0000318154-24-000035 | 10-Q | XBRL Viewer

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Derivative instruments - Hedged Liabilities and Cumulative Amount (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	$ (345)	$ (314)
Current portion of long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	1,026	1,441
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	26	41
Carrying value with discontinued hedging relationships	60	69
Hedging adjustments on discontinued hedging relationships	60	69
Long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	3,776	4,788
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	(371)	(355)
Carrying value with discontinued hedging relationships	259	288
Hedging adjustments on discontinued hedging relationships	$ 159	$ 188

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-For-Sale Investments

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):


Types of securities as of June 30, 2024	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	995	$	—	$	—	$	995









Money market mutual funds	7,678		—		—		7,678
Other short-term interest-bearing securities	139		—		—		139
Total interest-bearing securities	$	8,812	$	—	$	—	$	8,812


Types of securities as of December 31, 2023	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	—	$	—	$	—	$	—









Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	138		—		—		138
Total interest-bearing securities	$	10,404	$	—	$	—	$	10,404

Schedule of Fair Values by Classification

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):


Condensed Consolidated Balance Sheets locations	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,812	$	10,404

Total interest-bearing securities	$	8,812	$	10,404

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

We operate in one business segment: human therapeutics. Therefore, results of our operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues by product and by geographic area, based on customers’ locations, are presented below. The majority of ROW revenues relates to products sold in Europe.

Revenues were as follows (in millions):


	Three months ended June 30,
	2024						2023
	U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	770	$	395	$	1,165	$	691	$	337	$	1,028
ENBREL	902		7		909		1,055		13		1,068
XGEVA	399		163		562		387		143		530
Repatha	270		262		532		212		212		424
Otezla	432		112		544		495		105		600
TEPEZZA(1)	478		1		479		—		—		—
KYPROLIS	240		137		377		234		112		346
EVENITY	281		110		391		192		89		281
Aranesp	91		257		348		123		242		365
Nplate	214		132		346		176		134		310
KRYSTEXXA(1)	294		—		294		—		—		—
Vectibix	133		137		270		118		130		248
BLINCYTO	165		99		264		145		61		206
TEZSPIRE(2)	234		—		234		133		—		133
Other products(3)	937		389		1,326		775		369		1,144
Total product sales(4)	$	5,840	$	2,201	8,041		$	4,736	$	1,947	6,683
Other revenues					347						303
Total revenues					$	8,388					$	6,986
























	Six months ended June 30,
	2024						2023
	U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	1,427	$	737	$	2,164	$	1,314	$	641	$	1,955
ENBREL	1,463		13		1,476		1,619		28		1,647
XGEVA	765		358		1,123		771		295		1,066
Repatha	543		506		1,049		409		403		812
Otezla	725		213		938		789		203		992
TEPEZZA(1)	897		6		903		—		—		—
KYPROLIS	474		279		753		468		236		704
EVENITY	517		216		733		356		179		535
Aranesp	191		506		697		238		482		720
Nplate	404		259		663		422		250		672
KRYSTEXXA(1)	529		—		529		—		—		—
Vectibix	253		264		517		229		252		481
BLINCYTO	318		190		508		271		129		400
TEZSPIRE(2)	407		—		407		229		—		229
Other products(3)	1,900		799		2,699		1,596		720		2,316
Total product sales(4)	$	10,813	$	4,346	15,159		$	8,711	$	3,818	12,529
Other revenues					676						562
Total revenues					$	15,835					$	13,091

_______

(1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.

(2) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.

(3) Consists of product sales of our non-principal products.

(4) Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2024 and 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Fair value measurement - Contingent Consideration Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 96	$ 273	$ 96	$ 270
Payments	(2)	(2)	(4)	(4)
Net changes in valuations	13	(23)	15	(18)
Ending balance	$ 107	$ 248	$ 107	$ 248

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37702
Entity Registrant Name	Amgen Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3540776
Entity Address, Address Line One	One Amgen Center Drive
Entity Address, City or Town	Thousand Oaks
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91320-1799
City Area Code	805
Local Phone Number	447-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		537,329,220
Entity Central Index Key	0000318154
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	AMGN
Security Exchange Name	NASDAQ
2.00% Senior Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	2.00% Senior Notes due 2026
Trading Symbol	AMGN26
Security Exchange Name	NASDAQ

Earnings per share - Computation for Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Income (Numerator):
Net income for basic and diluted EPS	$ 746	$ (113)	$ 1,379	$ 2,841	$ 633	$ 4,220
Shares (Denominator):
Weighted-average shares for basic EPS (in shares)	537		535		537	534
Effect of dilutive securities (in shares)	4		2		4	3
Weighted-average shares for diluted EPS (in shares)	541		537		541	537
Basic EPS (in usd per share)	$ 1.39		$ 2.58		$ 1.18	$ 7.90
Diluted EPS (in usd per share)	$ 1.38		$ 2.57		$ 1.17	$ 7.86

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 60B
-Subparagraph (a)
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-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 7
-Publisher FASB
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-Topic 942
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+ Details

Fair value measurement - Fair Value of Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Available-for-sale securities:	$ 8,812		$ 10,404
Equity securities	3,470		4,514
Derivatives:
Total assets	12,552		15,063
Derivatives:
Contingent consideration obligations	107	$ 96	96	$ 248	$ 273	$ 270
Total liabilities	1,134		1,188
Foreign currency forward contracts
Derivatives:
Derivative assets	270		145
Derivatives:
Derivative liabilities	28		116
Cross-currency swap contracts
Derivatives:
Derivative liabilities	435		405
Interest rate swap contracts
Derivatives:
Interest rate swap contracts	564		571
Quoted prices in active markets for identical assets (Level 1)
Assets:
Equity securities	3,470		4,514
Derivatives:
Total assets	11,148		14,780
Derivatives:
Contingent consideration obligations	0		0
Total liabilities	0		0
Quoted prices in active markets for identical assets (Level 1) \| Foreign currency forward contracts
Derivatives:
Derivative assets	0		0
Derivatives:
Derivative liabilities	0		0
Quoted prices in active markets for identical assets (Level 1) \| Cross-currency swap contracts
Derivatives:
Derivative liabilities	0		0
Quoted prices in active markets for identical assets (Level 1) \| Interest rate swap contracts
Derivatives:
Interest rate swap contracts	0		0
Significant other observable inputs (Level 2)
Assets:
Equity securities	0		0
Derivatives:
Total assets	1,404		283
Derivatives:
Contingent consideration obligations	0		0
Total liabilities	1,027		1,092
Significant other observable inputs (Level 2) \| Foreign currency forward contracts
Derivatives:
Derivative assets	270		145
Derivatives:
Derivative liabilities	28		116
Significant other observable inputs (Level 2) \| Cross-currency swap contracts
Derivatives:
Derivative liabilities	435		405
Significant other observable inputs (Level 2) \| Interest rate swap contracts
Derivatives:
Interest rate swap contracts	564		571
Significant unobservable inputs (Level 3)
Assets:
Equity securities	0		0
Derivatives:
Total assets	0		0
Derivatives:
Contingent consideration obligations	107		96
Total liabilities	107		96
Significant unobservable inputs (Level 3) \| Foreign currency forward contracts
Derivatives:
Derivative assets	0		0
Derivatives:
Derivative liabilities	0		0
Significant unobservable inputs (Level 3) \| Cross-currency swap contracts
Derivatives:
Derivative liabilities	0		0
Significant unobservable inputs (Level 3) \| Interest rate swap contracts
Derivatives:
Interest rate swap contracts	0		0
U.S. Treasury bills
Assets:
Available-for-sale securities:	995		0
U.S. Treasury bills \| Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities:	0		0
U.S. Treasury bills \| Significant other observable inputs (Level 2)
Assets:
Available-for-sale securities:	995		0
U.S. Treasury bills \| Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities:	0		0
Money market mutual funds
Assets:
Available-for-sale securities:	7,678		10,266
Money market mutual funds \| Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities:	7,678		10,266
Money market mutual funds \| Significant other observable inputs (Level 2)
Assets:
Available-for-sale securities:	0		0
Money market mutual funds \| Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities:	0		0
Other short-term interest-bearing securities
Assets:
Available-for-sale securities:	139		138
Other short-term interest-bearing securities \| Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities:	0		0
Other short-term interest-bearing securities \| Significant other observable inputs (Level 2)
Assets:
Available-for-sale securities:	139		138
Other short-term interest-bearing securities \| Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities:	$ 0		$ 0

Derivative instruments - Summary of Income and Expense Line Items (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Product sales	$ 8,388	$ 6,986	$ 15,835	$ 13,091
Other (expense) income, net	(307)	(318)	(542)	1,746
Interest expense, net	(808)	(752)	(1,632)	(1,295)
Interest rate swap agreements
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on fair value hedging relationships, hedged items	(18)	93	31	5
Gains (losses) on fair value hedging relationships, Derivatives designated as hedging instruments	36	(72)	8	42
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges \| Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Other (expense) income, net	(3)	51	(34)	29
Product sales
Derivative Instruments, Gain (Loss) [Line Items]
Product sales	8,041	6,683	15,159	12,529
Product sales \| Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges \| Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Product sales	$ 55	$ 36	$ 106	$ 88

Income taxes (Details) $ in Millions	3 Months Ended		6 Months Ended
Income taxes (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 19, 2022 case	Apr. 28, 2022 USD ($)	May 31, 2021 USD ($) notice
Income Tax Examination [Line Items]
Income tax expense (benefit)	$ 48	$ 235	$ 93	$ 836
Income before income taxes	$ 794	$ 1,614	$ 726	$ 5,056
Effective income tax rate	6.00%	14.60%	12.80%	16.50%
Increase in unrecognized tax benefits resulting from tax positions taken during the current period	$ 40		$ 80
Domestic Tax Authority
Income Tax Examination [Line Items]
Number of notices on proposed additional tax \| notice							2
Proposed additional income tax							$ 3,600
Repatriation tax on proposed additional tax							$ 900
Proposed additional income tax 2013-2015						$ 5,100
Penalties on proposed additional income tax 2013-2015						2,000
Repatriation tax on proposed additional tax 2013-2015						$ 2,200
Number of notices consolidated \| case					2

Contingencies and commitments - Narrative (Details)	May 28, 2024 patent	May 02, 2024 securityCase
Loss Contingencies [Line Items]
Number Of Securities Cases Filed \| securityCase		2
Amgen Inc. Vs. Celltrion Inc \| Pending Litigation
Loss Contingencies [Line Items]
Number of patents allegedly infringed upon \| patent	29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per share

The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method.

The computations for basic and diluted EPS were as follows (in millions, except per-share data):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Income (Numerator):
Net income for basic and diluted EPS	$	746	$	1,379	$	633	$	4,220

Shares (Denominator):
Weighted-average shares for basic EPS	537		535		537		534
Effect of dilutive securities	4		2		4		3
Weighted-average shares for diluted EPS	541		537		541		537

Basic EPS	$	1.39	$	2.58	$	1.18	$	7.90
Diluted EPS	$	1.38	$	2.57	$	1.17	$	7.86

For the three and six months ended June 30, 2024 and 2023, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

Goodwill and other intangible assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill

The change in the carrying amount of goodwill was as follows (in millions):


	Six months ended June 30, 2024
Beginning balance	$	18,629
Adjustments to goodwill resulting from acquisitions (1)	(1)
Currency translation adjustment	(12)
Ending balance	$	18,616

____________

(1) For the six months ended June 30, 2024, adjustments to goodwill consisted of measurement period adjustments related to our Horizon acquisition. See Note 2, Acquisitions.

Other intangible assets

Other intangible assets consisted of the following (in millions):


	June 30, 2024						December 31, 2023
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	48,621	$	(20,320)	$	28,301	$	48,631	$	(18,049)	$	30,582
Licensing rights	3,864		(3,329)		535		3,865		(3,265)		600
Marketing-related rights	1,203		(1,169)		34		1,339		(1,264)		75
Research and development technology rights	1,383		(1,231)		152		1,394		(1,228)		166
Total finite-lived intangible assets	55,071		(26,049)		29,022		55,229		(23,806)		31,423
Indefinite-lived intangible assets:
In-process research and development	1,150		—		1,150		1,218		—		1,218
Total other intangible assets	$	56,221	$	(26,049)	$	30,172	$	56,447	$	(23,806)	$	32,641

Developed-product-technology rights consists of rights related to marketed products. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses.

IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.

During the three months ended June 30, 2024 and 2023, we recognized amortization associated with our finite-lived intangible assets of $1.2 billion and $693 million, respectively. During the six months ended June 30, 2024 and 2023, we recognized amortization associated with our finite-lived intangible assets of $2.4 billion and $1.4 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. As of June 30, 2024, the total estimated amortization of our finite-lived intangible assets for the remaining six months ending December 31, 2024, and the years ending December 31, 2025, 2026, 2027, 2028 and 2029, are $2.4 billion, $4.5 billion, $3.9 billion, $3.9 billion, $2.9 billion and $2.2 billion, respectively.

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Acquisition of Horizon Therapeutics plc

On October 6, 2023, Amgen completed its acquisition of Horizon for $116.50 per share in cash, representing a total consideration of approximately $27.8 billion. Horizon is a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs of patients impacted by rare, autoimmune and severe inflammatory diseases. The acquisition, which was accounted for as a business combination, aligns with Amgen’s core strategy of delivering innovative medicines that make a significant difference for patients suffering from serious diseases and strengthens Amgen’s leading rare disease portfolio by adding first-in-class, early-in-lifecycle medicines, including TEPEZZA for thyroid eye disease, KRYSTEXXA for chronic refractory gout and UPLIZNA for neuromyelitis optica spectrum disorder. Upon its acquisition, Horizon became a wholly owned subsidiary of Amgen, and its operations have been included in our consolidated financial statements commencing on the acquisition date.

Measurement period adjustments during the six months ended June 30, 2024, included changes to the purchase price allocation, resulting in a net decrease of approximately $1 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired assets and liabilities, including sales reserve and allowances as well as right-of-use assets and liabilities based on facts and circumstances that existed as of the acquisition date and did not result from events subsequent to the acquisition date. The adjustments did not have a significant impact on Amgen’s results of operations during the six months ended June 30, 2024, and would not have had a significant impact on prior period results if the adjustments had been made as of the acquisition date.

The following table summarizes the total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed, inclusive of measurement period adjustments (in millions):


	Amounts
Cash and cash equivalents	$	681
Inventories	5,014
Property, plant and equipment, net	318
Finite-lived intangible assets – developed-product-technology rights	19,590
IPR&D	1,060
Goodwill	3,110
Deferred tax asset	834
Deferred tax liability	(2,492)
Other assets and liabilities, net	(282)
Total assets acquired, net	$	27,833

The $27.8 billion total consideration for this transaction consisted of (i) cash consideration transferred to common shareholders of $26.7 billion; (ii) cash consideration transferred to vested and outstanding options, outstanding restricted stock unit (RSU) awards, and outstanding performance share unit (PSU) awards of $523 million; (iii) fair value of Amgen replacement awards (based on conversion of outstanding employee RSU awards) of $180 million representing non-cash consideration; and (iv) a portion of Horizon’s debt, settled by Amgen on the closing date, of $382 million. Amgen issued 1.7 million replacement equity awards with the original vesting conditions, and fair value was determined based on acquisition date fair value based on the conversion calculation.

The estimated fair values of $20.7 billion for the developed-product-technology rights and IPR&D intangible assets were determined using a multi-period excess earnings income approach that discounts expected future cash flows to present value by applying a discount rate that represents the estimated rate that market participants would use to value the intangible assets. The projected cash flows were based on certain assumptions attributable to the respective intangible asset, including estimates of future revenues and expenses, the time and resources needed to complete development and the probabilities of obtaining marketing approval from the FDA and other regulatory agencies. The developed-product-technology rights are being amortized on a straight-line basis over a weighted-average period of approximately 10 years from the acquisition date using the straight-line methodology.

The estimated fair value of the acquired inventory of $5.0 billion was determined using the comparative sales method, which uses actual or expected selling prices of inventory as the base amount to which adjustments for selling effort and a profit on the buyer’s effort are applied. The inventory fair value adjustment is being amortized using a weighted-average inventory turnover, which we estimate to approximate 27 months from the acquisition date.

A deferred tax liability of $2.5 billion was recognized on the temporary differences related to the book bases and tax bases of the acquired identifiable assets and assumed liabilities, primarily driven by the intangible assets acquired, as well as associated deferred tax asset for anticipatory foreign tax credits of $834 million.

The excess of the acquisition date consideration over the fair values assigned to the assets acquired and the liabilities assumed of $3.1 billion was recorded as goodwill, which is not deductible for tax purposes. The goodwill value represents expected synergies from the marketed products acquired and other benefits.

Our accounting for this acquisition is preliminary and will be finalized upon completion of our analysis to determine the acquisition date fair values of certain tax-related items as we obtain additional information during the measurement period of up to one year from the acquisition date.

Supplemental Pro Forma Financial Information

The following table presents the unaudited supplemental pro forma results of a hypothetical combined Amgen and Horizon entity for the three and six months ended June 30, 2023, as if the acquisition of Horizon had occurred on January 1, 2022 (in millions):


	Three months ended June 30, 2023		Six months ended June 30, 2023
Total revenue	$	7,933	$	14,874
Net income	$	434	$	2,616

The unaudited supplemental pro forma combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Amgen and Horizon. In order to reflect the occurrence of the acquisition on January 1, 2022, the unaudited supplemental pro forma financial information includes adjustments to reflect the following: (i) incremental amortization expense based on the current preliminary fair values of the identifiable intangible assets and inventory step-up; (ii) the additional interest expense associated with the issuance of debt to finance the acquisition; and (iii) the income tax impact using an estimated effective tax rate applied to the combined entity. The unaudited supplemental pro forma financial information is not necessarily indicative of what the condensed consolidated results of operations would have been had the acquisition been completed on January 1, 2022. In addition, the unaudited supplemental pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the expected realization of any synergies or cost savings associated with the acquisition.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financing arrangements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of debt		$ 1,400	$ 704
Extinguishment of debt	$ 410
Gain on extinguishment of debt	$ 133
Notes
Debt Instrument [Line Items]
Basis spread on variable rate		1.225%
4.563% notes due 2048 (4.563% 2048 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%	4.563%
Effective interest rate	6.30%	6.30%
4.663% notes due 2051 (4.663% 2051 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%	4.663%
Effective interest rate	5.60%	5.60%
2.77% notes due 2053 (2.77% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%	2.77%
Effective interest rate	5.20%	5.20%
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	3.15%
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%
4.20% notes due 2052 (4.20% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%
3.625% notes due 2024 (3.625% 2024 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%	3.625%
Repayments of debt	$ 1,400

Revenues - Narrative (Details) - 6 months ended Jun. 30, 2024	segment	Segment
Revenue from Contract with Customer [Abstract]
Number of operating segments	1	1

Derivative instruments - Summary of Unrealized Gains and Losses Recognized in AOCI (Details) - Cash flow hedge - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized gains (losses)	$ 117	$ 50	$ 295	$ (21)
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized gains (losses)	123	24	325	24
Cross-currency swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized gains (losses)	(6)	26	(30)	(14)
Forward interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total unrealized gains (losses)	$ 0	$ 0	$ 0	$ (31)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock and additional paid-in capital, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock and additional paid-in capital, shares authorized (in shares)	2,750.0	2,750.0
Common stock and additional paid-in capital, shares outstanding (in shares)	537.2	535.4

Stockholders' equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

The components of AOCI were as follows (in millions):


	Foreign currency translation		Cash flow hedges		Other		AOCI
Balance as of December 31, 2023	$	(298)	$	(22)	$	31	$	(289)

Foreign currency translation adjustments	(24)		—		—		(24)
Unrealized gains	—		178		—		178
Reclassification adjustments to income	—		(20)		—		(20)
Other	—		—		(3)		(3)
Income taxes	—		(32)		—		(32)
Balance as of March 31, 2024	(322)		104		28		(190)

Foreign currency translation adjustments	(15)		—		—		(15)
Unrealized gains	—		117		—		117
Reclassification adjustments to income	—		(52)		—		(52)
Other	—		—		(1)		(1)
Income taxes	—		(14)		—		(14)
Balance as of June 30, 2024	$	(337)	$	155	$	27	$	(155)

Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):


	Three months ended June 30,
Components of AOCI	2024		2023		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	55	$	36	Product sales
Cross-currency swap contract (losses) gains	(3)		51		Other (expense) income, net

	52		87		Income before income taxes
	(11)		(19)		Provision for income taxes
	$	41	$	68	Net income





	Six months ended June 30,
Components of AOCI	2024		2023		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	106	$	88	Product sales
Cross-currency swap contract (losses) gains	(34)		29		Other (expense) income, net

	72		117		Income before income taxes
	(15)		(25)		Provision for income taxes
	$	57	$	92	Net income

Revenues - Disaggregation of Revenue by Product and by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer [Line Items]
Total revenues	$ 8,388	$ 6,986	$ 15,835	$ 13,091
Product sales
Revenue from External Customer [Line Items]
Total revenues	8,041	6,683	15,159	12,529
Product sales \| U.S.
Revenue from External Customer [Line Items]
Total revenues	5,840	4,736	10,813	8,711
Product sales \| ROW
Revenue from External Customer [Line Items]
Total revenues	2,201	1,947	4,346	3,818
Prolia
Revenue from External Customer [Line Items]
Total revenues	1,165	1,028	2,164	1,955
Prolia \| U.S.
Revenue from External Customer [Line Items]
Total revenues	770	691	1,427	1,314
Prolia \| ROW
Revenue from External Customer [Line Items]
Total revenues	395	337	737	641
ENBREL
Revenue from External Customer [Line Items]
Total revenues	909	1,068	1,476	1,647
ENBREL \| U.S.
Revenue from External Customer [Line Items]
Total revenues	902	1,055	1,463	1,619
ENBREL \| ROW
Revenue from External Customer [Line Items]
Total revenues	7	13	13	28
XGEVA
Revenue from External Customer [Line Items]
Total revenues	562	530	1,123	1,066
XGEVA \| U.S.
Revenue from External Customer [Line Items]
Total revenues	399	387	765	771
XGEVA \| ROW
Revenue from External Customer [Line Items]
Total revenues	163	143	358	295
Repatha
Revenue from External Customer [Line Items]
Total revenues	532	424	1,049	812
Repatha \| U.S.
Revenue from External Customer [Line Items]
Total revenues	270	212	543	409
Repatha \| ROW
Revenue from External Customer [Line Items]
Total revenues	262	212	506	403
Otezla
Revenue from External Customer [Line Items]
Total revenues	544	600	938	992
Otezla \| U.S.
Revenue from External Customer [Line Items]
Total revenues	432	495	725	789
Otezla \| ROW
Revenue from External Customer [Line Items]
Total revenues	112	105	213	203
TEPEZZA
Revenue from External Customer [Line Items]
Total revenues	479	0	903	0
TEPEZZA \| U.S.
Revenue from External Customer [Line Items]
Total revenues	478	0	897	0
TEPEZZA \| ROW
Revenue from External Customer [Line Items]
Total revenues	1	0	6	0
KYPROLIS
Revenue from External Customer [Line Items]
Total revenues	377	346	753	704
KYPROLIS \| U.S.
Revenue from External Customer [Line Items]
Total revenues	240	234	474	468
KYPROLIS \| ROW
Revenue from External Customer [Line Items]
Total revenues	137	112	279	236
EVENITY
Revenue from External Customer [Line Items]
Total revenues	391	281	733	535
EVENITY \| U.S.
Revenue from External Customer [Line Items]
Total revenues	281	192	517	356
EVENITY \| ROW
Revenue from External Customer [Line Items]
Total revenues	110	89	216	179
Aranesp
Revenue from External Customer [Line Items]
Total revenues	348	365	697	720
Aranesp \| U.S.
Revenue from External Customer [Line Items]
Total revenues	91	123	191	238
Aranesp \| ROW
Revenue from External Customer [Line Items]
Total revenues	257	242	506	482
Nplate
Revenue from External Customer [Line Items]
Total revenues	346	310	663	672
Nplate \| U.S.
Revenue from External Customer [Line Items]
Total revenues	214	176	404	422
Nplate \| ROW
Revenue from External Customer [Line Items]
Total revenues	132	134	259	250
KRYSTEXXA
Revenue from External Customer [Line Items]
Total revenues	294	0	529	0
KRYSTEXXA \| U.S.
Revenue from External Customer [Line Items]
Total revenues	294	0	529	0
KRYSTEXXA \| ROW
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Vectibix
Revenue from External Customer [Line Items]
Total revenues	270	248	517	481
Vectibix \| U.S.
Revenue from External Customer [Line Items]
Total revenues	133	118	253	229
Vectibix \| ROW
Revenue from External Customer [Line Items]
Total revenues	137	130	264	252
BLINCYTO
Revenue from External Customer [Line Items]
Total revenues	264	206	508	400
BLINCYTO \| U.S.
Revenue from External Customer [Line Items]
Total revenues	165	145	318	271
BLINCYTO \| ROW
Revenue from External Customer [Line Items]
Total revenues	99	61	190	129
TEZSPIRE
Revenue from External Customer [Line Items]
Total revenues	234	133	407	229
TEZSPIRE \| U.S.
Revenue from External Customer [Line Items]
Total revenues	234	133	407	229
TEZSPIRE \| ROW
Revenue from External Customer [Line Items]
Total revenues	0	0	0	0
Other products
Revenue from External Customer [Line Items]
Total revenues	1,326	1,144	2,699	2,316
Other products \| U.S.
Revenue from External Customer [Line Items]
Total revenues	937	775	1,900	1,596
Other products \| ROW
Revenue from External Customer [Line Items]
Total revenues	389	369	799	720
Other revenues
Revenue from External Customer [Line Items]
Total revenues	$ 347	$ 303	$ 676	$ 562

Investments - Neumora Therapeutics, Inc. (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity securities	$ 3,470		$ 3,470		$ 4,514
Unrealized gains (losses) on equity securities	$ (50)	$ 3	$ 0	$ 0
Neumora Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	22.20%		22.20%		23.20%
Equity securities	$ 348		$ 348		$ 603
Unrealized gains (losses) on equity securities	$ (138)	$ 28	$ (255)	$ (19)
Neumora Therapeutics, Inc. \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		5.00%		5.00%
Neumora Therapeutics, Inc. \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage		10.00%		10.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 633	$ 4,220
Depreciation, amortization and other	2,799	1,796
Stock-based compensation expense	260	166
Deferred income taxes	(784)	(203)
Adjustments for equity method investments	(39)	(3)
Losses (gains) on equity securities	916	(1,169)
Other items, net	(67)	5
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net	310	(240)
Inventories	1,528	(28)
Other assets	(339)	(69)
Accounts payable	666	(371)
Accrued income taxes, net	(1,311)	471
Long-term tax liabilities	(637)	196
Accrued liabilities	(361)	351
Accrued sales incentives and allowance	(393)	173
Other liabilities	(33)	(122)
Net cash provided by operating activities	3,148	5,173
Cash flows from investing activities:
Proceeds from sales of marketable securities	0	1,125
Proceeds from maturities of marketable securities	0	550
Purchases of property, plant and equipment	(468)	(615)
Other	34	87
Net cash (used in) provided by investing activities	(434)	1,147
Cash flows from financing activities:
Net proceeds from issuance of debt	0	23,780
Extinguishment of debt	(410)	(420)
Repayment of debt	(1,400)	(704)
Dividends paid	(2,417)	(2,276)
Other	(130)	(81)
Net cash (used in) provided by financing activities	(4,357)	20,299
(Decrease) increase in cash and cash equivalents	(1,643)	26,619
Cash and cash equivalents at beginning of period	10,944	7,629
Cash and cash equivalents at end of period	$ 9,301	$ 34,248

Financing arrangements - Schedule of Borrowings (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized bond discounts, premiums and issuance costs, net	$ (1,389)			$ (1,420)
Fair value adjustments	(345)			(314)
Other	29			17
Total carrying value of debt	62,645			64,613
Less current portion	(5,528)			(1,443)
Total long-term debt	$ 57,117			63,170
Notes \| 3.625% notes due 2024 (3.625% 2024 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.625%	3.625%	3.625%
Long-term debt, gross				1,400
Notes \| 1.90% notes due 2025 (1.90% 2025 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%	1.90%	1.90%
Long-term debt, gross	$ 500			500
Notes \| 5.25% notes due 2025 (5.25% 2025 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Long-term debt, gross	$ 2,000			2,000
Notes \| 3.125% notes due 2025 (3.125% 2025 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%	3.125%	3.125%
Long-term debt, gross	$ 1,000			1,000
Notes \| 2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
Face amount \| €		€ 750,000,000
Long-term debt, gross	$ 803			828
Notes \| 5.507% notes due 2026 (5.507% 2026 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%	5.507%	5.507%
Long-term debt, gross	$ 1,500			1,500
Notes \| 2.60% notes due 2026 (2.60% 2026 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%	2.60%	2.60%
Long-term debt, gross	$ 1,250			1,250
Notes \| 5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%	5.50%
Face amount \| £			£ 475,000,000
Long-term debt, gross	$ 601			605
Notes \| 2.20% notes due 2027 (2.20% 2027 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%	2.20%	2.20%
Long-term debt, gross	$ 1,724			1,724
Notes \| 3.20% notes due 2027 (3.20% 2027 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%	3.20%	3.20%
Long-term debt, gross	$ 1,000			1,000
Notes \| 5.15% notes due 2028 (5.15% 2028 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Long-term debt, gross	$ 3,750			3,750
Notes \| 1.65% notes due 2028 (1.65% 2028 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%	1.65%	1.65%
Long-term debt, gross	$ 1,234			1,234
Notes \| 3.00% notes due 2029 (3.00% 2029 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%
Long-term debt, gross	$ 750			750
Notes \| 4.05% notes due 2029 (4.05% 2029 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%	4.05%	4.05%
Long-term debt, gross	$ 1,250			1,250
Notes \| 4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%	4.00%	4.00%
Face amount \| £			£ 700,000,000
Long-term debt, gross	$ 885			892
Notes \| 2.45% notes due 2030 (2.45% 2030 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%	2.45%	2.45%
Long-term debt, gross	$ 1,250			1,250
Notes \| 5.25% notes due 2030 (5.25% 2030 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Long-term debt, gross	$ 2,750			2,750
Notes \| 2.30% notes due 2031 (2.30% 2031 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%	2.30%	2.30%
Long-term debt, gross	$ 1,250			1,250
Notes \| 2.00% notes due 2032 (2.00% 2032 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
Long-term debt, gross	$ 1,001			1,001
Notes \| 3.35% notes due 2032 (3.35% 2032 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%	3.35%	3.35%
Long-term debt, gross	$ 1,000			1,000
Notes \| 4.20% notes due 2033 (4.20% 2033 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%
Long-term debt, gross	$ 750			750
Notes \| 5.25% notes due 2033 (5.25% 2033 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Long-term debt, gross	$ 4,250			4,250
Notes \| 6.375% notes due 2037 (6.375% 2037 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	6.375%	6.375%	6.375%
Long-term debt, gross	$ 478			478
Notes \| 6.90% notes due 2038 (6.90% 2038 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	6.90%	6.90%	6.90%
Long-term debt, gross	$ 254			254
Notes \| 6.40% notes due 2039 (6.40% 2039 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	6.40%	6.40%	6.40%
Long-term debt, gross	$ 333			333
Notes \| 3.15% notes due 2040 (3.15% 2040 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	3.15%	3.15%
Long-term debt, gross	$ 1,768			1,803
Notes \| 5.75% notes due 2040 (5.75% 2040 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Long-term debt, gross	$ 373			373
Notes \| 2.80% notes due 2041 (2.80% 2041 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%	2.80%
Long-term debt, gross	$ 828			949
Notes \| 4.95% notes due 2041 (4.95% 2041 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.95%	4.95%	4.95%
Long-term debt, gross	$ 600			600
Notes \| 5.15% notes due 2041 (5.15% 2041 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Long-term debt, gross	$ 729			729
Notes \| 5.65% notes due 2042 (5.65% 2042 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Long-term debt, gross	$ 415			415
Notes \| 5.60% notes due 2043 (5.60% 2043 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%	5.60%	5.60%
Long-term debt, gross	$ 2,750			2,750
Notes \| 5.375% notes due 2043 (5.375% 2043 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%	5.375%	5.375%
Long-term debt, gross	$ 185			185
Notes \| 4.40% notes due 2045 (4.40% 2045 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Long-term debt, gross	$ 2,250			2,250
Notes \| 4.563% notes due 2048 (4.563% 2048 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%	4.563%	4.563%
Long-term debt, gross	$ 1,415			1,415
Notes \| 3.375% notes due 2050 (3.375% 2050 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%	3.375%
Long-term debt, gross	$ 1,914			2,132
Notes \| 4.663% notes due 2051 (4.663% 2051 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%	4.663%	4.663%
Long-term debt, gross	$ 3,541			3,541
Notes \| 3.00% notes due 2052 (3.00% 2052 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%
Long-term debt, gross	$ 919			999
Notes \| 4.20% notes due 2052 (4.20% 2052 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%
Long-term debt, gross	$ 895			950
Notes \| 4.875% notes due 2053 (4.875% 2053 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%	4.875%	4.875%
Long-term debt, gross	$ 1,000			1,000
Notes \| 5.65% notes due 2053 (5.65% 2053 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Long-term debt, gross	$ 4,250			4,250
Notes \| 2.77% notes due 2053 (2.77% 2053 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%	2.77%	2.77%
Long-term debt, gross	$ 940			940
Notes \| 4.40% notes due 2062 (4.40% 2062 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Long-term debt, gross	$ 1,165			1,200
Notes \| 5.75% notes due 2063 (5.75% 2063 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Long-term debt, gross	$ 2,750			2,750
Notes \| Other notes due 2097
Debt Instrument [Line Items]
Long-term debt, gross	100			100
Secured Debt \| Term loan due April 2025
Debt Instrument [Line Items]
Long-term debt, gross	2,000			2,000
Secured Debt \| Term loan due October 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,000			$ 2,000

Stockholders' equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

During the six months ended June 30, 2024 and 2023, we did not repurchase shares under our stock repurchase program. As of June 30, 2024, $7.0 billion of authorization remained available under our stock repurchase program.

Dividends

In March 2024 and December 2023, our Board of Directors declared quarterly cash dividends of $2.25 per share, which were paid in June 2024 and March 2024, respectively. In August 2024, our Board of Directors declared a quarterly cash dividend of $2.25 per share that will be paid in September 2024.

Accumulated other comprehensive income (loss)

The components of AOCI were as follows (in millions):


	Foreign currency translation		Cash flow hedges		Other		AOCI
Balance as of December 31, 2023	$	(298)	$	(22)	$	31	$	(289)

Foreign currency translation adjustments	(24)		—		—		(24)
Unrealized gains	—		178		—		178
Reclassification adjustments to income	—		(20)		—		(20)
Other	—		—		(3)		(3)
Income taxes	—		(32)		—		(32)
Balance as of March 31, 2024	(322)		104		28		(190)

Foreign currency translation adjustments	(15)		—		—		(15)
Unrealized gains	—		117		—		117
Reclassification adjustments to income	—		(52)		—		(52)
Other	—		—		(1)		(1)
Income taxes	—		(14)		—		(14)
Balance as of June 30, 2024	$	(337)	$	155	$	27	$	(155)

Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):


	Three months ended June 30,
Components of AOCI	2024		2023		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	55	$	36	Product sales
Cross-currency swap contract (losses) gains	(3)		51		Other (expense) income, net

	52		87		Income before income taxes
	(11)		(19)		Provision for income taxes
	$	41	$	68	Net income





	Six months ended June 30,
Components of AOCI	2024		2023		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	106	$	88	Product sales
Cross-currency swap contract (losses) gains	(34)		29		Other (expense) income, net

	72		117		Income before income taxes
	(15)		(25)		Provision for income taxes
	$	57	$	92	Net income

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,301	$ 10,944
Trade receivables, net	6,934	7,268
Inventories	7,995	9,518
Other current assets	2,976	2,602
Total current assets	27,206	30,332
Property, plant and equipment, net	6,097	5,941
Intangible assets, net	30,172	32,641
Goodwill	18,616	18,629
Other noncurrent assets	8,816	9,611
Total assets	90,907	97,154
Current liabilities:
Accounts payable	2,267	1,590
Accrued liabilities	13,722	15,359
Current portion of long-term debt	5,528	1,443
Total current liabilities	21,517	18,392
Long-term debt	57,117	63,170
Long-term deferred tax liabilities	1,780	2,354
Long-term tax liabilities	2,205	4,680
Other noncurrent liabilities	2,363	2,326
Contingencies and commitments
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value; 2,750.0 shares authorized; outstanding—537.2 shares in 2024 and 535.4 shares in 2023	33,204	33,070
Accumulated deficit	(27,124)	(26,549)
Accumulated other comprehensive loss	(155)	(289)
Total stockholders’ equity	5,925	6,232
Total liabilities and stockholders’ equity	$ 90,907	$ 97,154

Summary of significant accounting policies (Details) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($) segment	Jun. 30, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of operating segments	1	1
Accumulated depreciation and amortization on property, plant and equipment	$ 10.1	$ 10.1	$ 9.8

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Available-for-sale investments


Types of securities as of June 30, 2024	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	995	$	—	$	—	$	995









Money market mutual funds	7,678		—		—		7,678
Other short-term interest-bearing securities	139		—		—		139
Total interest-bearing securities	$	8,812	$	—	$	—	$	8,812


Types of securities as of December 31, 2023	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	—	$	—	$	—	$	—









Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	138		—		—		138
Total interest-bearing securities	$	10,404	$	—	$	—	$	10,404

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):


Condensed Consolidated Balance Sheets locations	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	8,812	$	10,404

Total interest-bearing securities	$	8,812	$	10,404

Cash and cash equivalents in the above table excludes bank account cash of $489 million and $540 million as of June 30, 2024 and December 31, 2023, respectively.

All interest-bearing securities as of June 30, 2024 and December 31, 2023, mature in one year or less.

For the three and six months ended June 30, 2024 and 2023, realized gains and losses on interest-bearing securities were not material. Realized gains and losses on interest-bearing securities are recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.

The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

Equity securities

BeiGene, Ltd.

Our ownership interest in BeiGene was approximately 18% as of both June 30, 2024 and December 31, 2023, and the fair values of our investment were $2.7 billion and $3.4 billion, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. In the first quarter of 2023, we began to account for our ownership interest as an equity security with a readily determinable fair value, with changes in fair value recorded in Other (expense) income, net. See Note 11, Fair value measurement. During the three months ended June 30, 2024 and 2023, we recognized unrealized losses of $260 million and $705 million, respectively, recorded in Other (expense) income, net, in our Condensed Consolidated Statements of Income. During the six months ended June 30, 2024 and 2023, we recognized unrealized losses of $714 million and unrealized gains of $1.2 billion, respectively, recorded in Other (expense) income, net, in our Condensed Consolidated Statements of Income.

Subject to certain exceptions or otherwise agreed to by BeiGene, while Amgen holds at least 5.0% of BeiGene’s outstanding common stock, (A) we may only sell our BeiGene equity investment via: (i) a registered public offering, (ii) a sale under Rule 144 of the Securities Act of 1933 (the “Securities Act”) or (iii) a private sale exempt from registration requirements under the Securities Act, and (B) we may not sell more than 5.0% of BeiGene’s outstanding common stock in any rolling 12-month period.

Other equity securities

Excluding our equity investments in BeiGene (discussed above) and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $419 million and $494 million as of June 30, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2024 and 2023, net unrealized losses and gains on these publicly traded securities were a net loss of $50 million and net gain of $3 million, respectively. During the six months ended June 30, 2024 and 2023, net unrealized gains and losses on these publicly traded securities were not material. Net realized gains and losses on sales of publicly traded securities for the three and six months ended June 30, 2024 and 2023 were not material.

We held investments of $330 million and $309 million in equity securities without readily determinable fair values as of June 30, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2024 and 2023, upward and downward adjustments on these securities were not material. Adjustments were based on observable price transactions. Net realized gains and losses on sales of securities without readily determinable fair values for the three and six months ended June 30, 2024 and 2023, were not material.

Equity method investments

Neumora Therapeutics, Inc.

As of June 30, 2024 and December 31, 2023, our ownership interests in Neumora were approximately 22.2% and 23.2%, respectively, and the fair values of our investment were $348 million and $603 million, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2024 and 2023, we recognized unrealized losses and gains of $138 million loss and $28 million gain, respectively, and during the six months ended June 30, 2024 and 2023, we recognized unrealized losses of $255 million and $19 million, respectively. Although our equity investment qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other (expense) income, net, in our Condensed Consolidated Statements of Income each reporting period. See Note 11, Fair value measurement. We believe the fair value option best reflects the economics of the underlying transaction.

We are contractually restricted from selling more than 5.0% of Neumora’s outstanding common stock in any rolling 12-month period for as long as we hold at least 10.0% of their outstanding common stock, subject to certain exceptions or otherwise agreed to by Neumora.

Limited partnerships

We held limited partnership investments of $290 million and $251 million as of June 30, 2024 and December 31, 2023, respectively, which are included in Other noncurrent assets in the Condensed Consolidated Balance Sheets. These investments, primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of June 30, 2024, unfunded additional commitments to be made for these investments during the next several years amounted to $153 million. For the three and six months ended June 30, 2024 and 2023, net unrealized gains and losses from our limited partnership investments were not material.

Financing arrangements

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Financing arrangements

Our borrowings consisted of the following (in millions):


	June 30, 2024		December 31, 2023
3.625% notes due 2024 (3.625% 2024 Notes)	$	—	$	1,400
1.90% notes due 2025 (1.90% 2025 Notes)	500		500
5.25% notes due 2025 (5.25% 2025 Notes)	2,000		2,000
Term loan due April 2025	2,000		2,000
3.125% notes due 2025 (3.125% 2025 Notes)	1,000		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	803		828
5.507% notes due 2026 (5.507% 2026 Notes)	1,500		1,500
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	2,000		2,000
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	601		605
2.20% notes due 2027 (2.20% 2027 Notes)	1,724		1,724
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
5.15% notes due 2028 (5.15% 2028 Notes)	3,750		3,750
1.65% notes due 2028 (1.65% 2028 Notes)	1,234		1,234
3.00% notes due 2029 (3.00% 2029 Notes)	750		750
4.05% notes due 2029 (4.05% 2029 Notes)	1,250		1,250
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	885		892
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		1,250
5.25% notes due 2030 (5.25% 2030 Notes)	2,750		2,750
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		1,250
2.00% notes due 2032 (2.00% 2032 Notes)	1,001		1,001
3.35% notes due 2032 (3.35% 2032 Notes)	1,000		1,000
4.20% notes due 2033 (4.20% 2033 Notes)	750		750
5.25% notes due 2033 (5.25% 2033 Notes)	4,250		4,250
6.375% notes due 2037 (6.375% 2037 Notes)	478		478
6.90% notes due 2038 (6.90% 2038 Notes)	254		254
6.40% notes due 2039 (6.40% 2039 Notes)	333		333
3.15% notes due 2040 (3.15% 2040 Notes)	1,768		1,803
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	828		949
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		729
5.65% notes due 2042 (5.65% 2042 Notes)	415		415
5.60% notes due 2043 (5.60% 2043 Notes)	2,750		2,750
5.375% notes due 2043 (5.375% 2043 Notes)	185		185
4.40% notes due 2045 (4.40% 2045 Notes)	2,250		2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415		1,415
3.375% notes due 2050 (3.375% 2050 Notes)	1,914		2,132
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	919		999
4.20% notes due 2052 (4.20% 2052 Notes)	895		950
4.875% notes due 2053 (4.875% 2053 Notes)	1,000		1,000
5.65% notes due 2053 (5.65% 2053 Notes)	4,250		4,250
2.77% notes due 2053 (2.77% 2053 Notes)	940		940
4.40% notes due 2062 (4.40% 2062 Notes)	1,165		1,200


	June 30, 2024		December 31, 2023
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		2,750
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,389)		(1,420)
Fair value adjustments	(345)		(314)
Other	29		17
Total carrying value of debt	62,645		64,613
Less current portion	(5,528)		(1,443)
Total long-term debt	$	57,117	$	63,170

There are no material differences between the effective interest rates and coupon rates of any of our borrowings, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.

The Term loans have an interest rate of three-month SOFR plus 1.225%.

Debt repayments

During the three months ended June 30, 2024, we repaid the $1.4 billion aggregate principal amount of the 3.625% 2024 Notes.

Debt extinguishment

During the three months ended March 31, 2024, we repurchased portions of the 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes for an aggregate cost of $410 million, which resulted in the recognition of a $133 million gain on extinguishment of debt recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and other intangible assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The change in the carrying amount of goodwill was as follows (in millions):


	Six months ended June 30, 2024
Beginning balance	$	18,629
Adjustments to goodwill resulting from acquisitions (1)	(1)
Currency translation adjustment	(12)
Ending balance	$	18,616

____________

(1) For the six months ended June 30, 2024, adjustments to goodwill consisted of measurement period adjustments related to our Horizon acquisition. See Note 2, Acquisitions.

Schedule of Identifiable Intangible Assets

Other intangible assets consisted of the following (in millions):


	June 30, 2024						December 31, 2023
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	48,621	$	(20,320)	$	28,301	$	48,631	$	(18,049)	$	30,582
Licensing rights	3,864		(3,329)		535		3,865		(3,265)		600
Marketing-related rights	1,203		(1,169)		34		1,339		(1,264)		75
Research and development technology rights	1,383		(1,231)		152		1,394		(1,228)		166
Total finite-lived intangible assets	55,071		(26,049)		29,022		55,229		(23,806)		31,423
Indefinite-lived intangible assets:
In-process research and development	1,150		—		1,150		1,218		—		1,218
Total other intangible assets	$	56,221	$	(26,049)	$	30,172	$	56,447	$	(23,806)	$	32,641

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Amounts
Cash and cash equivalents	$	681
Inventories	5,014
Property, plant and equipment, net	318
Finite-lived intangible assets – developed-product-technology rights	19,590
IPR&D	1,060
Goodwill	3,110
Deferred tax asset	834
Deferred tax liability	(2,492)
Other assets and liabilities, net	(282)
Total assets acquired, net	$	27,833

Business Acquisition, Pro Forma Information


	Three months ended June 30, 2023		Six months ended June 30, 2023
Total revenue	$	7,933	$	14,874
Net income	$	434	$	2,616

Goodwill and other intangible assets - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets:
Gross carrying amounts	$ 55,071	$ 55,229
Accumulated amortization	(26,049)	(23,806)
Other intangible assets, net	29,022	31,423
Indefinite-lived intangible assets:
Identifiable intangible assets	56,221	56,447
Accumulated amortization	(26,049)	(23,806)
Intangible assets, net	30,172	32,641
In-process research and development
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,150	1,218
Developed-product-technology rights
Finite-lived intangible assets:
Gross carrying amounts	48,621	48,631
Accumulated amortization	(20,320)	(18,049)
Other intangible assets, net	28,301	30,582
Licensing rights
Finite-lived intangible assets:
Gross carrying amounts	3,864	3,865
Accumulated amortization	(3,329)	(3,265)
Other intangible assets, net	535	600
Marketing-related rights
Finite-lived intangible assets:
Gross carrying amounts	1,203	1,339
Accumulated amortization	(1,169)	(1,264)
Other intangible assets, net	34	75
Research and development technology rights
Finite-lived intangible assets:
Gross carrying amounts	1,383	1,394
Accumulated amortization	(1,231)	(1,228)
Other intangible assets, net	$ 152	$ 166

Investments - Schedule of Available-For-Sale Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 8,812	$ 10,404
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	8,812	10,404
U.S. Treasury bills
Marketable Securities [Line Items]
Amortized cost	995	0
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	995	0
Money market mutual funds
Marketable Securities [Line Items]
Amortized cost	7,678	10,266
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	7,678	10,266
Other short-term interest-bearing securities
Marketable Securities [Line Items]
Amortized cost	139	138
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	$ 139	$ 138

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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+ Details

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Oct. 06, 2023
Business Acquisition [Line Items]
Goodwill	$ 18,616	$ 18,629
Horizon Therapeutics
Business Acquisition [Line Items]
Cash and cash equivalents			$ 681
Inventories	$ 5,000		5,014
Property, plant and equipment, net			318
IPR&D			1,060
Goodwill			3,110
Deferred tax asset			834
Deferred tax liability			(2,492)
Other assets and liabilities, net			(282)
Total assets acquired, net			27,833
Horizon Therapeutics \| Developed-product-technology rights
Business Acquisition [Line Items]
Finite-lived intangible assets – developed-product-technology rights			$ 19,590

Goodwill and other intangible assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 18,629
Adjustments to goodwill resulting from acquisition	(1)
Currency translation adjustment	(12)
Ending balance	$ 18,616

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Product and by Geographic Area

Revenues were as follows (in millions):


	Three months ended June 30,
	2024						2023
	U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	770	$	395	$	1,165	$	691	$	337	$	1,028
ENBREL	902		7		909		1,055		13		1,068
XGEVA	399		163		562		387		143		530
Repatha	270		262		532		212		212		424
Otezla	432		112		544		495		105		600
TEPEZZA(1)	478		1		479		—		—		—
KYPROLIS	240		137		377		234		112		346
EVENITY	281		110		391		192		89		281
Aranesp	91		257		348		123		242		365
Nplate	214		132		346		176		134		310
KRYSTEXXA(1)	294		—		294		—		—		—
Vectibix	133		137		270		118		130		248
BLINCYTO	165		99		264		145		61		206
TEZSPIRE(2)	234		—		234		133		—		133
Other products(3)	937		389		1,326		775		369		1,144
Total product sales(4)	$	5,840	$	2,201	8,041		$	4,736	$	1,947	6,683
Other revenues					347						303
Total revenues					$	8,388					$	6,986
























	Six months ended June 30,
	2024						2023
	U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	1,427	$	737	$	2,164	$	1,314	$	641	$	1,955
ENBREL	1,463		13		1,476		1,619		28		1,647
XGEVA	765		358		1,123		771		295		1,066
Repatha	543		506		1,049		409		403		812
Otezla	725		213		938		789		203		992
TEPEZZA(1)	897		6		903		—		—		—
KYPROLIS	474		279		753		468		236		704
EVENITY	517		216		733		356		179		535
Aranesp	191		506		697		238		482		720
Nplate	404		259		663		422		250		672
KRYSTEXXA(1)	529		—		529		—		—		—
Vectibix	253		264		517		229		252		481
BLINCYTO	318		190		508		271		129		400
TEZSPIRE(2)	407		—		407		229		—		229
Other products(3)	1,900		799		2,699		1,596		720		2,316
Total product sales(4)	$	10,813	$	4,346	15,159		$	8,711	$	3,818	12,529
Other revenues					676						562
Total revenues					$	15,835					$	13,091

_______

(1) TEPEZZA and KRYSTEXXA were acquired from the acquisition of Horizon on October 6, 2023, and include product sales in the periods after the acquisition date.

(2) TEZSPIRE is marketed by our collaborator AstraZeneca outside the United States.

(3) Consists of product sales of our non-principal products.

(4) Hedging gains and losses, which are included in product sales, were not material for the three and six months ended June 30, 2024 and 2023.

Investments - Limited Partnership (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net Investment Income [Line Items]
Investment, Type [Extensible Enumeration]	Partnership Interest [Member]		Partnership Interest [Member]		Partnership Interest [Member]
Fair Value Measured at Net Asset Value Per Share
Net Investment Income [Line Items]
Alternative investments	$ 290		$ 290		$ 251
Unfunded additional commitments	153		153
Net gains (losses) from limited partnership investments	$ 0	$ 0	$ 0	$ 0

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	June 30, 2024		December 31, 2023
Raw materials	$	884	$	993
Work in process	4,476		5,747
Finished goods	2,635		2,778
Total inventories	$	7,995	$	9,518

Derivative instruments - Schedule of Cross-Currency Swaps (Details) € in Millions, £ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)
2.00% 2026 euro Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
5.50% 2026 pound sterling Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	5.50%	5.50%	5.50%
4.00% 2029 pound sterling Notes \| Notes
Derivative [Line Items]
Interest rate, stated percentage	4.00%	4.00%	4.00%
Cash flow hedge \| Cross-currency swap contracts \| 2.00% 2026 euro Notes
Derivative [Line Items]
Notional amounts	$ 833	€ 750
Cash flow hedge \| Cross-currency swap contracts \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Notional amounts	747		£ 475
Cash flow hedge \| Cross-currency swap contracts \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Notional amounts	$ 1,111		£ 700
Cash flow hedge \| Cross-currency swap contracts \| Euro Member Countries, Euro \| 2.00% 2026 euro Notes
Derivative [Line Items]
Interest rates	2.00%	2.00%	2.00%
Cash flow hedge \| Cross-currency swap contracts \| United Kingdom, Pounds \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Interest rates	5.50%	5.50%	5.50%
Cash flow hedge \| Cross-currency swap contracts \| United Kingdom, Pounds \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Interest rates	4.00%	4.00%	4.00%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 2.00% 2026 euro Notes
Derivative [Line Items]
Interest rates	3.90%	3.90%	3.90%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 5.50% 2026 pound sterling Notes
Derivative [Line Items]
Interest rates	6.00%	6.00%	6.00%
Cash flow hedge \| Cross-currency swap contracts \| United States of America, Dollars \| 4.00% 2029 pound sterling Notes
Derivative [Line Items]
Interest rates	4.60%	4.60%	4.60%

Fair value measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities on Recurring Basis

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of June 30, 2024, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	995	$	—	$	995









Money market mutual funds	7,678		—		—		7,678
Other short-term interest-bearing securities	—		139		—		139

Equity securities	3,470		—		—		3,470
Derivatives:
Foreign currency forward contracts	—		270		—		270



Total assets	$	11,148	$	1,404	$	—	$	12,552

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	28	$	—	$	28
Cross-currency swap contracts	—		435		—		435
Interest rate swap contracts	—		564		—		564

Contingent consideration obligations	—		—		107		107
Total liabilities	$	—	$	1,027	$	107	$	1,134


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of December 31, 2023, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—









Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145


Total assets	$	14,780	$	283	$	—	$	15,063

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571

Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188

Contingent Consideration Obligations

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Beginning balance	$	96	$	273	$	96	$	270

Payments	(2)		(2)		(4)		(4)
Net changes in valuations	13		(23)		15		(18)
Ending balance	$	107	$	248	$	107	$	248

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation for Basic and Diluted EPS

The computations for basic and diluted EPS were as follows (in millions, except per-share data):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Income (Numerator):
Net income for basic and diluted EPS	$	746	$	1,379	$	633	$	4,220

Shares (Denominator):
Weighted-average shares for basic EPS	537		535		537		534
Effect of dilutive securities	4		2		4		3
Weighted-average shares for diluted EPS	541		537		541		537

Basic EPS	$	1.39	$	2.58	$	1.18	$	7.90
Diluted EPS	$	1.38	$	2.57	$	1.17	$	7.86

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income for basic and diluted EPS	$ 746	$ (113)	$ 1,379	$ 2,841	$ 633	$ 4,220

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Business	Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics.
Basis of presentation	Basis of presentation The financial information for the three and six months ended June 30, 2024 and 2023, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2023, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2024.
Principles of consolidation	Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with the current presentation.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization, of $10.1 billion and $9.8 billion as of June 30, 2024 and December 31, 2023, respectively.
Recent accounting pronouncements	Recent accounting pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued a new accounting standard that improves reportable segment disclosure requirements. The new standard requires enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for public business entities for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures. In December 2023, the FASB issued a new accounting standard that improves income tax disclosure requirements. The new standard requires more detailed information on several income tax disclosures, such as income taxes paid and the income tax rate reconciliation table. The standard is effective for public business entities for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Number of shares of common stock	Common stock and additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2022		534.0
Beginning balance at Dec. 31, 2022	$ 3,661		$ 32,514	$ (28,622)	$ (231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,841			2,841
Other comprehensive income (loss), net of taxes	(37)				(37)
Dividends declared on common stock	(1,138)			(1,138)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		0.3
Issuance of common stock in connection with the Company’s equity award programs	11		11
Stock-based compensation expense	47		47
Tax impact related to employee stock-based compensation expense	(37)		(37)
Ending balance (in shares) at Mar. 31, 2023		534.3
Ending balance at Mar. 31, 2023	5,348		32,535	(26,919)	(268)
Beginning balance (in shares) at Dec. 31, 2022		534.0
Beginning balance at Dec. 31, 2022	3,661		32,514	(28,622)	(231)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,220
Ending balance (in shares) at Jun. 30, 2023		534.9
Ending balance at Jun. 30, 2023	6,781		32,601	(25,540)	(280)
Beginning balance (in shares) at Mar. 31, 2023		534.3
Beginning balance at Mar. 31, 2023	5,348		32,535	(26,919)	(268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,379			1,379
Other comprehensive income (loss), net of taxes	(12)				(12)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		0.6
Issuance of common stock in connection with the Company’s equity award programs	16		16
Stock-based compensation expense	119		119
Tax impact related to employee stock-based compensation expense	(69)		(69)
Ending balance (in shares) at Jun. 30, 2023		534.9
Ending balance at Jun. 30, 2023	$ 6,781		32,601	(25,540)	(280)
Beginning balance (in shares) at Dec. 31, 2023	535.4	535.4
Beginning balance at Dec. 31, 2023	$ 6,232		33,070	(26,549)	(289)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(113)			(113)
Other comprehensive income (loss), net of taxes	99				99
Dividends declared on common stock	(1,208)			(1,208)
Issuance of common stock in connection with the Company’s equity award programs (in shares)		1.0
Issuance of common stock in connection with the Company’s equity award programs	34		34
Stock-based compensation expense	103		103
Tax impact related to employee stock-based compensation expense	(125)		(125)
Ending balance (in shares) at Mar. 31, 2024		536.4
Ending balance at Mar. 31, 2024	$ 5,022		33,082	(27,870)	(190)
Beginning balance (in shares) at Dec. 31, 2023	535.4	535.4
Beginning balance at Dec. 31, 2023	$ 6,232		33,070	(26,549)	(289)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 633
Ending balance (in shares) at Jun. 30, 2024	537.2	537.2
Ending balance at Jun. 30, 2024	$ 5,925		33,204	(27,124)	(155)
Beginning balance (in shares) at Mar. 31, 2024		536.4
Beginning balance at Mar. 31, 2024	5,022		33,082	(27,870)	(190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	746			746
Other comprehensive income (loss), net of taxes	35				35
Issuance of common stock in connection with the Company’s equity award programs (in shares)		0.8
Issuance of common stock in connection with the Company’s equity award programs	65		65
Stock-based compensation expense	157		157
Tax impact related to employee stock-based compensation expense	$ (100)		(100)
Ending balance (in shares) at Jun. 30, 2024	537.2	537.2
Ending balance at Jun. 30, 2024	$ 5,925		$ 33,204	$ (27,124)	$ (155)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 746	$ 1,379	$ 633	$ 4,220
Other comprehensive income (loss), net of reclassification adjustments and taxes:
Foreign currency translation	(15)	11	(39)	39
Cash flow hedges	51	(22)	177	(108)
Other	(1)	(1)	(4)	20
Other comprehensive income (loss), net of reclassification adjustments and taxes	35	(12)	134	(49)
Comprehensive income	$ 781	$ 1,367	$ 767	$ 4,171

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair value measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value measurement

To estimate the fair value of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximize the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is divided into three levels based on the sources of inputs as follows:


Level 1	—	Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
Level 2	—	Valuations for which all significant inputs are observable either directly or indirectly—other than Level 1 inputs
Level 3	—	Valuations based on inputs that are unobservable and significant to the overall fair value measurement

The availability of observable inputs can vary among different types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, inputs used for measuring fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level of input used that is significant to the overall fair value measurement.

The fair values of each major class of the Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows (in millions):


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of June 30, 2024, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	995	$	—	$	995









Money market mutual funds	7,678		—		—		7,678
Other short-term interest-bearing securities	—		139		—		139

Equity securities	3,470		—		—		3,470
Derivatives:
Foreign currency forward contracts	—		270		—		270



Total assets	$	11,148	$	1,404	$	—	$	12,552

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	28	$	—	$	28
Cross-currency swap contracts	—		435		—		435
Interest rate swap contracts	—		564		—		564

Contingent consideration obligations	—		—		107		107
Total liabilities	$	—	$	1,027	$	107	$	1,134


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Fair value measurement as of December 31, 2023, using:							Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	—	$	—	$	—









Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	—		138		—		138

Equity securities	4,514		—		—		4,514
Derivatives:
Foreign currency forward contracts	—		145		—		145


Total assets	$	14,780	$	283	$	—	$	15,063

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	116	$	—	$	116
Cross-currency swap contracts	—		405		—		405
Interest rate swap contracts	—		571		—		571

Contingent consideration obligations	—		—		96		96
Total liabilities	$	—	$	1,092	$	96	$	1,188

Interest-bearing and equity securities

The fair values of our money market mutual funds and equity investments in publicly traded securities, including our equity investments in BeiGene and Neumora, as of June 30, 2024 and December 31, 2023, are based on quoted market prices in active markets, with no valuation adjustment.

Derivatives

All of our foreign currency forward contracts, cross-currency swap contracts and interest rate swap contracts are with counterparties that have minimum credit ratings of A– or equivalent by S&P, Moody’s or Fitch. We estimate the fair values of these contracts by taking into consideration valuations obtained from a third-party valuation service that uses an income-based industry-standard valuation model for which all significant inputs are observable either directly or indirectly. These inputs, as applicable, include foreign currency exchange rates, SOFR, swap rates, obligor credit default swap rates and cross-currency basis swap spreads. Certain inputs, when applicable, are at commonly quoted intervals. See Note 12, Derivative instruments.

Contingent consideration obligations

As a result of our business acquisitions, we have incurred contingent consideration obligations as discussed below. The contingent consideration obligations are recorded at their fair values by using probability-adjusted discounted cash flows, and we revalue these obligations each reporting period until the related contingencies have been resolved. The fair value measurements of these obligations are based on significant unobservable inputs related to licensing rights and product candidates acquired in business combinations, and they are reviewed quarterly by management in our R&D and commercial sales organizations. The inputs include, as applicable, estimated probabilities and the timing of achieving specified development, regulatory and commercial milestones as well as estimated annual sales. Significant changes that increase or decrease the probabilities of achieving the related development, regulatory and commercial events or that shorten or lengthen the time required to achieve such events or that increase or decrease estimated annual sales would result in corresponding increases or decreases in the fair values of the obligations, as applicable. Changes in the fair values of contingent consideration obligations are recognized in Other operating expenses in the Condensed Consolidated Statements of Income.

Changes in the carrying amounts of contingent consideration obligations were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Beginning balance	$	96	$	273	$	96	$	270

Payments	(2)		(2)		(4)		(4)
Net changes in valuations	13		(23)		15		(18)
Ending balance	$	107	$	248	$	107	$	248

As of June 30, 2024 and December 31, 2023, our contingent consideration obligations are primarily the result of our acquisition of Teneobio, Inc. in October 2021, which obligates us to pay the former shareholders payments upon achieving separate development and regulatory milestones with regard to various R&D programs.

Summary of the fair values of other financial instruments

Cash equivalents

The fair values of cash equivalents are approximated at their carrying values due to the short-term nature of such financial instruments.

Borrowings

We estimated the fair values of our borrowings by using Level 2 inputs. As of June 30, 2024 and December 31, 2023, the aggregate fair values of our borrowings were $59.3 billion and $59.2 billion, respectively, and the carrying values were $62.6 billion and $64.6 billion, respectively.

During the six months ended June 30, 2024 and 2023, there were no transfers of assets or liabilities between fair value measurement levels, and there were no material remeasurements to the fair values of assets and liabilities that are not measured at fair value on a recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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+ Details

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	June 30, 2024		December 31, 2023
Raw materials	$	884	$	993
Work in process	4,476		5,747
Finished goods	2,635		2,778
Total inventories	$	7,995	$	9,518

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 8,388	$ 6,986	$ 15,835	$ 13,091
Operating expenses:
Cost of sales	3,236	1,813	6,436	3,533
Research and development	1,447	1,113	2,790	2,171
Selling, general and administrative	1,785	1,294	3,593	2,552
Other	11	82	116	230
Total operating expenses	6,479	4,302	12,935	8,486
Operating income	1,909	2,684	2,900	4,605
Other income (expense):
Interest expense, net	(808)	(752)	(1,632)	(1,295)
Other (expense) income, net	(307)	(318)	(542)	1,746
Income before income taxes	794	1,614	726	5,056
Provision for income taxes	48	235	93	836
Net income	$ 746	$ 1,379	$ 633	$ 4,220
Earnings per share:
Basic (in usd per share)	$ 1.39	$ 2.58	$ 1.18	$ 7.90
Diluted (in usd per share)	$ 1.38	$ 2.57	$ 1.17	$ 7.86
Shares used in calculation of earnings per share:
Basic (in shares)	537	535	537	534
Diluted (in shares)	541	537	541	537
Product sales
Revenues:
Total revenues	$ 8,041	$ 6,683	$ 15,159	$ 12,529
Other revenues
Revenues:
Total revenues	$ 347	$ 303	$ 676	$ 562

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 884	$ 993
Work in process	4,476	5,747
Finished goods	2,635	2,778
Total inventories	$ 7,995	$ 9,518

Stockholders' equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Billions		1 Months Ended				3 Months Ended
	Aug. 06, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Amount available for stock repurchases under a board approved stock repurchase plan			$ 7.0
Dividends declared per share (in usd per share)				$ 2.25	$ 2.25	$ 2.25	$ 2.13
Dividends paid per share (in usd per share)			$ 2.25	$ 2.25
Subsequent Event
Class of Stock [Line Items]
Dividends declared per share (in usd per share)	$ 2.25
Forecast
Class of Stock [Line Items]
Dividends paid per share (in usd per share)		$ 2.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Investments - BeiGene, Ltd. (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains (losses)	$ (50)	$ 3	$ 0	$ 0
BeiGene
Debt Securities, Available-for-sale [Line Items]
Fair value of investments	2,700		2,700		$ 3,400
Net unrealized gains (losses)	$ (260)	$ (705)	$ (714)	$ 1,200
BeiGene
Debt Securities, Available-for-sale [Line Items]
Ownership percentage	18.00%		18.00%		18.00%
BeiGene \| Maximum
Debt Securities, Available-for-sale [Line Items]
Ownership percentage	5.00%	5.00%	5.00%	5.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The effective tax rates for the three and six months ended June 30, 2024, were 6.0% and 12.8%, respectively, compared with 14.6% and 16.5%, respectively, for the corresponding periods in the prior year. The decrease in our effective tax rate for the three months ended June 30, 2024, was primarily due to the earnings mix as a result of the inclusion of the Horizon business (including the amortization of Horizon acquired assets). The decrease in our effective tax rate for the six months ended June 30, 2024, was primarily due to the earnings mix as a result of the inclusion of the Horizon business (including the amortization of Horizon acquired assets) and the year-to-date 2024 unrealized losses on our equity investments. See Note 6, Investments—BeiGene, Ltd. and Neumora Therapeutics, Inc. The effective tax rates differ from the federal statutory rate primarily due to impacts of the jurisdictional mix of income and expenses. Substantially all of the benefit to our effective tax rate from foreign earnings results from locations where the Company has significant manufacturing operations, including Singapore, Ireland and Puerto Rico, a territory of the United States that is treated as a foreign jurisdiction for U.S. tax purposes. Our operations in Puerto Rico are subject to a tax incentive grant through 2050. Additionally, the Company’s operations conducted in Singapore are subject to a tax incentive grant through 2036. Our foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%. Additionally, effective January 1, 2024, selected individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Our legal entities in such countries, along with their direct and indirect subsidiaries, are now subject to a 15% minimum tax rate on adjusted financial statement income. Beginning on January 1, 2023, we were no longer subject to a 4% excise tax in the U.S. territory of Puerto Rico on the gross intercompany purchase price of goods and services from our manufacturer in Puerto Rico. We qualify for and are subject to the alternative income tax rate on industrial development income of our Puerto Rico affiliate. In the United States, this income tax qualifies for foreign tax credits. Both this income tax and the associated foreign tax credits are generally recognized in our provision for income taxes. We accounted for the 2022 excise tax that was capitalized in Inventories as an expense in Cost of sales when the related products were sold in the first half of 2023, and a foreign tax credit was not recognized with respect to the excise tax expense in 2023. We do not have this excise tax exposure in 2024. One or more of our legal entities file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and certain foreign jurisdictions. Our income tax returns are routinely examined by tax authorities in those jurisdictions. Significant disputes can and have arisen with tax authorities involving issues regarding the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws, regulations and relevant facts. Tax authorities, including the IRS, are becoming more aggressive and are particularly focused on such matters. In 2017, we received an RAR and a modified RAR from the IRS for the years 2010–2012, proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office but were unable to reach resolution. In July 2021, we filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for the years 2010–2012 that we received in May and July 2021, which seek to increase our U.S. taxable income for the years 2010–2012 by an amount that would result in additional federal tax of approximately $3.6 billion plus interest. Any additional tax that could be imposed for the years 2010–2012 would be reduced by up to approximately $900 million of repatriation tax previously accrued on our foreign earnings. In 2020, we received an RAR and a modified RAR from the IRS for the years 2013–2015, also proposing significant adjustments that primarily relate to the allocation of profits between certain of our entities in the United States and the U.S. territory of Puerto Rico similar to those proposed for the years 2010–2012. We disagreed with the proposed adjustments and calculations and pursued resolution with the IRS appeals office but were unable to reach resolution. In July 2022, we filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015 that we previously reported receiving in April 2022 that seeks to increase our U.S. taxable income for the years 2013–2015 by an amount that would result in additional federal tax of approximately $5.1 billion, plus interest. In addition, the Notice asserts penalties of approximately $2.0 billion. Any additional tax that could be imposed for the years 2013–2015 would be reduced by up to approximately $2.2 billion of repatriation tax previously accrued on our foreign earnings. We firmly believe that the IRS positions set forth in the 2010–2012 and 2013–2015 Notices are without merit. We are contesting the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court on December 19, 2022. The trial is currently scheduled to begin on November 4, 2024. We are currently under examination by the IRS for the years 2016–2018 with respect to issues similar to those for the 2010 through 2015 period. In addition, we are under examination by a number of state and foreign tax jurisdictions. Final resolution of these complex matters is not likely within the next 12 months. We continue to believe our accrual for income tax liabilities is appropriate based on past experience, interpretations of tax law, application of the tax law to our facts and judgments about potential actions by tax authorities; however, due to the complexity of the provision for income taxes and uncertain resolution of these matters, the ultimate outcome of any tax matters may result in payments substantially greater than amounts accrued and could have a material adverse impact on our condensed consolidated financial statements. During the three and six months ended June 30, 2024, the gross amounts of our UTBs increased by $40 million and $80 million, respectively, as a result of tax positions taken during the current year. Substantially all of the UTBs as of June 30, 2024, if recognized, would affect our effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Business Amgen Inc. (including its subsidiaries, referred to as “Amgen,” “the Company,” “we,” “our” or “us”) is a global biotechnology pioneer that discovers, develops, manufactures and delivers innovative human therapeutics. We operate in one business segment: human therapeutics. Basis of presentation The financial information for the three and six months ended June 30, 2024 and 2023, is unaudited but includes all adjustments (consisting of only normal, recurring adjustments unless otherwise indicated), which Amgen considers necessary for a fair presentation of its condensed consolidated results of operations for those periods. Interim results are not necessarily indicative of results for the full fiscal year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and the notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2023, and with our condensed consolidated financial statements and the notes thereto contained in our Quarterly Report on Form 10-Q for the period ended March 31, 2024. Principles of consolidation The condensed consolidated financial statements include the accounts of Amgen as well as its majority-owned subsidiaries. In determining whether we are the primary beneficiary of a variable interest entity, we consider whether we have both the power to direct activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to that entity. We do not have any significant interests in any variable interest entities of which we are the primary beneficiary. All material intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior periods in the condensed consolidated financial statements and accompanying notes to conform with the current presentation. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation and amortization, of $10.1 billion and $9.8 billion as of June 30, 2024 and December 31, 2023, respectively. Recent accounting pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued a new accounting standard that improves reportable segment disclosure requirements. The new standard requires enhanced disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard is effective for public business entities for annual periods beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures. In December 2023, the FASB issued a new accounting standard that improves income tax disclosure requirements. The new standard requires more detailed information on several income tax disclosures, such as income taxes paid and the income tax rate reconciliation table. The standard is effective for public business entities for annual periods beginning after December 15, 2024, and early adoption is permitted. We are currently evaluating the impact of this new standard on our related disclosures.

Contingencies and commitments	6 Months Ended
Contingencies and commitments	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and commitments	Contingencies and commitments Contingencies In the ordinary course of business, we are involved in various legal proceedings, government investigations and other matters that are complex in nature and have outcomes that are difficult to predict. See our Annual Report on Form 10-K for the year ended December 31, 2023, Part I, Item 1A. Risk Factors—Our business may be affected by litigation and government investigations. We describe our legal proceedings and other matters that are significant or that we believe could become significant in this footnote; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2024. We record accruals for loss contingencies to the extent that we conclude it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We evaluate, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that has been accrued previously. Our legal proceedings involve various aspects of our business and a variety of claims, some of which present novel factual allegations and/or unique legal theories. In each of the matters described in this filing; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2024, in which we could incur a liability, our opponents seek an award of a not-yet-quantified amount of damages or an amount that is not material. In addition, a number of the matters pending against us are at very early stages of the legal process, which in complex proceedings of the sort we face often extend for several years. As a result, none of the matters described in this filing; in Note 20, Contingencies and commitments, to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023; and in Note 13, Contingencies and commitments, to the condensed consolidated financial statements in our Quarterly Report on Form 10-Q for the period ended March 31, 2024, in which we could incur a liability, have progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate a range of possible loss, if any, or such amounts are not material. While it is not possible to accurately predict or determine the eventual outcomes of these matters, an adverse determination in one or more of these matters currently pending could have a material adverse effect on our consolidated results of operations, financial position or cash flows. Certain recent developments concerning our legal proceedings and other matters are discussed below. Repatha Patent Litigation Patent Disputes in the International Region Germany On May 13, 2024, the Regional Court of Dusseldorf stayed the hearing on Sanofi Biotechnology SAS’ infringement action pending the outcome of Amgen’s Nullity Action against the European Patent No. 2,756,004 before the German Federal Patent Court. Unified Patent Court of the European Union On July 16, 2024, the Central Division of the Unified Patent Court in Munich (UPC) rendered its decision on Sanofi-Aventis Deutschland GmbH’s action seeking revocation of Amgen’s European Patent 3,666,797 (the EP’797 Patent). In its decision, the Court concluded that the patent claims are invalid and revoked the patent. Subsequently, on July 29, 2024, the Local Division of the UPC stayed Amgen’s action against Sanofi-Aventis Deutschland GmbH, et al. alleging that the importation, marketing, sale and use of PRALUENT® infringes the EP’797 Patent. Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation Amgen Inc. et al. v. Celltrion Inc., et al. On May 28, 2024, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the U.S. District Court for the District of New Jersey (New Jersey District Court) against Celltrion Inc. and Celltrion USA, Inc. (collectively, Celltrion) based on the submission to the FDA of a Biologics License Application (BLA) seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following 29 patents: U.S. Patent Nos. 7,364,736; 7,427,659; 7,928,205; 8,053,236; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 9,320,816; 9,328,134; 9,359,435; 10,106,829; 10,167,492; 10,227,627; 10,513,723; 10,583,397; 10,822,630; 10,894,972; 11,077,404; 11,098,079; 11,130,980; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,486,883; 11,946,085; and 11,952,605 (collectively, the Asserted Patents). Amgen seeks a judgment from the New Jersey District Court that Celltrion has infringed or will infringe one or more claims of each of the Asserted Patents and based on that judgment, a permanent injunction prohibiting the commercial manufacture, use, offer to sell, or sale within the United States or importation into the United States of Celltrion’s proposed denosumab biosimilar before expiration of each of the Asserted Patents found infringed. Amgen also seeks monetary remedies for any past acts of infringement. ABP 938 (aflibercept) Patent Litigation On June 7, 2024, Regeneron Pharmaceuticals, Inc. (Regeneron) filed a motion for a preliminary injunction to prohibit Amgen from engaging in the manufacture, use, offer for sell or sale within the United States, or importation into the United States, of ABP 938 until resolution of this lawsuit or the entry of a permanent injunction, whichever comes first. Regeneron’s motion focuses on U.S. Patent No. 11,084,865, a formulation patent. On July 3, 2024, Amgen filed its opposition to Regeneron’s motion. On July 24, 2024, Regeneron filed its reply brief. Oral argument on Regeneron’s motion has been scheduled by the U.S. District Court for the Northern District of West Virginia for August 13, 2024. Antitrust Class Action Sensipar Antitrust Class Actions On May 14, 2024, the putative class of direct purchasers of Sensipar (Sensipar Plaintiffs) appealed the claims that were dismissed with prejudice by the U.S. District Court for the District of Delaware. The U.S. Court of Appeals for the Third Circuit has set a schedule for the Sensipar Plaintiffs to file their opening brief by September 9, 2024. Amgen has until October 9, 2024 to file its response and the Sensipar Plaintiffs must file their reply by November 7, 2024. Regeneron Pharmaceuticals, Inc. Antitrust Action On May 22, 2024, Amgen filed a motion for summary judgment. U.S. Tax Litigation and Related Matters Amgen Inc. & Subsidiaries v. Commissioner of Internal Revenue See Note 4, Income taxes, for discussion of the IRS tax dispute and the Company’s petitions in the U.S. Tax Court. Securities Class Action Litigation On July 18, 2024, the U.S. District Court for the Southern District of New York held a hearing on Amgen’s motion to dismiss. ChemoCentryx, Inc. Securities Matters On May 24, 2024, the United States Court of Appeals for the Ninth Circuit denied ChemoCentryx’s petition to appeal the class certification order. Trial is scheduled to begin on September 22, 2025. While the U.S. District Court for the Northern District of California (Northern District Court of California) has not yet set a deadline by which members of the class must opt out, on May 2, 2024, RA Capital Healthcare Fund, LP filed two similar securities cases, in the California Superior Court in Ventura County and in the Northern District Court of California, against ChemoCentryx and its former Chief Executive Officer, Dr. Thomas Schall. On July 2, 2024, the state court stayed the case pending an order on summary judgment in the federal class action.

Investments - Schedule of Fair Values by Classification (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Total interest-bearing securities	$ 8,812	$ 10,404
Available-for-sale investments
Marketable Securities [Line Items]
Cash and cash equivalents	8,812	10,404
Total interest-bearing securities	$ 8,812	$ 10,404

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

Investments - Other Equity Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 3,470,000,000		$ 3,470,000,000		$ 4,514,000,000
Unrealized gains (losses) on equity securities	(50,000,000)	$ 3,000,000	0	$ 0
Sale of unrealized gains (losses) on equity securities	0	0	0	0
Increase and decrease in equity securities without readily determinable fair value, amount	0	0	0	0
Sale of securities without readily determinable fair value	0	$ 0	0	$ 0
Other Noncurrent Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	419,000,000		419,000,000		494,000,000
Equity securities without readily determinable fair value	$ 330,000,000		$ 330,000,000		$ 309,000,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	1 Months Ended		3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared per share (in usd per share)	$ 2.25	$ 2.25	$ 2.25	$ 2.13

Financing arrangements (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

Our borrowings consisted of the following (in millions):


	June 30, 2024		December 31, 2023
3.625% notes due 2024 (3.625% 2024 Notes)	$	—	$	1,400
1.90% notes due 2025 (1.90% 2025 Notes)	500		500
5.25% notes due 2025 (5.25% 2025 Notes)	2,000		2,000
Term loan due April 2025	2,000		2,000
3.125% notes due 2025 (3.125% 2025 Notes)	1,000		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	803		828
5.507% notes due 2026 (5.507% 2026 Notes)	1,500		1,500
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	2,000		2,000
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	601		605
2.20% notes due 2027 (2.20% 2027 Notes)	1,724		1,724
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
5.15% notes due 2028 (5.15% 2028 Notes)	3,750		3,750
1.65% notes due 2028 (1.65% 2028 Notes)	1,234		1,234
3.00% notes due 2029 (3.00% 2029 Notes)	750		750
4.05% notes due 2029 (4.05% 2029 Notes)	1,250		1,250
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	885		892
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		1,250
5.25% notes due 2030 (5.25% 2030 Notes)	2,750		2,750
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		1,250
2.00% notes due 2032 (2.00% 2032 Notes)	1,001		1,001
3.35% notes due 2032 (3.35% 2032 Notes)	1,000		1,000
4.20% notes due 2033 (4.20% 2033 Notes)	750		750
5.25% notes due 2033 (5.25% 2033 Notes)	4,250		4,250
6.375% notes due 2037 (6.375% 2037 Notes)	478		478
6.90% notes due 2038 (6.90% 2038 Notes)	254		254
6.40% notes due 2039 (6.40% 2039 Notes)	333		333
3.15% notes due 2040 (3.15% 2040 Notes)	1,768		1,803
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	828		949
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		729
5.65% notes due 2042 (5.65% 2042 Notes)	415		415
5.60% notes due 2043 (5.60% 2043 Notes)	2,750		2,750
5.375% notes due 2043 (5.375% 2043 Notes)	185		185
4.40% notes due 2045 (4.40% 2045 Notes)	2,250		2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415		1,415
3.375% notes due 2050 (3.375% 2050 Notes)	1,914		2,132
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	919		999
4.20% notes due 2052 (4.20% 2052 Notes)	895		950
4.875% notes due 2053 (4.875% 2053 Notes)	1,000		1,000
5.65% notes due 2053 (5.65% 2053 Notes)	4,250		4,250
2.77% notes due 2053 (2.77% 2053 Notes)	940		940
4.40% notes due 2062 (4.40% 2062 Notes)	1,165		1,200


	June 30, 2024		December 31, 2023
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		2,750
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,389)		(1,420)
Fair value adjustments	(345)		(314)
Other	29		17
Total carrying value of debt	62,645		64,613
Less current portion	(5,528)		(1,443)
Total long-term debt	$	57,117	$	63,170

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair value measurement - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Aggregate fair value of long-term debt, including current portion	$ 59,300	$ 59,200
Carrying value of long-term debt, including current portion	$ 62,645	$ 64,613

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholders' equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	$ 8,388		$ 6,986		$ 15,835	$ 13,091
Other (expense) income, net	(307)		(318)		(542)	1,746
Income before income taxes	794		1,614		726	5,056
Provision for income taxes	(48)		(235)		(93)	(836)
Net income	746	$ (113)	1,379	$ 2,841	633	4,220
Product sales
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	8,041		6,683		15,159	12,529
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	52		87		72	117
Provision for income taxes	(11)		(19)		(15)	(25)
Net income	41		68		57	92
Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency contract gains \| Cash flow hedges \| Product sales
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	55		36		106	88
Reclassification out of Accumulated Other Comprehensive Income \| Cross-currency swap contract (losses) gains \| Cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net	(3)		51		(34)	29
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges \| Foreign currency contract gains \| Cash flow hedges \| Product sales
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Product sales	55		36		106	88
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges \| Cross-currency swap contract (losses) gains \| Cash flow hedges
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Other (expense) income, net	$ (3)		$ 51		$ (34)	$ 29

Derivative instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments

The Company is exposed to foreign currency exchange rate and interest rate risks related to its business operations. To reduce our risks related to such exposures, we use or have used certain derivative instruments, including foreign currency forward, foreign currency option, cross-currency swap, forward interest rate and interest rate swap contracts. We have designated certain of our derivatives as cash flow and fair value hedges; we also have derivatives not designated as hedges. We do not use derivatives for speculative trading purposes.

Cash flow hedges

We are exposed to possible changes in the values of certain anticipated foreign currency cash flows resulting from changes in foreign currency exchange rates primarily associated with our euro-denominated international product sales. The foreign currency exchange rate fluctuation exposure associated with cash inflows from our international product sales is partially offset by corresponding cash outflows from our international operating expenses. To further reduce our exposure, we enter into foreign currency forward contracts to hedge a portion of our projected international product sales up to a maximum of three years into the future; and at any given point in time, a higher percentage of nearer-term projected product sales is being hedged than in successive periods.

As of both June 30, 2024 and December 31, 2023, we had outstanding foreign currency forward contracts with aggregate notional amounts of $6.6 billion. We have designated these foreign currency forward contracts, which are primarily euro based, as cash flow hedges. Accordingly, we report the unrealized gains and losses on these contracts in AOCI in the Condensed Consolidated Balance Sheets, and we reclassify them to Product sales in the Condensed Consolidated Statements of Income in the same periods during which the hedged transactions affect earnings.

To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term debt denominated in foreign currencies, we enter into cross-currency swap contracts. Under the terms of such contracts, we paid euros and pounds sterling and received U.S. dollars for the notional amounts at the inception of the contracts; and based on these notional amounts, we exchange interest payments at fixed rates over the lives of the contracts by paying U.S. dollars and receiving euros and pounds sterling. In addition, we will pay U.S. dollars to and receive euros and pounds sterling from the counterparties at the maturities of the contracts for these same notional amounts. The terms of these contracts correspond to the related hedged debt, thereby effectively converting the interest payments and principal repayment on the debt from euros and pounds sterling to U.S. dollars. We have designated these cross-currency swap contracts as cash flow hedges. Accordingly, the unrealized gains and losses on these contracts are reported in AOCI in the Condensed Consolidated Balance Sheets and reclassified to Other (expense) income, net, in the Condensed Consolidated Statements of Income in the same periods during which the hedged debt affects earnings.

The notional amounts and interest rates of our cross-currency swaps as of June 30, 2024, were as follows (notional amounts in millions):


	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates

2.00% 2026 euro Notes	€	750	2.0	%	$	833	3.9	%
5.50% 2026 pound sterling Notes	£	475	5.5	%	$	747	6.0	%
4.00% 2029 pound sterling Notes	£	700	4.0	%	$	1,111	4.6	%

In connection with the anticipated issuance of long-term fixed-rate debt, we occasionally enter into forward interest rate contracts in order to hedge the variability in cash flows due to changes in the applicable U.S. Treasury rate between the time we enter into these contracts and the time the related debt is issued. Gains and losses on forward interest rate contracts, which are designated as cash flow hedges, are recognized in AOCI in the Condensed Consolidated Balance Sheets and are amortized into Interest expense, net, in the Condensed Consolidated Statements of Income over the lives of the associated debt issuances. Amounts recognized in connection with forward interest rate contracts during the six months ended June 30, 2024, and amounts expected to be recognized during the subsequent 12 months are not material.

Gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
Derivatives in cash flow hedging relationships	2024		2023		2024		2023
Foreign currency forward contracts	$	123	$	24	$	325	$	24
Cross-currency swap contracts	(6)		26		(30)		(14)
Forward interest rate contracts	—		—		—		(31)
Total unrealized gains (losses)	$	117	$	50	$	295	$	(21)

Fair value hedges

To achieve a desired mix of fixed-rate and floating-rate debt, we entered into interest rate swap contracts that qualified for and were designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate coupons over the terms of the related hedge contracts. As of June 30, 2024 and December 31, 2023, we had interest rate swap contracts with aggregate notional amounts of $5.3 billion and $6.7 billion, respectively, that hedge certain portions of our long-term debt issuances. The reduction in aggregate notional amount of these contracts during the six months ended June 30, 2024, was due to the termination of swaps that occurred in connection with the repayment of the 3.625% 2024 Notes (see Note 9, Financing arrangements).

For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the Condensed Consolidated Statements of Income the unrealized gain or loss on the derivative resulting from the change in fair value during the period, as well as the offsetting unrealized loss or gain of the hedged item resulting from the change in fair value during the period attributable to the hedged risk. If a hedging relationship involving an interest rate swap contract is terminated, the gain or loss realized on contract termination is recorded as an adjustment to the carrying value of the debt and amortized into Interest expense, net, over the remaining life of the previously hedged debt.

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions):


	Carrying amounts of hedged liabilities(1)				Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
Condensed Consolidated Balance Sheets locations	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Current portion of long-term debt	$	1,026	$	1,441	$	26	$	41
Long-term debt	$	3,776	$	4,788	$	(371)	$	(355)

____________

(1) Current portion of long-term debt includes $60 million and $69 million of carrying value with discontinued hedging relationships as of June 30, 2024 and December 31, 2023, respectively. Long-term debt includes $259 million and $288 million of carrying value with discontinued hedging relationships as of June 30, 2024 and December 31, 2023, respectively.

(2) Current portion of long-term debt includes $60 million and $69 million of hedging adjustments on discontinued hedging relationships as of June 30, 2024 and December 31, 2023, respectively. Long-term debt includes $159 million and $188 million of hedging adjustments on discontinued hedging relationships as of June 30, 2024 and December 31, 2023, respectively.

Impact of hedging transactions

The following tables summarize the amounts recorded in income and expense line items and the effects thereon from fair value and cash flow hedging, including discontinued hedging relationships (in millions):



	Three months ended June 30, 2024						Six months ended June 30, 2024
	Product sales		Other (expense) income, net		Interest expense, net		Product sales		Other (expense) income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	8,041	$	(307)	$	(808)	$	15,159	$	(542)	$	(1,632)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	55	$	—	$	—	$	106	$	—	$	—
Cross-currency swap contracts	$	—	$	(3)	$	—	$	—	$	(34)	$	—

(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(18)	$	—	$	—	$	31
Derivatives designated as hedging instruments	$	—	$	—	$	36	$	—	$	—	$	8



	Three months ended June 30, 2023						Six months ended June 30, 2023
	Product sales		Other (expense) income, net		Interest expense, net		Product sales		Other (expense) income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	6,683	$	(318)	$	(752)	$	12,529	$	1,746	$	(1,295)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	36	$	—	$	—	$	88	$	—	$	—
Cross-currency swap contracts	$	—	$	51	$	—	$	—	$	29	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	93	$	—	$	—	$	5
Derivatives designated as hedging instruments	$	—	$	—	$	(72)	$	—	$	—	$	42

__________

(1) Gains on hedged items do not exactly offset losses on the related designated hedging instruments due to amortization of the cumulative amounts of fair value hedging adjustments included in the carrying amount of the hedged debt for discontinued hedging relationships and the recognition of gains on terminated hedges when the corresponding hedged item was paid down in the period.

No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of June 30, 2024, we expected to reclassify $119 million of net gains on our foreign currency and cross-currency swap contracts out of AOCI and into earnings during the next 12 months.

Derivatives not designated as hedges

To reduce our exposure to foreign currency fluctuations in certain assets and liabilities denominated in foreign currencies, we enter into foreign currency forward contracts that are not designated as hedging transactions. Most of these exposures are hedged on a month-to-month basis. As of June 30, 2024 and December 31, 2023, the total notional amounts of these foreign currency forward contracts were $145 million and $457 million, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the three and six months ended June 30, 2024 and 2023.

Fair values of derivatives

The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions):


	Derivative assets			Derivative liabilities
June 30, 2024	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	270	Accrued liabilities/ Other noncurrent liabilities	$	28
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	435
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	564
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		270			1,027




Total derivatives		$	270		$	1,027


	Derivative assets			Derivative liabilities
December 31, 2023	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	145	Accrued liabilities/ Other noncurrent liabilities	$	116
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	405
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	571
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		145			1,092



Total derivatives		$	145		$	1,092

For additional information, see Note 11, Fair value measurement.

Our derivative contracts that were in liability positions as of June 30, 2024, contain certain credit-risk-related contingent provisions that would be triggered if (i) we were to undergo a change-in-control and (ii) our or the surviving entity’s creditworthiness deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker creditworthiness after the change-in-control. If these events were to occur, the counterparties would have the right, but not the obligation, to close the contracts under early-termination provisions. In such circumstances, the counterparties could request immediate settlement of these contracts for amounts that approximate the then current fair values of the contracts. In addition, our derivative contracts are not subject to any type of master netting arrangement, and amounts due either to or from a counterparty under the contracts may be offset against other amounts due either to or from the same counterparty only if an event of default or termination, as defined, were to occur.

The cash flow effects of our derivative contracts in the Condensed Consolidated Statements of Cash Flows are included in Net cash provided by operating activities, except for the settlement of notional amounts of cross-currency swaps, which are included in Net cash (used in) provided by financing activities.

Stockholders' equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Increase (Decrease) in AOCI [Roll Forward]
Beginning balance	$ 5,022	$ 6,232
Ending balance	5,925	5,022
Foreign currency translation
Increase (Decrease) in AOCI [Roll Forward]
Beginning balance	(322)	(298)
Foreign currency translation adjustments	(15)	(24)
Unrealized gains	0	0
Reclassification adjustments to income	0	0
Other	0	0
Income taxes	0	0
Ending balance	(337)	(322)
Cash flow hedges
Increase (Decrease) in AOCI [Roll Forward]
Beginning balance	104	(22)
Foreign currency translation adjustments	0	0
Unrealized gains	117	178
Reclassification adjustments to income	(52)	(20)
Other	0	0
Income taxes	(14)	(32)
Ending balance	155	104
Other
Increase (Decrease) in AOCI [Roll Forward]
Beginning balance	28	31
Foreign currency translation adjustments	0	0
Unrealized gains	0	0
Reclassification adjustments to income	0	0
Other	(1)	(3)
Income taxes	0	0
Ending balance	27	28
AOCI
Increase (Decrease) in AOCI [Roll Forward]
Beginning balance	(190)	(289)
Foreign currency translation adjustments	(15)	(24)
Unrealized gains	117	178
Reclassification adjustments to income	(52)	(20)
Other	(1)	(3)
Income taxes	(14)	(32)
Ending balance	$ (155)	$ (190)

Acquisitions - Supplemental Pro Forma Financial Information (Details) - Horizon Therapeutics - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Total revenue	$ 7,933	$ 14,874
Net income	$ 434	$ 2,616

Derivative instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Length of time hedged in foreign currency contracts (or less)	3 years
Amounts expected to be reclassified from AOCI into earnings over the next 12 months, foreign currency and cross-currency swaps	$ 119
Notes \| 3.625% notes due 2024 (3.625% 2024 Notes)
Derivative [Line Items]
Interest rate, stated percentage	3.625%
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	$ 6,600	$ 6,600
Foreign currency forward contracts \| Derivatives not designated as hedging instrument
Derivative [Line Items]
Notional amounts	$ 145	457
Interest Rate Swap \| 3.625% notes due 2024 (3.625% 2024 Notes)
Derivative [Line Items]
Interest rate, stated percentage	3.625%
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts	$ 5,300	$ 6,700

Derivative instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Derivative assets	$ 270	$ 145
Derivative liabilities	1,027	1,092
Derivatives designated as hedging instrument
Derivatives Fair Value [Line Items]
Derivative assets	270	145
Derivative liabilities	1,027	1,092
Derivatives designated as hedging instrument \| Foreign currency forward contracts \| Other current assets/ Other noncurrent assets
Derivatives Fair Value [Line Items]
Derivative assets	270	145
Derivatives designated as hedging instrument \| Foreign currency forward contracts \| Accrued liabilities/ Other noncurrent liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	28	116
Derivatives designated as hedging instrument \| Cross-currency swap contracts \| Other current assets/ Other noncurrent assets
Derivatives Fair Value [Line Items]
Derivative assets	0	0
Derivatives designated as hedging instrument \| Cross-currency swap contracts \| Accrued liabilities/ Other noncurrent liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	435	405
Derivatives designated as hedging instrument \| Interest rate swap contracts \| Other current assets/ Other noncurrent assets
Derivatives Fair Value [Line Items]
Derivative assets	0	0
Derivatives designated as hedging instrument \| Interest rate swap contracts \| Accrued liabilities/ Other noncurrent liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	564	571
Derivatives designated as hedging instrument \| Forward interest rate contracts \| Other current assets/ Other noncurrent assets
Derivatives Fair Value [Line Items]
Derivative assets	0	0
Derivatives designated as hedging instrument \| Forward interest rate contracts \| Accrued liabilities/ Other noncurrent liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	$ 0	$ 0

Acquisitions - Acquisition of Horizon Therapeutics plc (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		6 Months Ended
	Oct. 06, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 18,616	$ 18,629
Horizon Therapeutics
Business Acquisition [Line Items]
Acquisition price per share (in dollars per share)	$ 116.50
Consideration transferred	$ 27,800
Goodwill increase (decrease)		(1)
Cash purchase price	26,700
Consideration transferred for vested and outstanding awards	523
Consideration transferred for replacement awards	180
Liabilities incurred	$ 382
Replacement equity awards issued (in shares)	1.7
Inventories	$ 5,014	$ 5,000
Business combination, turnover period of inventory acquired		27 months
Deferred tax liability	2,492
Deferred tax asset	834
Goodwill	3,110
Horizon Therapeutics \| Developed-product-technology rights
Business Acquisition [Line Items]
Estimated fair value	$ 20,700
Weighted average period of amortization	10 years

Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization charges associated with finite-lived intangible assets	$ 1,200	$ 693	$ 2,400	$ 1,400
Total estimated amortization of finite-lived intangible assets for the remainder of the year	2,400		2,400
Total estimated amortization of finite-lived intangible assets for 2025	4,500		4,500
Total estimated amortization of finite-lived intangible assets for 2026	3,900		3,900
Total estimated amortization of finite-lived intangible assets for 2027	3,900		3,900
Total estimated amortization of finite-lived intangible assets for 2028	2,900		2,900
Total estimated amortization of finite-lived intangible assets for 2029	$ 2,200		$ 2,200

Derivative instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cross-Currency Swaps

The notional amounts and interest rates of our cross-currency swaps as of June 30, 2024, were as follows (notional amounts in millions):


	Foreign currency				U.S. dollars
Hedged notes	Notional amounts		Interest rates		Notional amounts		Interest rates

2.00% 2026 euro Notes	€	750	2.0	%	$	833	3.9	%
5.50% 2026 pound sterling Notes	£	475	5.5	%	$	747	6.0	%
4.00% 2029 pound sterling Notes	£	700	4.0	%	$	1,111	4.6	%

Summary of Unrealized Gains and Losses Recognized in AOCI

Gains and losses recognized in AOCI for our derivative instruments designated as cash flow hedges were as follows (in millions):


	Three months ended June 30,				Six months ended June 30,
Derivatives in cash flow hedging relationships	2024		2023		2024		2023
Foreign currency forward contracts	$	123	$	24	$	325	$	24
Cross-currency swap contracts	(6)		26		(30)		(14)
Forward interest rate contracts	—		—		—		(31)
Total unrealized gains (losses)	$	117	$	50	$	295	$	(21)

Hedged Liabilities and Cumulative Amount

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the Condensed Consolidated Balance Sheets as follows (in millions):


	Carrying amounts of hedged liabilities(1)				Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities(2)
Condensed Consolidated Balance Sheets locations	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Current portion of long-term debt	$	1,026	$	1,441	$	26	$	41
Long-term debt	$	3,776	$	4,788	$	(371)	$	(355)

____________

Summary of Income and Expense Line Items



	Three months ended June 30, 2024						Six months ended June 30, 2024
	Product sales		Other (expense) income, net		Interest expense, net		Product sales		Other (expense) income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	8,041	$	(307)	$	(808)	$	15,159	$	(542)	$	(1,632)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	55	$	—	$	—	$	106	$	—	$	—
Cross-currency swap contracts	$	—	$	(3)	$	—	$	—	$	(34)	$	—

(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(18)	$	—	$	—	$	31
Derivatives designated as hedging instruments	$	—	$	—	$	36	$	—	$	—	$	8



	Three months ended June 30, 2023						Six months ended June 30, 2023
	Product sales		Other (expense) income, net		Interest expense, net		Product sales		Other (expense) income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Condensed Consolidated Statements of Income	$	6,683	$	(318)	$	(752)	$	12,529	$	1,746	$	(1,295)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	36	$	—	$	—	$	88	$	—	$	—
Cross-currency swap contracts	$	—	$	51	$	—	$	—	$	29	$	—
Gains (losses) on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	93	$	—	$	—	$	5
Derivatives designated as hedging instruments	$	—	$	—	$	(72)	$	—	$	—	$	42

__________

Fair Value of Derivatives

The fair values of derivatives included in the Condensed Consolidated Balance Sheets were as follows (in millions):


	Derivative assets			Derivative liabilities
June 30, 2024	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	270	Accrued liabilities/ Other noncurrent liabilities	$	28
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	435
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	564
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		270			1,027




Total derivatives		$	270		$	1,027


	Derivative assets			Derivative liabilities
December 31, 2023	Condensed Consolidated Balance Sheets locations	Fair values		Condensed Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	145	Accrued liabilities/ Other noncurrent liabilities	$	116
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	405
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	571
Forward interest rate contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		145			1,092



Total derivatives		$	145		$	1,092

Investments - Available-For-Sale (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash	$ 489	$ 540

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details