務隱憂之主要事實性抵銷。 - 申報證據明確未解決的不確定事項包括任何潛在和解的金額、稅務法院最終解決的時程、管理階層對特定結果所賦予的機率，以及所申報期間內跨部門的營收分布。該申報並未提供同業或產業比較，且未就所申報的維度揭露部門層級的細節。 - 反向證據亦存在於部門申報的模糊性中。所引述的部門附註 (附註 2) 為期中結果的編製基礎，但在所引述的證據中，並未以可供本節使用之方式按應報導部門拆分營收或營運績效。 - 其他被引述的風險領域出現於申報的其他位置，但未於所引述的證據中詳述，包括商譽及無形資產考量 (附註 8)、權益法投資 (附註 6)、市場風險揭露 (項目 3)、控制及程序 (項目 4)，以及法律程序及風險因子章節 (項目 1 及項目 1A)。標記這些章節的目的，是讓讀者於下一期間加以監測，而非將其視為本期申報的已確認風險驅動因素。 - 管理階層對稅務或有事項的說明為，公司不同意國稅局的方法，認為該等立場缺乏依據，並根據過往經驗、稅法解釋及對潛在稅務機關行動的判斷，認為現有的提列屬適當。公司亦指出，已將所認知的與國稅局在其他地方所採取立場之間的不一致之處告知查核團隊，公司將其解讀為較先前查核團隊的立場對 Amgen 更為有利。 - 經授權比較的分析師推論僅限於質化方向。營收及淨利於本季及年初至今皆較去年同期為高。申報證據並未將此變動歸因於任何單一原因。 - 同業背景說明：申報證據未包含同業或產業比較。 - 部門細節說明：申報證據未就此維度揭露部門層級的細節。 - 下一期間值得關注的指標包括下季及年初至今所申報的營收總額相對於前一年同期比較、對應的淨利項目、未認列稅務利益的總額餘額、波多黎各分配事項的任何進一步進展，以及稅務法院案件及進行中 IRS 查核的任何程序性發展。對這些申報之更廣泛財務背景有興趣的讀者可瀏覽 [財務計算器洞察中心](/insights/finance/)。