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Merck & Co., Inc., Rahway, N.J., USA Announces Fourth-Quarter and Full-Year 2025 Financial Results; Highlights Progress Advancing Broad, Diverse Pipeline

On February 3, 2026 Merck & Co., Inc., Rahway, N.J., USA (NYSE: MRK), known as MSD outside the United States and Canada, reported financial results for the fourth quarter and full year of 2025.

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"In 2025, we continued to advance leading-edge science to deliver transformative medicines and vaccines that are improving health outcomes for patients around the world," said Robert M. Davis, chairman and chief executive officer. "Our business benefited from demand for our innovative portfolio, including for KEYTRUDA, increasing contributions from new launches in cardiometabolic and respiratory as well as vaccines, and strong performance of Animal Health. The transformation of our portfolio, bolstered by the acquisitions of Verona Pharma and Cidara Therapeutics, is well underway, and momentum is building as we continue to execute on our strategy. Our progress positions us to continue delivering on our purpose for patients and creating durable value for shareholders."

Financial Summary

$ in millions, except EPS amounts

Fourth Quarter

Year Ended

2025

2024

Change

Change Ex-Exchange

Dec. 31, 2025

Dec. 31, 2024

Change

Change Ex-Exchange

Sales

$16,400

$15,624

$65,011

$64,168

GAAP net income1

2,963

3,743

-21%

-20%

18,254

17,117

Non-GAAP net income that excludes certain items1,2*

5,088

4,372

16%

17%

22,513

19,444

16%

18%

GAAP EPS

1.19

1.48

-20%

-18%

7.28

6.74

10%

Non-GAAP EPS that excludes certain items2*

2.04

1.72

19%

8.98

7.65

17%

19%

*Refer to table on page 9.

Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) assuming dilution was $1.19 for the fourth quarter and $7.28 for the full year of 2025. Non-GAAP EPS was $2.04 for the fourth quarter and $8.98 for the full year of 2025. GAAP and non-GAAP EPS in the fourth quarter of 2025 include a charge of $0.05 per share related to an agreement with Dr. Falk Pharma GmbH (Falk) pursuant to which the Company secured the sole global rights to MK-8690. GAAP and non-GAAP EPS in the fourth quarter of 2024 include a charge of $0.23 per share related to the execution of licensing agreements with LaNova Medicines Ltd. (acquired by Sino Pharmaceutical Limited) and Hansoh Pharma. GAAP and non-GAAP EPS for the full years of 2025 and 2024 include charges of $0.20 and $1.28 per share, respectively, related to certain licensing agreements and asset acquisitions.

Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities. Non-GAAP EPS in 2025 also excludes a net tax benefit, which reflects a net benefit related to favorable audit reserve adjustments. Non-GAAP EPS in the fourth quarter and full year of 2024 also exclude a benefit due to a reduction in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to certain federal tax return years.

Fourth-Quarter Sales Performance

The following table reflects sales of the Company’s top products and significant performance drivers.

Fourth Quarter

$ in millions

2025

2024

Change

Change Ex-Exchange

Commentary

Total Sales

$16,400

$15,624

Pharmaceutical

14,843

14,042

Increase primarily driven by growth in oncology as well as cardiometabolic and respiratory, partially offset by a decline in vaccines.

KEYTRUDA/ KEYTRUDA QLEX

8,372

7,836

Growth driven by strong global uptake in earlier-stage indications, including triple-negative breast cancer (TNBC), non-small cell lung cancer (NSCLC), renal cell carcinoma, cervical and head and neck cancers, as well as continued global demand in metastatic indications, including urothelial, gastric and endometrial cancers. Sales growth was partially offset by timing of purchases in the U.S. Sales of KEYTRUDA QLEX were $35 million.

GARDASIL/
GARDASIL 9

1,031

1,550

-34%

-35%

Decline primarily due to lower demand in China, as well as lower sales in Japan following the national catch-up immunization program, partially offset by higher sales in the U.S. and timing in certain international markets.

PROQUAD, M-M-R II and VARIVAX

619

594

Increase primarily reflects higher sales of PROQUAD, which largely resulted from both the replenishment of doses borrowed from the U.S. Centers for Disease Control and Prevention Pediatric Vaccine Stockpile and from higher demand in Europe, partially offset by lower demand for M-M-R II in certain international markets and lower demand for VARIVAX in the U.S.

JANUVIA/JANUMET

501

487

Growth driven by higher net pricing in the U.S., partially offset by lower demand in China as well as in most other international markets due to generic competition.

BRIDION

499

449

11%

Growth primarily due to higher demand and net pricing in the U.S., partially offset by lower demand in several international markets due to ongoing generic competition.

WINREVAIR

467

200

133%

Growth primarily reflects continued uptake in the U.S. and early launch uptake in certain international markets, partially offset by lower net pricing in the U.S. largely due to Medicare Part D redesign.

Lynparza*

389

365

Growth primarily due to higher demand in several international markets.

CAPVAXIVE

279

N/M

Growth largely due to continued uptake in the U.S.

PREVYMIS

275

215

28%

26%

Increase primarily due to higher demand in the U.S. as well as in most international markets, reflecting in part the launch of new indications.

Lenvima*

272

255

Increase due to higher sales in the U.S., primarily reflecting higher demand, partially offset by lower pricing.

WELIREG

220

160

37%

Growth primarily due to higher demand in the U.S. and continued launch uptake in several international markets, partially offset by lower net pricing in the U.S.

OHTUVAYRE

178

–

Represents sales following the Company’s Oct. 7, 2025 acquisition of Verona Pharma plc (Verona Pharma).

Animal Health

1,505

1,397

Growth primarily due to higher demand of livestock products.

Livestock

987

889

11%

Growth primarily driven by higher demand across all species, as well as improved supply and new product launches.

Companion Animal

518

508

Growth from new product launches was partially offset by lower demand for other products in portfolio, reflecting a reduction in veterinary visits. Sales of BRAVECTO line of products were $222 million and $209 million in current and prior-year quarters, respectively, which represents an increase of 6%, or 5% excluding impact of foreign exchange.

Other Revenues**

185

-71%

-15%

Decline primarily due to unfavorable impact of revenue-hedging activities and lower revenue from third-party manufacturing arrangements.

*Alliance revenue for this product represents the Company’s share of profits, which are product sales net of cost of sales and commercialization costs.

**Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

N/M – Not meaningful.

Full-Year Sales Performance

The following table reflects sales of the Company’s top products and significant performance drivers.

Year Ended

$ in millions

Dec. 31, 2025

Dec. 31, 2024

Change

Change Ex-Exchange

Total Sales

$65,011

$64,168

Pharmaceutical

58,142

57,400

KEYTRUDA/KEYTRUDA QLEX

31,680

29,482

GARDASIL/GARDASIL 9

5,233

8,583

-39%

JANUVIA/JANUMET

2,544

2,268

12%

13%

PROQUAD, M-M-R II and VARIVAX

2,451

2,485

-1%

-2%

BRIDION

1,841

1,764

Lynparza*

1,450

1,311

11%

10%

WINREVAIR

1,443

419

N/M

Lenvima*

1,053

1,010

PREVYMIS

978

785

25%

23%

VAXNEUVANCE

825

808

CAPVAXIVE

759

N/M

WELIREG

716

509

41%

ROTATEQ

673

711

-5%

Reblozyl*

525

371

41%

LAGEVRIO

380

964

-61%

Simponi**

–

543

-100%

Animal Health

6,354

5,877

Livestock

3,896

3,462

13%

14%

Companion Animal

2,458

2,415

Other Revenues***

515

891

-42%

-6%

*Alliance revenue for Lynparza and Lenvima represent the Company’s share of profits, which are product sales net of cost of sales and commercialization costs. Alliance revenue for Reblozyl represents royalties.

**Marketing rights in former territories of the Company reverted to Johnson & Johnson on Oct. 1, 2024.

***Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

N/M – Not meaningful.

In addition, Koselugo alliance revenue was $436 million for the full year of 2025 compared with $170 million for the full year of 2024. The increase was due to an amendment to the collaboration agreement with AstraZeneca in 2025, which discontinued the provisions whereby the Company shared revenue and costs with AstraZeneca, and revised the payment structure, resulting in the Company’s recognition of a $150 million upfront payment and $175 million of regulatory milestones.

Full-year 2025 Pharmaceutical sales were $58.1 billion, representing growth of 1% both nominally and excluding the impact of foreign exchange. Sales growth was primarily driven by higher sales in oncology, particularly KEYTRUDA and WELIREG, as well as increased alliance revenue from Koselugo (resulting from the amendment to the collaboration agreement noted above), Reblozyl and Lynparza. Also contributing to sales growth were higher sales in the cardiometabolic and respiratory franchise largely attributable to the ongoing launch of WINREVAIR, as well as the inclusion of OHTUVAYRE sales resulting from the acquisition of Verona Pharma, which closed on Oct. 7, 2025. Growth in the diabetes franchise, largely attributable to higher net pricing of JANUVIA in the U.S., also contributed to sales growth. Sales growth in 2025 was partially offset by lower sales in the vaccines franchise reflecting lower sales of GARDASIL/GARDASIL 9, which were offset in part by the ongoing launch of CAPVAXIVE and the U.S. launch of ENFLONSIA. Lower sales in the immunology franchise (due to the return of the marketing rights for Simponi and Remicade in former Company territories to Johnson & Johnson on Oct. 1, 2024) and lower sales in the virology franchise (largely attributable to LAGEVRIO) also offset Pharmaceutical sales growth in 2025.

Full-year 2025 Animal Health sales were $6.4 billion, representing growth of 8%, or 9% excluding the impact of foreign exchange. Sales growth was primarily driven by the performance of Livestock products across all species and new product launches in Companion Animal. Sales of the BRAVECTO line of products were $1.1 billion in 2025, representing growth of 1% both nominally and excluding the impact of foreign exchange.

Fourth-Quarter and Full-Year Expense and Related Information

The table below presents selected expense information.

$ in millions

GAAP

Acquisition-
and
Divestiture-
Related Costs3

Restructuring
Costs

(Income)
Loss From
Investments
in Equity
Securities

Non-
GAAP2

Fourth Quarter 2025

Cost of sales

$5,551

$1,054

$1,173

$3,324

Selling, general and administrative

2,898

–

2,848

Research and development

3,886

(111)

–

3,992

Restructuring costs

213

–

213

–

Other (income) expense, net

432

–

206

226

Fourth Quarter 2024

Cost of sales

$3,828

$701

$121

$3,006

Selling, general and administrative

2,864

–

2,819

Research and development

4,585

(1)

–

4,574

Restructuring costs

–

Other (income) expense, net

126

(31)

–

152

$ in millions

GAAP

Acquisition-
and
Divestiture-
Related Costs3

Restructuring
Costs

(Income)
Loss From
Investments
in Equity
Securities

Non-
GAAP2

Year Ended Dec. 31, 2025

Cost of sales

$16,382

$2,871

$1,484

$12,027

Selling, general and administrative

10,733

120

–

10,610

Research and development

15,789

175

–

15,595

Restructuring costs

889

–

889

–

Other (income) expense, net

151

(3)

–

(306)

460

Year Ended Dec. 31, 2024

Cost of sales

$15,193

$2,409

$495

$12,289

Selling, general and administrative

10,816

117

–

10,616

Research and development

17,938

–

17,865

Restructuring costs

309

–

309

–

Other (income) expense, net

(24)

(79)

–

GAAP Expense, EPS and Related Information

Gross margin was 66.2% for the fourth quarter of 2025 compared with 75.5% for the fourth quarter of 2024. Gross margin was 74.8% for the full year of 2025 compared with 76.3% for the full year of 2024. The gross margin decline in both periods was primarily due to the unfavorable impacts of higher restructuring costs (primarily related to the accelerated depreciation of manufacturing lines at two sites under the 2025 Restructuring Program), inventory write-offs and amortization of intangible assets, as well as the recognition of inventory fair value step-up related to the Verona Pharma acquisition, partially offset by the favorable impact of product mix.

Selling, general and administrative (SG&A) expenses were $2.9 billion in the fourth quarter of 2025, an increase of 1% compared with the fourth quarter of 2024. The increase was primarily due to higher administrative costs, partially offset by lower promotional costs. Full-year 2025 SG&A expenses were $10.7 billion, a decrease of 1% compared with the full year of 2024. The decrease was primarily due to lower restructuring and promotional costs, partially offset by increased administrative costs.

Research and development (R&D) expenses were $3.9 billion in the fourth quarter of 2025, a decrease of 15% compared with the fourth quarter of 2024. The decrease was primarily due to lower charges for business development activity and a reduction to estimated contractual termination costs associated with restructuring actions, partially offset by higher clinical development costs. R&D expenses were $15.8 billion for the full year of 2025, a decrease of 12% compared with the full year of 2024. The decrease was primarily due to lower charges for business development activity, partially offset by higher clinical development spending and higher restructuring costs.

Other (income) expense, net, was $432 million of expense in the fourth quarter of 2025 compared with $126 million of expense in the fourth quarter of 2024 primarily due to higher net interest expense, higher foreign exchange losses and increased net losses from investments in equity securities. Other (income) expense, net, was $151 million of expense in the full year of 2025 compared with $24 million of income in the full year of 2024. The unfavorable year-over-year change primarily reflects $170 million of income in 2024 related to the expansion of an existing development and commercialization agreement with Daiichi Sankyo, as well as higher net interest expense and higher foreign exchange losses in 2025, partially offset by higher net income from investments in equity securities in 2025.

The effective tax rate was 13.4% for the fourth quarter of 2025 and 13.3% for the full year of 2025.

GAAP EPS was $1.19 for the fourth quarter of 2025 compared with $1.48 for the fourth quarter of 2024. The decrease was primarily driven by higher restructuring costs and amortization of intangible assets, partially offset by favorability from lower charges for business development transactions, as well as operational strength in the business driven in part by the benefits of the previously announced multiyear optimization initiative. GAAP EPS was $7.28 for the full year of 2025 compared with $6.74 for the full year of 2024. The increase was primarily driven by favorability from lower charges for business development transactions and operational strength in the business, partially offset by higher restructuring costs and amortization of intangible assets.

Non-GAAP Expense, EPS and Related Information

Non-GAAP gross margin was 79.7% for the fourth quarter of 2025 compared with 80.8% for the fourth quarter of 2024. The decrease was primarily due to higher inventory write-offs, partially offset by the favorable impact of product mix. Non-GAAP gross margin was 81.5% for the full year of 2025 compared with 80.8% for the full year of 2024. The increase was primarily due to the favorable impact of product mix, partially offset by higher inventory write-offs.

Non-GAAP SG&A expenses were $2.8 billion in the fourth quarter of 2025, an increase of 1% compared with the fourth quarter of 2024. The increase was primarily due to higher administrative costs, partially offset by lower promotional costs. Non-GAAP SG&A expenses were $10.6 billion for the full year of 2025, flat compared with the full year of 2024 as lower promotional costs were largely offset by higher administrative costs.

Non-GAAP R&D expenses were $4.0 billion in the fourth quarter of 2025, a decrease of 13% compared with the fourth quarter of 2024. Non-GAAP R&D expenses were $15.6 billion for the full year of 2025, a decrease of 13% compared with the full year of 2024. The decrease in both periods was primarily due to lower charges for business development activity, partially offset by higher clinical development costs.

Non-GAAP other (income) expense, net, was $226 million of expense in the fourth quarter of 2025 compared with $5 million of expense in the fourth quarter of 2024 primarily due to higher net interest expense and higher foreign exchange losses. Non-GAAP other (income) expense, net, was $460 million of expense in the full year of 2025 compared with $10 million of expense in the full year of 2024. The unfavorable year-over-year change primarily reflects $170 million of income in 2024 related to the expansion of an existing development and commercialization agreement with Daiichi Sankyo, as well as higher net interest expense and higher foreign exchange losses in 2025.

The non-GAAP effective tax rate was 15.4% for the fourth quarter of 2025 and 14.4% for the full year of 2025.

Non-GAAP EPS was $2.04 for the fourth quarter of 2025 compared with $1.72 for the fourth quarter of 2024. Non-GAAP EPS was $8.98 for the full year of 2025 compared with $7.65 for the full year of 2024. The increase in both periods was primarily driven by favorability from lower charges for business development transactions, as well as operational strength in the business driven in part by the benefits of the previously announced multiyear optimization initiative.

A reconciliation of GAAP to non-GAAP net income and EPS is provided in the table that follows.

Fourth Quarter

Year Ended

$ in millions, except EPS amounts

2025

2024

Dec. 31, 2025

Dec. 31, 2024

EPS

GAAP EPS

$1.19

$1.48

$7.28

$6.74

Difference

0.85

0.24

1.70

0.91

Non-GAAP EPS that excludes items listed below2

$2.04

$1.72

$8.98

$7.65

Net Income

GAAP net income1

$2,963

$3,743

$18,254

$17,117

Difference

2,125

629

4,259

2,327

Non-GAAP net income that excludes items listed below1,2

$5,088

$4,372

$22,513

$19,444

Excluded Items:

Acquisition- and divestiture-related costs3

$1,107

$711

$3,007

$2,519

Restructuring costs

1,277

187

2,551

888

Loss (income) from investments in equity securities

206

152

(306)

Decrease to net income before taxes

2,590

1,050

5,252

3,452

Estimated income tax (benefit) expense4

(465)

(421)

(993)

(1,125)

Decrease to net income

$2,125

$629

$4,259

$2,327

Pipeline and Portfolio Highlights

In 2025, the Company announced positive late-stage trial results from 18 Phase 3 trials and began enrolling patients in 21 new Phase 3 studies evaluating multiple indications and therapeutic areas, with approximately 80 Phase 3 studies currently underway.

Throughout the fourth quarter, the Company made important progress to advance its broad, diverse pipeline, meeting significant regulatory and clinical milestones.

Oncology:
U.S. Food and Drug Administration (FDA) approved KEYTRUDA and KEYTRUDA QLEX, each in combination with Padcev, for the perioperative treatment of adult patients with muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-based chemotherapy based on Phase 3 KEYNOTE-905 trial.
Approvals represent the first PD-1 inhibitor plus antibody-drug conjugate (ADC) regimens for this patient population.
FDA awarded a priority review voucher under the Commissioner’s National Priority Voucher (CNPV) pilot program for sac-TMT, an investigational anti-TROP2 ADC being developed in collaboration with Kelun-Biotech.
European Commission (EC) approved the subcutaneous route of administration and new pharmaceutical formulation of KEYTRUDA for use across all KEYTRUDA indications for adult patients in Europe.
FDA accepted two supplemental Biologics License Applications (sBLAs) for KEYTRUDA and KEYTRUDA QLEX, each with Trodelvy, for the first-line treatment of certain patients with PD-L1+ inoperable (unresectable) locally advanced or metastatic TNBC based on Phase 3 KEYNOTE-D19/ASCENT-04 trial.
FDA set Prescription Drug User Fee Act (PDUFA) dates in the second half of 2026 for these applications.
Announced positive topline results from Phase 3 KEYNOTE-B15 trial in patients with MIBC who are eligible for cisplatin-based chemotherapy showing KEYTRUDA plus Padcev significantly improved event-free survival (EFS), overall survival (OS) and pathologic complete response (pCR) rates versus neoadjuvant chemotherapy and surgery when given before and after surgery.
In collaboration with Moderna, Inc. (Moderna), announced median five-year follow-up data from Phase 2b KEYNOTE-942/mRNA-4157-P201 study for intismeran autogene, an investigational mRNA-based individualized neoantigen therapy, in combination with KEYTRUDA in patients with high-risk melanoma (stage III/IV) following complete resection.

Infectious Diseases:
Announced positive topline results from the Phase 3 trial of the investigational, once-daily, oral, two-drug, single-tablet regimen of doravirine/islatravir (DOR/ISL) for the treatment of adults with HIV-1 infection who had not previously received antiretroviral treatment (treatment-naïve).

Cardiometabolic and Respiratory:
Presented new data at the American Heart Association Scientific Sessions 2025, including results from the Phase 3 CORALreef Lipids and heterozygous familial hypercholesterolemia (HeFH) trials, demonstrating that enlicitide decanoate, an investigational, oral proprotein convertase subtilisin/kexin type 9 (PCSK9) inhibitor being evaluated for the treatment of adults with hypercholesterolemia, significantly reduced low-density lipoprotein cholesterol (LDL-C) with a safety profile comparable to placebo.
FDA awarded a priority review voucher under the CNPV pilot program for enlicitide decanoate.
In January 2026, EC approved an expanded indication for WINREVAIR, in combination with other pulmonary arterial hypertension (PAH) therapies, for the treatment of PAH (Group 1 pulmonary hypertension) in adult patients with World Health Organization (WHO) Functional Class II, III and IV based on Phase 3 ZENITH trial.
In February 2026, FDA accepted a new sBLA for WINREVAIR seeking approval to update the U.S. product label based on Phase 3 HYPERION trial.
FDA set PDUFA date of September 21, 2026.
Announced that Phase 2, proof-of-concept CADENCE study evaluating WINREVAIR in adults for the treatment of combined post- and precapillary pulmonary hypertension (CpcPH) due to heart failure with preserved ejection fraction (HFpEF) met its primary endpoint.

Business Development:
In 2026, completed acquisition of Cidara Therapeutics, Inc. (Cidara) for a total transaction value of approximately $9.2 billion.
Added MK-1406 (formerly CD388), an investigational long-acting, strain-agnostic antiviral agent designed to prevent influenza infection in individuals at higher risk of complications, to the Company’s portfolio.
MK-1406 is currently being evaluated in the Phase 3 ANCHOR study.
Entered into strategic financing agreement with Blackstone Life Sciences to partially fund the development of sac-TMT in 2026.
Entered into an agreement with Falk for certain development and commercialization rights to MK-8690, an investigational anti-CD30 ligand monoclonal antibody.
Notable recent news releases on the Company’s pipeline and portfolio are provided in the table that follows. Visit the News Releases section of the Company’s website to read the releases.*

Oncology

FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With Padcev, as Perioperative Treatment for Adults With Cisplatin-Ineligible MIBC; Based on Results From Phase 3 KEYNOTE-905 Trial

EC Approved Subcutaneous Administration of KEYTRUDA for All Adult Indications Approved in EU; Based on Results From Phase 3 3475A-D77 Trial

KEYTRUDA Plus Padcev Significantly Improved EFS, OS and pCR Rates for Cisplatin-Eligible Patients With MIBC When Given Before and After Surgery; Based on Results From Phase 3 KEYNOTE-B15 Trial

The Company and Moderna Announced 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA Demonstrated Sustained Improvement in the Primary Endpoint of Recurrence-Free Survival in Patients With High-Risk Stage III/IV Melanoma Following Complete Resection; Based on Follow-up Analysis From Phase 2b KEYNOTE-942/mRNA-4157-P201 Trial

The Company Initiated Phase 3 KANDLELIT-007 Trial Evaluating Calderasib (MK-1084),

an Investigational Oral KRAS G12C Inhibitor, in Combination With KEYTRUDA QLEX in Certain Patients With Advanced NSCLC

The Company Presented Data at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting 2025 That Showcased Continued Advancements in Hematology Pipeline and Novel Therapeutic Approaches

Vaccines and Infectious Diseases

The Company Announced Positive Topline Results From Pivotal Phase 3 Trial Evaluating Investigational, Once-Daily, Oral, Two-Drug, Single-Tablet Regimen of DOR/ISL in Treatment-Naïve Adults With HIV-1 Infection

Cardiometabolic and Respiratory

Enlicitide Decanoate Significantly Reduced LDL-C in Phase 3 CORALreef Lipids Trial

Enlicitide Decanoate Significantly Reduced LDL-C in Adults With HeFH in Phase 3 CORALreef HeFH Trial

WINREVAIR Met Primary Endpoint in Phase 2, Proof-Of-Concept CADENCE Study in Adults With CpcPH Due to HFpEF

Neuroscience

The Company Showcased Data for Alzheimer’s Disease Candidates MK-2214 and MK-1167 at Clinical Trials on Alzheimer’s Disease 2025

Animal Health

FDA Conditionally Approved EXZOLT CATTLE-CA1 for Prevention and Treatment of New World Screwworm (Cochliomyia Hominivorax) Larvae (Myiasis)

*References to the Company’s name in the above news release titles have been modified for the purpose of this announcement.

U.S. Government Agreement

The Company reached an agreement with the U.S. government that is intended to lower medicine costs for Americans. This agreement enables the Company to continue its long-standing commitment to advancing breakthrough scientific discoveries for patients and helps ensure Americans can access the medicines they need at lower costs. The voluntary agreement addresses all four components of the President’s July letter.

Under the agreement, among other things, the Company plans to provide key products through a direct-to-patient program at affordable prices for eligible patients in the U.S. In addition, the Company reached an understanding with the U.S. Department of Commerce to delay Section 232 tariffs for three years, enabling the Company to make investments in the U.S. to reshore manufacturing for American patients. The Company has committed more than $70 billion in capital and R&D spending to strengthen U.S. production and innovation.

Full-Year 2026 Financial Outlook

The following table summarizes the Company’s full-year financial outlook.

Full Year 2026

Sales*

$65.5 billion to $67.0 billion

Non-GAAP Gross margin2

Approximately 82%

Non-GAAP Operating expenses2**

$35.9 billion to $36.9 billion

Non-GAAP Other (income) expense, net2

Approximately $1.3 billion expense

Non-GAAP Effective tax rate2

23.5% to 24.5%

Non-GAAP EPS2***

$5.00 to $5.15

Share count (assuming dilution)

Approximately 2.48 billion

*The Company does not have any non-GAAP adjustments to sales.

**Includes a one-time charge of approximately $9.0 billion associated with the acquisition of Cidara. Outlook does not assume any additional significant potential business development transactions.

***Includes a one-time charge of approximately $3.65 per share associated with the acquisition of Cidara.

The Company has not provided a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other (income) expense, net, non-GAAP effective tax rate and non-GAAP EPS to the most directly comparable GAAP measures, given it cannot predict with reasonable certainty the amounts necessary for such a reconciliation, including intangible asset impairment charges, legal settlements, and income and losses from investments in equity securities either owned directly or through ownership interests in investment funds, without unreasonable effort. These items are inherently difficult to forecast and could have a significant impact on the Company’s future GAAP results.

The Company anticipates full-year 2026 sales to be between $65.5 billion and $67.0 billion, including a positive impact from foreign exchange of approximately 1% at mid-January 2026 exchange rates.

The Company’s full-year non-GAAP effective income tax rate is expected to be between 23.5% and 24.5% including the impact of the non-tax deductible one-time charge for the acquisition of Cidara.

The Company expects full-year 2026 non-GAAP EPS to be between $5.00 and $5.15, including a positive impact from foreign exchange of approximately $0.10 per share at mid-January 2026 exchange rates. This range includes a one-time charge of approximately $9.0 billion, or approximately $3.65 per share, as well as approximately $0.30 per share of related financing and operational costs, related to the acquisition of Cidara. In 2025, non-GAAP EPS of $8.98 was negatively impacted by one-time charges of $0.20 per share related to certain business development transactions.

Consistent with past practice, the financial outlook does not assume additional significant potential business development transactions.

Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, as well as income and losses from investments in equity securities.

Earnings Conference Call

Investors, journalists and the general public may access a live audio webcast of the call on Tuesday, Feb. 3, at 9 a.m. ET via this weblink. A replay of the webcast, along with the sales and earnings news release, supplemental financial disclosures and slides highlighting the results, will be available on the Company’s website.

All participants may join the call by dialing (800) 369-3351 (U.S. and Canada Toll-Free) or (517) 308-9448 and using the access code 9818590.

(Press release, Merck & Co, FEB 3, 2026, View Source [SID1234662428])

IN8bio to Present at Upcoming Investor and Scientific Conferences in February

On February 3, 2026 IN8bio, Inc. (Nasdaq: INAB), a clinical-stage biopharmaceutical company developing innovative gamma-delta (γδ ) T cell therapies for cancer and autoimmune diseases, reported that William Ho, CEO and co-founder, will be presenting the following investor and scientific conferences in February.

Conference participation details are as follows:

Noble Emerging Growth Virtual Equity Conference
Date: Thursday, February 5, 2026
Time: 3:00 p.m. ET
Location: Virtual
Investor Registration

IO360° Conference
Date: Thursday, February 12, 2026
Time: 1:20 p.m. – 1:40 p.m. ET
Session: IO Clinical Advancements Plenary
Presentation title: IN8bio’s Unique DeltEx Drug Resistant Immunotherapy (DRI) Approach to Solid Tumors & Results from Phase 1/2 Study in Newly Diagnosed GBM

Additional details, including any available webcast information, will be posted on the Events & Presentations section of the Company’s website at www.in8bio.com.

(Press release, In8bio, FEB 3, 2026, View Source [SID1234662427])

HOOKIPA Pharma Announces Sale of Oncology Assets to NeoTrail Therapeutics

On February 3, 2026 HOOKIPA Pharma Inc. (OTCID: HOOK, "HOOKIPA", the "Company") reported the sale of its immuno-oncology related assets, consisting primarily of the HB-200 (eseba-vec) and HB-700 development programs, to NeoTrail Therapeutics, Inc. ("NeoTrail"). The purchase price remains undisclosed.

"We are delighted that the clinical development of these promising therapeutics will continue at NeoTrail with an opportunity to deliver patient benefit in multiple major market indications," stated Mark Winderlich, Chief R&D Officer of HOOKIPA.

The asset purchase agreement was signed on January 28, 2026, and the transaction is expected to close in the second quarter of 2026, subject to the satisfaction of customary closing conditions.

About HB-200
Eseba-vec (also known as HB-200) is an investigational immunotherapeutic agent being evaluated for HPV16 positive cancers. HB-200 alternates the administration of both HB-201 (LCMV) and HB-202 (PICV), collectively referred to as "HB-200," attenuated viral vectors, which on their own are replicating-based therapeutics expressing a non-oncogenic, but highly immunogenic, E7E6 fusion protein from HPV16. Positive preliminary data from a Phase 2 trial (NCT04180215) of HB-200 in combination with pembrolizumab in patients with recurrent/metastatic HPV16 positive head and neck cancers in the first line setting was presented in November 2024 at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) Conference. Trial close out activities were completed before the end of 2025. HB-200 received Fast Track Designation from the U.S. Food and Drug Administration and PRIME designation from the European Medicines Agency. HB-200 was developed using HOOKIPA’s proprietary arenavirus platform.

About HB-700
HB-700 is an investigational arenaviral immunotherapy designed to treat KRAS-mutated lung, colorectal, pancreatic and other cancers. HB-700 is a replicating 2-vector therapy that targets the most prevalent KRAS mutations (G12D, G12V, G12R, G12C and G13D) and has the potential to benefit more patients than single mutation inhibitors. HB-700 received Investigational New Drug application clearance from the Food and Drug Administration in April 2024 and is Phase 1 ready, with clinical trial material manufacturing completed.

(Press release, Hookipa Pharma, FEB 3, 2026, View Source [SID1234662426])

Bicycle Therapeutics Announces Leadership Transitions for Next Phase of Innovation Across Oncology Pipeline

On February 3, 2026 Bicycle Therapeutics plc (NASDAQ: BCYC), a pharmaceutical company pioneering a new and differentiated class of therapeutics based on its proprietary bicyclic peptide (Bicycle) technology, reported leadership transitions for its next phase of innovation.

Travis Thompson, who began at Bicycle in April 2018 and most recently served as Bicycle’s senior vice president and chief accounting officer and previously spent his career at EY in its life sciences practice supporting a broad range of companies of all sizes and stages of development, has been appointed as Bicycle’s chief financial officer (CFO). In this role, Mr. Thompson will continue to oversee finance and accounting functions, and now investor relations. Alethia Young, who has stepped down as CFO, will remain with Bicycle in an interim capacity for three months. Thereafter, Alethia will continue as a company advisor.

Michael Method, M.D., MPH, MBA, who began at Bicycle in June 2025 and most recently served as Bicycle’s senior vice president, clinical development, has been promoted to chief medical officer (CMO), overseeing all clinical development and the relationship with Bicycle’s Clinical Advisory Board. Dr. Method is an academic and clinical oncologist with extensive drug development experience at many oncology companies, including ImmunoGen and Eli Lilly. Eric Westin, M.D., who has retired from his role as CMO, will continue with Bicycle as a distinguished fellow.
Michael Skynner, who began at Bicycle in January 2016 and most recently served as Bicycle’s chief technology officer, will now serve as chief scientific officer. Dr. Skynner will oversee scientific discovery, early-stage pipeline development and the relationship with Bicycle’s Research and Innovation Advisory Board.

"Bicycle made significant progress in 2025 and looks forward to achieving its 2026 priorities. We believe our evolved leadership team, in collaboration with our expert board of directors and advisors, positions us to build momentum across our innovative pipeline and create shareholder value," said Bicycle Therapeutics CEO Kevin Lee, Ph.D. "On behalf of our board of directors and team, I want to thank Alethia and Eric for helping the company obtain a strong financial position and advance our clinical trials. As we look to the future, we are excited to progress our targeted oncology clinical programs that include our new radiopharmaceutical strategic partnerships. With strengthened operational capacity and financial runway expected into 2028, I am pleased to have Travis, Michael and Michael step into their new roles after successful tenures at Bicycle. Together, with the rest of our leadership team, talented employees and board of directors, we believe we can realize our goal to help patients live longer and live well."

(Press release, Bicycle Therapeutics, FEB 3, 2026, View Source [SID1234662425])

AMGEN REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS

On February 3, 2026 Amgen (NASDAQ: AMGN) reported financial results for the fourth quarter and full year of 2025 versus the comparable periods in 2024.

"Amgen delivered strong performance in 2025, with double-digit growth in revenues and earnings per share. We enter 2026 with momentum across a broad portfolio of medicines and a clear path towards advancing innovative therapies to deliver sustained long-term growth," said Robert A. Bradway, chairman and chief executive officer.

Key results include:

For the fourth quarter, total revenues increased 9% to $9.9 billion in comparison to the fourth quarter of 2024.
Product sales grew 7%, driven by 10% volume growth, partially offset by 4% lower net selling price.
For the full year, total revenues increased 10% to $36.8 billion in comparison to the full year of 2024.
Product sales grew 10%, driven by 13% volume growth, partially offset by 3% lower net selling price.
Eighteen products achieved record sales for the full year.
Fourteen products exceeded one billion dollars in annual sales.
Thirteen products delivered at least double-digit sales growth for the full year.
GAAP earnings per share (EPS) increased 111% from $1.16 to $2.45 for the fourth quarter, driven by higher revenues and lower net unrealized losses on equity investments, partially offset by higher operating expenses. For the full year, GAAP EPS increased 88% from $7.56 to $14.23, driven by higher revenues and net unrealized gains on our BeOne Medicines Ltd. (BeOne) equity investment, partially offset by higher operating expenses, including Otezla (apremilast) intangible asset impairment charges of $1.2 billion recorded in 2025, following the selection of Otezla for Medicare price setting, as part of the Inflation Reduction Act (IRA).
For the fourth quarter, GAAP operating income increased from $2.3 billion to $2.7 billion, and GAAP operating margin increased 2.5 percentage points to 29.0%. For the full year, GAAP operating income increased from $7.3 billion to $9.1 billion, and GAAP operating margin increased 3.1 percentage points to 25.8%.
Non-GAAP EPS remained relatively unchanged from $5.31 to $5.29 for the fourth quarter as higher operating expenses were partially offset by higher revenues. For the full year, non-GAAP EPS increased 10% from $19.84 to $21.84, driven by higher revenues, partially offset by higher operating expenses.
For the fourth quarter, non-GAAP operating income remained relatively unchanged at $4.0 billion, and non-GAAP operating margin decreased 3.5 percentage points to 42.8%. For the full year, non-GAAP operating income increased from $15.0 billion to $16.2 billion, and non-GAAP operating margin decreased 0.8 percentage points to 46.1%.
The Company generated $8.1 billion of free cash flow for the full year of 2025 versus $10.4 billion for the full year of 2024, driven by timing of working capital, primarily collections and higher capital expenditures, partially offset by business performance and lower interest payments.
References in this release to "non-GAAP" measures, measures presented "on a non-GAAP basis," "free cash flow" (computed by subtracting capital expenditures from operating cash flow), "EBITDA, or earnings before interest, taxes, depreciation and amortization" (computed by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income) and "debt leverage ratio" (calculated as the ratio of GAAP total debt to EBITDA) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. Refer to Non-GAAP Financial Measures below for further discussion.

Product Sales Performance

General Medicine

Repatha (evolocumab) sales increased 44% year-over-year to $870 million in the fourth quarter, driven by 31% volume growth, 8% higher net selling price, and higher inventory levels. Sales increased 36% for the full year, driven by volume growth. For 2026, we expect net selling price to decline by roughly mid-single-digits.
EVENITY (romosozumab-aqqg) sales increased 39% year-over-year to $599 million in the fourth quarter and 34% for the full year, primarily driven by volume growth.
Prolia (denosumab) sales decreased 10% year-over-year to $1.1 billion in the fourth quarter, driven by 8% lower net selling price and decreased volume. Sales increased 1% for the full year, primarily driven by 2% volume growth and 2% favorable changes to estimated sales deductions, partially offset by lower net selling price. For 2026, we expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched globally.
Rare Disease

TEPEZZA (teprotumumab-trbw) sales decreased 1% year-over-year to $457 million in the fourth quarter, primarily driven by 13% lower inventory levels and unfavorable changes to estimated sales deductions, partially offset by 11% volume growth and higher net selling price. Sales increased 3% for the full year, primarily driven by higher net selling price.
KRYSTEXXA (pegloticase) sales increased 26% year-over-year to $435 million in the fourth quarter, driven by higher inventory levels, higher net selling price, and volume growth. Sales increased 13% for the full year, driven by volume growth and higher net selling price.
UPLIZNA (inebilizumab-cdon) sales increased 131% year-over-year to $233 million in the fourth quarter and 73% for the full year, primarily driven by volume growth.
TAVNEOS (avacopan) sales increased 88% year-over-year to $152 million in the fourth quarter, primarily driven by 69% volume growth and 18% higher inventory levels. Sales increased 62% for the full year, driven by volume growth, partially offset by lower net selling price.
Ultra-Rare products generated $157 million of sales in the fourth quarter. Sales decreased 27% year-over-year for the fourth quarter and 5% for the full year, primarily driven by generic competition for RAVICTI. For 2026, we expect continued RAVICTI sales erosion driven by generic competition.
Inflammation

TEZSPIRE (tezepelumab-ekko) sales increased 60% year-over-year to $474 million in the fourth quarter, primarily driven by 51% volume growth, and to a lesser degree, higher inventory levels and favorable changes to estimated sales deductions. Sales increased 52% for the full year, driven by volume growth.
Otezla (apremilast) sales were flat year-over-year at $625 million in the fourth quarter. Sales increased 7% for the full year, primarily driven by 3% volume growth and 2% favorable changes to estimated sales deductions.
Enbrel (etanercept) sales decreased 48% year-over-year to $532 million in the fourth quarter, primarily driven by 35% lower net selling price resulting from the impact of the U.S. Medicare Part D redesign and increased 340B Program mix, and 17% unfavorable changes to estimated sales deductions. Sales decreased 33% for the full year, primarily driven by 36% lower net selling price resulting from increased 340B Program mix, the impact of the U.S. Medicare Part D redesign and higher commercial discounts, partially offset by 4% higher volume.

We expect Enbrel and Otezla, and to a lesser extent KRYSTEXXA, TEZSPIRE and Repatha, to follow the historical pattern of lower sales in the first quarter relative to subsequent quarters, in part due to the impact of benefit plan changes, insurance reverification and increased co-pay expenses as U.S. patients work through deductibles.
AMJEVITA (adalimumab-atto)/AMGEVITA (adalimumab) sales decreased 41% year-over-year to $174 million in the fourth quarter, primarily driven by lower volume. Sales decreased 22% for the full year, driven by lower volume and lower net selling price.
PAVBLU (aflibercept-ayyh) generated $258 million of sales in the fourth quarter and $700 million for the full year. Sales increased 21% quarter-over-quarter, primarily driven by volume growth.
WEZLANA (ustekinumab-auub)/WEZENLA (ustekinumab) generated $44 million of sales in the fourth quarter and $273 million for the full year.
Oncology

BLINCYTO (blinatumomab) sales increased 8% year-over-year to $413 million in the fourth quarter, driven by 5% higher inventory levels and higher net selling price. Sales increased 28% for the full year, driven by volume growth.
Vectibix (panitumumab) sales increased 30% year-over-year to $319 million in the fourth quarter, driven by 23% volume growth, and to a lesser degree, higher net selling price and higher inventory levels. Sales increased 12% for the full year, primarily driven by volume growth.
KYPROLIS (carfilzomib) sales decreased 6% year-over-year to $351 million in the fourth quarter and 6% for the full year, primarily driven by lower volume.
LUMAKRAS/LUMYKRAS (sotorasib) sales increased 8% year-over-year to $92 million in the fourth quarter, primarily driven by 22% volume growth, partially offset by 9% lower net selling price and 6% lower inventory levels. Sales increased 4% for the full year, driven by 13% volume growth, partially offset by lower net selling price.
XGEVA (denosumab) sales decreased 20% year-over-year to $447 million in the fourth quarter and 6% for the full year, primarily driven by lower volume. For 2026, we expect accelerated sales erosion driven by increased competition, as multiple biosimilars have launched globally.
Nplate (romiplostim) sales increased 14% year-over-year to $385 million in the fourth quarter, primarily driven by 9% volume growth and 4% higher inventory levels. Sales increased 5% for the full year, driven by volume growth. U.S. government orders were $90 million in 2025 compared to $128 million in 2024. Excluding these U.S. government orders, Nplate sales increased 8% for the full year, driven by volume growth.
IMDELLTRA (tarlatamab-dlle)/IMDYLLTRA (tarlatamab) generated $234 million of sales in the fourth quarter and $627 million for the full year. Sales increased 31% quarter-over-quarter, driven by volume growth.
MVASI (bevacizumab-awwb) sales increased 9% year-over-year to $188 million in the fourth quarter, primarily driven by 15% favorable changes to estimated sales deductions, and to a lesser degree, higher net selling price and higher inventory levels, partially offset by lower volume. Sales increased 6% for the full year, driven by favorable changes to estimated sales deductions and higher net selling price, partially offset by lower volume.
Established Products

Our established products, which consist of Aranesp (darbepoetin alfa), Parsabiv (etelcalcetide), and Neulasta (pegfilgrastim), generated $554 million of sales in the fourth quarter. Sales increased 15% year-over-year for the fourth quarter, driven by higher net selling price and favorable changes to estimated sales deductions. Sales increased 2% for the full year, driven by 7% favorable changes to estimated sales deductions, partially offset by lower net selling price.
Product Sales Detail by Product and Geographic Region

$Millions, except percentages

Q4 ’25

Q4 ’24

YOY Δ

U.S

ROW

TOTAL

Repatha

$ 517

$ 353

$ 870

$ 606

44 %

EVENITY

468

131

599

431

39 %

Prolia

707

347

1,054

1,165

(10 %)

TEPEZZA

409

457

460

(1 %)

KRYSTEXXA

435

—

435

346

26 %

UPLIZNA

168

233

101

TAVNEOS

142

152

88 %

Ultra-Rare products(1)

144

157

214

(27 %)

TEZSPIRE

474

—

474

296

60 %

Otezla

511

114

625

624

0 %

Enbrel

524

532

1,015

(48 %)

AMJEVITA/AMGEVITA

146

174

294

(41 %)

PAVBLU

254

258

WEZLANA/WEZENLA

—

BLINCYTO

270

143

413

381

8 %

Vectibix

163

156

319

246

30 %

KYPROLIS

240

111

351

372

(6 %)

LUMAKRAS/LUMYKRAS

8 %

XGEVA

291

156

447

561

(20 %)

Nplate

265

120

385

337

14 %

IMDELLTRA/IMDYLLTRA

183

234

MVASI

137

188

173

9 %

Aranesp

115

218

333

308

8 %

Parsabiv

19 %

Neulasta

115

132

35 %

Other products(2)

263

320

328

(2 %)

Total product sales

$ 6,919

$ 2,448

$ 9,367

$ 8,716

7 %

* Change in excess of 100%

(1) Ultra-Rare products consist of PROCYSBI, RAVICTI, ACTIMMUNE, QUINSAIR, and BUPHENYL

(2) Other products consist of Aimovig, AVSOLA, KANJINTI, BKEMV/BEKEMV, EPOGEN, RIABNI,
IMLYGIC, NEUPOGEN, Corlanor, RAYOS, DUEXIS, Sensipar/Mimpara, VIMOVO, and PENNSAID,
where Biosimilars total $189 million in Q4 ’25 and $166 million in Q4 ’24

$Millions, except percentages

FY ’25

FY ’24

YOY Δ

U.S

ROW

TOTAL

Repatha

$ 1,663

$ 1,353

$ 3,016

$ 2,222

36 %

EVENITY

1,600

500

2,100

1,563

34 %

Prolia

2,978

1,436

4,414

4,374

1 %

TEPEZZA

1,758

145

1,903

1,851

3 %

KRYSTEXXA

1,340

—

1,340

1,185

13 %

UPLIZNA

528

127

655

379

73 %

TAVNEOS

423

459

283

62 %

Ultra-Rare products(1)

685

719

758

(5 %)

TEZSPIRE

1,478

—

1,478

972

52 %

Otezla

1,839

426

2,265

2,126

7 %

Enbrel

2,199

2,226

3,316

(33 %)

AMJEVITA/AMGEVITA

549

597

761

(22 %)

PAVBLU

691

700

WEZLANA/WEZENLA

123

150

273

BLINCYTO

1,049

510

1,559

1,216

28 %

Vectibix

604

571

1,175

1,045

12 %

KYPROLIS

913

499

1,412

1,503

(6 %)

LUMAKRAS/LUMYKRAS

211

152

363

350

4 %

XGEVA

1,355

729

2,084

2,225

(6 %)

Nplate

1,027

497

1,524

1,456

5 %

IMDELLTRA/IMDYLLTRA

513

114

627

115

MVASI

573

198

771

727

6 %

Aranesp

416

973

1,389

1,342

4 %

Parsabiv

192

161

353

356

(1 %)

Neulasta

359

435

431

1 %

Other products(2)

1,091

220

1,311

1,412

(7 %)

Total product sales

$ 25,656

$ 9,492

$ 35,148

$ 32,026

10 %

* Change in excess of 100%

(1) Ultra-Rare products consist of RAVICTI, PROCYSBI, ACTIMMUNE, BUPHENYL, and QUINSAIR

(2) Other products consist of Aimovig, AVSOLA, KANJINTI, EPOGEN, RIABNI, BKEMV/BEKEMV,
IMLYGIC, NEUPOGEN, Corlanor, RAYOS, DUEXIS, VIMOVO, Sensipar/Mimpara, and PENNSAID,
where Biosimilars total $683 million in FY ’25 and $667 million in FY ’24

Operating Expense, Operating Margin and Tax Rate Analysis

On a GAAP basis:

Total Operating Expenses increased 5% year-over-year for the fourth quarter and increased 6% for the full year. Cost of Sales as a percentage of product sales decreased 3.9 percentage points for the fourth quarter and decreased 5.9 percentage points for the full year, driven by lower amortization expense from acquisition-related assets, including Horizon-acquired inventory, and lower manufacturing costs, partially offset by higher profit share expense and changes in our sales mix. Research & Development (R&D) expenses increased 24% for the fourth quarter primarily driven by higher spend in the later-stage clinical programs, including MariTide, and in the research and early pipeline, including business development activities in the fourth quarter of 2025. R&D expenses increased 22% for the full year driven by higher spend in the later-stage clinical programs, including MariTide, and in the research and early pipeline, partially offset by lower spend in marketed product support. This increase includes the impact of business development activities in 2025. Selling, General & Administrative (SG&A) expenses increased 4% for the fourth quarter driven by higher commercial product-related expenses, partially offset by lower Horizon acquisition-related expenses and lower general and administrative expenses. SG&A expenses decreased 1% for the full year driven by lower Horizon acquisition-related expenses and lower amortization expense from acquisition-related assets, partially offset by higher general and administrative expenses, including technology-related spend. Other operating expenses for the full year included Otezla intangible asset impairment charges of $1.2 billion, following the selection of Otezla for Medicare price setting, as part of the Inflation Reduction Act (IRA).
Operating Margin as a percentage of product sales increased 2.5 percentage points to 29.0% for the fourth quarter and increased 3.1 percentage points to 25.8% for the full year.
Tax Rate decreased 7.8 percentage points for the fourth quarter and increased 2.8 percentage points for the full year. The fourth quarter tax rate decrease was due to the prior-year deferred tax adjustments associated with the U.S. tax on the earnings of our foreign subsidiaries, partially offset by the change in earnings mix, including lower amortization expense from the fair value step-up of inventory acquired from Horizon as compared to the prior year. The full year tax rate increase was due to the change in earnings mix, including the net unrealized gains on our equity investments compared to net unrealized losses on equity investments in the prior year, partially offset by the prior-year deferred tax adjustments associated with U.S. tax on the earnings of our foreign subsidiaries and the current year Otezla intangible asset impairment charges and related tax impacts.
On a non-GAAP basis:

Total Operating Expenses increased 16% year-over-year for the fourth quarter and increased 12% for the full year. Cost of Sales as a percentage of product sales increased 1.5 percentage points for the fourth quarter and increased 0.4 percentage points for the full year, driven by higher profit share expense and changes in our sales mix, partially offset by lower manufacturing costs. R&D expenses increased 26% for the fourth quarter driven by higher spend in the later-stage clinical programs, including MariTide, and in the research and early pipeline, including business development activities in the fourth quarter of 2025. R&D expenses increased 22% for the full year driven by higher spend in the later-stage clinical programs, including MariTide, and in the research and early pipeline, partially offset by lower spend in marketed product support. This increase includes the impact of business development activities in 2025. SG&A expenses increased 6% for the fourth quarter driven by higher commercial product-related expenses, partially offset by lower general and administrative expenses. SG&A expenses increased 2% for the full year driven by higher general and administrative expenses, including technology-related spend.
Operating Margin as a percentage of product sales decreased 3.5 percentage points for the fourth quarter to 42.8% and decreased 0.8 percentage points to 46.1% for the full year.
Tax Rate increased 1.6 percentage points for the fourth quarter and increased 1.4 percentage points for the full year. The fourth quarter tax rate increase was primarily due to prior year net favorable items as compared to the current year. The full year tax rate increase was due to the change in earnings mix and prior year net favorable items as compared to the current year.
$Millions, except percentages

GAAP

Non-GAAP

Q4 ’25

Q4 ’24

YOY Δ

Q4 ’25

Q4 ’24

YOY Δ

Cost of Sales

$ 2,976

$ 3,112

(4 %)

$ 1,790

$ 1,536

17 %

% of product sales

31.8 %

35.7 %

(3.9) pts

19.1 %

17.6 %

1.5 pts

Research & Development

$ 2,142

$ 1,724

24 %

$ 2,133

$ 1,698

26 %

% of product sales

22.9 %

19.8 %

3.1 pts

22.8 %

19.5 %

3.3 pts

Selling, General & Administrative

$ 1,952

$ 1,878

4 %

$ 1,937

$ 1,819

6 %

% of product sales

20.8 %

21.5 %

(0.7) pts

20.7 %

20.9 %

(0.2) pts

Other

$ 76

$ 61

25 %

$ —

N/A

Total Operating Expenses

$ 7,146

$ 6,775

5 %

$ 5,860

$ 5,053

16 %

Operating Margin

Operating income as % of product sales

29.0 %

26.5 %

2.5 pts

42.8 %

46.3 %

(3.5) pts

Tax Rate

12.0 %

19.8 %

(7.8) pts

16.4 %

14.8 %

1.6 pts

pts: percentage points

N/A = not applicable

$Millions, except percentages

GAAP

Non-GAAP

FY ’25

FY ’24

YOY Δ

FY ’25

FY ’24

YOY Δ

Cost of Sales

$ 12,037

$ 12,858

(6 %)

$ 6,423

$ 5,736

12 %

% of product sales

34.2 %

40.1 %

(5.9) pts

18.3 %

17.9 %

0.4 pts

Research & Development

$ 7,272

$ 5,964

22 %

$ 7,183

$ 5,878

22 %

% of product sales

20.7 %

18.6 %

2.1 pts

20.4 %

18.4 %

2.0 pts

Selling, General & Administrative

$ 7,050

$ 7,096

(1 %)

$ 6,942

$ 6,782

2 %

% of product sales

20.1 %

22.2 %

(2.1) pts

19.8 %

21.2 %

(1.4) pts

Other

$ 1,312

$ 248

$ —

N/A

Total Operating Expenses

$ 27,671

$ 26,166

6 %

$ 20,548

$ 18,396

12 %

Operating Margin

Operating income as % of product sales

25.8 %

22.7 %

3.1 pts

46.1 %

46.9 %

(0.8) pts

Tax Rate

14.1 %

11.3 %

2.8 pts

15.9 %

14.5 %

1.4 pts

pts: percentage points

* = Change in excess of 100%

N/A = not applicable

Cash Flow and Balance Sheet

The Company generated $1.0 billion of free cash flow in the fourth quarter of 2025 versus $4.4 billion in the fourth quarter of 2024, driven by timing of working capital, primarily collections, timing of tax payments and higher capital expenditures, partially offset by business performance. The Company generated $8.1 billion of free cash flow for the full year of 2025 versus $10.4 billion in 2024.
The Company declared a fourth quarter 2025 dividend on October 31, 2025 of $2.38 per share that was paid on December 12, 2025 to all stockholders of record as of November 21, 2025, representing a 6% increase from the same period in 2024.
The Company retired $6.0 billion of debt for the full year of 2025.
During the fourth quarter and full year of 2025, there were no repurchases of shares of common stock under our stock repurchase program.
Cash and cash equivalents totaled $9.1 billion and debt outstanding totaled $54.6 billion as of December 31, 2025. Debt leverage was approximately 3.2 times EBITDA as of December 31, 2025.
$Billions, except shares

Q4 ’25

Q4 ’24

YOY Δ

FY ’25

FY ’24

YOY Δ

Operating Cash Flow

$ 1.6

$ 4.8

$ (3.2)

$ 10.0

$ 11.5

$ (1.5)

Capital Expenditures

$ 0.6

$ 0.4

$ 0.3

$ 1.9

$ 1.1

$ 0.8

Free Cash Flow

$ 1.0

$ 4.4

$ (3.4)

$ 8.1

$ 10.4

$ (2.3)

Dividends Paid

$ 1.3

$ 1.2

$ 0.1

$ 5.1

$ 4.8

$ 0.3

Share Repurchases

$ 0.0

$ 0.2

$ (0.2)

$ 0.0

$ 0.2

$ (0.2)

Average Diluted Shares (millions)

543

542

541

Note: Numbers may not add due to rounding

$Billions

12/31/25

12/31/24

YTD Δ

Cash and Cash Equivalents

$ 9.1

$ 12.0

$ (2.8)

Debt Outstanding

$ 54.6

$ 60.1

$ (5.5)

Note: Numbers may not add due to rounding

2026 Guidance

For the full year 2026, the Company expects:

Total revenues in the range of $37.0 billion to $38.4 billion.
On a GAAP basis, EPS in the range of $15.45 to $16.94, and a tax rate in the range of 15.5% to 17.0%.
On a non-GAAP basis, EPS in the range of $21.60 to $23.00, and a tax rate in the range of 16.0% to 17.5%.
Capital expenditures to be approximately $2.6 billion.
Share repurchases not to exceed $3 billion.
Fourth Quarter Product and Pipeline Update

The Company provided the following updates on selected product and pipeline programs:

General Medicine

MariTide (maridebart cafraglutide, AMG 133)

MariTide is a differentiated antibody-peptide conjugate that activates the glucagon like peptide 1 (GLP-1) receptor and antagonizes the glucose-dependent insulinotropic polypeptide receptor (GIPR).
MARITIME-1, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, without Type 2 diabetes (T2D).
MARITIME-2, a Phase 3 study of MariTide for chronic weight management, is ongoing in adults living with obesity or overweight, with T2D.
MARITIME-CV, a Phase 3 study of MariTide on cardiovascular (CV) outcomes, is enrolling adults living with established atherosclerotic cardiovascular disease and obesity or overweight.
MARITIME-HF, a Phase 3 study of MariTide on reduction of heart failure events and cardiovascular risk, is enrolling adults living with heart failure with preserved or mildly reduced ejection fraction and obesity.
MARITIME-OSA-1, a Phase 3 study of MariTide, is enrolling adults living with obstructive sleep apnea on positive airway pressure therapy and living with obesity or overweight.
MARITIME-OSA-2, a Phase 3 study of MariTide, is enrolling adults living with obstructive sleep apnea not on positive airway pressure therapy and living with obesity or overweight.
Part 2 of the Phase 2 chronic weight management study, an exploratory evaluation of MariTide treatment for an additional 52 weeks in people who lost at least 15% of their body weight in the 52-week Part 1 of the Phase 2 chronic weight management study is complete. Key findings include:
The large majority of participants maintained the weight loss achieved in Part 1 for an additional 52 weeks on a lower monthly dose or quarterly dose of MariTide.
The second year of MariTide treatment was very well tolerated, including at quarterly doses, with a very low incidence of nausea and vomiting and no new safety signals observed.
Improvements in cardiometabolic parameters were sustained with MariTide at effective maintenance doses for a full second year.
A Phase 2 study of MariTide for the treatment of T2D in adults living with and without obesity has completed the 24-week timepoint. Key findings include:
Robust and clinically meaningful reduction in both hemoglobin A1c (HbA1c) and weight with monthly MariTide at 24 weeks.
In line with results seen in the T2D population in Part 1 of the Phase 2 chronic weight management study, at 24 weeks.
Safety and tolerability profile consistent with the GLP-1 class.
The most common side effects were gastrointestinal-related, predominantly mild-to-moderate in nature, and occurred primarily during dose escalation.
Favorable improvement in cardiometabolic parameters.
The Company expects to initiate Phase 3 studies of MariTide in people living with T2D in 2026.
AMG 513

A Phase 1 study of AMG 513 is enrolling adults living with obesity.
Repatha

In November 2025, results from the landmark Phase 3 VESALIUS-CV clinical trial of more than 12,000 patients with atherosclerosis or diabetes without a prior heart attack or stroke were presented at the American Heart Association Scientific Sessions and simultaneously published in the New England Journal of Medicine. In this study, Repatha:
Demonstrated a 25% relative reduction in the risk of a composite of coronary heart disease death, heart attack or ischemic stroke (3-P MACE).
Demonstrated a 19% reduction in a broader composite that also included any ischemia-driven arterial revascularization (4-P MACE).
Reduced the risk of heart attack by 36%.
Further analysis from VESALIUS-CV will be presented on the subgroup of patients without significant atherosclerosis at the upcoming American College of Cardiology in March 2026.
EVOLVE-MI, a Phase 4 study of Repatha initiated within 10 days of an acute myocardial infarction to reduce the risk of CV events, is ongoing.
Olpasiran (AMG 890)

Olpasiran is a potentially best-in-class small interfering ribonucleic acid (siRNA) molecule that reduces lipoprotein(a) (Lp(a)) synthesis in the liver.
The OCEAN(a)-Outcomes trial, a Phase 3 secondary prevention CV outcomes study, is ongoing in patients with atherosclerotic CV disease and elevated Lp(a).
The OCEAN(a)-PreEvent trial, a Phase 3 primary prevention CV outcomes study is enrolling patients with elevated Lp(a) at risk for a first major CV event.
Rare Disease

UPLIZNA

In November, the European Commission approved UPLIZNA for the treatment of adults with active immunoglobulin G4-related disease (IgG4-RD).
In December, the U.S. Food and Drug Administration (FDA) approved UPLIZNA for the treatment of generalized myasthenia gravis (gMG) in adults who are anti-acetylcholine receptor (AChR) and anti-muscle specific tyrosine kinase (MuSK) antibody positive.
The Company expects to initiate Phase 3 studies of UPLIZNA in patients with autoimmune hepatitis and in patients with chronic inflammatory demyelinating polyneuropathy in 2026.
TEPEZZA

A Phase 3 study of TEPEZZA in Japan is ongoing in patients with chronic/low clinical activity score thyroid eye disease (TED).
A Phase 3 study evaluating the subcutaneous route of administration of teprotumumab is ongoing in patients with TED. Study completion is expected in H2 2026.
TAVNEOS

TAVNEOS (avacopan) was approved by the FDA in October 2021 for the adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis (AAV) in combination with standard therapy including glucocorticoids. TAVNEOS was developed by ChemoCentryx, Inc. Amgen acquired ChemoCentryx in October 2022, after TAVNEOS had been on the market for a year. On January 16, 2026, the U.S. Food and Drug Administration (FDA) requested that ChemoCentryx voluntarily withdraw TAVNEOS from the U.S. market. The FDA raised concerns about the process followed by ChemoCentryx to re-adjudicate primary endpoint results for 9 of the 331 patients in its pivotal clinical trial. Hepatotoxicity, which is a known infrequent risk of TAVNEOS treatment for AAV, was also raised in the context of the benefit-risk profile of the medicine. Amgen is not aware of any issue with the underlying patient data from the ChemoCentryx clinical trial. And after review of the relevant clinical data and years of real-world evidence, Amgen is confident that TAVNEOS demonstrates effectiveness and a favorable benefit–risk profile. On January 28, 2026, following FDA regulatory process, Amgen informed the Agency that it did not intend to withdraw TAVNEOS from the market. Amgen is evaluating next steps with the FDA to determine a path forward, while keeping patient safety, needs and support at the forefront.
A Phase 3, open-label study of TAVNEOS in combination with rituximab or a cyclophosphamide-containing regimen is enrolling patients from 6 years to < 18 years of age with active ANCA-associated vasculitis (Granulomatosis with Polyangiitis (GPA)/Microscopic Polyangiitis (MPA)).
Dazodalibep

Dazodalibep is a fusion protein that inhibits CD40L.
Two Phase 3 studies of dazodalibep in Sjögren’s disease are underway. The first study is ongoing in patients with moderate-to-severe systemic disease activity. The second study has completed enrollment of patients with moderate to high symptom burden with low systemic disease activity. Completion of both studies is expected in H2 2026.
Daxdilimab

Daxdilimab is a first-in-class plasmacytoid dendritic cell (pDC) depleting monoclonal antibody targeting immunoglobulin-like transcript 7 (ILT7).
A Phase 2 study of daxdilimab in adult patients with moderate-to-severe primary discoid lupus erythematosus (DLE) is complete.
The study met the primary endpoint of mean change in the Cutaneous Lupus Erythematosus Disease Area and Severity Index – Activity (CLASI-A) score from baseline to week 24, demonstrating statistically significant improvements in disease activity with both doses tested.
The study met the key secondary endpoint of clinical response by CLASI-A 50 and by the Cutaneous Lupus Activity Investigator’s Global Assessment CLA-IGA 0/1, at week 24 with both doses tested.
Daxdilimab showed an acceptable safety and tolerability profile.
A Phase 2 study of daxdilimab in 12 patients with dermatomyositis (DM) and antisynthetase inflammatory myositis (ASIM) is complete.
Total Improvement Score (TIS) and Cutaneous Dermatomyositis Disease Area and Severity Index (CDASI) showed positive trends, but the sample size was too limited to assess efficacy.
Daxdilimab showed an acceptable safety and tolerability profile.
AMG 329

AMG 329 is a fully human monoclonal antibody targeting FMS-like tyrosine kinase 3 (FLT3) ligand.
A Phase 2 study of AMG 329 is ongoing in patients with Sjögren’s disease.
AMG 732

AMG 732 is an insulin-like growth factor-1 receptor (IGF-1R) targeting monoclonal antibody.
A Phase 2 study of AMG 732 is enrolling patients with moderate-to-severe active TED.
Inflammation

TEZSPIRE

Two Phase 3 studies of TEZSPIRE are enrolling adults with moderate to very severe chronic obstructive pulmonary disease (COPD) and a BEC ≥ 150 cells/µl.
A Phase 3 study of TEZSPIRE is ongoing in patients with eosinophilic esophagitis. Study completion is expected in H2 2026.
Rocatinlimab (AMG 451/KHK4083)

Rocatinlimab is a first-in-class T-cell rebalancing monoclonal antibody that inhibits and reduces OX40-positive pathogenic T-cells.
As part of ongoing portfolio prioritization, the Company will terminate the rocatinlimab development and commercialization collaboration with Kyowa Kirin, subject to Hart-Scott-Rodino review.
Kyowa Kirin will assume ownership of and responsibility for the program.
The Company will provide certain transition services to Kyowa Kirin.
Blinatumomab

Blinatumomab is a bispecific T-cell engager (BiTE) molecule targeting CD19.
A Phase 2 study of blinatumomab in autoimmune disease is enrolling adults with systemic lupus erythematosus (SLE), with and without nephritis, and is enrolling adults with refractory rheumatoid arthritis.
Inebilizumab

Inebilizumab is a B-cell depleting monoclonal antibody targeting CD19.
A Phase 2 study of inebilizumab in autoimmune disease is enrolling adults with SLE with nephritis.
AMG 104 (AZD8630)

AMG 104 is an inhaled anti-thymic stromal lymphopoietin (TSLP) fragment antigen-binding (Fab) protein.
A Phase 2 study is ongoing in patients with asthma. Study completion is expected in H1 2026.
Oncology

BLINCYTO / blinatumomab

A potentially registration-enabling Phase 2 study of subcutaneous blinatumomab is enrolling both adults and adolescents with relapsed or refractory CD19-positive Philadelphia chromosome (Ph) negative B-cell precursor acute lymphoblastic leukemia (B-ALL).
Golden Gate, a Phase 3 study of BLINCYTO alternating with low-intensity chemotherapy, is enrolling older adult patients with newly diagnosed CD19-positive Ph-negative B-ALL.
A Phase 1b/2 study of subcutaneous blinatumomab was initiated and is enrolling pediatric patients with relapsed / refractory and minimal residual disease positive (MRD+) B-ALL.
IMDELLTRA / tarlatamab

IMDELLTRA is the first and only FDA-approved delta-like ligand 3 (DLL3) targeting BiTE molecule.
In November, the FDA granted full approval to IMDELLTRA for the treatment of adult patients with extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy. Additional Regulatory reviews are underway in multiple additional geographies including the European Union, China, and Japan.
The Company is advancing a comprehensive, global clinical development program across extensive-stage (ES) and limited-stage (LS) SCLC:
DeLLphi-303, a Phase 1b study of IMDELLTRA in combination with a programmed cell death protein ligand-1 (PD-L1) inhibitor, carboplatin and etoposide or separately in combination with a PD-L1 inhibitor alone, is ongoing in patients with first-line ES-SCLC.
DeLLphi-305, a Phase 3 study of IMDELLTRA and durvalumab is ongoing in first-line ES-SCLC in the maintenance setting.
DeLLphi-306, a Phase 3 study of IMDELLTRA following concurrent chemoradiation therapy, is enrolling patients with LS-SCLC.
DeLLphi-308, a Phase 1b study evaluating subcutaneous tarlatamab, is enrolling patients with second line or later ES-SCLC.
DeLLphi-309, a Phase 2 study evaluating alternative intravenous dosing regimens of IMDELLTRA in second-line ES-SCLC, is enrolling patients.
DeLLphi-310, a Phase 1b study of IMDELLTRA in combination with YL201, a B7-H3 targeting antibody-drug conjugate, with or without a PD-L1 inhibitor, is enrolling patients with ES-SCLC.
DeLLphi-311, a Phase 1b study of IMDELLTRA in combination with etakafusp alfa (AB248), a novel CD8+ T-cell selective interleukin-2 (IL-2), is enrolling patients with second-line or later ES-SCLC.
DeLLphi-312, a Phase 3 study of IMDELLTRA in combination with carboplatin, etoposide and durvalumab, is enrolling patients with first-line ES-SCLC.
Xaluritamig (AMG 509)

Xaluritamig is a first-in-class bispecific T-cell engager targeting six-transmembrane epithelial antigen of prostate 1 (STEAP1).
XALute, a Phase 3 study of xaluritamig, is enrolling patients with metastatic castrate resistant prostate cancer (mCRPC) who have previously been treated with taxane-based chemotherapy.
XALience, a Phase 3 study of xaluritamig in combination with abiraterone versus investigator’s choice therapy is enrolling patients with chemotherapy-naïve mCRPC.
A Phase 1 study of xaluritamig monotherapy and xaluritamig in combination with abiraterone is ongoing in patients with mCRPC who have not yet received taxane-based chemotherapy. This study is also ongoing in patients with mCRPC who have previously received taxane-based chemotherapy in a fully outpatient treatment setting to further improve administration convenience.
A Phase 1b study of neoadjuvant xaluritamig therapy prior to radical prostatectomy is enrolling patients with newly diagnosed localized intermediate or high‐risk prostate cancer.
A Phase 1b study of xaluritamig is ongoing with high-risk biochemically recurrent prostate cancer after definitive therapy.
A Phase 1b study of xaluritamig in combination with androgen receptor pathway inhibitors is enrolling patients with metastatic hormone-sensitive prostate cancer.
A Phase 1b study of xaluritamig was initiated in adult, adolescent and pediatric patients with relapsed or refractory Ewing sarcoma.
Bemarituzumab

Bemarituzumab is a first-in-class fibroblast growth factor receptor 2b (FGFR2b) targeting monoclonal antibody.
Based upon data from the FORTITUDE-101 and FORTITUDE-102 Phase 3 studies, the Company does not intend to pursue regulatory approval in first-line gastric cancer.
FORTITUDE-103, a Phase 1b/2 study of bemarituzumab plus oral chemotherapy regimens with or without nivolumab in patients with first-line gastric cancer was stopped.
FORTITUDE-301, a Phase 1b/2 basket study of bemarituzumab monotherapy in patients with solid tumors with FGFR2b overexpression was completed.
AMG 193

AMG 193 is a first-in-class small molecule methylthioadenosine (MTA)-cooperative protein arginine methyltransferase 5 (PRMT5) inhibitor.
A Phase 2 study of AMG 193 is ongoing patients with methylthioadenosine phosphorylase (MTAP)-null previously treated advanced non-small cell lung cancer (NSCLC).
A Phase 1/1b/2 study of AMG 193 has completed enrollment of patients with advanced MTAP-null solid tumors in the dose-expansion portion of the study.
A Phase 1b study of AMG 193 alone or in combination with other therapies is enrolling patients with advanced MTAP-null thoracic malignancies.
A Phase 1b study of AMG 193 in combination with other therapies is enrolling patients with advanced MTAP-null gastrointestinal, biliary tract or pancreatic cancers.
LUMAKRAS/LUMYKRAS

CodeBreaK 301, a Phase 3 study of LUMAKRAS in combination with Vectibix and FOLFIRI vs. FOLFIRI with or without bevacizumab-awwb, is enrolling patients with first-line KRAS G12C–mutated metastatic colorectal cancer.
CodeBreaK 202, a Phase 3 study of LUMAKRAS plus platinum doublet chemotherapy vs. pembrolizumab plus chemotherapy, is enrolling patients with first-line KRAS G12C–mutated and PD-L1 negative advanced NSCLC.
Nplate

PROCLAIM, a Phase 3 study of Nplate for the treatment of chemotherapy-induced thrombocytopenia, is ongoing in patients with NSCLC, ovarian cancer or breast cancer.
Biosimilars

A randomized, double-blind comparative clinical study of ABP 206 compared with OPDIVO has completed enrollment in patients with treatment-naïve unresectable or metastatic melanoma.
A randomized, double-blind pharmacokinetic similarity study of ABP 234 compared with KEYTRUDA (pembrolizumab) is enrolling patients with early-stage non-squamous NSCLC as adjuvant treatment.
A randomized, double-blind combined pharmacokinetic/comparative clinical study of ABP 234 compared to KEYTRUDA has completed enrollment patients with advanced or metastatic non-squamous NSCLC.
A randomized, double-blind, pharmacokinetic similarity/comparative clinical study of ABP 692 compared to OCREVUS (ocrelizumab) is enrolling patients with relapsing-remitting multiple sclerosis.
TEZSPIRE is being developed in collaboration with AstraZeneca.
AMG 104 is being developed in collaboration with AstraZeneca.
Xaluritamig, formerly AMG 509, is being developed pursuant to a research collaboration with Xencor, Inc.
YL201 is an investigational B7-H3 targeting antibody-drug conjugate being developed by MediLink.
Etakafusp alfa (AB248) is a novel CD8+ T cell selective interleukin-2 (IL-2) being developed by Asher Biotherapeutics.
OPDIVO is a registered trademark of Bristol-Myers Squibb Company.
KEYTRUDA is a registered trademark of Merck & Co., Inc.
OCREVUS is a registered trademark of Genentech, Inc.

(Press release, Amgen, FEB 3, 2026, View Source [SID1234662424])