Rituximab-arrx(Amgen, Inc.)

AMGEN ALSO PROVIDES 2023 GUIDANCE EXCLUDING ANY CONTRIBUTION FROM THE ANNOUNCED ACQUISITION OF HORIZON THERAPEUTICS THOUSAND OAKS, Calif. , Jan. 31, 2023 /PRNewswire/ -- Amgen (NASDAQ: AMGN) today announced financial results for the fourth quarter and full year 2022 versus comparable periods in 2021. "We executed effectively in 2022, delivering strong volume growth, advancing numerous first-in-class medicines in our pipeline, and staying on track to achieve our long-term growth objectives," said Robert A. Bradway , chairman and chief executive officer. "The announced acquisition of Horizon Therapeutics, which we expect to complete in the first half of this year, represents a compelling opportunity to serve more patients and strengthen our growth profile." Key results include: Non-GAAP EPS has been recast due to an update to our non-GAAP policy effective January 1, 2022 , resulting in a $0.04 increase for the fourth quarter of 2021 and a $3.18 decrease for the full year 2021 of previously-reported non-GAAP EPS.  Refer to Non-GAAP Financial Measures below for further discussion. $Millions, except EPS, dividends paid per share and percentages Q4 '22 Q4 '21 YOY Δ FY '22 FY '21 YOY Δ Total Revenues $  6,839 $   6,846 — % $ 26,323 $ 25,979 1 % GAAP Operating Income $  2,230 $   2,304 (3 %) $   9,566 $   7,639 25 % GAAP Net Income $  1,616 $   1,899 (15 %) $   6,552 $   5,893 11 % GAAP EPS $    3.00 $     3.36 (11 %) $   12.11 $   10.28 18 % Non-GAAP Operating Income $  3,009 $   2,997 — % $ 12,761 $ 10,519 21 % Non-GAAP Net Income $  2,202 $   2,487 (11 %) $   9,570 $   7,978 20 % Non-GAAP EPS $    4.09 $     4.40 (7 %) $   17.69 $   13.92 27 % Dividends Paid Per Share $    1.94 $     1.76 10 % $     7.76 $     7.04 10 % 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), "total revenues and product sales adjusted for foreign currency exchange rate impact" (computed by converting our current period local currency product sales using the prior period foreign currency exchange rates and comparing that to our current period product sales), "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. Beginning January 1, 2022 , the Company's non-GAAP financial measures no longer exclude adjustments for upfront license fees, development milestones and IPR&D expenses of pre-approval programs related to licensing, collaboration and asset acquisition transactions. For purposes of comparability, the non-GAAP financial results for the fourth quarter and full year of 2021 have been updated to reflect this change. 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 Total product sales increased 4% for the fourth quarter of 2022 versus the fourth quarter of 2021. Unit volumes grew 10%, partially offset by 3% lower net selling price and 2% negative impact from foreign exchange. Product sales for the full year increased 2% versus 2021, driven by 9% volume growth, partially offset by 5% lower net selling price and 2% negative impact from foreign exchange. General Medicine Inflammation Hematology-Oncology Product Sales Detail by Product and Geographic Region $Millions, except percentages Q4 '22 Q4 '21 YOY Δ US ROW TOTAL TOTAL TOTAL Prolia ® 682 310 992 873 14 % EVENITY ® 157 68 225 143 57 % Repatha ® 147 186 333 273 22 % Aimovig ® 109 5 114 90 27 % EPOGEN ® 114 — 114 128 (11 %) Aranesp ® 124 224 348 362 (4 %) Parsabiv ® 64 29 93 69 35 % Sensipar ® /Mimpara ™ (3) 10 7 18 (61 %) TEZSPIRE ® 79 — 79 — NM TAVNEOS ® 16 5 21 — NM Otezla ® 520 96 616 630 (2 %) Enbrel ® 1,079 19 1,098 1,108 (1 %) AMGEVITA ™ — 119 119 115 3 % LUMAKRAS ® /LUMYKRAS ™ 62 9 71 45 58 % KYPROLIS ® 224 101 325 284 14 % XGEVA ® 358 126 484 545 (11 %) Vectibix ® 109 129 238 243 (2 %) Nplate ® 374 95 469 282 66 % BLINCYTO ® 96 68 164 132 24 % MVASI ® 134 71 205 304 (33 %) KANJINTI ® 50 13 63 139 (55 %) Neulasta ® 187 34 221 351 (37 %) NEUPOGEN ® 22 12 34 31 10 % Other products* 90 29 119 106 12 % Total product sales $      4,794 $      1,758 $      6,552 $      6,271 4 % * Other products include Corlanor ® , AVSOLA ® , IMLYGIC ® and RIABNI ® , as well as sales by GENSENTA and Bergamo subsidiaries NM = not meaningful $Millions, except percentages FY '22 FY '21 YOY Δ US ROW TOTAL TOTAL TOTAL Prolia ® 2,465 1,163 3,628 $      3,248 12 % EVENITY ® 533 254 787 530 48 % Repatha ® 608 688 1,296 1,117 16 % Aimovig ® 398 16 414 317 31 % EPOGEN ® 506 — 506 521 (3 %) Aranesp ® 521 900 1,421 1,480 (4 %) Parsabiv ® 253 129 382 280 36 % Sensipar ® /Mimpara ™ 10 54 64 84 (24 %) TEZSPIRE ® 170 — 170 — NM TAVNEOS ® 16 5 21 — NM Otezla ® 1,886 402 2,288 2,249 2 % Enbrel ® 4,044 73 4,117 4,465 (8 %) AMGEVITA ™ — 460 460 439 5 % LUMAKRAS ® /LUMYKRAS ™ 222 63 285 90 * KYPROLIS ® 850 397 1,247 1,108 13 % XGEVA ® 1,480 534 2,014 2,018 — % Vectibix ® 396 497 893 873 2 % Nplate ® 848 459 1,307 1,027 27 % BLINCYTO ® 336 247 583 472 24 % MVASI ® 602 299 901 1,166 (23 %) KANJINTI ® 257 59 316 572 (45 %) Neulasta ® 959 167 1,126 1,734 (35 %) NEUPOGEN ® 87 57 144 168 (14 %) Other products** 296 135 431 339 27 % Total product sales $    17,743 $      7,058 $    24,801 $    24,297 2 % * Change in excess of 100% ** Other products include Corlanor ® , AVSOLA ® , IMLYGIC ® and RIABNI ® , as well as sales by GENSENTA and Bergamo subsidiaries NM = not meaningful Operating Expense, Operating Margin and Tax Rate Analysis On a GAAP basis: On a non-GAAP basis: $Millions, except percentages GAAP Non-GAAP Q4 '22 Q4 '21 YOY Δ Q4 '22 Q4 '21 YOY Δ Cost of Sales $  1,747 $  1,718 2 % $  1,071 $  1,096 (2 %) % of product sales 26.7 % 27.4 % (0.7) pts 16.3 % 17.5 % (1.2) pts Research & Development $  1,324 $  1,348 (2 %) $  1,291 $  1,319 (2 %) % of product sales 20.2 % 21.5 % (1.3) pts 19.7 % 21.0 % (1.3) pts Selling, General & Administrative $  1,572 $  1,425 10 % $  1,468 $  1,434 2 % % of product sales 24.0 % 22.7 % 1.3 pts 22.4 % 22.9 % (0.5) pts Other $     (34) $      51 * $       — $       — NM Total Operating Expenses $  4,609 $  4,542 1 % $  3,830 $  3,849 — % Operating Margin operating income as % of product sales 34.0 % 36.7 % (2.7) pts 45.9 % 47.8 % (1.9) pts Tax Rate 7.6 % 10.9 % (3.3) pts 13.4 % 10.6 % 2.8 pts pts: percentage points * change in excess of 100% NM = not meaningful $Millions, except percentages GAAP Non-GAAP FY '22 FY '21 YOY Δ FY '22 FY '21 YOY Δ Cost of Sales $  6,406 $  6,454 (1 %) $  3,951 $  3,994 (1 %) % of product sales 25.8 % 26.6 % (0.8) pts 15.9 % 16.4 % (0.5) pts Research & Development $  4,434 $  4,819 (8 %) $  4,341 $  4,696 (8 %) % of product sales 17.9 % 19.8 % (1.9) pts 17.5 % 19.3 % (1.8) pts Acquired IPR&D $       — $  1,505 NM $       — $  1,505 NM % of product sales — % 6.2 % NM — % 6.2 % NM Selling, General & Administrative $  5,414 $  5,368 1 % $  5,270 $  5,265 — % % of product sales 21.8 % 22.1 % (0.3) pts 21.2 % 21.7 % (0.5) pts Other $    503 $    194 * $       — $       — NM Total Operating Expenses $ 16,757 $ 18,340 (9 %) $ 13,562 $ 15,460 (12 %) Operating Margin operating income as % of product sales 38.6 % 31.4 % 7.2 pts 51.5 % 43.3 % 8.2 pts Tax Rate 10.8 % 12.1 % (1.3) pts 13.8 % 14.5 % (0.7) pts pts: percentage points * change in excess of 100% NM = not meaningful Cash Flow and Balance Sheet $Billions, except shares Q4 '22 Q4 '21 YOY Δ FY '22 FY '21 YOY Δ Operating Cash Flow $       2.6 $       2.8 $    (0.2) $       9.7 $       9.3 $      0.5 Capital Expenditures $       0.3 $       0.3 $     0.1 $       0.9 $       0.9 $      0.1 Free Cash Flow $       2.3 $       2.5 $    (0.2) $       8.8 $       8.4 $      0.4 Dividends Paid $       1.0 $       1.0 $     0.1 $       4.2 $       4.0 $      0.2 Share Repurchases $        — $       1.5 $    (1.5) $       6.3 $       5.0 $      1.3 Average Diluted Shares (millions) 539 565 (26) 541 573 (32) Note: Numbers may not add due to rounding $Billions 12/31/22 12/31/21 YTD Δ Cash and Investments $       9.3 $       8.0 $     1.3 Debt Outstanding $     38.9 $     33.3 $     5.6 Note: Numbers may not add due to rounding 2023 Guidance (Excludes any contribution from the announced acquisition of Horizon Therapeutics) For the full year 2023, excluding any contribution from the announced acquisition of Horizon Therapeutics, the Company expects: Fourth Quarter Product and Pipeline Update The Company provided the following updates on selected product and pipeline programs: General Medicine Repatha Olpasiran (AMG 890) AMG 133 AMG 786 Inflammation TEZSPIRE Rocatinlimab (AMG 451 / KHK4083) Rozibafusp alfa (AMG 570) Efavaleukin alfa (AMG 592) Ordesekimab (AMG 714 / PRV-015) Oncology BLINCYTO LUMAKRAS/LUMYKRAS Bemarituzumab Tarlatamab (AMG 757) AMG 509 AMG 340 AMG 193 Biosimilars TEZSPIRE is being developed in collaboration with AstraZeneca. Rocatinlimab, formerly AMG 451 / KHK4083 is being developed in collaboration with KKC. Ordesekimab formerly AMG 714 and also known as PRV-015 is being developed in collaboration with Provention Bio. AMG 509 is being developed in collaboration with Xencor. STELARA is a registered trademark of Janssen Pharmaceutica NV . EYLEA is a registered trademark of Regeneron Pharmaceuticals, Inc. SOLIRIS is a registered trademark of Alexion Pharmaceuticals, Inc. Non-GAAP Financial Measures In this news release, management has presented its operating results for the fourth quarters and full years of 2022 and 2021, in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. In addition, management has presented its full year 2023 EPS and tax guidance in accordance with GAAP and on a non-GAAP basis. These non-GAAP financial measures are computed by excluding certain items related to acquisitions, divestitures, restructuring and certain other items from the related GAAP financial measures. Beginning January 1, 2022 , following industry guidance from the U.S. Securities and Exchange Commission , the Company no longer excludes adjustments for upfront license fees, development milestones and IPR&D expenses of pre-approval programs related to licensing, collaboration and asset acquisition transactions from its non-GAAP financial measures. For purposes of comparability, the non-GAAP financial results for the fourth quarter and full year of 2021 have been updated to reflect this change. Reconciliations for these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the news release. Management has presented Free Cash Flow (FCF), which is a non-GAAP financial measure, for the fourth quarters and full years of 2022 and 2021. FCF is computed by subtracting capital expenditures from operating cash flow, each as determined in accordance with GAAP. Management has presented Total Revenues and Product Sales Adjusted for Foreign Currency Exchange Rate Impact, which is a non-GAAP financial measure, for the fourth quarter and full year of 2022. Total Revenues and Product Sales Adjusted for Foreign Currency Exchange Rate Impact is computed by converting our current period local currency product sales using the prior period foreign currency exchange rates and comparing that to our current period product sales. Management has also presented Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and debt leverage ratio for 2022, both of which are non-GAAP financial measures. EBITDA is computed by adding interest expense, provision for income taxes, and depreciation and amortization expense to GAAP net income. Debt leverage ratio is calculated as the ratio of GAAP total debt to EBITDA. The Company believes that its presentation of non-GAAP financial measures provides useful supplementary information to and facilitates additional analysis by investors. The Company uses certain non-GAAP financial measures to enhance an investor's overall understanding of the financial performance and prospects for the future of the Company's ongoing business activities by facilitating comparisons of results of ongoing business operations among current, past and future periods. The Company believes that FCF provides a further measure of the Company's liquidity. The Company believes Total Revenues and Product Sales Adjusted for Foreign Currency Exchange Rate Impact provides supplementary information on the Company's product sales performance by excluding changes in foreign currency exchange rates between comparative periods. The Company believes its debt leverage ratio provides an important ongoing operating metric as it compares the amount of cash generated by our operations during a given period relative to our debt obligations outstanding for the same period. The Company uses the non-GAAP financial measures set forth in the news release in connection with its own budgeting and financial planning internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. The non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. About Amgen Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology. Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2022, Amgen was named one of the "World's Best Employers" by Forbes and one of "America's 100 Most Sustainable Companies" by Barron's. For more information, visit www.amgen.com and follow us on www.twitter.com/amgen . Forward-Looking Statements This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen . All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company (including BeiGene, Ltd., Kyowa-Kirin Co., Ltd., or any collaboration to manufacture therapeutic antibodies against COVID-19), the performance of Otezla ® (apremilast) (including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion), the Five Prime Therapeutics, Inc. acquisition, the Teneobio, Inc. acquisition, the ChemoCentryx, Inc. acquisition, or the proposed acquisition of Horizon Therapeutics plc, as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems such as the ongoing COVID-19 pandemic on our business, outcomes, progress, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen , including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico , and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, such as COVID-19, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. A breakdown, cyberattack or information security breach of our information technology systems could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business and operations may be negatively affected by the failure, or perceived failure, of achieving our environmental, social and governance objectives. The effects of global climate change and related natural disasters could negatively affect our business and operations. Global economic conditions may magnify certain risks that affect our business. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all. CONTACT: Amgen , Thousand Oaks Jessica Akopyan , 805-440-5721 (media) Arvind Sood , 805-447-1060 (investors) Amgen Inc. Consolidated Statements of Income - GAAP (In millions, except per-share data) (Unaudited) Three months ended December 31 , Twelve months ended December 31 , 2022 2021 2022 2021 Revenues: Product sales $    6,552 $    6,271 $  24,801 $  24,297 Other revenues 287 575 1,522 1,682 Total revenues 6,839 6,846 26,323 25,979 Operating expenses: Cost of sales 1,747 1,718 6,406 6,454 Research and development 1,324 1,348 4,434 4,819 Acquired in-process research and development — — — 1,505 Selling, general and administrative 1,572 1,425 5,414 5,368 Other (34) 51 503 194 Total operating expenses 4,609 4,542 16,757 18,340 Operating income 2,230 2,304 9,566 7,639 Other income (expense): Interest expense, net (415) (335) (1,406) (1,197) Other (expense) income, net (67) 162 (814) 259 Income before income taxes 1,748 2,131 7,346 6,701 Provision for income taxes 132 232 794 808 Net income $    1,616 $    1,899 $    6,552 $    5,893 Earnings per share: Basic $      3.02 $      3.38 $    12.18 $    10.34 Diluted $      3.00 $      3.36 $    12.11 $    10.28 Weighted-average shares used in calculation of earnings per share: Basic 535 562 538 570 Diluted 539 565 541 573 Amgen Inc. Consolidated Balance Sheets - GAAP (In millions) December 31 , December 31 , 2022 2021 (Unaudited) Assets Current assets: Cash, cash equivalents and marketable securities $                9,305 $                8,037 Trade receivables, net 5,563 4,895 Inventories 4,930 4,086 Other current assets 2,388 2,367 Total current assets 22,186 19,385 Property, plant and equipment, net 5,427 5,184 Intangible assets, net 16,080 15,182 Goodwill 15,529 14,890 Other noncurrent assets 5,899 6,524 Total assets $              65,121 $              61,165 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $              14,096 $              12,097 Current portion of long-term debt 1,591 87 Total current liabilities 15,687 12,184 Long-term debt 37,354 33,222 Long-term tax liabilities 5,757 6,594 Other noncurrent liabilities 2,662 2,465 Total stockholders' equity 3,661 6,700 Total liabilities and stockholders' equity $              65,121 $              61,165 Shares outstanding 534 558 Amgen Inc. GAAP to Non-GAAP Reconciliations (Dollars in millions) (Unaudited) Three months ended December 31 , Twelve months ended December 31 , 2022 2021 2022 2021 GAAP cost of sales $       1,747 $       1,718 $       6,406 $       6,454 Adjustments to cost of sales: Acquisition-related expenses (a) (676) (616) (2,455) (2,443) Other — (6) — (17) Total adjustments to cost of sales (676) (622) (2,455) (2,460) Non-GAAP cost of sales $       1,071 $       1,096 $       3,951 $       3,994 GAAP cost of sales as a percentage of product sales 26.7 % 27.4 % 25.8 % 26.6 % Acquisition-related expenses (a) (10.4) (9.8) (9.9) (10.1) Other 0.0 (0.1) 0.0 (0.1) Non-GAAP cost of sales as a percentage of product sales 16.3 % 17.5 % 15.9 % 16.4 % GAAP research and development expenses $       1,324 $       1,348 $       4,434 $       4,819 Adjustments to research and development expenses: Acquisition-related expenses (a) (33) (29) (93) (123) Non-GAAP research and development expenses $       1,291 $       1,319 $       4,341 $       4,696 GAAP research and development expenses as a percentage of product sales 20.2 % 21.5 % 17.9 % 19.8 % Acquisition-related expenses (a) (0.5) (0.5) (0.4) (0.5) Non-GAAP research and development expenses as a percentage of product sales 19.7 % 21.0 % 17.5 % 19.3 % GAAP selling, general and administrative expenses $       1,572 $       1,425 $       5,414 $       5,368 Adjustments to selling, general and administrative expenses: Acquisition-related expenses (a) (104) (20) (144) (87) Other — 29 — (16) Total adjustments to selling, general and administrative expenses (104) 9 (144) (103) Non-GAAP selling, general and administrative expenses $       1,468 $       1,434 $       5,270 $       5,265 GAAP selling, general and administrative expenses as a percentage of product sales 24.0 % 22.7 % 21.8 % 22.1 % Acquisition-related expenses (a) (1.6) (0.3) (0.6) (0.4) Other 0.0 0.5 0.0 0.0 Non-GAAP selling, general and administrative expenses as a percentage of product sales 22.4 % 22.9 % 21.2 % 21.7 % GAAP operating expenses $       4,609 $       4,542 $     16,757 $     18,340 Adjustments to operating expenses: Adjustments to cost of sales (676) (622) (2,455) (2,460) Adjustments to research and development expenses (33) (29) (93) (123) Adjustments to selling, general and administrative expenses (104) 9 (144) (103) Certain charges pursuant to our cost savings initiatives 1 (1) 8 (130) Certain other expenses (b) 33 (50) (511) (64) Total adjustments to operating expenses (779) (693) (3,195) (2,880) Non-GAAP operating expenses $       3,830 $       3,849 $     13,562 $     15,460 Three months ended December 31 , Twelve months ended December 31 , 2022 2021 2022 2021 GAAP operating income $       2,230 $       2,304 $       9,566 $       7,639 Adjustments to operating expenses 779 693 3,195 2,880 Non-GAAP operating income $       3,009 $       2,997 $     12,761 $     10,519 GAAP operating income as a percentage of product sales 34.0 % 36.7 % 38.6 % 31.4 % Adjustments to cost of sales 10.4 9.9 9.9 10.2 Adjustments to research and development expenses 0.5 0.5 0.4 0.5 Adjustments to selling, general and administrative expenses 1.6 (0.2) 0.6 0.4 Certain charges pursuant to our cost savings initiatives 0.0 0.0 0.0 0.5 Certain other expenses (b) (0.6) 0.9 2.0 0.3 Non-GAAP operating income as a percentage of product sales 45.9 % 47.8 % 51.5 % 43.3 % GAAP interest expense, net $        (415) $        (335) $     (1,406) $     (1,197) Adjustments to interest expense, net: Acquisition-related interest expense (c) 5 — 5 — Non-GAAP interest expense, net $        (410) $        (335) $     (1,401) (1,197) GAAP other (expense) income, net $          (67) $          162 $        (814) $          259 Adjustments to other (expense) income, net: Equity method investment basis difference amortization 49 45 192 173 Net (gains)/losses from equity investments (39) (86) 362 (421) Total adjustments to other (expense) income, net 10 (41) 554 (248) Non-GAAP other (expense) income, net $          (57) $          121 $        (260) 11 GAAP income before income taxes $       1,748 $       2,131 $       7,346 $       6,701 Adjustments to income before income taxes: Adjustments to operating expenses 779 693 3,195 2,880 Adjustments to interest expense, net 5 — 5 — Adjustments to other (expense) income, net 10 (41) 554 (248) Total adjustments to income before income taxes 794 652 3,754 2,632 Non-GAAP income before income taxes $       2,542 $       2,783 $     11,100 $       9,333 GAAP provision for income taxes $          132 $          232 $          794 $          808 Adjustments to provision for income taxes: Income tax effect of the above adjustments (d) 163 78 690 544 Other income tax adjustments (c) 45 (14) 46 3 Total adjustments to provision for income taxes 208 64 736 547 Non-GAAP provision for income taxes $          340 $          296 $       1,530 $       1,355 GAAP tax as a percentage of income before taxes 7.6 % 10.9 % 10.8 % 12.1 % Adjustments to provision for income taxes: Income tax effect of the above adjustments (d) 4.0 0.2 2.6 2.4 Other income tax adjustments (c) 1.8 (0.5) 0.4 0.0 Total adjustments to provision for income taxes 5.8 (0.3) 3.0 2.4 Non-GAAP tax as a percentage of income before taxes 13.4 % 10.6 % 13.8 % 14.5 % GAAP net income $       1,616 $       1,899 $       6,552 $       5,893 Adjustments to net income: Adjustments to income before income taxes, net of the income tax effect 631 574 3,064 2,088 Other income tax adjustments (c) (45) 14 (46) (3) Total adjustments to net income 586 588 3,018 2,085 Non-GAAP net income $       2,202 $       2,487 $       9,570 $       7,978 Note: Numbers may not add due to rounding Amgen Inc. GAAP to Non-GAAP Reconciliations (In millions, except per-share data) (Unaudited) The following table presents the computations for GAAP and non-GAAP diluted earnings per share: Three months ended December 31, 2022 Three months ended December 31, 2021 GAAP Non-GAAP GAAP Non-GAAP Net income $        1,616 $        2,202 $        1,899 $        2,487 Weighted-average shares for diluted EPS 539 539 565 565 Diluted EPS $          3.00 $          4.09 $          3.36 $          4.40 Twelve months ended December 31, 2022 Twelve months ended December 31, 2021 GAAP Non-GAAP GAAP Non-GAAP Net income $        6,552 $        9,570 $        5,893 $        7,978 Weighted-average shares for diluted EPS 541 541 573 573 Diluted EPS $        12.11 $        17.69 $        10.28 $        13.92 (a) The adjustments related primarily to noncash amortization of intangible assets from business acquisitions. (b) For the three months ended December 31, 2022 , the adjustments related primarily to the change in fair values of contingent consideration liabilities. For the twelve months ended December 31, 2022 , the adjustments related primarily to cumulative foreign currency translation adjustments from a nonstrategic divestiture. For the three and twelve months ended December 31, 2021 , the adjustments related primarily to the change in fair values of contingent consideration liabilities. (c) The adjustments related to certain acquisition items, prior period and other items excluded from GAAP earnings. (d) The tax effect of the adjustments between our GAAP and non-GAAP results takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s). Generally, this results in a tax impact at the U.S. marginal tax rate for certain adjustments, including the majority of amortization of intangible assets, whereas the tax impact of other adjustments, including restructuring initiatives, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable tax rate(s) in those jurisdictions. Due to these factors, the effective tax rate for the adjustments to our GAAP income before income taxes, for the three and twelve months ended December 31, 2022 , were 20.5% and 18.4%, respectively, compared to 12.0% and 20.7% for the corresponding period of the prior year. Amgen Inc. Reconciliations of Cash Flows (In millions) (Unaudited) Three months ended December 31 , Twelve months ended December 31 , 2022 2021 2022 2021 Net cash provided by operating activities $     2,649 $     2,808 $      9,721 $      9,261 Net cash (used in) provided by investing activities (3,473) (230) (6,044) 733 Net cash used in financing activities (1,049) (6,558) (4,037) (8,271) (Decrease) increase in cash and cash equivalents (1,873) (3,980) (360) 1,723 Cash and cash equivalents at beginning of period 9,502 11,969 7,989 6,266 Cash and cash equivalents at end of period $     7,629 $     7,989 $      7,629 $      7,989 Three months ended December 31 , Twelve months ended December 31 , 2022 2021 2022 2021 Net cash provided by operating activities $     2,649 $     2,808 $      9,721 $      9,261 Capital expenditures (340) (287) (936) (880) Free cash flow $     2,309 $     2,521 $      8,785 $      8,381 Amgen Inc. Reconciliation of Total Revenues and Product Sales Adjusted for Foreign Currency Exchange Rate Impact (Dollars in millions) (Unaudited) Three months ended December 31 , 2022 2021 Change FX impact $ (a) Three months ended December 31 , 2022 excluding FX FX impact % (a) Change excluding FX Product Sales $       6,552 $       6,271 4 % $         (155) $        6,707 (2 %) 7 % Total Revenues $       6,839 $       6,846 — % $         (155) $        6,994 (2 %) 2 % Twelve months ended December 31 , 2022 2021 Change FX impact $ (a) Twelve months ended December 31 , 2022 excluding FX FX impact % (a) Change excluding FX Product Sales $     24,801 $     24,297 2 % $         (548) $      25,349 (2 %) 4 % Total Revenues $     26,323 $     25,979 1 % $         (548) $      26,871 (2 %) 3 % (a) Foreign currency impact was calculated by converting our current period local currency Product sales using the prior period foreign currency exchange rates and comparing that to our current period Product sales. Amgen Inc. Reconciliation of GAAP Net Income to EBITDA and Debt Leverage Ratio Calculation (Dollars in millions) (Unaudited) Twelve months ended December 31, 2022 GAAP Net Income $                   6,552 Depreciation and amortization 3,417 Interest expense, net 1,406 Provision for income taxes 794 EBITDA $                 12,169 As of December 31 , 2022 Current portion of long-term debt $                   1,591 Long-term debt 37,354 Total Debt $                 38,945 As of December 31 , 2022 Total Debt $                 38,945 EBITDA $                 12,169 Debt leverage ratio 3.2 Amgen Inc. Reconciliation of GAAP EPS Guidance to Non-GAAP EPS Guidance for the Year Ending December 31, 2023 (Unaudited) GAAP diluted EPS guidance $  13.16 — $ 14.41 Known adjustments to arrive at non-GAAP*: Acquisition-related expenses (a) 4.19 — 4.24 Non-GAAP diluted EPS guidance $  17.40 — $ 18.60 * The known adjustments are presented net of their related tax impact, which amount to approximately $1.15 per share. (a) The adjustments relate primarily to noncash amortization of intangible assets acquired in business acquisitions. Our GAAP diluted EPS guidance does not include the effect of GAAP adjustments triggered by events that may occur subsequent to this press release such as acquisitions, including any impact of the proposed Horizon Therapeutics plc acquisition, divestitures, asset impairments, litigation, changes in fair value of our contingent consideration obligations and changes in fair value of our equity investments. Reconciliation of GAAP Tax Rate Guidance to Non-GAAP Tax Rate Guidance for the Year Ending December 31, 2023 (Unaudited) GAAP tax rate guidance 17.0 % — 18.5 % Tax rate of known adjustments discussed above 0.5 % — 1.0 % Non-GAAP tax rate guidance 18.0 % — 19.0 % View original content to download multimedia: https://www.prnewswire.com/news-releases/amgen-reports-fourth-quarter-and-full-year-2022-financial-results-301735074.html SOURCE Amgen

Acquisition Includes TAVNEOS® (avacopan), a First-in-Class Medicine for Patients With Serious Autoimmune Disease Tavneos Adds to Amgen's Decades-Long Leadership in Inflammation and Nephrology THOUSAND OAKS, Calif. and SAN CARLOS, Calif., Aug. 4, 2022 /PRNewswire/ -- Amgen (NASDAQ: AMGN) and ChemoCentryx, Inc., (NASDAQ: CCXI), a biopharmaceutical company focused on orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer, today announced that the companies have entered into a definitive agreement under which Amgen will acquire ChemoCentryx for $52 per share in cash, representing an enterprise value of approximately $3.7 billion. Continue Reading ChemoCentryx Logo "The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with TAVNEOS, a transformative, first-in-class treatment for ANCA-associated vasculitis," said Robert A. Bradway, chairman and chief executive officer at Amgen. "We are excited to join in the TAVNEOS launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need. We also look forward to welcoming the highly skilled team from ChemoCentryx that shares our passion for serving patients suffering from serious diseases." "A fierce commitment to improving human lives is the bond that unites Amgen and ChemoCentryx today," said Thomas J. Schall, Ph.D., president and chief executive officer of ChemoCentryx. "Last year, after 25 years of proud history, we at CCXI delivered on our founding promise with the approval of TAVNEOS for patients with anti-neutrophil cytoplasmic autoantibody-associated vasculitis (ANCA-associated vasculitis). It is an honor to now join Amgen's great mission, and together begin a bright new era bringing landscape-shaping medicines like TAVNEOS to those who will benefit most." TAVNEOS is an orally administered selective complement component 5a receptor inhibitor. It was approved by the U.S. Food and Drug Administration in October 2021 as an adjunctive treatment for adult patients with severe active ANCA-associated vasculitis, specifically granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA) (the two main forms of ANCA-associated vasculitis), in combination with standard therapy. ANCA-associated vasculitis is an umbrella term for a group of multi-system autoimmune diseases with small vessel inflammation. Inflamed vessels may rupture or become occluded giving rise to a broad array of clinical symptoms and signs related to a systemic inflammatory response which may result in profound injury and dysfunction in the kidneys, lungs and other organs. Amgen is a leader in inflammation and nephrology. The company's inflammation portfolio includes Otezla®, ENBREL®, TEZSPIRE®, AMGEVITA™ (a biosimilar to HUMIRA®), RIABNI™ (a biosimilar to Rituxan®), and AVSOLA® (a biosimilar to REMICADE®). Amgen's pipeline includes four innovative Phase 2 inflammation medicines – efavaleukin alpha for systemic lupus erythematosus and ulcerative colitis, ordesekimab for celiac disease, rocatinlimab for atopic dermatitis and rozibafusap alfa for systemic lupus erythematosus – as well as ABP 654, a biosimilar to STELARA® that is in Phase 3 development. Amgen's nephrology portfolio includes EPOGEN®, Aranesp®, Parsabiv® and Sensipar®. U.S. sales of TAVNEOS in the first quarter of 2022, the first full quarter of sales, were $5.4 million. TAVNEOS is also approved in major markets outside the U.S., including the European Union and Japan. Vifor Fresenius Medical Care Renal Pharma Ltd. will retain exclusive rights to commercialize TAVNEOS outside the U.S., except in Japan where Kissei Pharmaceutical Co., Ltd. holds commercialization rights and Canada where Otsuka Canada Pharmaceutical holds commercialization rights. In addition to TAVNEOS, ChemoCentryx has three early-stage drug candidates that target chemoattractant receptors in other inflammatory diseases and an oral checkpoint inhibitor for cancer. The transaction has been unanimously approved by each company's board of directors. The transaction is subject to ChemoCentryx stockholder approval, regulatory approvals and other customary closing conditions, and is expected to close in the fourth quarter of 2022. Amgen management will comment further on the ChemoCentryx transaction on its Q2 earnings call today. PJT Partners acted as financial advisor to Amgen and Wachtell, Lipton, Rosen & Katz is serving as its legal advisor. Goldman Sachs & Co. LLC acted as financial advisor to ChemoCentryx, and Latham & Watkins LLP is serving as its legal advisor. About Amgen Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology. Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index. In 2021, Amgen was named one of the 25 World's Best Workplaces™ by Fortune and Great Place to Work™ and one of the 100 most sustainable companies in the world by Barron's. For more information, visit and follow us on . About ChemoCentryx ChemoCentryx is a biopharmaceutical company commercializing and developing new medications for inflammatory and autoimmune diseases and cancer. ChemoCentryx targets the chemokine and chemoattractant systems to discover, develop and commercialize orally administered therapies. In the United States, ChemoCentryx markets TAVNEOS® (avacopan), the first approved orally administered inhibitor of the complement 5a receptor as an adjunctive treatment for adult patients with severe active ANCA-associated vasculitis. TAVNEOS is also in late-stage clinical development for the treatment of severe hidradenitis suppurativa and C3 glomerulopathy (C3G). Additionally, ChemoCentryx has early-stage drug candidates that target chemoattractant receptors in other inflammatory and autoimmune diseases and in cancer. For more information about ChemoCentryx visit . About TAVNEOS® (avacopan) TAVNEOS (avacopan), approved by the FDA as an adjunctive treatment of ANCA-associated vasculitis, is a first-in-class, orally administered small molecule that employs a novel, highly targeted mode of action in complement-driven autoimmune and inflammatory diseases. While the precise mechanism in ANCA vasculitis has not been definitively established, TAVNEOS, by blocking the complement 5a receptor (C5aR) for the pro-inflammatory complement system fragment known as C5a on destructive inflammatory cells such as blood neutrophils, is presumed to arrest the ability of those cells to do damage in response to C5a activation, which is known to be the driver of ANCA vasculitis. TAVNEOS's selective inhibition of only the C5aR leaves the beneficial C5a pathway through the C5L2 receptor functioning normally. ChemoCentryx is also developing TAVNEOS for the treatment of patients with C3 glomerulopathy (C3G), severe hidradenitis suppurativa (HS) and lupus nephritis (LN). The U.S. Food and Drug Administration granted TAVNEOS orphan drug designation for ANCA-associated vasculitis and C3G. The European Commission has granted orphan medicinal product designation for TAVNEOS for the treatment of two forms of ANCA-associated vasculitis: microscopic polyangiitis and granulomatosis with polyangiitis (formerly known as Wegener's granulomatosis), as well as for C3G. About ANCA-Associated Vasculitis ANCA-associated vasculitis is an umbrella term for a group of multi-system autoimmune diseases with small vessel inflammation. Inflamed vessels may rupture or become occluded giving rise to a broad array of clinical symptoms and signs related to a systemic inflammatory response which may result in profound injury and dysfunction in the kidneys, lungs and other organs. Prior to the approval of TAVNEOS, treatment for ANCA-associated vasculitis was limited to courses of non-specific immuno-suppressants (cyclophosphamide or rituximab), combined with the administration of daily glucocorticoids (steroids) for prolonged periods of time, which can be associated with significant clinical risk including death from infection. U.S. PRESCRIBING INFORMATION TAVNEOS (avacopan) is indicated as an adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis (granulomatosis with polyangiitis [GPA] and microscopic polyangiitis [MPA]) in combination with standard therapy including glucocorticoids. TAVNEOS does not eliminate glucocorticoid use. IMPORTANT SAFETY INFORMATION Contraindications Serious hypersensitivity to avacopan or to any of the excipients Warning and Precautions Hepatotoxicity: Serious cases of hepatic injury have been observed in patients taking TAVNEOS, including life-threatening events. Obtain liver test panel before initiating TAVNEOS, every 4 weeks after start of therapy for six months and as clinically indicated thereafter. Monitor patients closely for hepatic adverse reactions, and consider pausing or discontinuing treatment as clinically indicated (refer to section 5.1 of the Prescribing Information). TAVNEOS is not recommended for patients with active, untreated and/or uncontrolled chronic liver disease (e.g., chronic active hepatitis B, untreated hepatitis C, uncontrolled autoimmune hepatitis) and cirrhosis. Consider the risk and benefit before administering this drug to a patient with liver disease. Serious Hypersensitivity Reactions: Cases of angioedema occurred in a clinical trial, including one serious event requiring hospitalization. Discontinue immediately if angioedema occurs and manage accordingly. TAVNEOS must not be re-administered unless another cause has been established. Hepatitis B Virus (HBV) Reactivation: Hepatitis B reactivation, including life threatening hepatitis B, was observed in the clinical program. Screen patients for HBV. For patients with evidence of prior infection, consult with physicians with expertise in HBV and monitor during TAVNEOS therapy and for six months following. If patients develop HBV reactivation, immediately discontinue TAVNEOS and concomitant therapies associated with HBV reactivation, and consult with experts before resuming. Serious Infections: Serious infections, including fatal infections, have been reported in patients receiving TAVNEOS. The most common serious infections reported in TAVNEOS group were pneumonia and urinary tract infections. Avoid use of TAVNEOS in patients with active, serious infection, including localized infections. Consider the risks and benefits before initiating TAVNEOS in patients with chronic infection, at increased risk of infection or who have been to places where certain infections are common. Adverse Reactions The most common adverse reactions (≥5% of patients and higher in the TAVNEOS group vs. prednisone group) were: nausea, headache, hypertension, diarrhea, vomiting, rash, fatigue, upper abdominal pain, dizziness, blood creatinine increased, and paresthesia. Drug Interactions Avoid coadministration of TAVNEOS with strong and moderate CYP3A4 enzyme inducers. Reduce TAVNEOS dose when co-administered with strong CYP3A4 enzyme inhibitors to 30 mg once daily. Monitor for adverse reactions and consider dose reduction of certain sensitive CYP3A4 substrates. Please see Full Prescribing Information and Medication Guide. Additional Information This report may be deemed solicitation material in respect of the proposed acquisition of ChemoCentryx by Amgen. ChemoCentryx expects to file with the SEC a proxy statement and other relevant documents with respect to a special meeting of the stockholders of ChemoCentryx to approve the proposed merger. Investors of ChemoCentryx are urged to read the definitive proxy statement and other relevant materials carefully and in their entirety when they become available because they will contain important information about ChemoCentryx, Amgen and the proposed Merger. Investors may obtain a free copy of these materials (when they are available) and other documents filed by ChemoCentryx with the SEC at the SEC's website at , at ChemoCentryx's website at or by sending a written request to ChemoCentryx at 835 Industrial Road, Suite 600, San Carlos, CA 94070, Attention: Legal. Participants in the Solicitation ChemoCentryx and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of ChemoCentryx's stockholders in connection with the proposed merger will be set forth in ChemoCentryx's definitive proxy statement for its special stockholders meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the proposed Merger will be set forth in the definitive proxy statement when and if it is filed with the SEC in connection with the proposed merger. Forward-Looking Statements This communication contains forward-looking statements. These forward-looking statements generally include statements that are predictive in nature and depend on or refer to future events or conditions, and include words such as "expect," "anticipate," "outlook," "could," "target," "project," "intend," "plan," "believe," "seek," "estimate," "should," "may," "assume" and "continue" as well as variations of such words and similar expressions. By their nature, forward-looking statements involve risks and uncertainty because they relate to events and depend on circumstances that will occur in the future, and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Forward-looking statements include, among other things, statements about the potential benefits of the proposed acquisition of ChemoCentryx by Amgen (the "proposed transaction"); the prospective performance and outlook of ChemoCentryx's business, performance and opportunities; any potential strategic benefits, synergies or opportunities expected as a result of the proposed transaction; the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; as well as any assumptions underlying any of the foregoing. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements. There can be no guarantee that the proposed transaction will be completed, or that it will be completed as currently proposed, or at any particular time. Neither can there be any guarantee that Amgen or ChemoCentryx will achieve any particular future financial results, or that Amgen will be able to realize any of the potential strategic benefits, synergies or opportunities as a result of the proposed acquisition. In particular, our expectations could be affected by, among other things: the risk that the proposed transaction may not be completed in a timely manner or at all; the possibility that competing offers or acquisition proposals for ChemoCentryx will be made; the possibility that required regulatory, stockholder or other approvals or other conditions to the consummation of proposed transaction may not be satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect Amgen or ChemoCentryx or the expected benefits of the proposed transaction); regulatory actions or delays or government regulation generally, including potential regulatory actions or delays relating to the completion of the potential transaction; the occurrence of any event, change or other circumstance that could give rise to the right of Amgen or ChemoCentryx to terminate the definitive merger agreement governing the terms and conditions of the proposed transaction; effects of the announcement, pendency or consummation of the proposed transaction on ChemoCentryx's ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, its business generally or its stock price; risks related to the diversion of management's attention from ongoing business operations and opportunities; the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; the potential that the strategic benefits, synergies or opportunities expected from the proposed transaction may not be realized or may take longer to realize than expected; the successful integration of ChemoCentryx into Amgen subsequent to the closing of the proposed transaction and the timing, difficulty and cost of such integration; the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and other risks and factors referred to from time to time in Amgen's and ChemoCentryx's filings with the Securities and Exchange Commission, including Amgen's Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q and ChemoCentryx's Annual Report on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q, including those related to the uncertainties inherent in the research and development of new and existing healthcare products, including clinical and regulatory developments and additional analysis of existing clinical data; our ability to obtain or maintain proprietary intellectual property protection; safety, quality or manufacturing issues or delays; changes in expected or existing competition; and domestic and global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures. The effects of the COVID-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of these factors. Amgen is providing the information in this communication as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. Amgen, Thousand Oaks Jessica Akopyan, 805-440-5721 (media) Arvind Sood, 805-447-1060 (investors) ChemoCentryx, San Carlos Bill Slattery, Jr., 650-210-2970 (media/investors) SOURCE Amgen