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Stock-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount by which the pool of available shares will be reduced for each stock option granted (in shares)		1
The amount of common stock available under the plan for future grants and/or issuances (in shares)		35,000,000
Total unrecognized compensation cost related to nonvested awards		$ 537
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized (in years)		1 year 8 months 12 days
Number of common shares issued for each performance unit earned (in shares)		1	1	1
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares by which the pool of available shares will be reduced for other types of awards granted (in shares)		1.9
Number of shares added back for tax withholding on full value awards (in shares)		1.9
Awards accelerated and settled	$ 42
Weighted average grant date fair value, granted (in usd per share)		$ 273.10	$ 301.36	$ 237.70
Total fair value of units that vested during the year		$ 283	$ 401	$ 309
Units outstanding (in shares)		3,700,000	3,500,000
Weighted-average grant date fair value (in usd per share)		$ 274.23	$ 265.07
Units granted (in shares)		1,600,000
Units, forfeited (in shares)		200,000
Weighted average grant date fair value, forfeited (in usd per share)		$ 277.14
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of stock options from date of grant (in years)		10 years
Total intrinsic value of stock options exercised during the year		$ 70	$ 70	33
Actual tax benefits realized from tax deductions from option exercises		$ 15	$ 15	$ 7
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
The number of shares by which the pool of available shares will be reduced for other types of awards granted (in shares)		1.9
Number of shares added back for tax withholding on full value awards (in shares)		1.9
Weighted average grant date fair value, granted (in usd per share)		$ 290.24	$ 321.61	$ 252.49
Total fair value of units that vested during the year		$ 163	$ 182	$ 109
Total unrecognized compensation cost related to nonvested awards		$ 64
Weighted average number of years over which compensation cost related to nonvested awards is expected to be recognized (in years)		1 year
Period over which the grants of equity instruments vest (in years)		3 years
Units outstanding (in shares)		1,200,000	1,400,000
Weighted-average grant date fair value (in usd per share)		$ 278.62	$ 263.86
Units granted (in shares)		300,000
Units, forfeited (in shares)		100,000
Weighted average grant date fair value, forfeited (in usd per share)		$ 278.87

Segment and other information - Schedule of Reconciliation of Segment Net Income to Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 36,751,000	$ 33,424,000	$ 28,190,000
Manufacturing cost of sales	12,037,000	12,858,000	8,451,000
Interest income	(408,000)	(510,000)	(1,200,000)
Interest expense, net	2,755,000	3,155,000	2,875,000
Provision for income taxes	1,265,000	519,000	1,138,000
Net income	7,711,000	4,090,000	6,717,000
Amortization expense of intangible assets	4,300,000	4,800,000	3,200,000
Depreciation and right-of-use asset amortization expense	887,000	805,000	824,000
Business Combination, Pro Forma Information, Nonrecurring Adjustment, Inventory, Fair Value Adjustment
Segment Reporting, Asset Reconciling Item [Line Items]
Amortization of step-up to fair value of inventory acquired	1,300,000	2,400,000	656,000
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	36,751,000	33,424,000	28,190,000
Manufacturing cost of sales	9,845,000	11,118,000	7,347,000
Profit share and royalties in cost of sales	2,192,000	1,740,000	1,104,000
Research and development	7,272,000	5,964,000	4,784,000
Sales and marketing	4,590,000	4,713,000	3,784,000
General and administrative	2,460,000	2,383,000	2,395,000
Other segment items	(931,000)	252,000	(729,000)
Interest income	(408,000)	(510,000)	(1,225,000)
Interest expense, net	2,755,000	3,155,000	2,875,000
Provision for income taxes	1,265,000	519,000	1,138,000
Net income	7,711,000	4,090,000	6,717,000
Adjustments and reconciling items
Segment Reporting, Asset Reconciling Item [Line Items]
Net income	0	0	0
Product sales
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	35,148,000	32,026,000	26,910,000
Other revenues
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 1,603,000	$ 1,398,000	$ 1,280,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts [Roll Forward]
Balance at beginning of period	$ 38	$ 28	$ 22
Additions charged to costs and expenses	1	13	6
Deductions	0	0	0
Other changes	4	(3)	0
Balance at end of period	$ 43	$ 38	$ 28

Segment and other information - Narrative (Details)	12 Months Ended
Segment and other information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Investments - BeOne (Details) - USD ($) $ in Millions	12 Months Ended
Investments - BeOne (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Equity securities	$ 6,144	$ 4,188
Unrealized gain (loss) on equity method investment	109	(21)	$ 98
BeOne
Net Investment Income [Line Items]
Unrealized gain (loss) on equity method investment	2,300	82	1,200
Other Noncurrent Assets
Net Investment Income [Line Items]
Equity securities	326	314
Neumora Therapeutics, Inc.
Net Investment Income [Line Items]
Equity securities	63	375
Unrealized gain (loss) on equity method investment	$ (312)	$ (228)	$ 238
BeOne
Net Investment Income [Line Items]
Ownership percentage	17.10%	17.80%
BeOne \| Maximum
Net Investment Income [Line Items]
Ownership percentage	5.00%	5.00%
BeOne \| Other Noncurrent Assets \| BeOne
Net Investment Income [Line Items]
Equity securities	$ 5,800	$ 3,500

Goodwill and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amounts of goodwill were as follows (in millions):


	December 31,
	2025		2024
Beginning balance	$	18,637	$	18,629
Changes to goodwill resulting from acquisitions, net(1)	—		25
Foreign currency translation adjustments	43		(17)
Ending balance	$	18,680	$	18,637

____________

(1) For 2024, changes to Goodwill consisted of measurement-period adjustments related to our Horizon acquisition.

Schedule of Other Intangible Assets

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


	December 31,
	2025						2024
	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	$	47,805	$	(26,754)	$	21,051	$	48,611	$	(22,594)	$	26,017
Licensing rights	3,917		(3,522)		395		3,875		(3,392)		483
R&D technology rights	1,425		(1,305)		120		1,374		(1,235)		139
Marketing-related rights	1,203		(1,203)		—		1,202		(1,202)		—
Total finite-lived intangible assets	54,350		(32,784)		21,566		55,062		(28,423)		26,639
Indefinite-lived intangible assets:
In-process research and development	710		—		710		1,060		—		1,060
Total other intangible assets	$	55,060	$	(32,784)	$	22,276	$	56,122	$	(28,423)	$	27,699

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 9,129	$ 11,973
Trade receivables, net	9,570	6,782
Inventories	6,225	6,998
Other current assets	4,133	3,277
Total current assets	29,057	29,030
Property, plant and equipment, net	7,913	6,543
Intangible assets, net	22,276	27,699
Goodwill	18,680	18,637
Other noncurrent assets	12,660	9,930
Total assets	90,586	91,839
Current liabilities:
Accounts payable	2,367	1,908
Accrued liabilities	18,523	17,641
Current portion of long-term debt	4,599	3,550
Total current liabilities	25,489	23,099
Long-term debt	50,005	56,549
Long-term deferred tax liabilities	1,366	1,616
Long-term tax liabilities	2,690	2,349
Other noncurrent liabilities	2,378	2,349
Contingencies and commitments (see Note 20)
Stockholders’ equity:
Common stock and additional paid-in capital; $0.0001 par value per share; 2,750.0 shares authorized; outstanding—538.8 shares in 2025 and 536.9 shares in 2024	34,023	33,533
Accumulated deficit	(25,107)	(27,590)
Accumulated other comprehensive loss	(258)	(66)
Total stockholders’ equity	8,658	5,877
Total liabilities and stockholders’ equity	$ 90,586	$ 91,839

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

We operate our business in one operating segment, which also represents one reportable 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. A substantial portion of ROW product sales relates to products sold in Europe.

Revenues were as follows (in millions):


	Year ended December 31, 2025						Year ended December 31, 2024						Year ended December 31, 2023
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,978	$	1,436	$	4,414	$	2,885	$	1,489	$	4,374	$	2,733	$	1,315	$	4,048
Repatha	1,663		1,353		3,016		1,139		1,083		2,222		793		842		1,635
Otezla	1,839		426		2,265		1,699		427		2,126		1,777		411		2,188
ENBREL	2,199		27		2,226		3,288		28		3,316		3,650		47		3,697
EVENITY	1,600		500		2,100		1,131		432		1,563		809		351		1,160
XGEVA	1,355		729		2,084		1,507		718		2,225		1,527		585		2,112
TEPEZZA(1)	1,758		145		1,903		1,835		16		1,851		441		7		448
BLINCYTO	1,049		510		1,559		800		416		1,216		566		295		861
Nplate	1,027		497		1,524		970		486		1,456		996		481		1,477
TEZSPIRE (2)	1,478		—		1,478		972		—		972		567		—		567
KYPROLIS	913		499		1,412		948		555		1,503		921		482		1,403
Aranesp	416		973		1,389		386		956		1,342		452		910		1,362
KRYSTEXXA(1)	1,340		—		1,340		1,185		—		1,185		272		—		272
Vectibix	604		571		1,175		519		526		1,045		461		523		984
Other products(3)	5,437		1,826		7,263		4,037		1,593		5,630		3,307		1,389		4,696
Total product sales(4)	25,656		9,492		35,148		23,301		8,725		32,026		19,272		7,638		26,910
Other revenues	763		840		1,603		562		836		1,398		534		746		1,280
Total revenues	$	26,419	$	10,332	$	36,751	$	23,863	$	9,561	$	33,424	$	19,806	$	8,384	$	28,190

____________

(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 years ended December 31, 2025, 2024 and 2023.

In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers. Outside the United States, we sell principally to healthcare providers and/or pharmaceutical wholesale distributors depending on the distribution practice in each country. We monitor the financial condition of our larger customers and limit our credit exposure by setting credit limits and, in certain circumstances, by requiring letters of credit or obtaining credit insurance.

For each of the years ended December 31, 2025, 2024 and 2023, we had product sales to three customers that individually accounted for more than 10% of total revenues. For the year ended December 31, 2025, on a combined basis, these customers accounted for 77% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):


	Years ended December 31,
	2025			2024			2023
McKesson Corporation:
Gross product sales	$	26,253		$	22,173		$	19,035
% of total gross revenues	34		%	33		%	33		%
Cencora, Inc.:
Gross product sales	$	20,986		$	18,387		$	16,625
% of total gross revenues	27		%	27		%	29		%
Cardinal Health, Inc.:
Gross product sales	$	12,562		$	11,278		$	9,775
% of total gross revenues	16		%	17		%	17		%

As of December 31, 2025 and 2024, amounts due from these three customers each exceeded 10% of gross trade receivables and accounted for 75% and 70%, respectively, of net trade receivables on a combined basis. As of December 31, 2025 and 2024, 21% and 26%, respectively, of net trade receivables were due from customers located outside the United States, the majority of which were from Europe. Our total allowance for doubtful accounts as of December 31, 2025 and 2024, was not material.

- 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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+ Details

Derivative instruments (Tables)

12 Months Ended

Dec. 31, 2025

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 December 31, 2025, 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	4.7	%

Schedule of Unrealized Gains and Losses Recognized in AOCI

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


	Years ended December 31,
Derivatives in cash flow hedging relationships	2025		2024		2023
Foreign currency forward contracts	$	(464)	$	585	$	(14)
Cross-currency swap contracts	214		(79)		73
Forward interest rate contracts	—		—		(31)
Total unrealized (losses) gains	$	(250)	$	506	$	28

Schedule of Interest Rate Derivatives

As of December 31, 2025 and 2024, the interest rates on the portion of notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):


	December 31,
	2025			2024
Notes	Notional amounts		Interest rates	Notional amounts		Interest rates
3.125% 2025 Notes	$	—	N/A	$	1,000	SOFR + 2.1%
2.60% 2026 Notes	1,250		SOFR + 2.1%	1,250		SOFR + 2.1%
2.45% 2030 Notes	1,000		SOFR + 1.3%	1,000		SOFR + 1.3%
2.30% 2031 Notes	500		SOFR + 1.1%	500		SOFR + 1.1%
5.25% 2033 Notes	2,400		SOFR + 1.8%	1,400		SOFR + 1.8%
4.663% 2051 Notes	1,500		SOFR + 4.3%	1,500		SOFR + 4.3%
Total notional amounts	$	6,650		$	6,650

N/A = not applicable

Schedule of Hedged Liabilities and Cumulative Amount

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the 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)
	December 31,				December 31,
Consolidated Balance Sheets locations	2025		2024		2025		2024
Current portion of long-term debt	$	1,273	$	1,045	$	23	$	45
Long-term debt	$	5,112	$	5,152	$	(184)	$	(388)

____________

(1)Current portion of long-term debt includes $47 million and $56 million of carrying value with discontinued hedging relationships as of December 31, 2025 and 2024, respectively. Long-term debt includes $185 million and $232 million of carrying value with discontinued hedging relationships as of December 31, 2025 and 2024, respectively.

(2)Current portion of long-term debt includes $47 million and $56 million of hedging adjustments on discontinued hedging relationships as of December 31, 2025 and 2024, respectively. Long-term debt includes $85 million and $132 million of hedging adjustments on discontinued hedging relationships as of December 31, 2025 and 2024, respectively.

Schedule of Income and Expense Line Items

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):


	Year ended December 31, 2025
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	35,148	$	2,651	$	(2,755)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	10	$	—	$	—
Cross-currency swap contracts	$	—	$	221	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(182)
Derivatives designated as hedging instruments	$	—	$	—	$	238


	Year ended December 31, 2024
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	32,026	$	506	$	(3,155)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	192	$	—	$	—
Cross-currency swap contracts	$	—	$	(75)	$	—
Gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	29
Derivatives designated as hedging instruments	$	—	$	—	$	40


	Year ended December 31, 2023
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	26,910	$	2,833	$	(2,875)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	180	$	—	$	—
Cross-currency swap contracts	$	—	$	42	$	—

(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(118)
Derivatives designated as hedging instruments	$	—	$	—	$	205

__________

(1) Gains (losses) on hedged items do not exactly offset losses (gains) 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.

Schedule of Fair Value of Derivatives

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


	Derivative assets			Derivative liabilities
December 31, 2025	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	195	Accrued liabilities/ Other noncurrent liabilities	$	213
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	48		Accrued liabilities/ Other noncurrent liabilities	320
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	293

Total derivatives designated as hedging instruments		243			826
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	1		Accrued liabilities	1
Total derivatives not designated as hedging instruments		1			1
Total derivatives		$	244		$	827

	Derivative assets			Derivative liabilities
December 31, 2024	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	420	Accrued liabilities/ Other noncurrent liabilities	$	8
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	483
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	531

Total derivatives designated as hedging instruments		420			1,022
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	—		Accrued liabilities	—
Total derivatives not designated as hedging instruments		—			—
Total derivatives		$	420		$	1,022

For additional information, see Note 18, Fair value measurement.

Investments - Limited Partnership Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Investment, Type [Extensible Enumeration]	Partnership Interest [Member]	Partnership Interest [Member]
Fair Value Measured at Net Asset Value Per Share
Net Investment Income [Line Items]
Alternative investments	$ 253	$ 262
Unfunded additional commitments	$ 134

- 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.

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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.

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+ Details

Other current assets and accrued liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Sales deductions	$ 10,606	$ 8,405
Employee compensation and benefits	1,437	1,329
Dividends payable	1,358	1,278
Income taxes payable	379	2,583
Other	4,743	4,046
Total accrued liabilities	$ 18,523	$ 17,641

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 7,711	$ 4,090	$ 6,717
Other comprehensive (loss) income, net of reclassification adjustments and taxes:
Gains (losses) on foreign currency translation adjustments	172	(76)	50
(Losses) gains on cash flow hedges	(377)	309	(150)
Other	13	(10)	42
Other comprehensive (loss) income, net of reclassification adjustments and taxes	(192)	223	(58)
Comprehensive income	$ 7,519	$ 4,313	$ 6,659

- 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.

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We lease certain facilities and equipment related primarily to R&D, administrative and commercial activities. Leases with terms of 12 months or less are expensed as incurred and are not recorded in the Consolidated Balance Sheets.

Most leases include one or more options to renew, with renewal terms that may extend the lease term up to ten years. The exercise of lease renewal options is at our sole discretion. In addition, some of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements neither contain residual value guarantees nor impose significant restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases from former R&D and administrative spaces.

The following table summarizes information related to our leases, all of which are classified as operating, included in our Consolidated Balance Sheets (in millions):


	December 31,
Consolidated Balance Sheets locations	2025		2024
Assets:
Other noncurrent assets	$	602	$	557
Liabilities:
Accrued liabilities	$	135	$	107
Other noncurrent liabilities	696		673
Total lease liabilities	$	831	$	780

The components of net lease costs were as follows (in millions):


	Years ended December 31,
Lease costs	2025		2024		2023
Operating(1)	$	265	$	219	$	208






Sublease income	(9)		(17)		(28)
Total net lease costs	$	256	$	202	$	180

____________

(1) Includes short-term leases and variable lease costs, which were not material for the years ended December 31, 2025, 2024 and 2023.

Maturities of lease liabilities as of December 31, 2025, were as follows (in millions):


Maturity dates	Amounts
2026	$	148
2027	153
2028	128
2029	99
2030	77
Thereafter	362
Total lease payments(1)	967
Less imputed interest	(136)
Present value of lease liabilities	$	831

____________

(1) Includes future rental commitments for properties that have been subleased in the amount of $99 million. We expect to receive total future rental income of $54 million related to noncancellable subleases.

The weighted-average remaining lease terms and weighted-average discount rates were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (in years)	8.7		9.3
Weighted-average discount rate	4.0	%	3.7	%

Cash and noncash information related to our leases was as follows (in millions):


	Years ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	157	$	156	$	182


ROU assets obtained in exchange for lease obligations:
Operating leases	$	217	$	126	$	245

As of December 31, 2025, there were no future lease payments for leases that have not yet commenced.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared per share (in usd per share)	$ 2.52	$ 2.38	$ 2.38	$ 2.38	$ 2.38	$ 2.25	$ 2.25	$ 2.25	$ 2.25	$ 2.13	$ 2.13	$ 2.13	$ 2.13	$ 9.66	$ 9.13	$ 8.64

Financing arrangements - Schedule of Contractual Maturities of Long-term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Maturities of Long-term Debt [Abstract]
2026	$ 4,571
2027	2,724
2028	4,984
2029	2,943
2030	4,000
Thereafter	36,822
Total	$ 56,044

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, shares issued, not disclosed	true	true
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)	538.8	536.9

Investments (Tables)

12 Months Ended

Dec. 31, 2025

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 classified as available for sale, by type of security were as follows (in millions):


Types of securities as of December 31, 2025	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	998	$	—	$	—	$	998







Money market mutual funds	7,395		—		—		7,395
Other short-term interest-bearing securities	132		—		—		132
Total available-for-sale investments	$	8,525	$	—	$	—	$	8,525


Types of securities as of December 31, 2024	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	997	$	—	$	—	$	997






Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	135		—		—		135


Total available-for-sale investments	$	11,486	$	—	$	—	$	11,486

Schedule of Fair Values by Classification

The fair values of available-for-sale investments by location in the Consolidated Balance Sheets were as follows (in millions):


	December 31,
Consolidated Balance Sheets locations	2025		2024
Cash and cash equivalents	$	8,525	$	11,486


Total available-for-sale investments	$	8,525	$	11,486

- 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).

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+ Details

Stock-based compensation - Schedule of Weighted-Average Assumptions (Details) - Performance units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted-average assumptions and resulting weighted-average grant date fair values [Abstract]
Closing price of our common stock on grant date (in usd per share)	$ 270.44	$ 300.30	$ 235.97
Volatility	24.20%	22.10%	21.60%
Risk-free interest rate	3.70%	4.60%	3.70%
Fair value of units granted (in usd per share)	$ 290.24	$ 321.61	$ 252.49

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II

AMGEN INC.

VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2025, 2024 and 2023

(In millions)


Allowance for doubtful accounts	Balance at beginning of period		Additions charged to costs and expenses		Deductions		Other changes		Balance at end of period
2025	$	38	$	1	$	—	$	4	$	43
2024	$	28	$	13	$	—	$	(3)	$	38
2023	$	22	$	6	$	—	$	—	$	28

Fair value measurement - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt, including current portion	$ 54,604	$ 60,099
Fixed-rate notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value of long-term debt, including current portion	51,000	54,900
Carrying value of long-term debt, including current portion	$ 52,800	$ 58,300

- Definition

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

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+ Details

- Definition

Fair value portion of notes payable.

+ References

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+ Details

Leases - Schedule of Cash and Noncash Information of Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows for operating leases	$ 157	$ 156	$ 182
Operating leases	$ 217	$ 126	$ 245

Segment and other information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table provides segment revenues, significant segment expenses, other segment items and reported segment net income for the Company’s one reportable segment, as well as a reconciliation of segment net income to the Company’s total consolidated net income for the years ended December 31, 2025, 2024 and 2023 (in millions):


	Years ended December 31,
	2025		2024		2023
Revenues:
Product sales	$	35,148	$	32,026	$	26,910
Other revenues	1,603		1,398		1,280
Total revenues	36,751		33,424		28,190

Less:
Manufacturing cost of sales(1)(2)	9,845		11,118		7,347
Profit share and royalties in cost of sales(1)	2,192		1,740		1,104
Research and development(1)	7,272		5,964		4,784
Sales and marketing(1)	4,590		4,713		3,784
General and administrative(1)	2,460		2,383		2,395
Other segment items(3)	(931)		252		(729)

Interest income	(408)		(510)		(1,225)
Interest expense, net	2,755		3,155		2,875
Provision for income taxes	1,265		519		1,138
Segment net income	7,711		4,090		6,717
Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income	$	7,711	$	4,090	$	6,717

____________

(1) During the years ended December 31, 2025, 2024 and 2023, we recognized amortization expense on our intangible assets of $4.3 billion, $4.8 billion and $3.2 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Consolidated Statements of Income. In addition, during the years ended December 31, 2025, 2024 and 2023, we recognized depreciation and ROU asset amortization expense of $887 million, $805 million and $824 million, respectively.

(2) During the years ended December 31, 2025, 2024 and 2023, manufacturing cost of sales included amortization of step-up to fair value of inventory acquired in business combinations of $1.3 billion, $2.4 billion and $656 million, respectively.

(3) Other segment items included in Segment net income primarily consists of: (i) fair value adjustments on equity securities (see Note 10, Investments); (ii) net impairment charges on intangible assets (see Note 13, Goodwill and other intangible assets); and (iii) expenses related to restructuring and cost-savings initiatives.

Property, plant and equipment - Schedule of Property, Plant and Equipment by Geographic Area (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 7,913	$ 6,543
U.S.
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	5,188	4,156
Puerto Rico
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	1,273	1,174
ROW
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,452	$ 1,213

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 10, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 150.1
Entity Common Stock, Shares Outstanding		539,067,675
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Specified portions of the registrant’s Proxy Statement with respect to the 2026 Annual Meeting of Stockholders to be held on May 19, 2026, are incorporated by reference into Part III of this annual report.
Entity Central Index Key	0000318154
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
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

Income taxes - Narrative (Details)	12 Months Ended
Income taxes - Narrative (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 19, 2022 case	Apr. 28, 2022 USD ($)	Jul. 31, 2021 USD ($) notice
Tax Credit Carryforward [Line Items]
Interest and penalties related to unrecognized tax benefits recognized in income tax provision	$ 264,000,000	$ 282,000,000	$ 287,000,000
Accrued interest and penalties associated with unrecognized tax benefits	1,900,000,000	1,600,000,000
Income taxes paid	4,300,000,000	$ 2,900,000,000	$ 3,400,000,000
Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	109,000,000
NOL carryforwards available to reduce income taxes	34,000,000
NOL carryforwards, valuation allowance	0
NOLs with no valuation allowance and no expiration	12,000,000
Number of notices on proposed additional tax \| notice						2
Number of notices consolidated in court \| case				2
Federal \| Expiration in tax years between 2025 and 2045
Tax Credit Carryforward [Line Items]
Tax credit carryforwards, valuation allowance	31,000,000
Federal \| Tax Years 2010-2012
Tax Credit Carryforward [Line Items]
Proposed additional income tax						$ 3,600,000,000
Repatriation tax on proposed additional tax						$ 900,000,000
Federal \| Tax Years 2013-2015
Tax Credit Carryforward [Line Items]
Proposed additional income tax					$ 5,100,000,000
Penalties on proposed additional income tax					2,000,000,000
Repatriation tax on proposed additional tax					$ 2,200,000,000
State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	1,300,000,000
Tax credit carryforwards, valuation allowance	1,200,000,000
NOL carryforwards available to reduce income taxes	971,000,000
NOL carryforwards, valuation allowance	836,000,000
Foreign
Tax Credit Carryforward [Line Items]
Tax credit carryforwards available to reduce income taxes	148,000,000
Tax credit carryforwards, valuation allowance	123,000,000
NOL carryforwards available to reduce income taxes	1,400,000,000
NOL carryforwards, valuation allowance	239,000,000
NOLs with no valuation allowance and no expiration	120,000,000
Foreign \| Operating losses that expire between 2025 and 2034
Tax Credit Carryforward [Line Items]
NOL carryforwards, valuation allowance	$ 0

Revenues - Narrative (Details) - segment	12 Months Ended
Revenues - Narrative (Details) - segment	Dec. 31, 2025	Dec. 31, 2024
Concentration Risk [Line Items]
Number of operating segments	1
Number of reportable segments	1
Percentage of net trade receivables due from customers located outside the United States, primarily in Europe	21.00%	26.00%
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	75.00%	70.00%

- 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.

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Amgen has a multi-layered and iterative approach towards assessing, identifying, managing and mitigating risks from cybersecurity threats. The Amgen Technology & Medical Organizations (ATMOS) function is designed to support our productivity, innovation and outreach globally through the quality delivery of information systems, solutions and services for our business and operations. The ATMOS function has a Cybersecurity & Digital Trust (CDT) team that assesses and reduces cybersecurity exposure, including by providing employees with training and resources to identify potential cybersecurity threats and implementing information technology security practices. The CDT team also monitors for cybersecurity threat activity and seeks to mitigate the impact from cybersecurity incidents by deploying information security engineers, system architects, analysts and cybersecurity specialists to provide monitoring, reporting and management of cybersecurity incidents. To evaluate the progress of its activities, our ATMOS function uses various industry and regulatory frameworks as guides to assess the state of the Company’s cybersecurity program maturity and controls, including our organizational, people, physical and technological controls. The CDT team also conducts reviews and evaluations of our cybersecurity resilience program with Amgen’s Cybersecurity & Digital Trust Governance Council (which includes leaders from CDT, Worldwide Compliance and Business Ethics, Regulatory Affairs, Operations, R&D, Global Commercial Operations, Corporate Audit, Finance, Law and Business Development functions). Our cybersecurity risk management program is considered by and integrated into our Company-wide Enterprise Risk Management program and shares common methodologies, reporting channels and governance processes that apply across the Enterprise Risk Management program to that of other enterprise level risks (such as product development, safety and surveillance, financial and intellectual property risks). Regular evaluations are conducted of the greatest risks to our business and their underlying risk drivers as well as the associated mitigation activities, maturity and controls. This program is overseen by our Executive Vice President and Chief Financial Officer and guided by the Enterprise Risk Council, a cross-functional group of the Company’s business leaders representing key business functions that is co-chaired by our Chief Audit Executive. The results of the enterprise risk evaluations and the status and operation of the Enterprise Risk Management program are presented to our Board of Directors, which oversees the Company’s enterprise-level risks. Further, our corporate audit function is responsible for assessing risk and testing whether, and the extent to which, our information security policies and practices are being implemented effectively within our business and by third party providers. Findings from such reports and related corrective action plans are shared with our CDT team, Company leadership, and the Audit Committee and Corporate Responsibility and Compliance Committee (CRCC) of our Board of Directors. In addition to leveraging the Company’s own information technology resources, our Incident Response and Cyber Threat Intelligence teams engage, as needed, third-party cybersecurity risk assessors and consultants to assist in recognizing threats, identifying security vulnerabilities and evaluating the impact of cybersecurity attacks and incidents when they occur. On a biennial basis, our ATMOS also engages external third-party experts to assess the Company’s cybersecurity control maturity across the organization and develops plans to address such experts’ recommendations. Our CDT function has processes to oversee and identify the risks of cybersecurity threats associated with third-party service providers and monitors and works to mitigate the impact of cybersecurity incidents encountered by our third-party service providers. Upon becoming aware of cybersecurity incidents encountered by our third-party service providers, the CDT function’s Incident Response and Cyber Threat Intelligence teams are deployed to evaluate and mitigate the impact of such incidents on our business. In connection with our adoption of artificial intelligence (AI) tools in our business, including AI tools customized for our business and a variety of Amgen-built tools for use across applications, the Company established an AI Governance Council composed of cross-functional leadership that oversees the safe adoption of third-party AI services, including by establishing guardrails to reduce risks and allocating resources to provide staff training on the proper use of AI and responsible AI practices. The AI Governance Council is co-sponsored by our Chief Compliance Officer and Senior Vice President, Artificial Intelligence & Data. Despite our layered controls and cybersecurity efforts, the Company and its third-party vendors have experienced cyberattacks and information security vulnerabilities, and while such incidents have not had a material adverse effect on the Company, there can be no assurance that future cybersecurity attacks or incidents would not result in a material adverse effect on our business strategy, results of operations or financial condition. For examples of such matters and a discussion of the risks that we face, see Item 1A. Risk Factors—A breakdown of our information technology systems, cyberattack or information security breach could significantly compromise the confidentiality, integrity and availability of our information technology systems, network-connected control systems and/or our data, interrupt the operation of our business and/or affect our reputation. However, we have not identified risk from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is considered by and integrated into our Company-wide Enterprise Risk Management program and shares common methodologies, reporting channels and governance processes that apply across the Enterprise Risk Management program to that of other enterprise level risks (such as product development, safety and surveillance, financial and intellectual property risks). Regular evaluations are conducted of the greatest risks to our business and their underlying risk drivers as well as the associated mitigation activities, maturity and controls. This program is overseen by our Executive Vice President and Chief Financial Officer and guided by the Enterprise Risk Council, a cross-functional group of the Company’s business leaders representing key business functions that is co-chaired by our Chief Audit Executive. The results of the enterprise risk evaluations and the status and operation of the Enterprise Risk Management program are presented to our Board of Directors, which oversees the Company’s enterprise-level risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors oversees an enterprise-wide approach to risk management, including risks related to information systems and cybersecurity, and each Board committee has primary risk oversight responsibilities aligned with its areas of focus. At each regular meeting of the Board, the Board receives and considers reports from each of its committees, and such reports provide additional detail on significant risk management issues as appropriate, including cybersecurity. The CRCC is the committee that has primary oversight responsibility for the Company’s information systems and management of cybersecurity and receives reports from our Senior Vice President and Chief Information Officer (CIO) and Chief Information Security Officer (CISO) that includes reviews of our information systems strategy, technology investments, cybersecurity risks and incidents, and third-party risk management, as well as an annual evaluation of the Company’s cybersecurity status. The Board’s Audit Committee has oversight responsibility of our internal controls, assurances and financial risks. The Audit Committee is provided with copies of materials presented to our CRCC by our CIO and CISO and receives reports from our CIO regarding topics including integration or implementation of new financial systems and key controls and governance designed to address cybersecurity risks associated with the use of such new financial systems.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, including our CIO and CISO, supervises efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal information security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information systems environment.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is provided with copies of materials presented to our CRCC by our CIO and CISO and receives reports from our CIO regarding topics including integration or implementation of new financial systems and key controls and governance designed to address cybersecurity risks associated with the use of such new financial systems. Our management team, including our CIO and CISO, supervises efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal information security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information systems environment. Our CISO, who heads our CDT team and is accountable for the Company’s cybersecurity risk management program, joined the Company’s information systems organization in 2016, is a Certified Information Systems Security Professional and is certified in risk and information systems control.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our CIO and CISO, supervises efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal information security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information systems environment. Our CISO, who heads our CDT team and is accountable for the Company’s cybersecurity risk management program, joined the Company’s information systems organization in 2016, is a Certified Information Systems Security Professional and is certified in risk and information systems control. Previously, our CISO served in both leadership and operational positions as a cybersecurity professional in the U.S. government and was a cybersecurity consultant, providing a wide range of cybersecurity services to various U.S. government agencies and departments. Our CISO is overseen by our CIO, who has 28 years of experience in information systems (including over 15 years at the Company and more than 6 years as a senior technology executive outside of Amgen), and holds a Computer Information Systems B.S. and an Information Technology Management MBA. Our Executive Vice President and Chief Technology Officer (CTO) leads our ATMOS function and oversees our CIO. As leaders of the Technology and CDT functions within ATMOS, respectively, the Company’s CIO and CISO are informed about and monitor significant cybersecurity threats and incidents through the Company’s internal cybersecurity reporting structure. Our CDT team is responsible for monitoring and detecting cybersecurity threats and incidents. Our CDT team, overseen by our CISO, is also responsible for the mitigation and remediation of cybersecurity incidents. When members of the CDT team detect a cybersecurity threat or incident or are made aware of a cybersecurity incident encountered by a third-party service provider, the discovery is communicated to the Incident Response team, which includes our CISO and other senior members of the CDT function. The Incident Response team evaluates the severity of the cybersecurity threat or incident and shares its findings with our CISO. Our CISO and/or his senior team leaders, in addition to our CIO and CTO, also provide regular reports to executives leading our Finance, Compliance, Law and Human Resources functions on potentially significant cybersecurity incidents and the progress made towards mitigation and remediation of those incidents. These leaders oversee reporting to our CRCC and Audit Committee, and reporting of such cybersecurity incidents is included in the course of regular meetings of such committees. Additionally, in appropriate circumstances, reporting of potentially significant cybersecurity incidents is made directly to the leaders of our CRCC and Audit Committee or directly to the Board of Directors outside of their regular meeting schedule. Further, in support of our internal controls, our CISO also reviews cybersecurity matters and trends with our Accounting and Law functions at least on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO, who heads our CDT team and is accountable for the Company’s cybersecurity risk management program, joined the Company’s information systems organization in 2016, is a Certified Information Systems Security Professional and is certified in risk and information systems control. Previously, our CISO served in both leadership and operational positions as a cybersecurity professional in the U.S. government and was a cybersecurity consultant, providing a wide range of cybersecurity services to various U.S. government agencies and departments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO is overseen by our CIO, who has 28 years of experience in information systems (including over 15 years at the Company and more than 6 years as a senior technology executive outside of Amgen), and holds a Computer Information Systems B.S. and an Information Technology Management MBA.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Additionally, in appropriate circumstances, reporting of potentially significant cybersecurity incidents is made directly to the leaders of our CRCC and Audit Committee or directly to the Board of Directors outside of their regular meeting schedule. Further, in support of our internal controls, our CISO also reviews cybersecurity matters and trends with our Accounting and Law functions at least on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisition

Acquisition of Horizon Therapeutics plc

On October 6, 2023, Amgen completed its acquisition of Horizon by acquiring all of the outstanding shares 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 TED, 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.

During the year ended December 31, 2024, the purchase price allocation of the acquisition was completed and measurement period adjustments were finalized, which included changes to the purchase price allocation that resulted in a net increase of approximately $25 million to goodwill. The measurement period adjustments resulted primarily from adjustments to acquired assets and liabilities, including deferred tax attributes, 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 year ended December 31, 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 final total consideration and allocated acquisition date fair values of assets acquired and liabilities assumed, inclusive of measurement-period adjustments (in millions):


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	3,136
Deferred tax asset	795
Deferred tax liability	(2,488)
Other assets and liabilities, net	(273)
Total assets acquired, net of liabilities assumed	$	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 RSU awards and outstanding performance share unit awards of $523 million; (iii) fair value of Amgen replacement awards (based on conversion of outstanding employee RSU awards) of $180 million representing noncash consideration; and (iv) a portion of Horizon’s debt, settled by Amgen on the acquisition closing date, of $382 million. Amgen issued 1.7 million replacement equity awards with the original vesting conditions, the fair value of which was determined based on the acquisition date fair value based on the conversion calculation. See Note 5, Stock-based compensation.

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 $795 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.

During the three months ended December 31, 2023, the Company incurred approximately $487 million of acquisition costs related to the closing of our Horizon acquisition, consisting of $167 million for share-based payments to settle non-vested equity awards attributable to post-combination services, severance and other employee-related expenses and $320 million for transaction costs. These costs were included primarily in SG&A expense in the Consolidated Statements of Income.

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 years ended December 31, 2023 and 2022, as if the acquisition of Horizon had occurred on January 1, 2022 (in millions):


	Years ended December 31,
	2023		2022
Total revenues	$	30,969	$	29,964
Net income	$	5,383	$	2,381

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: (i) incremental amortization expense based on the 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; (iii) the reclassification of transaction and other acquisition-related costs incurred during the three months ended December 31, 2023, to the year ended December 31, 2022; and (iv) 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 consolidated results of operations would have been had the acquisition been completed on January 1, 2022. In addition, the unaudited 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.

- Definition

The entire disclosure for business combination.

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+ Details

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Available-for-sale investments


Types of securities as of December 31, 2025	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	998	$	—	$	—	$	998







Money market mutual funds	7,395		—		—		7,395
Other short-term interest-bearing securities	132		—		—		132
Total available-for-sale investments	$	8,525	$	—	$	—	$	8,525


Types of securities as of December 31, 2024	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	997	$	—	$	—	$	997






Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	135		—		—		135


Total available-for-sale investments	$	11,486	$	—	$	—	$	11,486

The fair values of available-for-sale investments by location in the Consolidated Balance Sheets were as follows (in millions):


	December 31,
Consolidated Balance Sheets locations	2025		2024
Cash and cash equivalents	$	8,525	$	11,486


Total available-for-sale investments	$	8,525	$	11,486

Cash and cash equivalents in the above table excludes bank account cash of $604 million and $487 million as of December 31, 2025 and 2024, respectively.

All interest-bearing securities as of December 31, 2025 and 2024, mature in one year or less. For the years ended December 31, 2025, 2024 and 2023, interest income on these investments was $408 million, $510 million and $1.2 billion, respectively.

For the years ended December 31, 2025, 2024 and 2023, realized gains and losses on interest-bearing securities were not material and were recorded in Other income, net, in the 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

BeOne Medicines Ltd.

As of December 31, 2025 and 2024, our ownership interest in BeOne was approximately 17.1% and 17.8%, respectively, and the fair values of our investment were $5.8 billion and $3.5 billion, respectively, which were included in Other noncurrent assets in the Consolidated Balance Sheets. We account for our ownership interest as an equity security with a readily determinable fair value, which is carried at fair value with changes in fair value recorded in Other income, net, in the Consolidated Statements of Income. See Note 18, Fair value measurement. During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized gains of $2.3 billion, $82 million, and $1.2 billion respectively, in Other income, net, in the Consolidated Statements of Income. For information on a collaboration agreement we entered into with BeOne in connection with this investment, see Note 9, Collaborations.

Subject to certain exceptions or otherwise agreed to by BeOne, while Amgen holds at least 5.0% of BeOne’s outstanding common stock, (A) we may only sell our BeOne 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 BeOne’s outstanding common stock in any rolling 12-month period.

Other equity securities

Excluding our equity investments in BeOne (discussed above) and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $326 million and $314 million as of December 31, 2025 and 2024, respectively, which were included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, net unrealized gains and losses on publicly traded securities resulted in a net gain of $109 million, a net loss of $21 million and a net gain of $98 million, respectively. Realized gains and losses on publicly traded securities for the years ended December 31, 2025, 2024 and 2023, were not material.

We held investments of $362 million and $319 million in equity securities without readily determinable fair values as of December 31, 2025 and 2024, respectively, which were included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, gains due to upward adjustments and gains realized upon dispositions of these securities were not material. For the years ended December 31, 2025, 2024 and 2023 downward adjustments were not material. Adjustments were based on observable price transactions.

Equity Method Investments

Neumora Therapeutics, Inc.

As of December 31, 2025 and 2024, our ownership interest in Neumora was approximately 21.2% and 21.9%, respectively, and the fair values of our investment were $63 million and $375 million, respectively, which were included in Other noncurrent assets in the Consolidated Balance Sheets. Although our equity investment qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. See Note 18, Fair value measurement. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other income, net, in the Consolidated Statements of Income each reporting period. We believe the fair value option best reflects the economics of the underlying transaction. During the years ended December 31, 2025, 2024 and 2023, we recognized unrealized losses of $312 million and $228 million and an unrealized gain of $238 million, respectively, for the change in fair values in Other income, net, in the Consolidated Statements of Income.

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 $253 million and $262 million as of December 31, 2025 and 2024, respectively, which were included in Other noncurrent assets in the Consolidated Balance Sheets. These investments, which are 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 December 31, 2025, we had $134 million of unfunded additional commitments to be made for these investments during the next several years. For the years ended December 31, 2025, 2024 and 2023, net gains and losses recognized from our limited partnership investments were not material.

Revenues - Schedule of Revenues Earned from Major Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Gross product sales	$ 36,751	$ 33,424	$ 28,190
Product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 35,148	32,026	26,910
Three Customers \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	77.00%
McKesson Corporation \| Product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 26,253	$ 22,173	$ 19,035
McKesson Corporation \| Product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	34.00%	33.00%	33.00%
Cencora, Inc. \| Product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 20,986	$ 18,387	$ 16,625
Cencora, Inc. \| Product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	27.00%	27.00%	29.00%
Cardinal Health, Inc. \| Product sales
Revenue, Major Customer [Line Items]
Gross product sales	$ 12,562	$ 11,278	$ 9,775
Cardinal Health, Inc. \| Product sales \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage	16.00%	17.00%	17.00%

Financing arrangements - Debt Extinguishment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments of debt	$ 5,000	$ 3,600	$ 1,454
Extinguishment of debt	683	659	647
Gain (loss) on extinguishment of debt	264	215	225
Notes
Debt Instrument [Line Items]
Repayments of debt	500	3,600
Various Long-Term Notes \| Notes
Debt Instrument [Line Items]
Repayments of debt	$ 1,000	$ 875	$ 881
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%		2.00%
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	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%	2.80%
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%	3.375%
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	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%	4.20%
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Term loan due October 2026 \| Notes
Debt Instrument [Line Items]
Repayments of debt		$ 200

Income taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Effect
Federal statutory tax rate	$ 1,885,000
U.S. tax on foreign subsidiaries (net of credits and deferred taxes)	(545,000)
Foreign-derived intangible income	(222,000)
Other	(18,000)
Credit on foreign taxes imposed on U.S. income	(456,000)
Research and development tax credits	(272,000)
Changes in unrecognized tax benefits (primarily interest)	198,000
Total provision for income taxes	$ 1,265,000	$ 519,000	$ 1,138,000
Effective Tax Rate
Federal statutory tax rate	21.00%	21.00%	21.00%
Foreign earnings tax rate differential		(5.80%)	(5.10%)
Other, net		0.30%	0.50%
U.S. tax on foreign subsidiaries (net of credits and deferred taxes)	(6.00%)
Foreign-derived intangible income	(2.50%)	(3.00%)	(1.30%)
Other	(0.20%)
Credit on foreign taxes imposed on U.S. income	(5.00%)
Credits, primarily federal R&D	(3.00%)	(5.40%)	(3.50%)
Changes in unrecognized tax benefits (primarily interest)	2.20%
Effective tax rate	14.10%	11.30%	14.50%
Ireland:
Tax Effect
Foreign earnings tax rate differential	$ 316,000
Valuation allowance	119,000
Other	$ 22,000
Effective Tax Rate
Foreign earnings tax rate differential	3.50%
Valuation allowance	1.30%
Other, net	0.20%
Puerto Rico:
Tax Effect
Foreign earnings tax rate differential	$ 469,000
Act 52 - withholding tax	456,000
Act 52 - income tax	$ (968,000)
Effective Tax Rate
Foreign earnings tax rate differential	5.20%
Act 52 - withholding tax	5.10%
Act 52 - income tax	(10.80%)
Singapore:
Tax Effect
Other	$ (29,000)
Tax incentive grant	(122,000)
Pillar Two minimum tax	$ 147,000
Effective Tax Rate
Other, net	(0.30%)
Tax incentive grant	(1.40%)
Pillar Two minimum tax	1.60%
Other foreign jurisdictions
Tax Effect
Foreign earnings tax rate differential	$ 199,000
Effective Tax Rate
Foreign earnings tax rate differential	2.20%
U.S.
Tax Effect
Other	$ 86,000
Effective Tax Rate
Other, net	1.00%

Investments - Neumora Therapeutics, Inc. (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity securities	$ 6,144	$ 4,188
Unrealized gain (loss) on equity method investment	$ 109	$ (21)	$ 98
Neumora Therapeutics, Inc.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	21.20%	21.90%
Equity securities	$ 63	$ 375
Unrealized gain (loss) on equity method investment	$ (312)	$ (228)	$ 238
Neumora Therapeutics, Inc. \| Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	5.00%
Neumora Therapeutics, Inc. \| Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10.00%

- 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 + Details

Fair value measurement - Fair Value of Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Available-for-sale securities:	$ 8,525	$ 11,486
Equity securities	$ 6,144	$ 4,188
Derivatives:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Current
Derivative asset		$ 420
Total assets	$ 14,913	16,094
Derivatives:
Contingent consideration obligations	161	106	$ 96
Total liabilities	988	1,128
Foreign currency forward contract gains
Derivatives:
Derivative asset	196
Derivatives:
Derivative liabilities	214	8
Cross-currency swap contract gains (losses)
Derivatives:
Derivative asset	48
Derivatives:
Derivative liabilities	320	483
Interest rate swap contracts
Derivatives:
Derivative liabilities	293	531
Quoted prices in active markets for identical assets (Level 1)
Assets:
Equity securities	6,144	4,188
Derivatives:
Derivative asset		0
Total assets	13,539	14,542
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Foreign currency forward contract gains
Derivatives:
Derivative asset	0
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Cross-currency swap contract gains (losses)
Derivatives:
Derivative asset	0
Derivatives:
Derivative liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) \| Interest rate swap contracts
Derivatives:
Derivative liabilities	0	0
Significant other observable inputs (Level 2)
Assets:
Equity securities	0	0
Derivatives:
Derivative asset		420
Total assets	1,374	1,552
Derivatives:
Contingent consideration obligations	0	0
Total liabilities	827	1,022
Significant other observable inputs (Level 2) \| Foreign currency forward contract gains
Derivatives:
Derivative asset	196
Derivatives:
Derivative liabilities	214	8
Significant other observable inputs (Level 2) \| Cross-currency swap contract gains (losses)
Derivatives:
Derivative asset	48
Derivatives:
Derivative liabilities	320	483
Significant other observable inputs (Level 2) \| Interest rate swap contracts
Derivatives:
Derivative liabilities	293	531
Significant unobservable inputs (Level 3)
Assets:
Equity securities	0	0
Derivatives:
Derivative asset		0
Total assets	0	0
Derivatives:
Contingent consideration obligations	161	106
Total liabilities	161	106
Significant unobservable inputs (Level 3) \| Foreign currency forward contract gains
Derivatives:
Derivative asset	0
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| Cross-currency swap contract gains (losses)
Derivatives:
Derivative asset	0
Derivatives:
Derivative liabilities	0	0
Significant unobservable inputs (Level 3) \| Interest rate swap contracts
Derivatives:
Derivative liabilities	0	0
U.S. Treasury bills
Assets:
Available-for-sale securities:	998	997
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:	998	997
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:	7,395	10,354
Money market mutual funds \| Quoted prices in active markets for identical assets (Level 1)
Assets:
Available-for-sale securities:	7,395	10,354
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:	132	135
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:	132	135
Other short-term interest-bearing securities \| Significant unobservable inputs (Level 3)
Assets:
Available-for-sale securities:	$ 0	$ 0

Financing arrangements - Interest Costs (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest paid, net of interest rate and cross currency swaps	$ 2.9	$ 3.3	$ 2.4

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in millions):


	December 31,
	2025		2024
Raw materials	$	915	$	818
Work in process	3,425		4,120
Finished goods	1,885		2,060
Total inventories	$	6,225	$	6,998

Stockholders' equity - Schedule of Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 5,877	$ 6,232	$ 3,661
Foreign currency translation adjustments	172	(76)	50
Unrealized gains	(250)	506	28
Reclassification adjustments into earnings	(231)	(117)	(222)
Other	13	(10)	42
Income taxes	104	(80)	44
Ending balance	8,658	5,877	6,232
Foreign currency translation adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(374)	(298)	(348)
Foreign currency translation adjustments	172	(76)	50
Unrealized gains	0	0	0
Reclassification adjustments into earnings	0	0	0
Other	0	0	0
Income taxes	0	0	0
Ending balance	(202)	(374)	(298)
Cash flow hedges
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	287	(22)	128
Foreign currency translation adjustments	0	0	0
Unrealized gains	(250)	506	28
Reclassification adjustments into earnings	(231)	(117)	(222)
Other	0	0	0
Income taxes	104	(80)	44
Ending balance	(90)	287	(22)
Other
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	21	31	(11)
Foreign currency translation adjustments	0	0	0
Unrealized gains	0	0	0
Reclassification adjustments into earnings	0	0	0
Other	13	(10)	42
Income taxes	0	0	0
Ending balance	34	21	31
AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(66)	(289)	(231)
Ending balance	$ (258)	$ (66)	$ (289)

Contingencies and commitments	12 Months Ended
Contingencies and commitments	Dec. 31, 2025
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 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. 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. The outcomes of these proceedings are inherently uncertain and depend on a variety of factors, including the development of the factual record, judicial or administrative rulings, and, in certain cases, the outcome of appellate review. Further, certain of the matters pending against us are at earlier stages of the legal process, which in complex proceedings of the sort we face often extend for several years, and have not progressed sufficiently through discovery and/or the development of important factual information and legal issues to enable us to estimate. Accordingly, except for amounts accrued, in each of the matters described in this filing in which we could incur a liability, our opponents seek an award of a not-yet-estimable amount of damages or an amount that is 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 We are involved in and expect future involvement in additional disputes regarding our PCSK9 patents in other jurisdictions and regions. This includes matters filed against us and that we have filed in Germany and Japan. Germany In February 2016, the EPO granted European Patent No. 2,215,124 (the EP’124 Patent) to Amgen. This patent describes and claims monoclonal antibodies to PCSK9 and methods of treatment and Sanofi filed an opposition to the patent in the EPO seeking to invalidate it. In November 2016, Sanofi-Aventis Deutschland GmbH, Sanofi-Aventis Groupe S.A. and Sanofi Winthrop Industrie S.A. filed a joint opposition against Amgen’s patent, and each of Eli Lilly and Company, Regeneron Pharmaceuticals, Inc. (Regeneron) and Strawman Ltd. also filed oppositions to Amgen’s patent. In November 2018, the EPO confirmed the validity of Amgen’s EP’124 Patent, which was appealed to the Technical Board of Appeal (TBA). On October 29, 2020, the TBA upheld the validity of certain claims, including claims that protect Repatha, but ruled that broader claims encompassing PRALUENT® were invalid. As a result of the TBA’s decision, any national litigations regarding infringement of the EP`124 Patent by PRALUENT® were terminated. In Germany, Sanofi-Aventis Deutschland GmbH and Regeneron filed actions in the Regional Court of Munich seeking damages arising from the provisional enforcement of an injunction against PRALUENT® that was lifted after the TBA’s October 2020 ruling on the EP’124 Patent. On May 8, 2024, the Regional Court of Munich issued a preliminary decision. The case is still pending, but further proceedings were stayed on December 9, 2025. Also in Germany, on July 21, 2022, Sanofi Biotechnology SAS filed an action against Amgen GmbH and Amgen (Europe) B.V. before the Regional Court of Dusseldorf alleging that the marketing and sale of Repatha infringes European Patent No. 2,756,004 (the EP’004 Patent), which Sanofi Biotechnology SAS licensed from Regeneron. Sanofi Biotechnology SAS is seeking infringement damages and injunctive relief. 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 EP’004 Patent before the German Federal Patent Court. On December 29, 2025, the Regional Court of Dusseldorf lifted the stay and scheduled an oral hearing on May 12, 2026 to address whether Amgen infringes the EP’004 Patent in Germany. On August 3, 2023, Amgen GmbH filed a nullity action before the German Federal Patent Court seeking invalidation of Regeneron’s EP’004 Patent. On November 25, 2025, the German Federal Patent Court upheld the validity of Regeneron’s EP’004 Patent. Unified Patent Court of the European Union Actions concerning Amgen’s European Patent 3,666,797 (the EP’797 Patent) On June 1, 2023, Amgen filed an action before the Munich Local Division of the Unified Patent Court (UPC) against Sanofi-Aventis Deutschland GmbH, Sanofi-Aventis Groupe S.A., Sanofi Winthrop Industrie S.A. (collectively, Sanofi-Aventis), and Regeneron alleging that the importation, marketing, sale and use of PRALUENT® infringes Amgen’s EP’797 Patent seeking an injunction and damages for past infringement. Regeneron filed counterclaims for revocation, but on February 5, 2024, the court transferred the counterclaims to the Central Division of the UPC that is presiding over Sanofi’s revocation action. The Munich Local Division of the UPC scheduled the hearing on Amgen’s EP’797 Patent infringement action to begin on October 16, 2024. On June 29, 2023, the Central Division of the UPC served Amgen with an action that was filed by Sanofi-Aventis that seeks revocation of the EP’797 Patent. The Central Division of the UPC scheduled a hearing on the revocation action and on July 16, 2024, the Central Division of the UPC rendered its decision, concluding that the patent claims are invalid and revoked the EP’797 Patent. Subsequently, on July 29, 2024, the Munich Local Division of the UPC stayed Amgen’s action against Sanofi-Aventis alleging that the importation, marketing, sale and use of PRALUENT® infringes the EP’797 Patent. On September 13, 2024, Amgen filed a statement of appeal with the Court of Appeals of the UPC to set aside the Central Division of the UPC’s decision to revoke the EP’797 Patent. On August 12, 2025, the Court of Appeals of the UPC heard oral argument on Amgen’s appeal seeking to set aside the Central Division of the UPC’s decision to revoke Amgen’s EP’797 Patent and on November 25, 2025, the Court of Appeals of the UPC issued a decision upholding the validity of Amgen’s EP’797 Patent. On January 26, 2026, Sanofi and Regeneron filed an application for rehearing and sought an order from the Court of Appeals of the UPC that the lodging of its application for rehearing suspends the UPC’s decision upholding the validity of the EP’797 Patent. On January 29, 2026, the Court of Appeals of the UPC issued an order giving Amgen the opportunity to respond to the request for rehearing by February 26, 2026. On February 5, 2026, Amgen filed its reply to Sanofi’s request for suspension. On December 30, 2025, following on the Court of Appeals of the UPC’s decision finding the EP’797 Patent valid, the Munich Local Division of the UPC lifted the stay on Amgen’s case alleging that PRALUENT® infringes Amgen’s EP’797 Patent. The Court scheduled an interim conference to take place on June 26, 2026, and an oral argument to take place on November 19, 2026. Actions concerning Regeneron’s European Patent 3,536,712 (the EP’712 Patent) On January 10, 2024, Sanofi Biotechnologies SAS (Sanofi Biotechnologies) and Regeneron filed an action (the UPC Action Concerning the EP’712 Patent) against Amgen Inc., Amgen Europe B.V., Amgen N.V., Amgen GmbH, Amgen B.V., Amgen SAS, and Amgen S.R.L before the Dusseldorf Local Division of the UPC, alleging infringement of Regeneron’s EP’712 Patent, which Sanofi Biotechnology SAS licensed from Regeneron. Sanofi and Regeneron are seeking an injunction against the sale, marketing, use, importation, or storage of Repatha for certain specified uses in Belgium, France, Germany, Italy and the Netherlands. Amgen filed counterclaims for invalidity and non-infringement. On February 25, 2025, a hearing on the validity and infringement of the EP’712 Patent was held before the Dusseldorf Local Division of the UPC. On May 13, 2025, the Dusseldorf Local Division of the UPC issued a decision that the EP’712 Patent is valid but not infringed by Amgen. On July 11, Amgen filed its statement of appeal against the part of the Dusseldorf Local Division of the UPC’s decision finding that the EP’712 Patent is valid. On July 14, 2025, Sanofi and Regeneron filed their statement of appeal against the decision of the Dusseldorf Local Division of the UPC finding the EP’712 Patent not infringed by Amgen. On September 15, 2025, Amgen and Sanofi and Regeneron filed their respective grounds of appeal. On December 15, 2025, the parties filed responses to the grounds of appeal. Actions concerning Regeneron’s European Patent 4,252,857 (the EP’857 Patent) On September 25, 2024, Sanofi Biotechnologies and Regeneron filed a brief seeking to expand the ongoing action before the Dusseldorf Local Division of the UPC concerning the EP’712 Patent, alleging that Amgen’s Repatha infringes a newly-issued patent, European Patent No. 4,252,857 (the EP’857 Patent) and seeking an injunction against the marketing, use, or importation of Repatha in 18 countries (Austria, Belgium, Bulgaria, Denmark, Estonia, Finland, France, Germany, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Romania, Slovenia and Sweden) and damages for past infringement (the UPC Action Concerning the EP’857 Patent). On December 13, 2024, the Dusseldorf Local Division of the UPC denied Sanofi and Regeneron’s request to extend the complaint. On February 4, 2025, the Dusseldorf Local Division of the UPC formally ordered separation of the EP’857 Patent from the ongoing EP’712 Patent litigation. On June 9, 2025, Sanofi filed a motion seeking to stay the UPC Action Concerning the EP’857 Patent, which Amgen opposed. On August 6, 2025, the Dusseldorf Local Division of the UPC stayed the UPC Action Concerning the EP’857 Patent until the Court of Appeals of the UPC reaches a decision on the appeal from the UPC Action Concerning the EP’712 Patent. European Patent Office Proceedings concerning Amgen’s EP’797 Patent On November 16, 2023 and February 29, 2024, Sanofi-Aventis and Regeneron each filed a notice of opposition against Amgen’s EP’797 Patent before the EPO’s Opposition Division. A hearing was held beginning on March 31, 2025 and on April 3, 2025, the Opposition Division determined the claims of the EP’797 Patent are valid. On April 16, 2025, Sanofi-Aventis and Regeneron filed notices of appeal and requested expedited appeal proceedings. The EPO TBA has scheduled a hearing on Sanofi’s and Regeneron’s appeals against the Opposition Division’s decision upholding the validity of Amgen’s EP’797 Patent to take place on April 13-15, 2026. On January 26, 2026, Amgen filed its reply to Sanofi-Aventis’s and Regeneron’s grounds of appeal. Proceedings concerning Regeneron’s EP’712 Patent On February 29, 2024, Amgen filed a notice of opposition and grounds of opposition before the EPO against Regeneron’s EP’712 Patent. On March 15, 2024, the EPO notified the parties that the opposition will be accelerated in view of the infringement action pending against Amgen on the EP’712 Patent in the Dusseldorf Local Division of the UPC. On March 12, 2025, following a hearing on Amgen’s opposition to Regeneron’s EP’712 Patent, the Opposition Division determined that the claims of the EP’712 Patent are valid, and issued its written decision on April 24, 2025. On April 25, 2025, Amgen filed a notice of appeal and request for expedited appeal proceedings. On June 2, 2025, the EPO TBA accelerated Amgen’s appeal from the EPO’s decision that Regeneron’s EP’712 Patent is valid and scheduled oral argument to take place on March 25, 2026. Proceedings concerning Regeneron’s EP’857 Patent On June 23, 2025, Amgen filed a notice of opposition and grounds of opposition before the EPO against Regeneron’s EP’857 Patent. On July 7, 2025, the EPO notified the parties that the opposition proceedings concerning the EP’857 Patent have been accelerated due to the pending parallel proceedings before the UPC, and Regeneron’s response to Amgen’s grounds of opposition must accordingly be filed by October 7, 2025. The EPO Opposition Division scheduled a hearing to take place on Amgen’s opposition against Regeneron’s EP’857 Patent on June 9-10, 2026. Japan On April 24, 2020, the Supreme Court of Japan declined to hear Sanofi K.K.’s appeals making final the Intellectual Property High Court’s (IP High Court) decisions that PRALUENT® infringes Amgen’s valid patent rights in Japan. On June 24, 2020, Amgen filed written answers to the invalidity trials initiated by Regeneron on February 12, 2020 before the Japan Patent Office (JPO) seeking to invalidate Amgen’s Japanese patents that were previously held infringed by PRALUENT® and valid over challenges filed by Sanofi K.K. On April 15, 2021, the JPO dismissed Regeneron’s invalidity trials, and in August 2021 Regeneron appealed the decisions to the IP High Court. On January 26, 2023, the IP High Court found Amgen’s patent claims invalid for lacking adequate support and Amgen appealed to the Supreme Court of Japan on March 13, 2023. On September 15, 2023, the Supreme Court of Japan declined to hear Amgen’s appeal. The case was remanded to the JPO for further proceedings, however the case is currently stayed. On March 31, 2021, Amgen initiated damages proceedings against Sanofi K.K. and Sanofi K.K. raised new validity challenges to Amgen patents. On September 27, 2023, the Tokyo District Court found Amgen’s patent claims invalid and dismissed Amgen’s lawsuit for damages. Amgen appealed the Tokyo District Court’s decision to the IP High Court on December 28, 2023. The IP High Court rejected Amgen’s appeal and remanded the case to the JPO. Amgen then sought amended patent claims before the JPO. The JPO rejected Amgen’s amended claims, and Amgen appealed the JPO’s decision to the IP High Court on September 16, 2024. On April 15, 2025, the IP High Court dismissed Amgen’s appeal and, on May 27, 2025, Amgen filed petition for acceptance of an appeal before the Supreme Court of Japan. Prolia/XGEVA Biologics Price Competition and Innovation Act (BPCIA) Litigation Amgen Inc. et al. v. Shanghai Henlius Biotech Inc. et al. On June 25, 2025, 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 Shanghai Henlius Biotech Inc., Shanghai Henlius Biologics Co., Ltd, Organon LLC and Organon & Co. (collectively, the Shanghai Henlius and Organon Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,217,153; 8,460,896; 8,680,248; 9,228,168; 9,359,435; 10,106,829; 10,227,627; 10,513,723; 10,583,397; 10,655,156; 10,894,972; 11,077,404; 11,098,079; 11,192,919; 11,254,963; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; and 12,084,686 (collectively, the Asserted Patents against the Shanghai Henlius and Organon Defendants). Amgen seeks a judgment from the New Jersey District Court that the Shanghai Henlius and Organon Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Shanghai Henlius and Organon Defendants 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 the accused proposed denosumab biosimilar by the Shanghai Henlius and Organon Defendants before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On June 25, 2025, this litigation became a member of In Re: Denosumab Patent Litigation multi-district litigation with other cases involving Prolia/XGEVA biosimilars pending in the district. On September 5, 2025, the Shanghai Henlius and Organon Defendants responded to the complaint, asserting counterclaims for invalidity and non-infringement and affirmative defenses. On October 10, 2025, Amgen responded to those counterclaims and asserted its affirmative defenses. A claim construction hearing will be scheduled after June 23, 2027, and the joint pretrial order is due April 28, 2028. A trial date has not yet been set. Amgen Inc. et al. v. Hikma Pharmaceuticals USA Inc. et al. On June 25, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Hikma Pharmaceuticals USA Inc., Gedeon Richter Plc., and Gedeon Richter USA, Inc. (collectively, the Hikma and Gedeon Richter Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 9,328,134; 9,359,435; 9,371,554; 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; 11,192,919; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; and 12,084,686 (collectively, the Asserted Patents against the Hikma and Gedeon Richter Defendants). Amgen seeks a judgment from the New Jersey District Court that the Hikma and Gedeon Richter Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Hikma and Gedeon Richter Defendants 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 the accused proposed denosumab biosimilar before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On June 25, 2025, this litigation became a member of In Re: Denosumab Patent Litigation multi-district litigation with other cases involving Prolia/XGEVA biosimilars pending in the district. A trial date has not yet been set. On September 5, 2025, the Hikma and Gedeon Richter Defendants responded to the complaint, asserting counterclaims and affirmative defenses on September 5, 2025. On October 10, 2025, Amgen responded to those counterclaims and asserted its affirmative defenses. Pursuant to a consent order providing leave to amend, Amgen filed an Amended Complaint on November 14, 2025, adding Gedeon Richter (Schweiz) AG as a defendant to the litigation. The parties entered into a settlement agreement that resolves the patent litigation related to the Hikma denosumab biosimilar products in the United States. Accordingly, the New Jersey District Court entered a Consent Judgment and Injunction on November 24, 2025, finding the claims of Amgen’s U.S. patents asserted against the Hikma and Gedeon Richter Defendants valid, enforceable and infringed by Hikma’s denosumab biosimilars in the United States and enjoining Defendants from importing, making, using, offering to sell or selling the Hikma denosumab biosimilar products in the United States before January 1, 2026, except as may be permitted by the agreement or by statue. Amgen Inc. et al. v. Amneal Pharmaceuticals, Inc. et al. On November 6, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Amneal Pharmaceuticals, Inc., Amneal Pharmaceuticals LLC, GH Genhelix S.A., Universal Farma S.L., and Mabxience Research S.L., (collectively, the Amneal and Mabxience Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 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; 10,655,156; 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; 11,946,085; 11,952,605; 12,084,686 (collectively, the Asserted Patents against the Amneal and Mabxience Defendants). Amgen seeks a judgment from the New Jersey District Court that the Amneal and Mabxience Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Amneal and Mabxience Defendants 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 the accused denosumab biosimilar by the Amneal and Mabxience Defendants before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On January 9, 2026 and January 23, 2026, respectively, the Amneal and Mabxience Defendants responded to the complaint asserting affirmative defenses. This litigation is part of the In Re: Denosumab Patent Litigation multi-district litigation with other patent cases involving Prolia/XGEVA biosimilars pending in the district. A claim construction hearing will be scheduled after June 23, 2027, and the joint pretrial order is due April 28, 2028. A trial date has not yet been set. Amgen Inc. et al. v. Dr. Reddy’s Laboratories Ltd., et al. On November 6, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Dr. Reddy’s Laboratories Ltd., Dr. Reddy’s Laboratories SA, Dr. Reddy’s Laboratories Inc., Alvotech Hf, and Alvotech Swiss AG (collectively, the Dr. Reddy’s and Alvotech Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 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; 11,192,919; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; 12,084,686 (collectively, the Asserted Patents against the Dr. Reddy’s and Alvotech Defendants). Amgen seeks a judgment from the New Jersey District Court that the Dr. Reddy’s and Alvotech Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Dr. Reddy’s and Alvotech Defendants 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 the accused proposed denosumab biosimilar by the Dr. Reddy’s and Alvotech Defendants before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On January 9, 2026, the Dr. Reddy’s and Alvotech Defendants responded to the complaint asserting counterclaims for invalidity and non-infringement and affirmative defenses. On January 30, 2026, Amgen responded to those counterclaims and asserted its affirmative defenses. This litigation is part of the In Re: Denosumab Patent Litigation multi-district litigation with other patent cases involving Prolia/XGEVA biosimilars pending in the district. A claim construction hearing will be scheduled after June 23, 2027, and the joint pretrial order is due April 28, 2028. A trial date has not yet been set. Amgen Inc. et al. v Alkem Laboratories Ltd., et al. On November 14, 2025, Amgen Inc. and Amgen Manufacturing Limited LLC filed a lawsuit in the New Jersey District Court against Alkem Laboratories Ltd., Ascend Laboratories, LLC, and Enzene Biosciences (collectively, the Alkem Defendants) based on the submission to the FDA of a BLA seeking approval to market and sell a biosimilar version of Amgen’s Prolia and XGEVA products. The complaint asserts infringement of the following patents: U.S. Patent Nos. 7,364,736; 7,662,930; 7,888,101; 7,928,205; 8,053,236; 8,058,418; 8,247,210; 8,460,896; 8,680,248; 9,012,178; 9,228,168; 9,328,134; 9,359,435; 10,106,829; 10,167,492; 10,227,627; 10,513,723; 10,583,397; 10,655,156; 10,822,630; 10,894,972; 10,907,186; 11,077,404; 11,098,079; 11,130,980; 11,192,919; 11,254,963; 11,299,760; 11,319,568; 11,434,514; 11,459,595; 11,492,372; 11,946,085; 11,952,605; 12,084,686 (collectively, the Asserted Patents against the Alkem Defendants). Amgen seeks a judgment from the New Jersey District Court that the Alkem Defendants have infringed or will infringe one or more claims of each of the Asserted Patents against the Alkem Defendants 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 the accused proposed denosumab biosimilar by the Alkem Defendants before expiration of each of the patents found to be infringed. Amgen also seeks monetary remedies for any past acts of infringement. On January 23, 2026, the Alkem Defendants responded to the complaint asserting affirmative defenses and counterclaims. On February 12, 2026, the Alkem Defendants filed an amended answer asserting affirmative defenses and counterclaims. This litigation is part of the In Re: Denosumab Patent Litigation multi-district litigation with other patent cases involving Prolia/XGEVA biosimilars pending in the district. A claim construction hearing will be scheduled after June 23, 2027, and the joint pretrial order is due April 28, 2028. A trial date has not yet been set. PAVBLU® (aflibercept-ayyh) Patent Litigation On January 10, 2024, Regeneron filed a lawsuit in the U.S. District Court for the Central District of California (California Central District Court) against Amgen alleging infringement of 32 patents listed by Regeneron in the BPCIA exchange (the 2024 Complaint). The lawsuit stems from Amgen’s submission of an application under the BPCIA for FDA licensure of PAVBLU as biosimilar to Regeneron’s EYLEA®. By its complaint, Regeneron seeks, among other remedies, an injunction prohibiting the commercial manufacture, use, offer for sale or sale in the United States or import into the United States of PAVBLU before the expiration of each of the patents found to be infringed. Amgen responded to Regeneron’s complaint on February 2, 2024, denying infringement and asserting counterclaims seeking a declaratory judgment that the asserted patents are not infringed, invalid, and/or unenforceable. On April 11, 2024, the Judicial Panel on Multidistrict Litigation granted a motion filed by Regeneron requesting transfer of Regeneron’s patent infringement lawsuit pending against Amgen in the California Central District Court to the U.S. District Court for the Northern District of West Virginia (West Virginia District Court) for coordinated and consolidated pretrial proceedings with the five other cases involving EYLEA® biosimilars pending in that district. On June 7, 2024, Regeneron filed a motion in the West Virginia District Court 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 PAVBLU until resolution of this lawsuit or the entry of a permanent injunction, whichever comes first. Regeneron’s motion focused on U.S. Patent No. 11,084,865, a formulation patent. On September 23, 2024, the West Virginia District Court denied Regeneron’s motion for a preliminary injunction, and Regeneron filed a notice of appeal, a motion to expedite the appeal, and an emergency motion for an injunction pending resolution of the appeal and for an administrative stay with the U.S. Court of Appeals for the Federal Circuit (Federal Circuit Court). On September 25, 2024, the Federal Circuit Court issued an order temporarily enjoining the launch of PAVBLU on an administrative basis while it considered Regeneron’s motion for an injunction pending appeal. On October 22, 2024, the Federal Circuit Court denied Regeneron’s motion for an injunction pending appeal and lifted the temporary injunction that was entered on September 25, 2024. Oral argument for the appeal was held on January 14, 2025. On March 14, 2025, the U.S. Court of Appeals for the Federal Circuit affirmed the denial by the West Virginia District Court of Regeneron’s motion for a preliminary injunction. On June 17, 2025, Regeneron filed a second lawsuit in the California Central District Court against Amgen alleging infringement of U.S. Patent No. 12,331,099 (the ’099 Patent), also a formulation patent. By its complaint, Regeneron seeks, among other remedies, damages and an injunction prohibiting the commercial manufacture, use, offer for sale or sale in the United States or import into the United States of PAVBLU before the expiration of the ’099 Patent. In July 2025, the Judicial Panel on Multidistrict Litigation issued an Order transferring the case from the California Central District Court to the West Virginia District Court for coordinated and consolidated pretrial proceedings with the other cases involving EYLEA® biosimilars pending in the district, and on July 31, 2025 the case was opened in the West Virginia District Court. On September 12, 2025, Amgen responded to Regeneron’s complaint asserting infringement of the ’099 Patent, denying infringement and asserting counterclaims seeking a declaratory judgment that the ’099 Patent is not infringed, invalid, and/or unenforceable, and counterclaims for Sherman Act (15 U.S.C. § 2) monopolization through Walker Process fraud, Sherman Act (15 U.S.C. § 2) attempted monopolization through Walker Process fraud, and unlawful and unfair practices under the California Unfair Competition Law. By its counterclaims, Amgen seeks, among other remedies, damages and an injunction against conduct by Regeneron. On September 29, 2025, the West Virginia District Court entered a scheduling order for the matters pending in the multidistrict litigation, including a claim construction hearing for November 23, 2026. On November 12, 2025, Regeneron filed a motion to strike certain of Amgen’s affirmative defenses and to dismiss certain of Amgen’s counterclaims, including the counterclaim seeking a declaratory judgment that the ’099 Patent is unenforceable, the counterclaims for Sherman Act monopolization and attempted monopolization, and the counterclaim for unlawful and unfair practices under the California Competition Law. On January 7, 2026, the West Virginia District Court entered a stipulation and order of dismissal that dismissed with prejudice Regeneron’s claims with respect to 15 of the patents asserted in the 2024 Complaint and dismissed without prejudice Amgen’s counterclaims and affirmative defenses with respect to those patents. Also on January 7, 2026, the West Virginia District Court granted Regeneron’s motion for leave to amend the 2024 Complaint. The 2024 Complaint as amended alleges infringement of 19 patents and seeks, among other remedies, damages and an injunction prohibiting the commercial manufacture, use, offer for sale or sale in the United States or import into the United States of PAVBLU before the expiration of each of the patents found to be infringed. KYPROLIS® (carfilzomib) Abbreviated New Drug Application (ANDA) Patent Litigation Onyx Therapeutics, Inc. v. Amneal Pharmaceuticals of New York, LLC and Amneal EU, Limited. On September 4, 2025, Onyx Therapeutics, Inc. (Onyx Therapeutics, a wholly-owned subsidiary of Amgen) filed a lawsuit in the U.S. District Court for the District of Delaware (Delaware District Court) against Amneal Pharmaceuticals of New York, LLC and Amneal EU, Limited (collectively, Amneal), asserting infringement of U.S. Patent No. 7,737,112 (the ’112 Patent) based on Amneal’s submission of an application pursuant to Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act seeking FDA approval to market a generic version of KYPROLIS. Onyx Therapeutics seeks an order from the Delaware District Court making any FDA approval of Amneal’s application effective no earlier than the expiration of the ’112 Patent. On November 6, 2025, Amneal answered the complaint and counterclaimed, seeking a declaration of non-infringement, and filed a motion for judgment on the pleadings of non-infringement. On December 8, 2025, Onyx answered Amneal’s counterclaim, and on December 11, 2025, Onyx opposed Amneal’s motion for judgment on the pleadings. On February 3, 2026, the Delaware District Court denied Amneal’s motion for judgment on the pleadings. TAVNEOS® (avacopan) Abbreviated New Drug Application (ANDA) Patent Litigation ChemoCentryx, Inc. v. Zydus Pharmaceuticals (USA) Inc., Zydus Lifesciences Global FZE, and Zydus Lifesciences Limited On January 16, 2026, ChemoCentryx, Inc. (ChemoCentryx, a wholly-owned subsidiary of Amgen) filed a lawsuit in the New Jersey District Court against Zydus Pharmaceuticals (USA) Inc., Zydus Lifesciences Global FZE, and Zydus Lifesciences Limited (collectively, Zydus) asserting infringement of U.S. Patent Nos. 11,603,356 (the ’356 Patent) and 11,951,214 (the ’214 Patent) based on Zydus’s submission of an ANDA seeking FDA approval to market a generic version of TAVNEOS. ChemoCentryx seeks, among other things, an order from the New Jersey District Court making any FDA approval of Zydus’s ANDA effective no earlier than the expiration of the ’356 and ’214 Patents. ChemoCentryx, Inc. v. Annora Pharma Private Limited, Hetero USA Inc., and Hetero Labs Limited On February 9, 2026, ChemoCentryx filed a lawsuit in the New Jersey District Court against Annora Pharma Private Limited, Hetero USA Inc., and Hetero Labs Limited (collectively, Annora) asserting infringement of the ’356 Patent and the ’214 Patent based on Annora’s submission of an ANDA seeking FDA approval to market a generic version of TAVNEOS. ChemoCentryx seeks, among other things, an order from the New Jersey District Court making any FDA approval of Annora’s ANDA effective no earlier than the expiration of the ’356 and ’214 Patents. Antitrust Class Action Regeneron Pharmaceuticals, Inc. Antitrust Action On May 27, 2022, Regeneron filed suit against Amgen in the Delaware District Court for federal and state antitrust and unfair competition violations and tortious interference with prospective business relations. Regeneron alleges that Amgen’s sales contracting practices for Repatha, ENBREL and Otezla with key insurers, third-party payers and PBMs have harmed the sales of its product PRALUENT® and focuses on two primary arguments: that Amgen improperly bundled sales of Repatha with ENBREL, Otezla and potentially other products and sought exclusive or de facto exclusive formulary positioning for Repatha. Amgen’s initial responsive pleading, a motion to dismiss, was filed on August 1, 2022. The Delaware District Court denied Amgen’s motion to dismiss the complaint. On August 28, 2023, Regeneron filed its amended complaint, and on September 20, 2023, Amgen filed a counterclaim, alleging Regeneron’s own anticompetitive conduct with respect to formulary position for Regeneron’s drug, PRALUENT®, at CVS. Amgen notified the Delaware District Court that it would not be pursuing its counterclaim on April 24, 2025. A jury trial was held in the Delaware District Court from May 5, 2025 to May 14, 2025. On May 15, 2025, the jury returned a verdict finding for Regeneron on its federal and state antitrust law and tortious interference claims but finding for Amgen on its below-cost pricing claim under California’s Unfair Practices Act. The jury awarded Regeneron $135.6 million in compensatory damages on its antitrust claims (which are subject to trebling under applicable law), or in the alternative, in compensatory damages plus $271.2 million in punitive damages on its tortious interference claim, with such damages under either alternative claim totaling $406.8 million. As Regeneron must elect between recovery under the antitrust or tortious interference claims, any potential damages award would be limited to one of these claims. Although we cannot predict with certainty the ultimate outcome of this litigation, Amgen believes that the jury’s decision and amounts awarded are inconsistent with the law and evidence at trial. Both parties have filed post-trial motions. On June 12, 2025, Amgen filed a renewed motion for judgment as a matter of law or, in the alternative, for a new trial. Also on June 12, 2025, Regeneron filed a motion for permanent injunctive relief, a constructive trust, and prejudgment interest. Both motions were fully briefed and a hearing on the post-trial motions was held on August 27, 2025. In assessing whether we should accrue a liability for this litigation in our consolidated financial statements, we considered various factors, including the legal and factual circumstances of the case, the jury’s award, the court’s post-trial proceedings, applicable law, and the likelihood that the jury’s award will be upheld after post-trial briefing and potentially on appeal. As a result of this review, we have determined, in accordance with applicable accounting standards, that it is not probable that we will incur a loss as a result of this litigation, and we have therefore not recorded a liability for this matter. The ultimate result of this litigation, however, is uncertain because it is reasonably possible that by settlement or final court judgment that none, some, or all of the jury’s verdict and other relief sought might ultimately be awarded but the size of an award, if any, is not estimable at this time. CareFirst of Maryland Antitrust Class Action On August 6, 2024, CareFirst of Maryland, Inc., Group Hospitalization and Medical Services, Inc., and CareFirst BlueChoice, Inc. (collectively, CareFirst), filed a proposed class action lawsuit against Amgen Inc., Amgen Manufacturing, Limited (corrected to Amgen Manufacturing Limited LLC in CareFirst’s amended complaint on filed October 11, 2024), and Immunex Corporation in the U.S. District Court for the Eastern District of Virginia (District Court for the Eastern District of Virginia), alleging federal and state antitrust claims and state consumer protection and unjust enrichment claims. CareFirst alleges that, in 2004, Amgen entered into an anticompetitive agreement with certain F. Hoffman-La Roche AG entities (Roche) and other parties that provided Amgen with rights to Roche’s patents in a manner that enabled Amgen to allegedly unlawfully extend the life of patents applicable to ENBREL and, thereby, delay biosimilar entry. On November 4, 2024, Amgen filed a motion to dismiss, and CareFirst thereafter filed a second amended complaint on November 25, 2024. On January 8, 2025, Amgen filed a motion to dismiss the second amended complaint. On September 30, 2025, the District Court for the Eastern District of Virginia issued an order granting in part and denying in part Amgen’s motion to dismiss. The court dismissed CareFirst’s antitrust claim under Puerto Rico law and its unjust enrichment claims under the laws of seven states and Puerto Rico, but otherwise permitted the claims to proceed. On October 20, 2025, Amgen filed a motion asking the district court to certify its order on the motion to dismiss for interlocutory appeal to the U.S. Court of Appeals for the Fourth Circuit. On November 3, 2025, CareFirst filed its opposition to Amgen’s motion to certify for interlocutory appeal. On November 7, 2025, Amgen filed its answer to the second amended complaint, and on November 10, 2025, Amgen filed its reply in support of its motion to certify for interlocutory appeal. Sandoz Inc. Antitrust Action On April 11, 2025, Sandoz Inc. (Sandoz) filed a complaint in the U.S. District Court for the Eastern District of Virginia against Amgen Inc., Amgen Manufacturing Limited LLC, and Immunex Corporation claiming violations of the antitrust laws and tortious interference related to Amgen’s patent rights to ENBREL, and seeking damages, injunctive relief and attorneys’ fees. The factual allegations that form the basis for the claims of Sandoz’s complaint are substantially similar to those asserted in the lawsuit filed against Amgen in the same court by CareFirst. On June 20, 2025, Amgen filed a motion to dismiss the complaint. Sandoz filed its opposition to the motion to dismiss on July 21, 2025, and on August 21, 2025, Amgen filed its reply in support of the motion to dismiss. Other Similar Antitrust Actions In July and August 2025, seven lawsuits were filed in the California Superior Court in Ventura County, each alleging state law antitrust, consumer protection, and unjust enrichment claims, based on allegations substantially similar to those in the CareFirst class action. The cases were filed by: Centene Corporation, WellCare Health Plans, Inc., New York Quality Healthcare Corporation d/b/a Fidelis Care, and Health Net, LLC (collectively, Centene) on July 29, 2025; Humana Inc. (Humana) on July 29, 2025; Molina Healthcare, Inc. (Molina) on July 29, 2025; Blue Cross and Blue Shield of Florida, Inc. and Health Options, Inc. d/b/a Florida Blue HMO (collectively, BCBSFL) on July 29, 2025; Blue Cross and Blue Shield of Kansas City (BCBSKC) on July 29, 2025; Blue Cross and Blue Shield of Massachusetts, Inc. and Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc. (collectively, BCBSMA) on August 8, 2025; and Health Care Services Corp. (HCSC) on August 21, 2025. Amgen subsequently removed the cases filed by BCBSFL, BCBSKC, BCBSMA, and HCSC to the California Central District Court. On September 29, 2025, HCSC voluntarily dismissed its case without prejudice. On October 1, 2025, BCBSFL, BCBSKC, and BCBSMA voluntarily dismissed their cases without prejudice. On January 8, 2026, Amgen filed demurrers to the complaints filed by Centene, Humana, and Molina, seeking the dismissal of the claims in those complaints, with prejudice. On February 2, 2026, the complaint in the Centene case was amended to join BCBSFL, BCBSKC, BCBSMA, and HCSC as additional plaintiffs. Humana and Molina filed their opposition to Amgen’s demurrers on February 5, 2026, and Amgen’s replies are due on February 26, 2026. On February 5, Amgen filed a demurrer to the amended Centene complaint; Centene’s opposition to the demurrer was filed February 9, 2026 and Amgen’s reply is due February 26, 2026. U.S. Tax Litigation and Related Matters Amgen Inc. & Subsidiaries v. Commissioner of Internal Revenue See Note 7, Income taxes, for discussion of the IRS tax dispute and the Company’s petitions in the U.S. Tax Court. Securities Class Action Litigation (Roofers Local No. 149 Pension Fund) On March 13, 2023, Roofers Local No. 149 Pension Fund filed a purported class action (Roofers Securities Class Action) against Amgen, Robert Bradway and Peter Griffith in the U.S. District Court for the Southern District of New York (Southern District Court of New York). The action was brought on behalf of an alleged class of Amgen shareholders who owned stock between July 29, 2020 and April 27, 2022 (the alleged class period). Plaintiffs allege that the defendants made a series of materially false and misleading statements and omissions during the alleged class period regarding the failure to timely disclose the potential tax liability claimed by the IRS. Plaintiffs further allege that they and other purported class members suffered losses and damages resulting from declines in the market value of Amgen’s common stock after the potential tax liability claimed by the IRS was disclosed. On August 31, 2023, plaintiff filed an amended complaint and Amgen filed a motion to dismiss on November 6, 2023, which the Southern District Court of New York denied on September 30, 2024. On November 20, 2024, Amgen filed an answer to the amended complaint. Pursuant to the Southern District Court of New York’s order on September 11, 2025, the class certification briefing is due by April 24, 2026. The last day to file summary judgment motions is December 21, 2026, but no briefing schedule has been set and no trial date has been set. On December 9, 2025, plaintiffs filed their motion for class certification. Amgen’s opposition is due on March 9, 2026 and plaintiffs’ reply is due May 8, 2026. Shareholder Derivative Actions (Martin, Clearwater and DM Cohen) On August 2, 2023, Leon Martin filed a derivative action (the Martin Derivative Action) captioned Leon Martin v. Robert A. Bradway, et al., No. 1:23-cv-06754 (S.D.N.Y. Aug. 2, 2023), purportedly on behalf of Amgen, against Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. The action was filed in the Southern District Court of New York as related to the pending Roofers Securities Class Action. The complaint in this matter alleges claims for violations of the Securities Exchange Act of 1934, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment and waste of corporate assets. On December 7, 2023, Plaintiff filed a Notice of Voluntary Dismissal as to Board member Michael Drake. On December 1, 2023, a second derivative action (the Clearwater Derivative Action) was filed, captioned Cheri Clearwater v. Robert A. Bradway, et al., No. 1:23-cv-10538 (S.D.N.Y. Dec. 1, 2023), in the same court as the earlier-filed Martin Derivative Action. The second action is largely duplicative of the Martin Derivative Action, asserting the same claims purportedly on behalf of the Company against the individual directors that sat on Amgen’s Board during the relevant time period (July 29, 2020 through April 27, 2022). The complaint asserts claims for breach of fiduciary duty, unjust enrichment, waste of corporate assets, abuse of control, gross mismanagement, and violations of Section 10(b) of the Exchange Act arising out of Amgen’s disclosures with respect to its transfer pricing dispute with the IRS. However, the Clearwater Derivative Action complaint adds (1) two additional claims for violations of Sections 14(a) and 20(a) of the Exchange Act; (2) allegations that Amgen repurchased its own stock at artificially inflated prices during the relevant period; and (3) more detailed allegations as to why first making a demand on the Board would have been futile. On January 16, 2024, the Southern District Court of New York consolidated the Martin Derivative Action and Clearwater Derivative Action (the Consolidated Action). The Southern District Court of New York entered an Order staying the Consolidated Action until a final judgment is entered in the Roofers Securities Class Action. On February 12, 2025, DM Cohen, Inc. filed a third derivative action (the DM Cohen Derivative Action) captioned DM Cohen, Inc. v. Robert A. Bradway, et al, No. 1:25-mc-00062 (S.D.N.Y. Feb. 12, 2025), purportedly on behalf of Amgen, against Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. The DM Cohen Derivative Action was filed in the same court as the earlier filed Roofers Securities Class Action and the Consolidated Action. The complaint asserts claims for violations of the Securities Exchange Act of 1934, breach of fiduciary duty, waste of corporate assets and unjust enrichment. The factual allegations that form the basis for the claims in the Consolidated Action and the DM Cohen Derivative Action are essentially the same as the allegations asserted in the Roofers Securities Class Action regarding purportedly false and misleading statements and omissions made from July 29, 2020 through April 27, 2022 relating to Amgen’s tax liabilities, business and finances, and the adequacy and maintenance of its internal controls. On April 21, 2025, the Southern District Court of New York consolidated the derivative action filed by DM Cohen, Inc. with the Consolidated Action. The case is stayed pending entry of a final judgment in the Roofers Securities Class action. Shareholder Derivative Actions (Hamilton, Blackburn, Bryla) On October 16, 2024, David Hamilton filed a derivative action in the Delaware Court of Chancery purportedly on behalf of Amgen, against nominal defendant Amgen, Robert Bradway, Peter Griffith and Amgen’s Board members during the relevant time period (the Hamilton Derivative Action). The complaint in this matter alleges claims for breach of fiduciary duty and unjust enrichment. On November 7, 2024, Charles Blackburn filed a derivative action in the Delaware Court of Chancery purportedly on behalf of Amgen, against nominal defendant Amgen, Robert Bradway, Peter Griffith and Amgen’s Board members during the relevant time period (the Blackburn Derivative Action). The complaint alleges a claim for breach of fiduciary duty. On December 6, 2024, Robert Bryla filed a derivative action in the Delaware Court of Chancery purportedly on behalf of Amgen, against nominal defendant Amgen, Robert Bradway, Peter Griffith and Amgen’s Board members during the relevant time period (the Bryla Derivative Action). The complaint alleges claims for breach of fiduciary duty and unjust enrichment. The factual allegations that form the basis for the claims in the Hamilton Derivative Action, Blackburn Derivative Action and Bryla Derivative Action are fundamentally the same as those asserted by the Roofers Local No. 149 Pension Fund on March 13, 2023 (alleging false and misleading statements and omissions made from July 29, 2020 through April 27, 2022 relating to Amgen’s tax liabilities, business and finances, and the adequacy and maintenance of its internal controls). On April 9, 2025, the Delaware Court of Chancery consolidated the derivative actions filed by each of David Hamilton, Charles Blackburn and Robert Bryla purportedly on behalf of Amgen against nominal defendant Amgen, Robert Bradway, Peter Griffith and Amgen’s independent Board members. The case is stayed pending entry of a final judgment in the Roofers Securities Class Action. Shareholder Derivative Actions (Sieveking, Tierney) On April 2, 2025, Carolyn Sieveking and James P. Tierney filed a derivative action (the Sieveking Derivative Action) in the Delaware District Court purportedly on behalf of Amgen, against nominal defendant Amgen, Robert Bradway, Peter Griffith, Linda Louie and Amgen’s Board members during the relevant time period (the Sieveking Derivative Action). The complaint alleges claims for violations of Section 10(b), Rule 10b5 and Section 20(a) of the Securities Exchange Act of 1934, and breach of fiduciary duty. The factual allegations that form the basis for the claims in the Sieveking Derivative Action is fundamentally the same as those asserted by the Roofers Local No. 149 Pension Fund. On June 9, 2025, the Delaware District Court stayed the case pending entry of a final judgment in the Roofers Securities Class Action. ChemoCentryx, Inc. Securities Matters On May 5 and June 8 of 2021, ChemoCentryx and its Chief Executive Officer were named as defendants in two putative shareholder class actions filed in the U.S. District Court for the Northern District of California (Northern District Court of California). These cases were consolidated into Homyk v. ChemoCentryx, Inc. in which the plaintiffs allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act in connection with statements regarding the New Drug Application for TAVNEOS and the underlying Phase 3 clinical trial, seeking an award of damages, interest and attorneys’ fees. On March 28, 2022, the plaintiffs filed their consolidated amended complaint, and on May 19, 2022, ChemoCentryx moved to dismiss these claims. On February 23, 2023, the Northern District Court of California substantially denied ChemoCentryx’s motion to dismiss the matter in its entirety, while granting the motion to dismiss with respect to certain allegations of the plaintiffs. On August 25, 2023, the lead plaintiff moved to certify a class composed of all purchasers of ChemoCentryx stock between November 25, 2019 and May 6, 2021. On March 6, 2024, the Northern District Court of California certified a class of all persons who purchased or otherwise acquired the common stock of ChemoCentryx between November 26, 2019 and May 6, 2021. The deadline for class members to opt out of the class action was January 14, 2025. On August 15, 2025, the Northern District Court of California granted defendants’ motion for summary judgment in its entirety and denied lead plaintiff’s motion for partial summary judgment. On September 12, 2025, the lead plaintiff filed a notice of appeal to the Ninth Circuit Court of Appeals, and filed its opening brief on January 5, 2026. On January 27, 2026, the parties informed the Court of Appeals they had reached an agreement to settle the case on a class-wide basis, subject to approval by the district court. Opt-Out Cases Prior to the opt-out deadline, on May 2, 2024, RA Capital Healthcare Fund, LP filed two securities cases (which are similar to the class action), 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. Defendants, including ChemoCentryx, moved to dismiss the complaint, and on June 13, 2025, the court issued an order staying the federal case pending resolution of the class action. The court did not reach the merits of defendants’ motion to dismiss. Commitments – U.S. repatriation tax Under the 2017 Tax Act, we elected to pay in eight annual installments the repatriation tax related primarily to prior indefinitely invested earnings of our foreign operations. The final U.S. repatriation tax payment of $1.8 billion was made in 2025.

Financing arrangements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Financing arrangements

Our borrowings consisted of the following (in millions):


	December 31,
	2025		2024
1.90% notes due 2025 (1.90% 2025 Notes)	$	—	$	500
5.25% notes due 2025 (5.25% 2025 Notes)	—		2,000
3.125% notes due 2025 (3.125% 2025 Notes)	—		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	881		777
5.507% notes due 2026 (5.507% 2026 Notes)	—		1,500
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	1,800		1,800
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	640		595
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 in 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)	944		876
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)	987		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)	1,478		1,668
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	568		776
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)	1,462		1,764
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	703		890
4.20% notes due 2052 (4.20% 2052 Notes)	882		895
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)	1,128		1,165
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		2,750


	December 31,
	2025		2024
Other notes due 2097	100		100
Total principal amount of debt	56,044		61,778
Unamortized bond discounts, premiums and issuance costs, net	(1,306)		(1,360)
Fair value adjustments	(161)		(343)
Other	27		24
Total carrying value of debt	54,604		60,099
Less current portion	(4,599)		(3,550)
Total long-term debt	$	50,005	$	56,549

There are no material differences between the effective interest rates and coupon rates of our notes, 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.

Under the terms of all of our outstanding notes, except our Other notes due 2097, in the event of a change-in-control triggering event we may be required to purchase all or a portion of these debt securities at prices equal to 101% of the principal amounts of the notes plus accrued and unpaid interest. In addition, all of our outstanding notes—except our Other notes due 2097—may be redeemed at any time at our option—in whole or in part—at the principal amounts of the notes being redeemed plus accrued and unpaid interest and make-whole amounts, which are defined by the terms of the notes. Certain of the redeemable notes do not require the payment of make-whole amounts if redeemed during a specified period of time immediately prior to the maturity of the notes. Such time periods range from one month to six months prior to maturity.

Debt issuances and acquisition-related financing

We did not issue debt securities during the years ended December 31, 2025 and 2024.

In March 2023, in connection with the acquisition of Horizon (see Note 4, Acquisition), we issued the following series of notes (in millions):


	Principal Amount
5.25% 2025 Notes	$	2,000
5.507% 2026 Notes	1,500
5.15% 2028 Notes	3,750
5.25% 2030 Notes	2,750
5.25% 2033 Notes	4,250
5.60% 2043 Notes	2,750
5.65% 2053 Notes	4,250
5.75% 2063 Notes	2,750
Total	$	24,000

Also in connection with the acquisition of Horizon, we entered into a $4.0 billion term loan credit agreement in December 2022. In October 2023, in connection with the completion of the acquisition of Horizon, we borrowed $4.0 billion under the term loan credit agreement, of which $2.2 billion was repaid during 2024. As of December 31, 2025, we had $1.8 billion of borrowings outstanding under the term loan credit agreement, which has an interest rate of three-month SOFR plus 1.225% and is due in October 2026.

Debt extinguishment

In 2025, we repurchased an aggregate principal amount of our debt of $1.0 billion, including portions of the 2.00% 2032 Notes, 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 $683 million, which resulted in a $264 million gain on extinguishment of debt recorded in Other income, net, in the Consolidated Statements of Income.

In 2024, we repurchased an aggregate principal amount of our debt of $875 million, including 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 $659 million, which resulted in a $215 million gain on extinguishment of debt recorded in Other income, net, in the Consolidated Statements of Income.

In 2023, we repurchased an aggregate principal amount of our debt of $881 million, including portions of the 2.00% 2032 Notes, 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 $647 million, which resulted in a $225 million gain on extinguishment of debt recorded in Other income, net, in the Consolidated Statements of Income.

Debt repayments

In 2025, debt repayments totaled $5.0 billion, including repayments in full of the $500 million aggregate principal amount of the 1.90% 2025 Notes, $2.0 billion aggregate principal amount of the 5.25% 2025 Notes, $1.0 billion aggregate principal amount of the 3.125% 2025 Notes and $1.5 billion aggregate principal amount of the 5.507% 2026 Notes.

In 2024, debt repayments totaled $3.6 billion, including the full $2.0 billion aggregate principal amount on the term loan due April 2025, $200 million of the aggregate principal amount on the term loan due October 2026 and the full $1.4 billion aggregate principal amount of the 3.625% 2024 Notes.

In 2023, debt repayments totaled $1.5 billion, including the full $750 million aggregate principal amount of the 2.25% 2023 Notes and the full CHF700 million aggregate principal amount ($704 million upon settlement of the related cross-currency swap) of the 0.41% 2023 Swiss franc Bonds.

Interest rate swaps

To achieve a desired mix of fixed-rate and floating-rate debt, we enter into interest rate swap contracts that effectively convert fixed-rate interest coupons for certain of our debt instruments to floating SOFR-based coupons over the terms of the respective debt instruments. These interest rate swap contracts qualify and are designated as fair value hedges. For information regarding the terms of these contracts, see Note 19, Derivative instruments.

Cross-currency swaps

To hedge our exposure to foreign currency exchange rate risk associated with certain of our long-term notes denominated in foreign currencies, we entered into cross-currency swap contracts. The terms of these contracts outstanding as of December 31, 2025, effectively convert the interest payments and principal repayments on our 2.00% 2026 euro Notes, 5.50% 2026 pound sterling Notes and 4.00% 2029 pound sterling Notes from euros and pounds sterling to U.S. dollars. These cross-currency swap contracts have been designated as cash flow hedges. For information regarding the terms of these contracts, see Note 19, Derivative instruments. Cross-currency swap contracts associated with other foreign denominated debt previously outstanding were settled in connection with the repayment of such debt, as discussed above.

Shelf registration statement and other facilities

As of December 31, 2025, we have a commercial paper program that allows us to issue up to $4.0 billion of unsecured commercial paper to fund working capital needs. As of December 31, 2025 and 2024, we had no amounts outstanding under our commercial paper program.

In the first quarter of 2023, we amended and restated our syndicated, unsecured, revolving credit agreement, under which we may borrow up to $4.0 billion for general corporate purposes, including as a liquidity backstop for our commercial paper program. The commitments under the revolving credit agreement may be increased by up to $1.25 billion with the agreement of the banks. Each bank that is a party to the agreement has an initial commitment term of five years. This term may be extended for up to two additional one-year periods with the agreement of the banks. Annual commitment fees for this agreement are 0.09% of the unused portion of the facility based on our current credit rating. Generally, we would be charged interest for any amounts borrowed under this facility, based on our current credit rating, at (i) SOFR plus 1.01% or (ii) the highest of (A) the administrative agent bank base commercial lending rate, (B) the overnight federal funds rate plus 0.50% or (C) one-month SOFR plus 1.1%. As of December 31, 2025 and 2024, no amounts were outstanding under this facility.

In February 2023, we filed a shelf registration statement with the SEC that allows us to issue unspecified amounts of debt securities; common stock; preferred stock; warrants to purchase debt securities, common stock, preferred stock or depositary shares; rights to purchase common stock or preferred stock; securities purchase contracts; securities purchase units; and depositary shares. Under this shelf registration statement, all of the securities available for issuance may be offered from time to time, with terms to be determined at the time of issuance. This shelf registration statement expired in February 2026, and our Board has approved a new shelf registration statement to replace it.

Certain of our financing arrangements contain nonfinancial covenants. In addition, our revolving credit agreement and term loan agreement include a financial covenant, which requires us to maintain a specified minimum interest coverage ratio of (i) the sum of consolidated net income, interest expense, provision for income taxes, depreciation expense, amortization expense, unusual or nonrecurring charges and other noncash items (Consolidated EBITDA) to (ii) Consolidated Interest Expense, each as defined and described in the respective agreements. We were in compliance with all applicable covenants under these arrangements as of December 31, 2025.

Contractual maturities of debt obligations

The aggregate contractual maturities of our debt obligations as of December 31, 2025, were as follows (in millions):


Maturity dates	Amounts
2026	$	4,571
2027	2,724
2028	4,984
2029	2,943
2030	4,000
Thereafter	36,822
Total	$	56,044

Interest costs

Interest costs are expensed as incurred except to the extent such interest is related to construction in progress, in which case interest is capitalized. Interest costs capitalized for the years ended December 31, 2025, 2024 and 2023, were not material. Interest paid, net of amounts capitalized and including the ongoing impact of interest rate and cross-currency swap contracts, during the years ended December 31, 2025, 2024 and 2023 was $2.9 billion, $3.3 billion and $2.4 billion, respectively.

- 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.

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+ Details

Goodwill and other intangible assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 18,637	$ 18,629
Changes to goodwill resulting from acquisitions, net	0	25
Foreign currency translation adjustments	43	(17)
Ending balance	$ 18,680	$ 18,637

- 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.

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+ Details

Fair value measurement - Schedule of Contingent Consideration Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 106	$ 96
Additions	68	0
Payments	(7)	(8)
Net changes in valuations	(6)	18
Ending balance	$ 161	$ 106

Financing arrangements - Cross-Currency Swaps (Details)	Dec. 31, 2025
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes payable
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%

- Definition

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+ Details

Other current assets and accrued liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Prepaid expenses	$ 2,945	$ 2,139
Other	1,188	1,138
Total other current assets	$ 4,133	$ 3,277

Investments - Other Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	$ 6,144	$ 4,188
Unrealized gain (loss) on equity method investment	109	(21)	$ 98
Sale of unrealized gains (losses) on equity securities	0	0	0
Increase and decrease in equity securities without readily determinable fair value, amount	0	0	$ 0
Other Noncurrent Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	326	314
Equity securities without readily determinable fair value	$ 362	$ 319

Goodwill and other intangible assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-lived intangible assets:
Gross carrying amounts	$ 54,350	$ 55,062
Accumulated amortization	(32,784)	(28,423)
Other intangible assets, net	21,566	26,639
Indefinite-lived intangible assets:
Identifiable intangible assets	55,060	56,122
Accumulated amortization	(32,784)	(28,423)
Identifiable intangible assets, net	22,276	27,699
In-process research and development
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	710	1,060
Developed-product-technology rights
Finite-lived intangible assets:
Gross carrying amounts	47,805	48,611
Accumulated amortization	(26,754)	(22,594)
Other intangible assets, net	21,051	26,017
Licensing rights
Finite-lived intangible assets:
Gross carrying amounts	3,917	3,875
Accumulated amortization	(3,522)	(3,392)
Other intangible assets, net	395	483
R&D technology rights
Finite-lived intangible assets:
Gross carrying amounts	1,425	1,374
Accumulated amortization	(1,305)	(1,235)
Other intangible assets, net	120	139
Marketing-related rights
Finite-lived intangible assets:
Gross carrying amounts	1,203	1,202
Accumulated amortization	(1,203)	(1,202)
Other intangible assets, net	$ 0	$ 0

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Business Amgen Inc. (including its consolidated 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 our business in one operating segment: human therapeutics. See Note 2, Segment and other information. Principles of consolidation The consolidated financial statements include the accounts of Amgen and 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 consolidated financial statements and accompanying notes to conform with the current presentation. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. Revenues Product sales and sales deductions Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon delivery, based on an amount that reflects the consideration to which we expect to be entitled, net of accruals for estimated rebates, wholesaler chargebacks, discounts and other deductions (collectively, sales deductions) and returns established at the time of sale. We analyze the adequacy of our accruals for sales deductions quarterly. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that an adjustment is appropriate. Accruals are also adjusted to reflect actual results. Accruals for sales deductions are based primarily on estimates of the amounts earned or to be claimed on the related sales. These estimates take into consideration current contractual and statutory requirements, specific known market events and trends, internal and external historical data and forecasted customer buying patterns. Sales deductions are substantially product specific and therefore, for any given period, can be affected by the mix of products sold. Included in sales deductions are immaterial net adjustments related to prior-period sales due to changes in estimates. Returns are estimated through comparison of historical return data with their related sales on a production lot basis. Historical rates of return are determined for each product and are adjusted for known or expected changes in the marketplace specific to each product, when appropriate. Historically, sales return provisions have amounted to less than 1% of gross product sales. Changes in estimates for prior-period sales return provisions have historically been immaterial. Our payment terms vary by types and locations of customers and by products or services offered. Payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 120 days from date of shipment or satisfaction of the performance obligation. For certain products or services and certain customer types, we may require payment before products are delivered or services are rendered to customers. Indirect taxes collected from customers and remitted to government authorities that are related to sales of the Company’s products, primarily in Europe, are excluded from revenues. As a practical expedient, sales commissions are expensed when incurred because the amortization period would have been one year or less. These costs are recorded in SG&A expense in the Consolidated Statements of Income. Other revenues Other revenues consist primarily of royalty income and corporate partner revenues. Royalties from licensees are based on third-party sales of licensed products and are recorded when the related third-party product sale occurs. Royalty income is estimated based on historical and forecasted sales trends. Corporate partner revenues are composed mainly of license fees and milestones earned and our share of commercial profits generated from collaborations. See Arrangements with multiple-performance obligations, discussed below. Arrangements with multiple-performance obligations From time to time, we enter into arrangements for the R&D, manufacture and/or commercialization of products and product candidates. Such arrangements may require us to deliver various rights, services and/or goods, including intellectual property rights/licenses, R&D services, manufacturing services and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to Amgen in the form of nonrefundable, upfront license fees; development and commercial-performance milestone payments; royalty payments; and/or profit sharing. In arrangements involving more than one performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. We utilize the sales- and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur. Research and development costs R&D costs are expensed as incurred and primarily include salaries, benefits and other staff-related costs; facilities and overhead costs; clinical trial and related clinical manufacturing costs; contract services and other outside costs; information systems’ costs; and amortization of acquired technology used in R&D with alternative future uses. R&D expenses also include costs and cost recoveries associated with third-party R&D arrangements, including upfront fees and milestones paid to third parties in connection with technologies that had not reached technological feasibility and did not have an alternative future use. Net payment or reimbursement of R&D costs is recognized when the obligations are incurred or as we become entitled to the cost recovery. See Note 9, Collaborations. Selling, general and administrative costs SG&A costs are primarily composed of salaries, benefits and other staff-related costs associated with sales and marketing, finance, legal and other administrative personnel; facilities and overhead costs; outside marketing, advertising and legal expenses; the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers; and other general and administrative costs. Advertising costs are expensed as incurred and were $963 million, $987 million and $647 million during the years ended December 31, 2025, 2024 and 2023, respectively. SG&A expenses also include costs and cost recoveries associated with marketing and promotion efforts under certain collaborative arrangements. Net payment or reimbursement of SG&A costs is recognized when the obligations are incurred or we become entitled to the cost recovery. See Note 9, Collaborations. Leases At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other noncurrent assets, Accrued liabilities and Other noncurrent liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date less lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate. Stock-based compensation We have stock-based compensation plans under which various types of equity-based awards are granted, including RSUs, performance units and stock options. The fair values of RSUs and stock option awards, which are subject only to service conditions with graded vesting, are recognized as compensation expense, generally on a straight-line basis over the service period, net of estimated forfeitures. The fair values of performance unit awards are recognized as compensation expense, generally on a straight-line basis from the grant date to the end of the performance period. See Note 5, Stock-based compensation. Income taxes We provide for income taxes based on pretax income and applicable tax rates in the various jurisdictions in which we operate. Significant judgment is required in determining our provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the bases of assets and liabilities, as well as for loss and tax credit carryforwards for financial reporting purposes and amounts recognized for income tax purposes. We record a valuation allowance to reduce our deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of UTBs is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, when appropriate, related to UTBs in income tax expense. See Note 7, Income taxes. Amgen is subject to current U.S. tax on the earnings of our foreign subsidiaries. We previously established deferred taxes related to this U.S. tax, which requires us to recognize deferred taxes for temporary basis differences expected to reverse and be subject to this tax in future years. These are ongoing adjustments that are likely to occur in future periods. Acquisitions We first determine whether a set of assets acquired constitutes a business and should be accounted for as a business combination. If the assets acquired do not constitute a business, we account for the transaction as an asset acquisition. Business combinations are accounted for by means of the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded in our consolidated financial statements at their respective fair values as of the acquisition date. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with a business combination, including the assumption of an acquiree’s liability arising from an acquisition it consummated prior to our acquisition, are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies have been resolved. The resulting changes in fair values are recorded in earnings. In contrast, asset acquisitions are accounted for by using a cost accumulation and allocation model. Under this model, the cost of the acquisition is allocated to the assets acquired and liabilities assumed. IPR&D projects with no alternative future use are recorded in R&D expense upon acquisition, and contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. See Note 4, Acquisition, and Note 18, Fair value measurement. Cash equivalents We consider cash equivalents to be only those investments that are highly liquid, that are readily convertible to cash and that mature within three months from the date of purchase. Interest-bearing securities We consider our interest-bearing securities investment portfolio as available-for-sale, and accordingly, these investments are recorded at fair value, with unrealized gains and losses recorded in AOCI. Investments with maturities beyond one year may be classified as short-term marketable securities in the Consolidated Balance Sheets due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. See Note 10, Investments, and Note 18, Fair value measurement. Inventories Inventories are stated at the lower of cost or net realizable value. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner that approximates the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. See Note 11, Inventories. Derivatives We recognize all of our derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been formally designated and qualifies as part of a hedging relationship under the applicable accounting standards and, further, on the type of hedging relationship. For derivatives formally designated as hedges, we assess both at inception and quarterly thereafter whether the hedging derivatives are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. Our derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current earnings. See Note 18, Fair value measurement, and Note 19, Derivative instruments. Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation, amortization and, if applicable, impairment charges. We review our property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation is recorded over the assets’ useful lives on a straight-line basis. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 12, Property, plant and equipment. Cloud computing arrangements We capitalize qualifying implementation costs under cloud computing arrangements (CCA). Capitalized CCA implementation costs are allocated between Other current assets and Other noncurrent assets in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, capitalized CCA implementation costs totaled $272 million and $227 million, respectively. For critical software-as-a-service (SaaS) platforms, amortization is recorded over an established four-year period, and for all other arrangements, amortization is recorded over the expected term of the related contract. Goodwill and other intangible assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See Note 13, Goodwill and other intangible assets. The fair values of IPR&D projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related R&D efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets. We perform an impairment test of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To date, an impairment of goodwill has not been recorded. See Note 13, Goodwill and other intangible assets. 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. Certain of these proceedings are discussed in Note 20, Contingencies and commitments. 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. Foreign currency translation The net assets of international subsidiaries whose functional currencies are not in U.S. dollars are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translation of the net assets of these subsidiaries at changing rates are recognized in AOCI. The subsidiaries’ earnings are translated into U.S. dollars by using average exchange rates. Equity investments Marketable and nonmarketable equity securities Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in Other income, net, in the Consolidated Statements of Income. Investments in equity securities without readily determinable fair values are recorded at cost less impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for identical or similar securities. Such adjustments are recorded in Other income, net, in the Consolidated Statements of Income. Equity method investments Equity investments that give us the ability to exert significant influence, but not control, over an investee are accounted for under the equity method of accounting, unless we have elected the fair value option. For equity method investments for which the fair value option has been elected, changes in fair value are recorded in Other income, net, in the Consolidated Statements of Income. Additionally, we hold investments in limited partnerships, which primarily invest in early-stage biotechnology companies. As a practical expedient, such limited partnership investments are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships, with such changes included in Other income, net, in the Consolidated Statements of Income. Recently adopted accounting pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve income tax disclosure requirements by requiring more detailed information in several income tax disclosures, such as enhancing disclosure of income taxes paid and requiring disaggregation of the effective income tax rate reconciliation. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2024. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We prospectively adopted this standard in fiscal year 2025, which resulted in incremental income taxes disclosures. See Note 7, Income taxes. Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures about a public business entity’s expenses by requiring disaggregated disclosures of certain types of expenses, including purchases of inventory, employee compensation, depreciation, intangible amortization and depletion, as applicable, for each income statement caption that includes those expenses. In addition, the standard will require entities to define and disclose total selling expenses. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs, including updating guidance on the recognition and measurement of costs incurred in connection with development and implementation activities related to internal-use software. The standard is effective for all entities for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We evaluated the impact of adopting this new standard on our consolidated financial statements and related disclosures and do not expect the adoption to have a material impact.

Defined contribution plan	12 Months Ended
Defined contribution plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Defined contribution plan	Defined contribution plan The Company has defined contribution plans to which certain employees of the Company and participating subsidiaries may defer compensation for income tax purposes. Participants are eligible to receive matching contributions based on their contributions, in addition to other Company contributions. Defined contribution plan expenses were $407 million, $375 million and $311 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 3
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition


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	3,136
Deferred tax asset	795
Deferred tax liability	(2,488)
Other assets and liabilities, net	(273)
Total assets acquired, net of liabilities assumed	$	27,833

Schedule of Supplemental Pro Forma Financial Information


	Years ended December 31,
	2023		2022
Total revenues	$	30,969	$	29,964
Net income	$	5,383	$	2,381

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income taxes - Schedule of Reconciliation of Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
Foreign earnings tax rate differential		(5.80%)	(5.10%)
Foreign-derived intangible income	(2.50%)	(3.00%)	(1.30%)
Credits, Puerto Rico excise tax		0.00%	0.30%
Interest on uncertain tax positions		4.20%	2.60%
Credits, primarily federal R&D	(3.00%)	(5.40%)	(3.50%)
Other, net		0.30%	0.50%
Effective tax rate	14.10%	11.30%	14.50%

Stock-based compensation - Schedule of Stock Options (Details) - Stock options $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Options
Balance unexercised at beginning of period (in shares) \| shares	5.9
Granted (in shares) \| shares	0.9
Exercised (in shares) \| shares	(0.6)
Expired/forfeited (in shares) \| shares	(0.1)
Balance unexercised at end of period (in shares) \| shares	6.1
Vested or expected to vest (in shares) \| shares	5.9
Exercisable (in shares) \| shares	3.5
Weighted- average exercise price
Balance unexercised at beginning of period (in usd per share) \| $ / shares	$ 225.84
Granted (in usd per share) \| $ / shares	270.44
Exercised (in usd per share) \| $ / shares	202.34
Expired/forfeited (in usd per share) \| $ / shares	258.80
Balance unexercised at end of period (in shares) \| $ / shares	234.45
Weighted-average exercise price, vested or expected to vest (in usd per share) \| $ / shares	233.42
Weighted-average exercise price, exercisable (in usd per share) \| $ / shares	$ 211.48
Stock options information [Abstract]
Weighted-average remaining contractual life (in years), unexercised	6 years
Weighted-average remaining contractual life (in years), vested or expected to vest	5 years 10 months 24 days
Weighted-average remaining contractual life (in years), exercisable	4 years 4 months 24 days
Aggregate intrinsic value, unexercised \| $	$ 563
Aggregate intrinsic value, vested or expected to vest \| $	555
Aggregate intrinsic value, exercisable \| $	$ 401

Earnings per share

12 Months Ended

Dec. 31, 2025

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 earnings per share were as follows (in millions, except per-share data):


	Years ended December 31,
	2025		2024		2023
Income (Numerator):
Net income for basic and diluted earnings per share	$	7,711	$	4,090	$	6,717

Shares (Denominator):
Weighted-average shares for basic earnings per share	538		537		535
Effect of dilutive securities	4		4		3
Weighted-average shares for diluted earnings per share	542		541		538

Basic earnings per share	$	14.33	$	7.62	$	12.56
Diluted earnings per share	$	14.23	$	7.56	$	12.49

For each of the three years ended December 31, 2025, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.

Derivative instruments - Schedule of Hedged Liabilities and Cumulative Amount (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	$ (161)	$ (343)
Current portion of long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	1,273	1,045
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	23	45
Carrying value with discontinued hedging relationships	47	56
Hedging adjustments on discontinued hedging relationships	47	56
Long-term debt
Derivative [Line Items]
Carrying amounts of hedged liabilities	5,112	5,152
Cumulative amounts of fair value hedging adjustments related to the carrying amounts of the hedged liabilities	(184)	(388)
Carrying value with discontinued hedging relationships	185	232
Hedging adjustments on discontinued hedging relationships	$ 85	$ 132

Financing arrangements - Shelf Registration Statement and Other Facilities (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) renewal_options	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Commercial paper, maximum borrowing capacity		$ 4,000,000,000.0
Commercial paper		0	$ 0
Annual commitment fees for syndicated, unsecured, revolving credit agreement	0.09%
Line of credit
Debt Instrument [Line Items]
Maximum current borrowing capacity under a syndicated, unsecured, revolving credit agreement	$ 4,000,000,000
Amount by which borrowing capacity under a syndicated unsecured revolving credit agreement may be increased upon our request at discretion of banks	$ 1,250,000,000
Initial commitment term of each bank which is a party to the agreement	5 years
Number of additional term extension options \| renewal_options	2
Additional period for extension of commitment term	1 year
Basis spread on variable rate	0.50%
Amount outstanding under syndicated, unsecured, revolving credit facility		$ 0	$ 0
Line of credit \| Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	1.01%
Line of credit \| Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (dollar amounts in millions):


		December 31,
	Useful life (in years)	2025		2024
Land	—	$	348	$	346
Buildings and improvements	10-40	4,932		4,803
Manufacturing equipment	8-12	3,589		3,291
Laboratory equipment	8-12	1,438		1,345
Fixed equipment	12	2,668		2,592
Capitalized software	3-5	1,554		1,442
Other	5-10	1,114		1,059
Construction in progress	—	3,390		2,053
Property, plant and equipment, gross		19,033		16,931
Less accumulated depreciation and amortization		(11,120)		(10,388)
Property, plant and equipment, net		$	7,913	$	6,543

Schedule of Property, Plant and Equipment by Geographic Area

Certain geographic information with respect to property, plant and equipment, net, was as follows (in millions):


	December 31,
	2025		2024
U.S.	$	5,188	$	4,156
Puerto Rico	1,273		1,174
ROW	1,452		1,213
Total property, plant and equipment, net	$	7,913	$	6,543

Audit information	12 Months Ended
Audit information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following (in millions):


	December 31,
	2025		2024
Raw materials	$	915	$	818
Work in process	3,425		4,120
Finished goods	1,885		2,060
Total inventories	$	6,225	$	6,998

Stockholders' equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

During the years ended December 31, 2025 and 2023, we did not repurchase shares under our stock repurchase program. During the year ended December 31, 2024, we repurchased 0.7 million shares of our common stock for a total cost of $200 million under our stock repurchase program. As of December 31, 2025, $6.8 billion of authorization remained available under the stock repurchase program.

Dividends

Our Board of Directors declared quarterly dividends per share of $2.38, $2.25 and $2.13, which were paid in each of the four quarters of 2025, 2024 and 2023, respectively.

Historically, we have declared dividends in December of each year, which were paid in the first quarter of the following fiscal year and in March, July and October, which were paid in the second, third and fourth quarters, respectively, of the same fiscal year. Additionally, in December 2025, the Board of Directors declared a quarterly cash dividend of $2.52 per share of common stock, which will be paid in March 2026, to all stockholders of record as of the close of business on February, 13 2026.

Accumulated other comprehensive loss

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


	Foreign currency translation adjustments		Cash flow hedges		Other		AOCI
Balance as of December 31, 2022	$	(348)	$	128	$	(11)	$	(231)
Foreign currency translation adjustments	50		—		—		50
Unrealized gains	—		28		—		28
Reclassification adjustments into earnings	—		(222)		—		(222)
Other	—		—		42		42
Income taxes	—		44		—		44
Balance as of December 31, 2023	(298)		(22)		31		(289)

Foreign currency translation adjustments	(76)		—		—		(76)
Unrealized gains	—		506		—		506
Reclassification adjustments into earnings	—		(117)		—		(117)
Other	—		—		(10)		(10)
Income taxes	—		(80)		—		(80)
Balance as of December 31, 2024	(374)		287		21		(66)

Foreign currency translation adjustments	172		—		—		172
Unrealized losses	—		(250)		—		(250)
Reclassification adjustments into earnings	—		(231)		—		(231)
Other	—		—		13		13
Income taxes	—		104		—		104
Balance as of December 31, 2025	$	(202)	$	(90)	$	34	$	(258)

With respect to the table above, income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to earnings for cash flow hedges were a $53 million benefit and a $51 million benefit in 2025, a $105 million expense and a $25 million benefit in 2024, and a $6 million expense and a $50 million benefit in 2023, respectively.

Reclassifications out of AOCI and into earnings were as follows (in millions):


	Years ended December 31,
Components of AOCI	2025		2024		2023		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency forward contract gains	$	10	$	192	$	180	Product sales
Cross-currency swap contract gains (losses)	221		(75)		42		Other income, net

	231		117		222		Income before income taxes
	(51)		(25)		(50)		Provision for income taxes
	$	180	$	92	$	172	Net income

Other

In addition to common stock, our authorized capital includes 5 million shares of preferred stock, $0.0001 par value. As of December 31, 2025 and 2024, no shares of preferred stock were issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

+ Details

Investments - Available-For-Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cash	$ 604	$ 487
Interest income	$ 408	$ 510	$ 1,200

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

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-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
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+ Details

Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 19,033	$ 16,931
Less accumulated depreciation and amortization	(11,120)	(10,388)
Property, plant and equipment, net	7,913	6,543
Depreciation and amortization charges associated with property, plant and equipment	763	694	$ 685
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	348	346
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,932	4,803
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,589	3,291
Manufacturing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years
Manufacturing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,438	1,345
Laboratory equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years
Laboratory equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Fixed equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	12 years
Property, plant and equipment, gross	$ 2,668	2,592
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,554	1,442
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,114	1,059
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,390	$ 2,053

Collaborations - UCB (Details) - USD ($) $ in Millions	12 Months Ended
Collaborations - UCB (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
UCB \| Cost of Sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit and loss share of expenses	$ 721	$ 547	$ 396

Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Components of Stock-based Compensation Expense

The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):


	Years ended December 31,
	2025		2024		2023
RSUs	$	333	$	351	$	309
Performance units	112		133		121
Stock options	49		46		43
Total stock-based compensation expense, pretax	494		530		473
Tax benefit from stock-based compensation expense	(106)		(114)		(102)
Total stock-based compensation expense, net of tax	$	388	$	416	$	371

Schedule of RSUs

The following table summarizes information regarding our RSUs:


	Year ended December 31, 2025
	Units (in millions)	Weighted-average grant date fair value
Balance nonvested as of December 31, 2024	3.5	$	265.07
Granted	1.6	$	273.10
Vested	(1.2)	$	243.73
Forfeited	(0.2)	$	277.14
Balance nonvested as of December 31, 2025	3.7	$	274.23

Schedule of Stock Option Assumptions

The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:


	Years ended December 31,
	2025			2024			2023
Closing price of our common stock on grant date	$	270.44		$	300.30		$	235.97
Expected volatility (average of implied and historical volatility)	27.8		%	26.9		%	23.3		%
Expected life (in years)	5.7			5.7			5.7
Risk-free interest rate	4.0		%	4.4		%	3.4		%
Expected dividend yield	3.2		%	3.2		%	3.5		%
Fair value of stock options granted	$	62.76		$	69.34		$	41.86

Schedule of Stock Options

The following table summarizes information regarding our stock options:


	Year ended December 31, 2025
	Options (in millions)	Weighted- average exercise price		Weighted- average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2024	5.9	$	225.84
Granted	0.9	$	270.44
Exercised	(0.6)	$	202.34
Expired/forfeited	(0.1)	$	258.80
Balance unexercised as of December 31, 2025	6.1	$	234.45	6.0	$	563
Vested or expected to vest as of December 31, 2025	5.9	$	233.42	5.9	$	555
Exercisable as of December 31, 2025	3.5	$	211.48	4.4	$	401

Schedule of Weighted-Average Assumptions

The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:


	Years ended December 31,
	2025			2024			2023
Closing price of our common stock on grant date	$	270.44		$	300.30		$	235.97
Volatility	24.2		%	22.1		%	21.6		%
Risk-free interest rate	3.7		%	4.6		%	3.7		%
Fair value of units granted	$	290.24		$	321.61		$	252.49

Collaborations - AstraZeneca PLC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AstraZeneca PLC \| Cost of Sales
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Profit and loss share of expenses	$ 587	$ 412	$ 310

Stock-based compensation - Schedule of Stock Option Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price of our common stock on grant date (in usd per share)	$ 270.44	$ 300.30	$ 235.97
Volatility	27.80%	26.90%	23.30%
Expected life (in years)	5 years 8 months 12 days	5 years 8 months 12 days	5 years 8 months 12 days
Risk-free interest rate	4.00%	4.40%	3.40%
Expected dividend yield	3.20%	3.20%	3.50%
Fair value of stock options granted (in usd per share)	$ 62.76	$ 69.34	$ 41.86

- 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 - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provision:
Federal	$ 959,000	$ 965,000	$ 1,524,000
State	35,000	33,000	43,000
Foreign	971,000	759,000	786,000
Total current provision	1,965,000	1,757,000	2,353,000
Deferred benefit:
Federal	(465,000)	(860,000)	(1,124,000)
State	7,000	(18,000)	(25,000)
Foreign	(242,000)	(360,000)	(66,000)
Total deferred benefit	(700,000)	(1,238,000)	(1,215,000)
Total provision for income taxes	$ 1,265,000	$ 519,000	$ 1,138,000

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Product and by Geographic Area

Revenues were as follows (in millions):


	Year ended December 31, 2025						Year ended December 31, 2024						Year ended December 31, 2023
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Prolia	$	2,978	$	1,436	$	4,414	$	2,885	$	1,489	$	4,374	$	2,733	$	1,315	$	4,048
Repatha	1,663		1,353		3,016		1,139		1,083		2,222		793		842		1,635
Otezla	1,839		426		2,265		1,699		427		2,126		1,777		411		2,188
ENBREL	2,199		27		2,226		3,288		28		3,316		3,650		47		3,697
EVENITY	1,600		500		2,100		1,131		432		1,563		809		351		1,160
XGEVA	1,355		729		2,084		1,507		718		2,225		1,527		585		2,112
TEPEZZA(1)	1,758		145		1,903		1,835		16		1,851		441		7		448
BLINCYTO	1,049		510		1,559		800		416		1,216		566		295		861
Nplate	1,027		497		1,524		970		486		1,456		996		481		1,477
TEZSPIRE (2)	1,478		—		1,478		972		—		972		567		—		567
KYPROLIS	913		499		1,412		948		555		1,503		921		482		1,403
Aranesp	416		973		1,389		386		956		1,342		452		910		1,362
KRYSTEXXA(1)	1,340		—		1,340		1,185		—		1,185		272		—		272
Vectibix	604		571		1,175		519		526		1,045		461		523		984
Other products(3)	5,437		1,826		7,263		4,037		1,593		5,630		3,307		1,389		4,696
Total product sales(4)	25,656		9,492		35,148		23,301		8,725		32,026		19,272		7,638		26,910
Other revenues	763		840		1,603		562		836		1,398		534		746		1,280
Total revenues	$	26,419	$	10,332	$	36,751	$	23,863	$	9,561	$	33,424	$	19,806	$	8,384	$	28,190

____________

(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 years ended December 31, 2025, 2024 and 2023.

Schedule of Revenues Earned from Major Customers

For the year ended December 31, 2025, on a combined basis, these customers accounted for 77% of total gross revenues as shown in the following table. Certain information with respect to these customers was as follows (dollar amounts in millions):


	Years ended December 31,
	2025			2024			2023
McKesson Corporation:
Gross product sales	$	26,253		$	22,173		$	19,035
% of total gross revenues	34		%	33		%	33		%
Cencora, Inc.:
Gross product sales	$	20,986		$	18,387		$	16,625
% of total gross revenues	27		%	27		%	29		%
Cardinal Health, Inc.:
Gross product sales	$	12,562		$	11,278		$	9,775
% of total gross revenues	16		%	17		%	17		%

Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

Goodwill

The changes in the carrying amounts of goodwill were as follows (in millions):


	December 31,
	2025		2024
Beginning balance	$	18,637	$	18,629
Changes to goodwill resulting from acquisitions, net(1)	—		25
Foreign currency translation adjustments	43		(17)
Ending balance	$	18,680	$	18,637

____________

(1) For 2024, changes to Goodwill consisted of measurement-period adjustments related to our Horizon acquisition.

Other intangible assets

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


	December 31,
	2025						2024
	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	$	47,805	$	(26,754)	$	21,051	$	48,611	$	(22,594)	$	26,017
Licensing rights	3,917		(3,522)		395		3,875		(3,392)		483
R&D technology rights	1,425		(1,305)		120		1,374		(1,235)		139
Marketing-related rights	1,203		(1,203)		—		1,202		(1,202)		—
Total finite-lived intangible assets	54,350		(32,784)		21,566		55,062		(28,423)		26,639
Indefinite-lived intangible assets:
In-process research and development	710		—		710		1,060		—		1,060
Total other intangible assets	$	55,060	$	(32,784)	$	22,276	$	56,122	$	(28,423)	$	27,699

Developed-product-technology rights consists of rights related to marketed products acquired in business combinations. 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. R&D technology rights pertains to technologies used in R&D that have alternative future uses. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products.

The Company monitors intangible assets for impairment on a quarterly basis. In January 2025, as part of the IRA, the Company’s product Otezla was selected by CMS for Medicare price setting that will be applicable beginning on January 1, 2027. The earlier than anticipated selection resulted in a decrease in the estimated future cash flows for the product in the United States. This selection represented a triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. In the first quarter of 2025, the Company utilized a discounted cash flow analysis based on Level 3 inputs, including estimated product sales, operating expenses and a discount rate, that resulted in an intangible asset fair value of $4.0 billion, which was lower than the carrying value of $4.8 billion, and a partial impairment of $800 million. In the third quarter of 2025, new facts and circumstances, primarily from the CMS price setting process, indicated a further triggering event that required the Company to evaluate the underlying developed-product-technology rights for impairment. A subsequent discounted cash flow analysis, prepared using the same Level 3 input framework and updated assumptions, resulted in a revised intangible asset fair value of $3.0 billion, which was lower than the carrying value of $3.4 billion, and an additional impairment of $400 million. The aggregate impairment charges of $1.2 billion during the year ended December 31, 2025 were recognized in Other operating expenses in the Consolidated Statements of Income. See Note 18, Fair value measurement.

The developed-product-technology rights intangible assets related to TAVNEOS have a carrying value of $2.5 billion as of December 31, 2025 with $2.4 billion related to the U.S. market. On January 16, 2026, the FDA requested that ChemoCentryx voluntarily withdraw TAVNEOS from the U.S. market. Amgen is confident that TAVNEOS demonstrates effectiveness and a favorable benefit–risk profile. On January 28, 2026, following FDA regulatory process, Amgen informed the FDA that it did not intend to withdraw TAVNEOS from the market. Amgen is evaluating next steps with the FDA to determine a path forward. Future changes to estimated TAVNEOS cash flows could unfavorably impact the Company’s ability to recover the carrying value of the related intangible asset.

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. All IPR&D projects have major risks and uncertainties associated with the timely and successful completion of the development and commercialization of product candidates, including our ability to confirm safety and efficacy based on data from clinical trials, our ability to obtain necessary regulatory approvals and our ability to successfully complete these tasks within budgeted costs. We are not permitted to market a human therapeutic without obtaining regulatory approvals, and such approvals require the completion of clinical trials that demonstrate that a product candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from third-party payers, including government healthcare programs and private insurance plans as well as competitive product launches, affect the revenues a product can generate. Consequently, the eventual realized values, if any, of acquired IPR&D projects may vary from their estimated fair values. 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 year ended December 31, 2023, the development of AMG 340 acquired in connection with our Teneobio acquisition was terminated, resulting in an impairment charge of $783 million, which was recognized in Other operating expenses in the Consolidated Statements of Income.

During the second quarter of 2025, the FDA approved UPLIZNA for the IgG4-RD indication, and commercialization commenced in the United States. As a result, the Company reclassified the related intangible asset with a gross carrying value of $350 million from IPR&D to developed-product-technology rights and began amortizing it on a straight-line basis over its estimated useful life of approximately 11 years from the date placed in service.

During the years ended December 31, 2025, 2024 and 2023, we recognized amortization of our finite-lived intangible assets of $4.3 billion, $4.8 billion and $3.2 billion, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Consolidated Statements of Income. As of December 31, 2025, the total estimated future amortization of our finite-lived intangible assets for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, was $3.6 billion, $3.5 billion, $2.8 billion, $2.3 billion and $2.2 billion, respectively.

Financing arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings

Our borrowings consisted of the following (in millions):


	December 31,
	2025		2024
1.90% notes due 2025 (1.90% 2025 Notes)	$	—	$	500
5.25% notes due 2025 (5.25% 2025 Notes)	—		2,000
3.125% notes due 2025 (3.125% 2025 Notes)	—		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	881		777
5.507% notes due 2026 (5.507% 2026 Notes)	—		1,500
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
Term loan due October 2026	1,800		1,800
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	640		595
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 in 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)	944		876
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)	987		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)	1,478		1,668
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	568		776
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)	1,462		1,764
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	703		890
4.20% notes due 2052 (4.20% 2052 Notes)	882		895
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)	1,128		1,165
5.75% notes due 2063 (5.75% 2063 Notes)	2,750		2,750


	December 31,
	2025		2024
Other notes due 2097	100		100
Total principal amount of debt	56,044		61,778
Unamortized bond discounts, premiums and issuance costs, net	(1,306)		(1,360)
Fair value adjustments	(161)		(343)
Other	27		24
Total carrying value of debt	54,604		60,099
Less current portion	(4,599)		(3,550)
Total long-term debt	$	50,005	$	56,549

In March 2023, in connection with the acquisition of Horizon (see Note 4, Acquisition), we issued the following series of notes (in millions):


	Principal Amount
5.25% 2025 Notes	$	2,000
5.507% 2026 Notes	1,500
5.15% 2028 Notes	3,750
5.25% 2030 Notes	2,750
5.25% 2033 Notes	4,250
5.60% 2043 Notes	2,750
5.65% 2053 Notes	4,250
5.75% 2063 Notes	2,750
Total	$	24,000

Schedule of Aggregate Contractual Maturities of Debt Obligations

The aggregate contractual maturities of our debt obligations as of December 31, 2025, were as follows (in millions):


Maturity dates	Amounts
2026	$	4,571
2027	2,724
2028	4,984
2029	2,943
2030	4,000
Thereafter	36,822
Total	$	56,044

- 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

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+ Details

Summary of significant accounting policies (Policies)	12 Months Ended
Summary of significant accounting policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Business	Business Amgen Inc. (including its consolidated 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 our business in one operating segment: human therapeutics. See Note 2, Segment and other information.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Amgen and 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 consolidated financial statements and accompanying notes to conform with the current presentation.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.
Revenues	Revenues Product sales and sales deductions Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon delivery, based on an amount that reflects the consideration to which we expect to be entitled, net of accruals for estimated rebates, wholesaler chargebacks, discounts and other deductions (collectively, sales deductions) and returns established at the time of sale. We analyze the adequacy of our accruals for sales deductions quarterly. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that an adjustment is appropriate. Accruals are also adjusted to reflect actual results. Accruals for sales deductions are based primarily on estimates of the amounts earned or to be claimed on the related sales. These estimates take into consideration current contractual and statutory requirements, specific known market events and trends, internal and external historical data and forecasted customer buying patterns. Sales deductions are substantially product specific and therefore, for any given period, can be affected by the mix of products sold. Included in sales deductions are immaterial net adjustments related to prior-period sales due to changes in estimates. Returns are estimated through comparison of historical return data with their related sales on a production lot basis. Historical rates of return are determined for each product and are adjusted for known or expected changes in the marketplace specific to each product, when appropriate. Historically, sales return provisions have amounted to less than 1% of gross product sales. Changes in estimates for prior-period sales return provisions have historically been immaterial. Our payment terms vary by types and locations of customers and by products or services offered. Payment terms differ by jurisdiction and customer, but payment is generally required in a term ranging from 30 to 120 days from date of shipment or satisfaction of the performance obligation. For certain products or services and certain customer types, we may require payment before products are delivered or services are rendered to customers. Indirect taxes collected from customers and remitted to government authorities that are related to sales of the Company’s products, primarily in Europe, are excluded from revenues. As a practical expedient, sales commissions are expensed when incurred because the amortization period would have been one year or less. These costs are recorded in SG&A expense in the Consolidated Statements of Income. Other revenues Other revenues consist primarily of royalty income and corporate partner revenues. Royalties from licensees are based on third-party sales of licensed products and are recorded when the related third-party product sale occurs. Royalty income is estimated based on historical and forecasted sales trends. Corporate partner revenues are composed mainly of license fees and milestones earned and our share of commercial profits generated from collaborations. See Arrangements with multiple-performance obligations, discussed below. Arrangements with multiple-performance obligations From time to time, we enter into arrangements for the R&D, manufacture and/or commercialization of products and product candidates. Such arrangements may require us to deliver various rights, services and/or goods, including intellectual property rights/licenses, R&D services, manufacturing services and/or commercialization services. The underlying terms of these arrangements generally provide for consideration to Amgen in the form of nonrefundable, upfront license fees; development and commercial-performance milestone payments; royalty payments; and/or profit sharing. In arrangements involving more than one performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the arrangement is then allocated to each separate distinct performance obligation based on its respective relative stand-alone selling price. The estimated selling price of each deliverable reflects our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis or by using an adjusted market assessment approach if selling price on a stand-alone basis is not available. The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. We utilize the sales- and usage-based royalty exception in arrangements that resulted from the license of intellectual property, recognizing revenues generated from royalties or profit sharing as the underlying sales occur.
Research and development costs	Research and development costs R&D costs are expensed as incurred and primarily include salaries, benefits and other staff-related costs; facilities and overhead costs; clinical trial and related clinical manufacturing costs; contract services and other outside costs; information systems’ costs; and amortization of acquired technology used in R&D with alternative future uses. R&D expenses also include costs and cost recoveries associated with third-party R&D arrangements, including upfront fees and milestones paid to third parties in connection with technologies that had not reached technological feasibility and did not have an alternative future use. Net payment or reimbursement of R&D costs is recognized when the obligations are incurred or as we become entitled to the cost recovery. See Note 9, Collaborations.
Selling, general and administrative costs	Selling, general and administrative costs SG&A costs are primarily composed of salaries, benefits and other staff-related costs associated with sales and marketing, finance, legal and other administrative personnel; facilities and overhead costs; outside marketing, advertising and legal expenses; the U.S. healthcare reform federal excise fee on Branded Prescription Pharmaceutical Manufacturers and Importers; and other general and administrative costs. Advertising costs are expensed as incurred and were $963 million, $987 million and $647 million during the years ended December 31, 2025, 2024 and 2023, respectively. SG&A expenses also include costs and cost recoveries associated with marketing and promotion efforts under certain collaborative arrangements. Net payment or reimbursement of SG&A costs is recognized when the obligations are incurred or we become entitled to the cost recovery. See Note 9, Collaborations.
Leases	Leases At inception of a contract, we determine whether an arrangement is or contains a lease. For all leases, we determine the classification as either operating or financing. Operating leases are included in Other noncurrent assets, Accrued liabilities and Other noncurrent liabilities in our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments under the lease. Lease recognition occurs at the commencement date, and lease liability amounts are based on the present value of lease payments made during the lease term. Our lease terms may include options to extend or terminate a lease when it is reasonably certain that we will exercise that option. Because most of our leases do not provide information to determine an implicit interest rate, we use our incremental borrowing rate in determining the present value of lease payments. ROU assets also include any lease payments made prior to the commencement date less lease incentives received. Operating lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with both lease and nonlease components, which are generally accounted for together as a single lease component. In addition, for certain vehicle and equipment leases, we apply a portfolio approach to determine the lease term and discount rate.
Stock-based compensation	Stock-based compensation We have stock-based compensation plans under which various types of equity-based awards are granted, including RSUs, performance units and stock options. The fair values of RSUs and stock option awards, which are subject only to service conditions with graded vesting, are recognized as compensation expense, generally on a straight-line basis over the service period, net of estimated forfeitures. The fair values of performance unit awards are recognized as compensation expense, generally on a straight-line basis from the grant date to the end of the performance period. See Note 5, Stock-based compensation.
Income taxes	Income taxes We provide for income taxes based on pretax income and applicable tax rates in the various jurisdictions in which we operate. Significant judgment is required in determining our provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the bases of assets and liabilities, as well as for loss and tax credit carryforwards for financial reporting purposes and amounts recognized for income tax purposes. We record a valuation allowance to reduce our deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the consolidated financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of UTBs is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, when appropriate, related to UTBs in income tax expense. See Note 7, Income taxes. Amgen is subject to current U.S. tax on the earnings of our foreign subsidiaries. We previously established deferred taxes related to this U.S. tax, which requires us to recognize deferred taxes for temporary basis differences expected to reverse and be subject to this tax in future years. These are ongoing adjustments that are likely to occur in future periods.
Acquisitions	Acquisitions We first determine whether a set of assets acquired constitutes a business and should be accounted for as a business combination. If the assets acquired do not constitute a business, we account for the transaction as an asset acquisition. Business combinations are accounted for by means of the acquisition method of accounting. Under the acquisition method, assets acquired, including IPR&D projects, and liabilities assumed are recorded in our consolidated financial statements at their respective fair values as of the acquisition date. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations incurred in connection with a business combination, including the assumption of an acquiree’s liability arising from an acquisition it consummated prior to our acquisition, are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies have been resolved. The resulting changes in fair values are recorded in earnings. In contrast, asset acquisitions are accounted for by using a cost accumulation and allocation model. Under this model, the cost of the acquisition is allocated to the assets acquired and liabilities assumed. IPR&D projects with no alternative future use are recorded in R&D expense upon acquisition, and contingent consideration obligations incurred in connection with an asset acquisition are recorded when it is probable that they will occur and they can be reasonably estimated. See Note 4, Acquisition, and Note 18, Fair value measurement.
Cash equivalents	Cash equivalents We consider cash equivalents to be only those investments that are highly liquid, that are readily convertible to cash and that mature within three months from the date of purchase.
Interest-bearing securities	Interest-bearing securities We consider our interest-bearing securities investment portfolio as available-for-sale, and accordingly, these investments are recorded at fair value, with unrealized gains and losses recorded in AOCI. Investments with maturities beyond one year may be classified as short-term marketable securities in the Consolidated Balance Sheets due to their highly liquid nature and because they represent the Company’s investments that are available for current operations. See Note 10, Investments, and Note 18, Fair value measurement.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner that approximates the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. See Note 11, Inventories.
Derivatives	Derivatives We recognize all of our derivative instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been formally designated and qualifies as part of a hedging relationship under the applicable accounting standards and, further, on the type of hedging relationship. For derivatives formally designated as hedges, we assess both at inception and quarterly thereafter whether the hedging derivatives are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. Our derivatives that are not designated and do not qualify as hedges are adjusted to fair value through current earnings. See Note 18, Fair value measurement, and Note 19, Derivative instruments.
Property, plant and equipment, net	Property, plant and equipment, net Property, plant and equipment is recorded at historical cost, net of accumulated depreciation, amortization and, if applicable, impairment charges. We review our property, plant and equipment assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Depreciation is recorded over the assets’ useful lives on a straight-line basis. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or lease terms. See Note 12, Property, plant and equipment.
Cloud computing arrangements	Cloud computing arrangements We capitalize qualifying implementation costs under cloud computing arrangements (CCA). Capitalized CCA implementation costs are allocated between Other current assets and Other noncurrent assets in the Consolidated Balance Sheets. As of December 31, 2025 and 2024, capitalized CCA implementation costs totaled $272 million and $227 million, respectively. For critical software-as-a-service (SaaS) platforms, amortization is recorded over an established four-year period, and for all other arrangements, amortization is recorded over the expected term of the related contract.
Goodwill and other intangible assets	Goodwill and other intangible assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. See Note 13, Goodwill and other intangible assets. The fair values of IPR&D projects acquired in a business combination that are not complete are capitalized and accounted for as indefinite-lived intangible assets until completion or abandonment of the related R&D efforts. Upon successful completion of the project, the capitalized amount is amortized over its estimated useful life. If a project is abandoned, all remaining capitalized amounts are written off immediately. Major risks and uncertainties are often associated with IPR&D projects because we are required to obtain regulatory approvals before marketing the resulting products. Such approvals require completing clinical trials that demonstrate a product candidate is safe and effective. Consequently, the eventual realized value of the acquired IPR&D project may vary from its fair value at the date of acquisition, and IPR&D impairment charges may occur in future periods. Capitalized IPR&D projects are reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We consider various factors for potential impairment, including the current legal and regulatory environment and the competitive landscape. Adverse clinical trial results, significant delays in obtaining marketing approval, the inability to bring a product to market and the introduction or advancement of competitors’ products could result in partial or full impairment of the related intangible assets. We perform an impairment test of goodwill annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. To date, an impairment of goodwill has not been recorded. See Note 13, Goodwill and other intangible assets.
Contingencies	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. Certain of these proceedings are discussed in Note 20, Contingencies and commitments. 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.
Foreign currency translation	Foreign currency translation The net assets of international subsidiaries whose functional currencies are not in U.S. dollars are translated into U.S. dollars using current exchange rates. The U.S. dollar effects that arise from translation of the net assets of these subsidiaries at changing rates are recognized in AOCI. The subsidiaries’ earnings are translated into U.S. dollars by using average exchange rates.
Equity investments	Equity investments Marketable and nonmarketable equity securities Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in Other income, net, in the Consolidated Statements of Income. Investments in equity securities without readily determinable fair values are recorded at cost less impairment, if any, adjusted for changes resulting from observable price changes in orderly transactions for identical or similar securities. Such adjustments are recorded in Other income, net, in the Consolidated Statements of Income.
Equity method investments	Equity method investments Equity investments that give us the ability to exert significant influence, but not control, over an investee are accounted for under the equity method of accounting, unless we have elected the fair value option. For equity method investments for which the fair value option has been elected, changes in fair value are recorded in Other income, net, in the Consolidated Statements of Income. Additionally, we hold investments in limited partnerships, which primarily invest in early-stage biotechnology companies. As a practical expedient, such limited partnership investments are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships, with such changes included in Other income, net, in the Consolidated Statements of Income.
Recently adopted accounting pronouncements and Recent accounting pronouncements not yet adopted	Recently adopted accounting pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve income tax disclosure requirements by requiring more detailed information in several income tax disclosures, such as enhancing disclosure of income taxes paid and requiring disaggregation of the effective income tax rate reconciliation. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2024. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We prospectively adopted this standard in fiscal year 2025, which resulted in incremental income taxes disclosures. See Note 7, Income taxes. Recent accounting pronouncements not yet adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures about a public business entity’s expenses by requiring disaggregated disclosures of certain types of expenses, including purchases of inventory, employee compensation, depreciation, intangible amortization and depletion, as applicable, for each income statement caption that includes those expenses. In addition, the standard will require entities to define and disclose total selling expenses. The standard is effective for public business entities such as Amgen for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software costs, including updating guidance on the recognition and measurement of costs incurred in connection with development and implementation activities related to internal-use software. The standard is effective for all entities for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. We evaluated the impact of adopting this new standard on our consolidated financial statements and related disclosures and do not expect the adoption to have a material impact.

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 915	$ 818
Work in process	3,425	4,120
Finished goods	1,885	2,060
Total inventories	$ 6,225	$ 6,998

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
2026	$ 148
2027	153
2028	128
2029	99
2030	77
Thereafter	362
Total lease payments	967
Less imputed interest	(136)
Present value of lease liabilities	831	$ 780
Abandoned Leases
Lessee, Lease, Description [Line Items]
Future rental commitments for abandoned leases	99
Expected total future rental income to be received	$ 54

Financing arrangements - Miscellaneous (Details)	12 Months Ended
Financing arrangements - Miscellaneous (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt securities payable \| Minimum
Debt Instrument [Line Items]
Redemption period without payment of make whole amount	1 month
Debt securities payable \| Maximum
Debt Instrument [Line Items]
Redemption period without payment of make whole amount	6 months
3.625% Notes Due In 2024 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		3.625%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.00% notes due 2029 (3.00% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.30% notes due 2031 (2.30% 2031 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.35% notes due 2032 (3.35% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.20% notes due 2033 (4.20% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.90% notes due 2038 (6.90% 2038 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.90%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.40% notes due 2039 (6.40% 2039 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	3.15%	3.15%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.563% notes due 2048 (4.563% 2048 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%
Effective interest rate on note	6.30%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.663% notes due 2051 (4.663% 2051 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%
Effective interest rate on note	5.60%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.77% notes due 2053 (2.77% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%
Effective interest rate on note	5.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.40% notes due 2045 (4.40% 2045 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.95% notes due 2041 (4.95% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.95%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%	3.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.375% notes due 2043 (5.375% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.15% notes due 2041 (5.15% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.875% notes due 2053 (4.875% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.125% notes due 2025 (3.125% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.75% notes due 2040 (5.75% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
6.375% notes due 2037 (6.375% 2037 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.375%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.60% notes due 2026 (2.60% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
1.65% notes due in 2028 (1.65% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
3.20% notes due 2027 (3.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.65% notes due 2042 (5.65% 2042 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.20% notes due 2027 (2.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.45% notes due 2030 (2.45% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.05% notes due 2029 (4.05% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
4.20% notes due 2052 (4.20% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
1.90% notes due 2025 (1.90% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.25% notes due 2025 (5.25% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.507% notes due 2026 (5.507% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.15% notes due 2028 (5.15% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.25% notes due 2030 (5.25% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%		2.00%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.25% notes due 2033 (5.25% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%	2.80%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.60% notes due 2043 (5.60% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.65% notes due 2053 (5.65% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%
5.75% notes due 2063 (5.75% 2063 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Percentage of principal amount of notes that may be paid upon occurrence of change in control triggering event	101.00%

Income taxes - Schedule of Reconciliation of Total Gross Amounts of UTBs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 4,184	$ 4,012	$ 3,770
Additions based on tax positions related to the current year	190	188	196
Additions based on tax positions related to prior years	14	9	56
Reductions for tax positions of prior years	(13)	(12)	0
Reductions for expiration of statute of limitations	0	(9)	(4)
Settlements	(4)	(4)	(6)
Ending balance	$ 4,371	$ 4,184	$ 4,012

Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income before income taxes included the following (in millions):


	Years ended December 31,
	2025		2024		2023
Domestic	$	8,220	$	4,040	$	4,047
Foreign	756		569		3,808
Total income before income taxes	$	8,976	$	4,609	$	7,855

Schedule of Provision for Income Taxes

The provision for income taxes included the following (in millions):


	Years ended December 31,
	2025		2024		2023
Current provision:
Federal	$	959	$	965	$	1,524
State	35		33		43
Foreign	971		759		786
Total current provision	1,965		1,757		2,353
Deferred benefit:
Federal	(465)		(860)		(1,124)
State	7		(18)		(25)
Foreign	(242)		(360)		(66)
Total deferred benefit	(700)		(1,238)		(1,215)
Total provision for income taxes	$	1,265	$	519	$	1,138

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2025		2024
Deferred income tax assets:
NOL and credit carryforwards	$	1,368	$	1,352
Accrued expenses	890		693
Capitalized research and development expenses	1,655		1,762
Investments	—		1
Expenses capitalized for tax	218		200
Earnings of foreign subsidiaries	2,305		1,496
Stock-based compensation	138		130
Other	349		361
Total deferred income tax assets	6,923		5,995
Valuation allowance	(1,299)		(1,019)
Net deferred income tax assets	5,624		4,976

Deferred income tax liabilities:
Acquired intangible assets	(2,065)		(2,573)
Debt	(260)		(264)
Fixed assets	(192)		(143)
Fair value of acquired inventory	(28)		(114)
Investments	(422)		—
Other	(271)		(244)
Total deferred income tax liabilities	(3,238)		(3,338)
Total deferred income taxes, net	$	2,386	$	1,638

Schedule of Reconciliation of Total Gross Amounts of UTBs

The reconciliations of the total gross amounts of UTBs were as follows (in millions):


	Years ended December 31,
	2025		2024		2023
Beginning balance	$	4,184	$	4,012	$	3,770
Additions based on tax positions related to the current year	190		188		196
Additions based on tax positions related to prior years	14		9		56
Reductions for tax positions of prior years	(13)		(12)		—
Reductions for expiration of statute of limitations	—		(9)		(4)
Settlements	(4)		(4)		(6)
Ending balance	$	4,371	$	4,184	$	4,012

Schedule of Reconciliation of Federal Statutory Tax Rate

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate for 2025 were as follows (in millions, except percentages):


	Year ended December 31, 2025
	Tax Effect		Effective Tax Rate
Federal statutory tax rate	$	1,885	21.0	%
Foreign tax effects:
Ireland:
Tax rate differential	316		3.5	%
Valuation allowance	119		1.3	%
Other	22		0.2	%
Puerto Rico:
Tax rate differential	469		5.2	%
Act 52 - withholding tax	456		5.1	%
Act 52 - income tax	(968)		(10.8)	%
Singapore:
Tax incentive grant	(122)		(1.4)	%
Pillar Two minimum tax	147		1.6	%
Other	(29)		(0.3)	%
Other foreign jurisdictions	199		2.2	%
Effect of cross-border tax laws:
U.S. tax on foreign subsidiaries (net of credits and deferred taxes)	(545)		(6.0)	%
Foreign-derived intangible income	(222)		(2.5)	%
Other	(18)		(0.2)	%
Tax credits:
Credit on foreign taxes imposed on U.S. income	(456)		(5.0)	%
Research and development tax credits	(272)		(3.0)	%
Other adjustments	86		1.0	%
Changes in unrecognized tax benefits (primarily interest)	198		2.2	%
Effective tax rate	$	1,265	14.1	%

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate for 2024 and 2023 were as follows:


	Years ended December 31,
	2024		2023
Federal statutory tax rate	21.0	%	21.0	%
Foreign earnings	(5.8)	%	(5.1)	%
Foreign-derived intangible income	(3.0)	%	(1.3)	%
Credits, Puerto Rico excise tax	—	%	0.3	%

Interest on uncertain tax positions	4.2	%	2.6	%
Credits, primarily federal R&D	(5.4)	%	(3.5)	%

Other, net	0.3	%	0.5	%
Effective tax rate	11.3	%	14.5	%

Schedule of Income Taxes Paid (Net of Refunds Received

Income taxes paid (net of refunds received) included the following (in millions):


	Year ended December 31, 2025
U.S. payments (federal and state)	$	3,390
Puerto Rico payments	610
Other foreign payments	300
Total income taxes paid (net of refunds received)	$	4,300

Financing arrangements - Schedule of Debt Issuances (Details) - Notes - USD ($) $ in Millions	Dec. 31, 2025	Mar. 31, 2023
Debt Instrument [Line Items]
Principal Amount		$ 24,000
5.25% 2025 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Principal Amount		2,000
5.507% 2026 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%
Principal Amount		1,500
5.15% 2028 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%
Principal Amount		3,750
5.25% 2030 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Principal Amount		2,750
5.25% 2033 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Principal Amount		4,250
5.60% 2043 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%
Principal Amount		2,750
5.65% 2053 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%
Principal Amount		4,250
5.75% 2063 Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%
Principal Amount		$ 2,750

Financing arrangements - Debt Issuances and Acquisition-Related Financing (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Notes
Debt Instrument [Line Items]
Principal Amount					$ 24,000
Notes \| 3.00% notes due 2029 (3.00% 2029 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%
Notes \| 4.05% notes due 2029 (4.05% 2029 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%
Notes \| 3.35% notes due 2032 (3.35% 2032 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%
Notes \| 4.20% notes due 2033 (4.20% 2033 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%
Notes \| 4.20% notes due 2052 (4.20% 2052 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%
Notes \| 4.875% notes due 2053 (4.875% 2053 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%
Notes \| 4.40% notes due 2062 (4.40% 2062 Notes)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Variable Rate Component Three \| Term Loan Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	1.225%
Horizon Therapeutics
Debt Instrument [Line Items]
Term loan credit agreement, total amount						$ 4,000
Term loan credit agreement, total borrowed				$ 4,000
Repayments of term loan credit agreement		$ 2,200
Term loan, outstanding	$ 1,800

Summary of significant accounting policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of operating segments \| segment	1
Sales return provisions as a percentage of gross product sales (less than)	1.00%
Advertising cost	$ 963	$ 987	$ 647
Capitalized implementation costs	$ 272	$ 227
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue payment term (in days)	30 days
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenue payment term (in days)	120 days

Acquisitions - Schedule of Supplemental Pro Forma Financial Information (Details) - Horizon Therapeutics - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Combination [Line Items]
Total revenues	$ 30,969	$ 29,964
Net income	$ 5,383	$ 2,381

- 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/disclosureRef
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+ Details

Stock-based compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Our Amended 2009 Plan authorizes for issuance to employees of Amgen and nonemployee members of our Board of Directors shares of our common stock pursuant to grants of equity-based awards, including RSUs, stock options and performance units. The pool of shares available under the Amended 2009 Plan is reduced by one share for each stock option granted and by 1.9 shares for other types of awards granted, including full-value awards. In general, if any shares subject to an award granted under the Amended 2009 Plan expire or become forfeited, terminated or canceled without the issuance of shares, the shares subject to such awards are added back into the authorized pool on the same basis that they were removed. In addition, under the Amended 2009 Plan, shares withheld to pay for minimum statutory tax obligations with respect to full-value awards are added back into the authorized pool on the basis of 1.9 shares. As of December 31, 2025, the Amended 2009 Plan provides for future grants and/or issuances of up to approximately 35 million shares of our common stock. Stock-based awards under our employee compensation plans are made with newly issued shares reserved for this purpose.

The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):


	Years ended December 31,
	2025		2024		2023
RSUs	$	333	$	351	$	309
Performance units	112		133		121
Stock options	49		46		43
Total stock-based compensation expense, pretax	494		530		473
Tax benefit from stock-based compensation expense	(106)		(114)		(102)
Total stock-based compensation expense, net of tax	$	388	$	416	$	371

Restricted stock units and stock options

Eligible employees generally receive an annual grant of RSUs and, for certain executive-level employees, stock options, with the size and type of award generally determined by the employee’s salary grade and performance level. Certain management and professional-level employees typically receive RSU grants upon commencement of employment. Nonemployee members of our Board of Directors also receive an annual grant of RSUs.

Our RSU and stock option grants provide for accelerated or continued vesting in certain circumstances as defined in the plans and related grant agreements, including upon death, disability, termination in connection with a change in control and the retirement of employees who meet certain service and/or age requirements. For awards granted prior to April 1, 2025, RSUs and stock options generally vest in equal amounts on the second, third and fourth anniversaries of the grant date. Effective for awards granted on or after April 1, 2025, RSUs and stock options generally vest in equal amounts on the first, second, third and fourth anniversaries of the grant date. RSUs accrue dividend equivalents, which are typically payable in shares only when and to the extent the underlying RSUs vest and are issued to the recipient.

Restricted stock units

The grant date fair value of an RSU equals the closing price of our common stock on the grant date, as RSUs accrue dividend equivalents during their vesting period, except with respect to certain holders of Horizon unvested RSUs who were granted replacement Amgen RSUs in 2023 under the original terms of the awards in connection with the Horizon acquisition based on the terms of the transaction. See Note 4, Acquisition. Subsequent to the Horizon acquisition, $42 million of the RSUs were accelerated and cash settled in 2023. The weighted-average grant date fair values per unit of RSUs granted (excluding replacement awards granted to Horizon RSU holders) during the years ended December 31, 2025, 2024 and 2023, were $273.10, $301.36 and $237.70, respectively.

The following table summarizes information regarding our RSUs:


	Year ended December 31, 2025
	Units (in millions)	Weighted-average grant date fair value
Balance nonvested as of December 31, 2024	3.5	$	265.07
Granted	1.6	$	273.10
Vested	(1.2)	$	243.73
Forfeited	(0.2)	$	277.14
Balance nonvested as of December 31, 2025	3.7	$	274.23

The total grant date fair values of RSUs that vested during the years ended December 31, 2025, 2024 and 2023, were $283 million, $401 million and $309 million, respectively.

Stock options

The exercise price of stock options is set as the closing price of our common stock on the grant date, and the related number of shares granted is fixed at that point in time. Awards expire 10 years from the date of grant. We use the Black–Scholes option valuation model to estimate the grant date fair value of stock options.

The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:


	Years ended December 31,
	2025			2024			2023
Closing price of our common stock on grant date	$	270.44		$	300.30		$	235.97
Expected volatility (average of implied and historical volatility)	27.8		%	26.9		%	23.3		%
Expected life (in years)	5.7			5.7			5.7
Risk-free interest rate	4.0		%	4.4		%	3.4		%
Expected dividend yield	3.2		%	3.2		%	3.5		%
Fair value of stock options granted	$	62.76		$	69.34		$	41.86

The following table summarizes information regarding our stock options:


	Year ended December 31, 2025
	Options (in millions)	Weighted- average exercise price		Weighted- average remaining contractual life (in years)	Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2024	5.9	$	225.84
Granted	0.9	$	270.44
Exercised	(0.6)	$	202.34
Expired/forfeited	(0.1)	$	258.80
Balance unexercised as of December 31, 2025	6.1	$	234.45	6.0	$	563
Vested or expected to vest as of December 31, 2025	5.9	$	233.42	5.9	$	555
Exercisable as of December 31, 2025	3.5	$	211.48	4.4	$	401

The total intrinsic values of options exercised during the years ended December 31, 2025, 2024 and 2023, were $70 million, $70 million and $33 million, respectively. The actual tax benefits realized from tax deductions from option exercises during the years ended December 31, 2025, 2024 and 2023, were $15 million, $15 million and $7 million, respectively.

As of December 31, 2025, $537 million of unrecognized compensation cost was related to nonvested RSUs and unvested stock options, which is expected to be recognized over a weighted-average period of 1.7 years.

Performance units

Certain management-level employees also receive annual grants of performance units, which give the recipient the right to receive common stock that is contingent upon achievement of specified preestablished goals over the performance period, which is generally three years. The performance goals for the units granted during the years ended December 31, 2025, 2024 and 2023, which are accounted for as equity awards, are based on (i) Amgen’s total stockholder return compared with a comparator group of companies, which are considered market conditions and are therefore reflected in the grant date fair values of the units, and (ii) Amgen’s stand-alone financial performance measures, which are considered performance conditions. The expense recognized for awards is based on the grant date fair value of a unit multiplied by the number of units expected to be earned with respect to the related performance conditions, net of estimated forfeitures. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater or less than the number of units granted. Shares of our common stock are issued on a one-for-one basis for each performance unit earned. In general, performance unit awards vest at the end of the performance period. The performance award program provides for accelerated or continued vesting in certain circumstances as defined in the plan, including upon death, disability, a change in control and retirement of employees who meet certain service and/or age requirements. Performance units accrue dividend equivalents that are typically payable in shares only when and to the extent the underlying performance units vest and are issued to the recipient, including with respect to market and performance conditions that affect the number of performance units earned.

We use a payout simulation model to estimate the grant date fair value of performance units. The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:


	Years ended December 31,
	2025			2024			2023
Closing price of our common stock on grant date	$	270.44		$	300.30		$	235.97
Volatility	24.2		%	22.1		%	21.6		%
Risk-free interest rate	3.7		%	4.6		%	3.7		%
Fair value of units granted	$	290.24		$	321.61		$	252.49

The payout simulation model assumes correlations of returns of the stock prices of our common stock and the common stocks of the comparator groups of companies and stock price volatilities of the comparator groups of companies to simulate stockholder returns over the performance periods and their resulting impact on the payout percentages based on the contractual terms of the performance units.

As of December 31, 2025 and 2024, 1.2 million and 1.4 million performance units were outstanding, respectively, with weighted-average grant date fair values per unit of $278.62 and $263.86 per unit, respectively. During the year ended December 31, 2025, 0.3 million performance units with a weighted-average grant date fair value per unit of $290.24 were granted, and 0.1 million performance units with a weighted-average grant date fair value per unit of $278.87 were forfeited.

The total fair values of performance units paid during the years ended December 31, 2025, 2024 and 2023, were $163 million, $182 million and $109 million, respectively, based on the number of performance units earned multiplied by the closing stock price of our common stock on the last day of the performance period.

As of December 31, 2025, $64 million of unrecognized compensation cost was related to nonvested performance units, which is expected to be recognized over a weighted-average period of one year.

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2025

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):


Fair value measurement as of December 31, 2025, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	998	$	—	$	998






Money market mutual funds	7,395		—		—		7,395
Other short-term interest-bearing securities	—		132		—		132


Equity securities	6,144		—		—		6,144
Derivatives:
Foreign currency forward contracts	—		196		—		196
Cross-currency swap contracts	—		48		—		48

Total assets	$	13,539	$	1,374	$	—	$	14,913
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	214	$	—	$	214
Cross-currency swap contracts	—		320		—		320
Interest rate swap contracts	—		293		—		293

Contingent consideration obligations	—		—		161		161
Total liabilities	$	—	$	827	$	161	$	988


Fair value measurement as of December 31, 2024, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	997	$	—	$	997






Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	—		135		—		135

Equity securities	4,188		—		—		4,188
Derivatives:
Foreign currency forward contracts	—		420		—		420


Total assets	$	14,542	$	1,552	$	—	$	16,094

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	8	$	—	$	8
Cross-currency swap contracts	—		483		—		483
Interest rate swap contracts	—		531		—		531

Contingent consideration obligations	—		—		106		106
Total liabilities	$	—	$	1,022	$	106	$	1,128

Schedule of Contingent Consideration Obligations

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


	Years ended December 31,
	2025		2024
Beginning balance	$	106	$	96
Additions	68		—
Payments	(7)		(8)
Net changes in valuations	(6)		18
Ending balance	$	161	$	106

Income taxes - Schedule of Income Taxes Paid (Net of Refunds Received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
U.S. payments (federal and state)	$ 3,390
Total income taxes paid (net of refunds received)	4,300	$ 2,900	$ 3,400
Other foreign jurisdictions
Effective Income Tax Rate Reconciliation [Line Items]
Other foreign payments	300
Puerto Rico:
Effective Income Tax Rate Reconciliation [Line Items]
Other foreign payments	$ 610

Leases - Schedule of Weighted Average Remaining Lease Terms & Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	8 years 8 months 12 days	9 years 3 months 18 days
Weighted-average discount rate	4.00%	3.70%

Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net		$ 21,566	$ 26,639
Impairment charge		$ 1,200
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other General Expense
Intangible assets, net		$ 22,276	27,699
Amortization charges associated with finite-lived intangible assets		4,300	4,800	$ 3,200
Total estimated amortization of finite-lived intangible assets for 2026		3,600
Total estimated amortization of finite-lived intangible assets for 2027		3,500
Total estimated amortization of finite-lived intangible assets for 2028		2,800
Total estimated amortization of finite-lived intangible assets for 2029		2,300
Total estimated amortization of finite-lived intangible assets for 2030		2,200
Finite-lived intangible assets, gross		54,350	55,062
In-process research and development
Finite-Lived Intangible Assets [Line Items]
IPR&D impairment charge				$ 783
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]				Other General Expense
Developed-product-technology rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net		21,051	26,017
Finite-lived intangible assets, gross		47,805	$ 48,611
Otezla \| Developed-product-technology rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, fair value disclosure	$ 4,000	3,000
Finite-lived intangible assets, net	4,800	3,400
Impairment charge	$ 800	400
TAVNEOS \| Developed-product-technology rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		2,500
TAVNEOS, US Market \| Developed-product-technology rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross		$ 2,400
UPLIZNA \| In-process research and development
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net					$ 350
UPLIZNA \| In-process research and development
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life					11 years

Stockholders' equity - Schedule of Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Product sales	$ 36,751,000	$ 33,424,000	$ 28,190,000
Other income, net	2,651,000	506,000	2,833,000
Total income before income taxes	8,976,000	4,609,000	7,855,000
Provision for income taxes	(1,265,000)	(519,000)	(1,138,000)
Net income	7,711,000	4,090,000	6,717,000
Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total income before income taxes	231,000	117,000	222,000
Provision for income taxes	(51,000)	(25,000)	(50,000)
Net income	180,000	92,000	172,000
Cross-currency swap contract gains (losses) \| Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	221,000	(75,000)	42,000
Cross-currency swap contract gains (losses) \| Cash flow hedge \| Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	221,000	(75,000)	42,000
Product sales
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Product sales	35,148,000	32,026,000	26,910,000
Product sales \| Foreign currency forward contract gains \| Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Product sales	10,000	192,000	180,000
Product sales \| Foreign currency forward contract gains \| Cash flow hedge \| Reclassification out of AOCI \| Cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Product sales	$ 10,000	$ 192,000	$ 180,000

Financing arrangements - Schedule of Borrowings (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 GBP (£)	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized bond discounts, premiums and issuance costs, net	$ (1,306)			$ (1,360)
Fair value adjustments	(161)			(343)
Other	27			24
Total carrying value of debt	54,604			60,099
Less current portion	(4,599)			(3,550)
Total long-term debt	50,005			56,549
Notes
Debt Instrument [Line Items]
Principal Amount						$ 24,000
Total principal amount of debt	56,044			61,778
Total carrying value of debt	$ 52,800			58,300
1.90% notes due 2025 (1.90% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%	1.90%	1.90%
Total principal amount of debt				500
5.25% notes due 2025 (5.25% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Principal Amount						2,000
Total principal amount of debt				2,000
3.125% notes due 2025 (3.125% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.125%	3.125%	3.125%
Total principal amount of debt	$ 0			1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%
Principal Amount \| €		€ 750,000,000
Total principal amount of debt	$ 881			777
5.507% notes due 2026 (5.507% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.507%	5.507%	5.507%
Principal Amount						1,500
Total principal amount of debt	$ 0			1,500
2.60% notes due 2026 (2.60% 2026 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.60%	2.60%	2.60%
Total principal amount of debt	$ 1,250			1,250
Term loan due October 2026 \| Secured Debt
Debt Instrument [Line Items]
Total principal amount of debt	$ 1,800			1,800
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%	5.50%
Principal Amount \| £			£ 475,000,000
Total principal amount of debt	$ 640			595
2.20% notes due 2027 (2.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.20%	2.20%	2.20%
Total principal amount of debt	$ 1,724			1,724
3.20% notes due 2027 (3.20% 2027 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%	3.20%	3.20%
Total principal amount of debt	$ 1,000			1,000
5.15% notes due 2028 (5.15% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Principal Amount						3,750
Total principal amount of debt	$ 3,750			3,750
1.65% notes due in 2028 (1.65% 2028 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.65%	1.65%	1.65%
Total principal amount of debt	$ 1,234			1,234
3.00% notes due 2029 (3.00% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%
Total principal amount of debt	$ 750			750
4.05% notes due 2029 (4.05% 2029 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%	4.05%	4.05%
Total principal amount of debt	$ 1,250			1,250
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%	4.00%	4.00%
Principal Amount \| £			£ 700,000,000
Total principal amount of debt	$ 944			876
2.45% notes due 2030 (2.45% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.45%	2.45%	2.45%
Total principal amount of debt	$ 1,250			1,250
5.25% notes due 2030 (5.25% 2030 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Principal Amount						2,750
Total principal amount of debt	$ 2,750			2,750
2.30% notes due 2031 (2.30% 2031 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.30%	2.30%	2.30%
Total principal amount of debt	$ 1,250			1,250
2.00% notes due 2032 (2.00% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.00%	2.00%	2.00%		2.00%
Total principal amount of debt	$ 987			1,001
3.35% notes due 2032 (3.35% 2032 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.35%	3.35%	3.35%
Total principal amount of debt	$ 1,000			1,000
4.20% notes due 2033 (4.20% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%
Total principal amount of debt	$ 750			750
5.25% notes due 2033 (5.25% 2033 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%	5.25%	5.25%
Principal Amount						4,250
Total principal amount of debt	$ 4,250			4,250
6.375% notes due 2037 (6.375% 2037 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.375%	6.375%	6.375%
Total principal amount of debt	$ 478			478
6.90% notes due 2038 (6.90% 2038 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.90%	6.90%	6.90%
Total principal amount of debt	$ 254			254
6.40% notes due 2039 (6.40% 2039 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.40%	6.40%	6.40%
Total principal amount of debt	$ 333			$ 333
3.15% notes due 2040 (3.15% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.15%	3.15%	3.15%	3.15%	3.15%
Total principal amount of debt	$ 1,478			$ 1,668
5.75% notes due 2040 (5.75% 2040 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Total principal amount of debt	$ 373			$ 373
2.80% notes due 2041 (2.80% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.80%	2.80%	2.80%	2.80%	2.80%
Total principal amount of debt	$ 568			$ 776
4.95% notes due 2041 (4.95% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.95%	4.95%	4.95%
Total principal amount of debt	$ 600			600
5.15% notes due 2041 (5.15% 2041 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%	5.15%
Total principal amount of debt	$ 729			729
5.65% notes due 2042 (5.65% 2042 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Total principal amount of debt	$ 415			415
5.60% notes due 2043 (5.60% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%	5.60%	5.60%
Principal Amount						2,750
Total principal amount of debt	$ 2,750			2,750
5.375% notes due 2043 (5.375% 2043 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%	5.375%	5.375%
Total principal amount of debt	$ 185			185
4.40% notes due 2045 (4.40% 2045 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%
Total principal amount of debt	$ 2,250			2,250
4.563% notes due 2048 (4.563% 2048 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.563%	4.563%	4.563%
Total principal amount of debt	$ 1,415			$ 1,415
3.375% notes due 2050 (3.375% 2050 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%	3.375%	3.375%	3.375%
Total principal amount of debt	$ 1,462			$ 1,764
4.663% notes due 2051 (4.663% 2051 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.663%	4.663%	4.663%
Total principal amount of debt	$ 3,541			$ 3,541
3.00% notes due 2052 (3.00% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%	3.00%	3.00%	3.00%	3.00%
Total principal amount of debt	$ 703			$ 890
4.20% notes due 2052 (4.20% 2052 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%	4.20%	4.20%	4.20%	4.20%
Total principal amount of debt	$ 882			$ 895
4.875% notes due 2053 (4.875% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%	4.875%	4.875%
Total principal amount of debt	$ 1,000			1,000
5.65% notes due 2053 (5.65% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.65%	5.65%	5.65%
Principal Amount						4,250
Total principal amount of debt	$ 4,250			4,250
2.77% notes due 2053 (2.77% 2053 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	2.77%	2.77%	2.77%
Total principal amount of debt	$ 940			$ 940
4.40% notes due 2062 (4.40% 2062 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%	4.40%	4.40%	4.40%	4.40%
Total principal amount of debt	$ 1,128			$ 1,165
5.75% notes due 2063 (5.75% 2063 Notes) \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.75%	5.75%	5.75%
Principal Amount						$ 2,750
Total principal amount of debt	$ 2,750			2,750
Other notes due 2097 \| Notes
Debt Instrument [Line Items]
Total principal amount of debt	$ 100			$ 100

Derivative instruments - Schedule of Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives Fair Value [Line Items]
Derivative assets	$ 244	$ 420
Derivative liabilities	827	1,022
Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	243	420
Derivative liabilities	826	1,022
Derivatives not designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	1	0
Derivative liabilities	1	0
Other current assets/ Other noncurrent assets \| Foreign currency forward contracts \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	195	420
Other current assets/ Other noncurrent assets \| Cross-currency swap contract gains (losses) \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	48	0
Other current assets/ Other noncurrent assets \| Interest rate swap contracts \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	0	0
Accrued liabilities/ Other noncurrent liabilities \| Foreign currency forward contracts \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative liabilities	213	8
Accrued liabilities/ Other noncurrent liabilities \| Cross-currency swap contract gains (losses) \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative liabilities	320	483
Accrued liabilities/ Other noncurrent liabilities \| Interest rate swap contracts \| Derivatives designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative liabilities	293	531
Other current assets \| Foreign currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative assets	1	0
Accrued liabilities \| Foreign currency forward contracts \| Derivatives not designated as hedging instruments:
Derivatives Fair Value [Line Items]
Derivative liabilities	$ 1	$ 0

Collaborations	12 Months Ended
Collaborations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	Collaborations A collaborative arrangement is a contractual arrangement that involves a joint operating activity. Such arrangements involve two or more parties that are both (i) active participants in the activity and (ii) exposed to significant risks and rewards dependent on the commercial success of the activity. From time to time, we enter into collaborative arrangements for the R&D, manufacture and/or commercialization of products and/or product candidates. These collaborations generally provide for nonrefundable upfront license fees, development and commercial-performance milestone payments, cost sharing, royalties and/or profit sharing. Our collaboration arrangements are performed with no guarantee of either technological or commercial success, and each arrangement is unique in nature. See Note 1, Summary of significant accounting policies, for additional discussion of revenues recognized under these types of arrangements. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line items in the Consolidated Statements of Income, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Our significant arrangements are discussed below. AstraZeneca plc We are in a collaboration with AstraZeneca for the development and commercialization of TEZSPIRE. Under our collaboration, both companies share global costs, profits and losses equally after payment by AstraZeneca of a mid-single-digit royalty to Amgen. AstraZeneca leads global development. In North America, Amgen, as the principal, recognizes product sales of TEZSPIRE in the United States, and AstraZeneca, as the principal, recognizes product sales of TEZSPIRE in Canada. AstraZeneca leads commercialization for TEZSPIRE outside North America. Amgen manufactures and supplies TEZSPIRE worldwide. During the years ended December 31, 2025, 2024 and 2023, global profit and loss share expenses were $587 million, $412 million and $310 million, respectively, and were recorded primarily in Cost of sales in the Consolidated Statements of Income. Net costs due to AstraZeneca for global development and commercialization were not material during the years ended December 31, 2025, 2024 and 2023. UCB We are in a collaboration with UCB for the development and commercialization of EVENITY. Under our collaboration, UCB has rights to lead commercialization for EVENITY in most countries in Europe. Amgen, as the principal, leads commercialization for EVENITY and recognizes product sales in all other territories, including the United States. Global development costs and commercialization profits and losses related to the collaboration are shared equally. Amgen manufactures and supplies EVENITY worldwide. During the years ended December 31, 2025, 2024 and 2023, global profit and loss share expenses were $721 million, $547 million and $396 million, respectively, and were recorded primarily in Cost of sales in the Consolidated Statements of Income. Net costs recovered from and due to UCB during the years ended December 31, 2025, 2024 and 2023, were not material. BeOne Medicines Ltd. In January 2020, we acquired an equity stake in BeOne for approximately $2.8 billion in cash as part of a collaboration agreement to expand our oncology presence in China. For additional information regarding our equity investment in BeOne, see Note 10, Investments. Under the collaboration, BeOne began selling XGEVA in 2020, BLINCYTO in 2021 and KYPROLIS in 2022 in China, and Amgen shares profits and losses equally during the product-specific commercialization periods. Following entry into an amendment by Amgen and BeOne on November 11, 2025, BeOne will retain the right to commercialize XGEVA, BLINCYTO and KYPROLIS in China for so long as such products are sold in China. Amgen manufactures and supplies the collaboration products to BeOne. In addition, we jointly develop a portion of our oncology portfolio with BeOne, which shares in global R&D costs by providing cash and development services of up to $1.25 billion. Upon regulatory approval, BeOne will assume commercialization rights in China for a specified period, and Amgen and BeOne will share profits and losses equally until certain of these product rights revert to Amgen. Upon return of the product rights, Amgen will pay royalties to BeOne on sales in China for a specified period. For product sales outside China, Amgen also pays royalties to BeOne. During the years ended December 31, 2025, 2024 and 2023, net costs recovered from BeOne for oncology product candidates were $181 million, $122 million and $109 million, respectively, and were recorded as an offset to R&D expense in the Consolidated Statements of Income. During the years ended December 31, 2025, 2024 and 2023, product sales from Amgen to BeOne under the collaboration were $266 million, $259 million and $125 million, respectively, and were recorded in Product sales in the Consolidated Statements of Income. Profit and loss share expenses related to the product-specific commercialization period were not material during the years ended December 31, 2025, 2024 and 2023. Royalties on product sales of oncology portfolio products outside of China were not material for the years ended December 31, 2025, 2024 and 2023. Kyowa Kirin Co., Ltd. Since 2021, we have been in a collaboration agreement with Kyowa Kirin to jointly develop and commercialize rocatinlimab, an anti-OX40 fully human monoclonal antibody, worldwide, except in Japan. Rocatinlimab is for the treatment of atopic dermatitis, with potential for treatment of other autoimmune diseases. Amgen and Kyowa Kirin share equally the global development costs, except in Japan, and the U.S. commercialization costs. Outside the United States and Japan, any commercialization costs incurred by Kyowa Kirin will be reimbursed by Amgen. We may also be required to make milestone payments of up to $850 million contingent upon the achievement of certain regulatory events and commercial thresholds. We will also pay Kyowa Kirin significant double-digit royalties on global sales, except in Japan. In January 2026, we and Kyowa Kirin agreed to terminate the rocatinlimab collaboration agreement and to transition control of the global development and commercialization program to Kyowa Kirin, subject to receipt of clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. In February 2026, we received such regulatory clearance. In the first quarter of 2026, Kyowa Kirin will assume full responsibility for rocatinlimab worldwide, except that Amgen will continue to manufacture rocatinlimab and perform other transition activities for an agreed upon period of time. During the years ended December 31, 2025, 2024 and 2023, net costs recovered from Kyowa Kirin were $117 million, $166 million and $93 million, respectively, and were recorded as an offset to R&D expense in the Consolidated Statements of Income. Other In addition to the collaborations discussed above, we have various other collaborations that are not individually significant to our business at this time. Pursuant to the terms of those agreements, we may be required to pay additional amounts, or we may receive additional amounts upon the achievement of various development and commercial milestones that in the aggregate could be significant. We may also incur or have reimbursed to us significant R&D costs if a related product candidate were to advance to late-stage clinical trials. In addition, if any products related to these collaborations are approved for sale, we may be required to pay significant royalties, or we may receive significant royalties on future sales. The payments of these amounts, however, are contingent upon the occurrence of various future events that have high degrees of uncertainty of occurrence.

Derivative instruments - Schedule of Interest Rate Derivatives (Details) - Notes payable - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Notional amounts	$ 6,650	$ 6,650
3.125% 2025 Notes
Derivative [Line Items]
Interest rate, stated percentage	3.125%
Notional amounts	$ 0	$ 1,000
Interest rates		2.10%
2.60% 2026 Notes
Derivative [Line Items]
Interest rate, stated percentage	2.60%
Notional amounts	$ 1,250	$ 1,250
Interest rates	2.10%	2.10%
2.45% 2030 Notes
Derivative [Line Items]
Interest rate, stated percentage	2.45%
Notional amounts	$ 1,000	$ 1,000
Interest rates	1.30%	1.30%
2.30% 2031 Notes
Derivative [Line Items]
Interest rate, stated percentage	2.30%
Notional amounts	$ 500	$ 500
Interest rates	1.10%	1.10%
5.25% 2033 Notes
Derivative [Line Items]
Interest rate, stated percentage	5.25%
Notional amounts	$ 2,400	$ 1,400
Interest rates	1.80%	1.80%
4.663% 2051 Notes
Derivative [Line Items]
Interest rate, stated percentage	4.663%
Notional amounts	$ 1,500	$ 1,500
Interest rates	4.30%	4.30%

Other current assets and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Other Current Assets

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


	December 31,
	2025		2024
Prepaid expenses	$	2,945	$	2,139


Other	1,188		1,138
Total other current assets	$	4,133	$	3,277

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Sales deductions	$	10,606	$	8,405
Employee compensation and benefits	1,437		1,329
Dividends payable	1,358		1,278
Income taxes payable	379		2,583
Other	4,743		4,046
Total accrued liabilities	$	18,523	$	17,641

Collaborations - BeOne (Details) - USD ($) $ in Millions		12 Months Ended
Collaborations - BeOne (Details) - USD ($) $ in Millions	Jan. 02, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 36,751	$ 33,424	$ 28,190
BeOne
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development arrangement, contract to provide cash and development services, maximum amount	$ 1,250
BeOne
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity method investment, aggregate cost	$ 2,800
Research and Development Expense \| BeOne
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries		181	122	109
BeOne \| BeOne
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total revenues		$ 266	$ 259	$ 125

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Earnings per share - Schedule of Computation for Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (Numerator):
Net income for basic and diluted earnings per share	$ 7,711	$ 4,090	$ 6,717
Shares (Denominator):
Weighted-average shares for basic earnings per share (in shares)	538	537	535
Effect of dilutive securities (in shares)	4	4	3
Weighted-average shares for diluted earnings per share (in shares)	542	541	538
Basic earnings per share (in usd per share)	$ 14.33	$ 7.62	$ 12.56
Diluted earnings per share (in usd per share)	$ 14.23	$ 7.56	$ 12.49

- Definition

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

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- 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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments - Schedule of Available-For-Sale Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt securities
Amortized cost	$ 8,525	$ 11,486
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	8,525	11,486
U.S. Treasury bills
Debt securities
Amortized cost	998	997
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	998	997
Money market mutual funds
Debt securities
Amortized cost	7,395	10,354
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	7,395	10,354
Other short-term interest-bearing securities
Debt securities
Amortized cost	132	135
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Fair values	$ 132	$ 135

- 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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation for Basic and Diluted Earnings per Share

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


	Years ended December 31,
	2025		2024		2023
Income (Numerator):
Net income for basic and diluted earnings per share	$	7,711	$	4,090	$	6,717

Shares (Denominator):
Weighted-average shares for basic earnings per share	538		537		535
Effect of dilutive securities	4		4		3
Weighted-average shares for diluted earnings per share	542		541		538

Basic earnings per share	$	14.33	$	7.62	$	12.56
Diluted earnings per share	$	14.23	$	7.56	$	12.49

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	6,717			6,717
Other comprehensive income (loss), net of taxes	(58)				(58)
Dividends declared on common stock	(4,644)			(4,644)
Issuance of common stock in connection with equity award programs (in shares)		1.4
Issuance of common stock in connection with equity award programs	95		95
Stock-based compensation expense	454		454
Equity awards issued for Horizon acquisition, net	141		141
Tax impact related to employee stock-based compensation expense	(134)		(134)
Ending balance (in shares) at Dec. 31, 2023		535.4
Ending balance at Dec. 31, 2023	6,232		33,070	(26,549)	(289)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,090			4,090
Other comprehensive income (loss), net of taxes	223				223
Dividends declared on common stock	(4,931)			(4,931)
Issuance of common stock in connection with equity award programs (in shares)		2.2
Issuance of common stock in connection with equity award programs	189		189
Stock-based compensation expense	530		530
Tax impact related to employee stock-based compensation expense	(256)		(256)
Repurchases of common stock (in shares)		(0.7)
Repurchases of common stock	$ (200)			(200)
Ending balance (in shares) at Dec. 31, 2024	536.9	536.9
Ending balance at Dec. 31, 2024	$ 5,877		33,533	(27,590)	(66)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,711			7,711
Other comprehensive income (loss), net of taxes	(192)				(192)
Dividends declared on common stock	(5,228)			(5,228)
Issuance of common stock in connection with equity award programs (in shares)		1.9
Issuance of common stock in connection with equity award programs	191		191
Stock-based compensation expense	494		494
Tax impact related to employee stock-based compensation expense	$ (195)		(195)
Ending balance (in shares) at Dec. 31, 2025	538.8	538.8
Ending balance at Dec. 31, 2025	$ 8,658		$ 34,023	$ (25,107)	$ (258)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 7,711	$ 4,090	$ 6,717
Noncash adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	5,167	5,592	4,071
Impairment of intangible assets	1,200	159	851
Stock-based compensation expense	494	530	431
Deferred income taxes	(721)	(1,228)	(1,273)
(Gains) losses on equity securities	(2,064)	159	(1,565)
Other items, net	149	(177)	(277)
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net	(2,676)	441	(1,015)
Inventories	886	2,532	491
Other assets	(1,267)	(652)	(564)
Accounts payable	428	312	(402)
Accrued income taxes, net	(2,068)	(1,011)	(1,031)
Long-term tax liabilities	311	(492)	371
Accrued liabilities	499	92	953
Accrued sales incentives and allowance	2,065	1,194	935
Other liabilities	(156)	(51)	(222)
Net cash provided by operating activities	9,958	11,490	8,471
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(53)	0	(26,989)
Proceeds from sales of marketable securities	0	0	1,123
Proceeds from maturities of marketable securities	0	0	550
Purchases of property, plant and equipment	(1,858)	(1,096)	(1,112)
Other	(32)	50	224
Net cash used in investing activities	(1,943)	(1,046)	(26,204)
Cash flows from financing activities:
Net proceeds from issuance of debt	0	0	27,777
Extinguishment of debt	(683)	(659)	(647)
Repayment of debt	(5,000)	(3,600)	(1,454)
Repurchases of common stock	0	(200)	0
Dividends paid	(5,124)	(4,832)	(4,556)
Other	(52)	(124)	(72)
Net cash (used in) provided by financing activities	(10,859)	(9,415)	21,048
(Decrease) increase in cash and cash equivalents	(2,844)	1,029	3,315
Cash and cash equivalents at beginning of year	11,973	10,944	7,629
Cash and cash equivalents at end of year	$ 9,129	$ 11,973	$ 10,944

Leases - Schedule of Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Other noncurrent assets	$ 602	$ 557
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Accrued liabilities	$ 135	$ 107
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Other noncurrent liabilities	$ 696	$ 673
Total lease liabilities	$ 831	$ 780

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 36,751,000	$ 33,424,000	$ 28,190,000
Operating expenses:
Cost of sales	12,037,000	12,858,000	8,451,000
Research and development	7,272,000	5,964,000	4,784,000
Selling, general and administrative	7,050,000	7,096,000	6,179,000
Other	1,312,000	248,000	879,000
Total operating expenses	27,671,000	26,166,000	20,293,000
Operating income	9,080,000	7,258,000	7,897,000
Other income (expense):
Interest expense, net	(2,755,000)	(3,155,000)	(2,875,000)
Other income, net	2,651,000	506,000	2,833,000
Total income before income taxes	8,976,000	4,609,000	7,855,000
Provision for income taxes	1,265,000	519,000	1,138,000
Net income	$ 7,711,000	$ 4,090,000	$ 6,717,000
Earnings per share:
Basic (in usd per share)	$ 14.33	$ 7.62	$ 12.56
Diluted (in usd per share)	$ 14.23	$ 7.56	$ 12.49
Weighted-average shares used in the calculation of earnings per share:
Basic (in shares)	538	537	535
Diluted (in shares)	542	541	538
Product sales
Revenues:
Total revenues	$ 35,148,000	$ 32,026,000	$ 26,910,000
Other revenues
Revenues:
Total revenues	$ 1,603,000	$ 1,398,000	$ 1,280,000

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating	$ 265	$ 219	$ 208
Sublease income	(9)	(17)	(28)
Total net lease costs	$ 256	$ 202	$ 180

Stock-based compensation - Schedule of RSUs (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Units
Balance nonvested at beginning of period (in shares)	3.5
Granted (in shares)	1.6
Vested (in shares)	(1.2)
Forfeited (in shares)	(0.2)
Balance nonvested at end of period (in shares)	3.7	3.5
Weighted-average grant date fair value
Balance nonvested at beginning of period (in usd per share)	$ 265.07
Granted (in usd per share)	273.10	$ 301.36	$ 237.70
Vested (in usd per share)	243.73
Forfeited (in usd per share)	277.14
Balance nonvested at end of period (in usd per share)	$ 274.23	$ 265.07

Financing arrangements - Debt Repayments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CHF (SFr)	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayments of debt	$ 5,000	$ 3,600	$ 1,454
Notes
Debt Instrument [Line Items]
Repayments of debt	$ 500	3,600
Principal Amount					$ 24,000
1.9000 % Notes Due 2025 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	1.90%
5.250% Notes Due 2025 \| Notes
Debt Instrument [Line Items]
Repayments of debt	$ 2,000
Interest rate, stated percentage	5.25%
3.125% notes due 2025 (3.125% 2025 Notes) \| Notes
Debt Instrument [Line Items]
Repayments of debt	$ 1,000
Interest rate, stated percentage	3.125%
5.507% Notes Due 2026 \| Notes
Debt Instrument [Line Items]
Repayments of debt	$ 1,500
Interest rate, stated percentage	5.507%
Term Loan Due April 2025 \| Notes
Debt Instrument [Line Items]
Repayments of debt		2,000
Term loan due October 2026 \| Notes
Debt Instrument [Line Items]
Repayments of debt		200
3.625% Notes Due In 2024 \| Notes
Debt Instrument [Line Items]
Repayments of debt		$ 1,400
Interest rate, stated percentage		3.625%
0.41% Notes Due 2023 \| Cross-currency swap contract gains (losses) \| Cash flow hedge
Debt Instrument [Line Items]
Notional amounts			$ 704
0.41% Notes Due 2023 \| Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			0.41%	0.41%
Principal Amount			$ 1,500	SFr 700,000,000
2.25% Notes Due 2023 \| Notes
Debt Instrument [Line Items]
Repayments of debt			$ 750
Interest rate, stated percentage			2.25%	2.25%

Contingencies and commitments (Details) $ in Millions				2 Months Ended
Contingencies and commitments (Details) $ in Millions	Jan. 07, 2026 patent	May 15, 2025 USD ($)	Jan. 10, 2024 patent	Aug. 31, 2025 lawsuit	Dec. 31, 2025 USD ($) installment	Sep. 30, 2025 state	Sep. 25, 2024 country	May 02, 2024 case	Apr. 11, 2024 case	Dec. 01, 2023 claim
Other Commitments [Line Items]
Number of countries \| country							18
Alleged infringed patents \| patent			32
Number of litigation cases \| case									5
Damages awarded		$ 406.8
Number of states \| state						7
Number of lawsuits \| lawsuit				7
Loss contingency, number of additional claims \| claim										2
Number of securities cases \| case								2
U.S. repatriation tax commitments, number of annual installments \| installment					8
Final U.S. repatriation tax payment					$ 1,800.0
Subsequent Event
Other Commitments [Line Items]
Alleged infringed patents \| patent	19
Patents found not infringed \| patent	15
Compensatory Damages
Other Commitments [Line Items]
Damages awarded		135.6
Punitive Damages
Other Commitments [Line Items]
Damages awarded		$ 271.2

Property, plant and equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Property, plant and equipment consisted of the following (dollar amounts in millions):


		December 31,
	Useful life (in years)	2025		2024
Land	—	$	348	$	346
Buildings and improvements	10-40	4,932		4,803
Manufacturing equipment	8-12	3,589		3,291
Laboratory equipment	8-12	1,438		1,345
Fixed equipment	12	2,668		2,592
Capitalized software	3-5	1,554		1,442
Other	5-10	1,114		1,059
Construction in progress	—	3,390		2,053
Property, plant and equipment, gross		19,033		16,931
Less accumulated depreciation and amortization		(11,120)		(10,388)
Property, plant and equipment, net		$	7,913	$	6,543

During the years ended December 31, 2025, 2024 and 2023, we recognized depreciation and amortization expense associated with our property, plant and equipment of $763 million, $694 million and $685 million, respectively.

Geographic information

Certain geographic information with respect to property, plant and equipment, net, was as follows (in millions):


	December 31,
	2025		2024
U.S.	$	5,188	$	4,156
Puerto Rico	1,273		1,174
ROW	1,452		1,213
Total property, plant and equipment, net	$	7,913	$	6,543

Stockholders' equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Components of AOCI

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


	Foreign currency translation adjustments		Cash flow hedges		Other		AOCI
Balance as of December 31, 2022	$	(348)	$	128	$	(11)	$	(231)
Foreign currency translation adjustments	50		—		—		50
Unrealized gains	—		28		—		28
Reclassification adjustments into earnings	—		(222)		—		(222)
Other	—		—		42		42
Income taxes	—		44		—		44
Balance as of December 31, 2023	(298)		(22)		31		(289)

Foreign currency translation adjustments	(76)		—		—		(76)
Unrealized gains	—		506		—		506
Reclassification adjustments into earnings	—		(117)		—		(117)
Other	—		—		(10)		(10)
Income taxes	—		(80)		—		(80)
Balance as of December 31, 2024	(374)		287		21		(66)

Foreign currency translation adjustments	172		—		—		172
Unrealized losses	—		(250)		—		(250)
Reclassification adjustments into earnings	—		(231)		—		(231)
Other	—		—		13		13
Income taxes	—		104		—		104
Balance as of December 31, 2025	$	(202)	$	(90)	$	34	$	(258)

Schedule of Reclassifications Out of AOCI

Reclassifications out of AOCI and into earnings were as follows (in millions):


	Years ended December 31,
Components of AOCI	2025		2024		2023		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency forward contract gains	$	10	$	192	$	180	Product sales
Cross-currency swap contract gains (losses)	221		(75)		42		Other income, net

	231		117		222		Income before income taxes
	(51)		(25)		(50)		Provision for income taxes
	$	180	$	92	$	172	Net income

Income taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 8,220	$ 4,040	$ 4,047
Foreign	756	569	3,808
Total income before income taxes	$ 8,976	$ 4,609	$ 7,855

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
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-Section 55
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+ Details

Other current assets and accrued liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Other current assets and accrued liabilities

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


	December 31,
	2025		2024
Prepaid expenses	$	2,945	$	2,139


Other	1,188		1,138
Total other current assets	$	4,133	$	3,277

Accrued liabilities consisted of the following (in millions):


	December 31,
	2025		2024
Sales deductions	$	10,606	$	8,405
Employee compensation and benefits	1,437		1,329
Dividends payable	1,358		1,278
Income taxes payable	379		2,583
Other	4,743		4,046
Total accrued liabilities	$	18,523	$	17,641

Fair value measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair value measurement

To estimate the fair values of our financial assets and liabilities, we use valuation approaches within a hierarchy that maximizes 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 source 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 the various 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, the 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):


Fair value measurement as of December 31, 2025, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	998	$	—	$	998






Money market mutual funds	7,395		—		—		7,395
Other short-term interest-bearing securities	—		132		—		132


Equity securities	6,144		—		—		6,144
Derivatives:
Foreign currency forward contracts	—		196		—		196
Cross-currency swap contracts	—		48		—		48

Total assets	$	13,539	$	1,374	$	—	$	14,913
Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	214	$	—	$	214
Cross-currency swap contracts	—		320		—		320
Interest rate swap contracts	—		293		—		293

Contingent consideration obligations	—		—		161		161
Total liabilities	$	—	$	827	$	161	$	988


Fair value measurement as of December 31, 2024, using:	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Available-for-sale securities:

U.S. Treasury bills	$	—	$	997	$	—	$	997






Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	—		135		—		135

Equity securities	4,188		—		—		4,188
Derivatives:
Foreign currency forward contracts	—		420		—		420


Total assets	$	14,542	$	1,552	$	—	$	16,094

Liabilities:
Derivatives:
Foreign currency forward contracts	$	—	$	8	$	—	$	8
Cross-currency swap contracts	—		483		—		483
Interest rate swap contracts	—		531		—		531

Contingent consideration obligations	—		—		106		106
Total liabilities	$	—	$	1,022	$	106	$	1,128

Interest-bearing and equity securities

The fair values of our U.S. Treasury bills are determined by utilizing third-party pricing services, which obtain pricing data from active market makers and brokers. The fair values of our money market mutual funds and equity investments in publicly traded securities, including our equity investments in BeOne and Neumora, as of December 31, 2025 and 2024, 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 19, Derivative instruments.

Contingent consideration obligations

As a result of business development activity, 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 through business development activity, 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 Consolidated Statements of Income.

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


	Years ended December 31,
	2025		2024
Beginning balance	$	106	$	96
Additions	68		—
Payments	(7)		(8)
Net changes in valuations	(6)		18
Ending balance	$	161	$	106

As of December 31, 2025 and 2024, our contingent consideration obligations were primarily the result of our acquisition of Teneobio in October 2021, which obligates us to make payments to the former shareholders upon achievement of separate development and regulatory milestones with regard to various R&D programs, and other business development activity in 2025.

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 estimate the fair values of our fixed-rate debt by using Level 2 inputs. As of December 31, 2025 and 2024, the aggregate fair values of our fixed-rate debt were $51.0 billion and $54.9 billion, respectively, and the carrying values of our fixed-rate debt were $52.8 billion and $58.3 billion, respectively. The estimate of the fair value of our term loan is approximated at its carrying value as of December 31, 2025 and 2024, as this debt instrument bears interest at a floating rate.

During the years ended December 31, 2025 and 2024, there were no transfers of assets or liabilities between fair value measurement levels. Except with respect to the partial impairments of the Otezla intangible asset in 2025 and the IPR&D intangible impairment of AMG 340 in 2023 as disclosed in Note 13, Goodwill and other intangible assets, there were no material remeasurements of 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 06, 2023
Business Combination [Line Items]
Goodwill	$ 18,680	$ 18,637	$ 18,629
Horizon Therapeutics
Business Combination [Line Items]
Cash and cash equivalents				$ 681
Inventories				5,014
Property, plant and equipment, net				318
IPR&D				1,060
Goodwill				3,136
Deferred tax asset				795
Deferred tax liability				(2,488)
Other assets and liabilities, net				(273)
Total assets acquired, net of liabilities assumed				27,833
Horizon Therapeutics \| Developed-product-technology rights
Business Combination [Line Items]
Finite-lived intangible assets—developed-product-technology rights				$ 19,590

Defined contribution plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan expenses	$ 407	$ 375	$ 311

Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
NOL and credit carryforwards	$ 1,368	$ 1,352
Accrued expenses	890	693
Capitalized research and development expenses	1,655	1,762
Investments	0	1
Expenses capitalized for tax	218	200
Earnings of foreign subsidiaries	2,305	1,496
Stock-based compensation	138	130
Other	349	361
Total deferred income tax assets	6,923	5,995
Valuation allowance	(1,299)	(1,019)
Net deferred income tax assets	5,624	4,976
Deferred income tax liabilities:
Acquired intangible assets	(2,065)	(2,573)
Debt	(260)	(264)
Fixed assets	(192)	(143)
Fair value of acquired inventory	(28)	(114)
Investments	(422)	0
Other	(271)	(244)
Total deferred income tax liabilities	(3,238)	(3,338)
Total deferred income taxes, net	$ 2,386	$ 1,638

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Leases

The following table summarizes information related to our leases, all of which are classified as operating, included in our Consolidated Balance Sheets (in millions):


	December 31,
Consolidated Balance Sheets locations	2025		2024
Assets:
Other noncurrent assets	$	602	$	557
Liabilities:
Accrued liabilities	$	135	$	107
Other noncurrent liabilities	696		673
Total lease liabilities	$	831	$	780

The components of net lease costs were as follows (in millions):


	Years ended December 31,
Lease costs	2025		2024		2023
Operating(1)	$	265	$	219	$	208






Sublease income	(9)		(17)		(28)
Total net lease costs	$	256	$	202	$	180

____________

(1) Includes short-term leases and variable lease costs, which were not material for the years ended December 31, 2025, 2024 and 2023.

The weighted-average remaining lease terms and weighted-average discount rates were as follows:


	December 31,
	2025		2024
Weighted-average remaining lease term (in years)	8.7		9.3
Weighted-average discount rate	4.0	%	3.7	%

Cash and noncash information related to our leases was as follows (in millions):


	Years ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	157	$	156	$	182


ROU assets obtained in exchange for lease obligations:
Operating leases	$	217	$	126	$	245

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2025, were as follows (in millions):


Maturity dates	Amounts
2026	$	148
2027	153
2028	128
2029	99
2030	77
Thereafter	362
Total lease payments(1)	967
Less imputed interest	(136)
Present value of lease liabilities	$	831

____________

Derivative instruments - Schedule of Effective Portion of Unrealized Gain (Loss) Recognized in AOCI (Details) - Cash flow hedge - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Total unrealized (losses) gains	$ (250)	$ 506	$ 28
Foreign currency forward contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized (losses) gains	(464)	585	(14)
Cross-currency swap contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized (losses) gains	214	(79)	73
Forward interest rate contracts
Derivative Instruments Gain Loss [Line Items]
Total unrealized (losses) gains	$ 0	$ 0	$ (31)

- 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.

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-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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+ Details

Derivative instruments

12 Months Ended

Dec. 31, 2025

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 this 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 December 31, 2025 and 2024, we had outstanding foreign currency forward contracts with aggregate notional amounts of $7.8 billion and $7.2 billion, respectively. We have designated these foreign currency forward contracts, which are primarily euro based, as cash flow hedges. Accordingly, we record unrealized gains and losses on these contracts in AOCI in the Consolidated Balance Sheets, and we reclassify them to Product sales in the 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 terms 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 recorded in AOCI in the Consolidated Balance Sheets and reclassified to Other income, net, in the 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 December 31, 2025, 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	4.7	%

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 Consolidated Balance Sheets and are amortized into Interest expense, net, in the Consolidated Statements of Income over the terms of the associated debt issuances. In 2025, we entered into forward interest rate contracts with an aggregate notional amount of $500 million. Amounts recognized in connection with forward interest rate contracts during the years ended December 31, 2025, 2024 and 2023, and amounts expected to be recognized during the next 12 months on forward interest rate contracts were not material.

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


	Years ended December 31,
Derivatives in cash flow hedging relationships	2025		2024		2023
Foreign currency forward contracts	$	(464)	$	585	$	(14)
Cross-currency swap contracts	214		(79)		73
Forward interest rate contracts	—		—		(31)
Total unrealized (losses) gains	$	(250)	$	506	$	28

Fair value hedges

To achieve a desired mix of fixed-rate and floating-rate debt, we enter into interest rate swap contracts that qualify for and are designated as fair value hedges. These interest rate swap contracts effectively convert fixed-rate coupons to floating-rate SOFR-based coupons over the terms of the related hedge contracts. As of both December 31, 2025 and 2024, we had interest rate swap contracts with an aggregate notional amount of $6.7 billion that hedge certain portions of our long-term debt. In 2025, interest rate swap contracts with an aggregate notional amount of $1.0 billion matured in connection with the repayment of the 3.125% 2025 Notes. Also in 2025, we entered into $1.0 billion of new interest rate swap contracts to hedge a portion of our 5.25% 2033 Notes.


	December 31,
	2025			2024
Notes	Notional amounts		Interest rates	Notional amounts		Interest rates
3.125% 2025 Notes	$	—	N/A	$	1,000	SOFR + 2.1%
2.60% 2026 Notes	1,250		SOFR + 2.1%	1,250		SOFR + 2.1%
2.45% 2030 Notes	1,000		SOFR + 1.3%	1,000		SOFR + 1.3%
2.30% 2031 Notes	500		SOFR + 1.1%	500		SOFR + 1.1%
5.25% 2033 Notes	2,400		SOFR + 1.8%	1,400		SOFR + 1.8%
4.663% 2051 Notes	1,500		SOFR + 4.3%	1,500		SOFR + 4.3%
Total notional amounts	$	6,650		$	6,650

N/A = not applicable

For interest rate swap contracts that qualify for and are designated as fair value hedges, we recognize in Interest expense, net, in the 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 term of the previously hedged debt.

The hedged liabilities and related cumulative-basis adjustments for fair value hedges of those liabilities were recorded in the 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)
	December 31,				December 31,
Consolidated Balance Sheets locations	2025		2024		2025		2024
Current portion of long-term debt	$	1,273	$	1,045	$	23	$	45
Long-term debt	$	5,112	$	5,152	$	(184)	$	(388)

____________

Impact of hedging transactions


	Year ended December 31, 2025
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	35,148	$	2,651	$	(2,755)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	10	$	—	$	—
Cross-currency swap contracts	$	—	$	221	$	—
(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(182)
Derivatives designated as hedging instruments	$	—	$	—	$	238


	Year ended December 31, 2024
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	32,026	$	506	$	(3,155)
The effects of cash flow and fair value hedging:
Gains (losses) on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	192	$	—	$	—
Cross-currency swap contracts	$	—	$	(75)	$	—
Gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	29
Derivatives designated as hedging instruments	$	—	$	—	$	40


	Year ended December 31, 2023
	Product sales		Other income, net		Interest expense, net
Total amounts recorded in income and (expense) line items presented in the Consolidated Statements of Income	$	26,910	$	2,833	$	(2,875)
The effects of cash flow and fair value hedging:
Gains on cash flow hedging relationships reclassified out of AOCI:
Foreign currency forward contracts	$	180	$	—	$	—
Cross-currency swap contracts	$	—	$	42	$	—

(Losses) gains on fair value hedging relationships—interest rate swap agreements:
Hedged items(1)	$	—	$	—	$	(118)
Derivatives designated as hedging instruments	$	—	$	—	$	205

__________

No portions of our cash flow hedge contracts were excluded from the assessment of hedge effectiveness. As of December 31, 2025, the amount of net losses on our foreign currency forward and cross-currency swap contracts expected to be reclassified out of AOCI and recognized into earnings during the next 12 months was $120 million.

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 December 31, 2025 and 2024, the total notional amounts of these foreign currency forward contracts were $240 million and $148 million, respectively. Gains and losses recognized in earnings for our derivative instruments not designated as hedging instruments were not material for the years ended December 31, 2025, 2024 and 2023.

Fair values of derivatives

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


	Derivative assets			Derivative liabilities
December 31, 2025	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	195	Accrued liabilities/ Other noncurrent liabilities	$	213
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	48		Accrued liabilities/ Other noncurrent liabilities	320
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	293

Total derivatives designated as hedging instruments		243			826
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	1		Accrued liabilities	1
Total derivatives not designated as hedging instruments		1			1
Total derivatives		$	244		$	827

	Derivative assets			Derivative liabilities
December 31, 2024	Consolidated Balance Sheets locations	Fair values		Consolidated Balance Sheets locations	Fair values
Derivatives designated as hedging instruments:
Foreign currency forward contracts	Other current assets/ Other noncurrent assets	$	420	Accrued liabilities/ Other noncurrent liabilities	$	8
Cross-currency swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	483
Interest rate swap contracts	Other current assets/ Other noncurrent assets	—		Accrued liabilities/ Other noncurrent liabilities	531

Total derivatives designated as hedging instruments		420			1,022
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	—		Accrued liabilities	—
Total derivatives not designated as hedging instruments		—			—
Total derivatives		$	420		$	1,022

For additional information, see Note 18, Fair value measurement.

Our derivative contracts that were in liability positions as of December 31, 2025, 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 Consolidated Statements of Cash Flows are primarily 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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Revenues - Schedule of Disaggregation of Revenue by Product and by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 36,751	$ 33,424	$ 28,190
U.S.
Disaggregation of Revenue [Line Items]
Total revenues	26,419	23,863	19,806
ROW
Disaggregation of Revenue [Line Items]
Total revenues	10,332	9,561	8,384
Prolia
Disaggregation of Revenue [Line Items]
Total revenues	4,414	4,374	4,048
Prolia \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	2,978	2,885	2,733
Prolia \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	1,436	1,489	1,315
Repatha
Disaggregation of Revenue [Line Items]
Total revenues	3,016	2,222	1,635
Repatha \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,663	1,139	793
Repatha \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	1,353	1,083	842
Otezla
Disaggregation of Revenue [Line Items]
Total revenues	2,265	2,126	2,188
Otezla \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,839	1,699	1,777
Otezla \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	426	427	411
ENBREL
Disaggregation of Revenue [Line Items]
Total revenues	2,226	3,316	3,697
ENBREL \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	2,199	3,288	3,650
ENBREL \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	27	28	47
EVENITY
Disaggregation of Revenue [Line Items]
Total revenues	2,100	1,563	1,160
EVENITY \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,600	1,131	809
EVENITY \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	500	432	351
XGEVA
Disaggregation of Revenue [Line Items]
Total revenues	2,084	2,225	2,112
XGEVA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,355	1,507	1,527
XGEVA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	729	718	585
TEPEZZA
Disaggregation of Revenue [Line Items]
Total revenues	1,903	1,851	448
TEPEZZA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,758	1,835	441
TEPEZZA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	145	16	7
BLINCYTO
Disaggregation of Revenue [Line Items]
Total revenues	1,559	1,216	861
BLINCYTO \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,049	800	566
BLINCYTO \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	510	416	295
Nplate
Disaggregation of Revenue [Line Items]
Total revenues	1,524	1,456	1,477
Nplate \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,027	970	996
Nplate \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	497	486	481
TEZSPIRE
Disaggregation of Revenue [Line Items]
Total revenues	1,478	972	567
TEZSPIRE \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,478	972	567
TEZSPIRE \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
KYPROLIS
Disaggregation of Revenue [Line Items]
Total revenues	1,412	1,503	1,403
KYPROLIS \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	913	948	921
KYPROLIS \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	499	555	482
Aranesp
Disaggregation of Revenue [Line Items]
Total revenues	1,389	1,342	1,362
Aranesp \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	416	386	452
Aranesp \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	973	956	910
KRYSTEXXA
Disaggregation of Revenue [Line Items]
Total revenues	1,340	1,185	272
KRYSTEXXA \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	1,340	1,185	272
KRYSTEXXA \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0
Vectibix
Disaggregation of Revenue [Line Items]
Total revenues	1,175	1,045	984
Vectibix \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	604	519	461
Vectibix \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	571	526	523
Other products
Disaggregation of Revenue [Line Items]
Total revenues	7,263	5,630	4,696
Other products \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	5,437	4,037	3,307
Other products \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	1,826	1,593	1,389
Product sales
Disaggregation of Revenue [Line Items]
Total revenues	35,148	32,026	26,910
Product sales \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	25,656	23,301	19,272
Product sales \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	9,492	8,725	7,638
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,603	1,398	1,280
Other revenues \| U.S.
Disaggregation of Revenue [Line Items]
Total revenues	763	562	534
Other revenues \| ROW
Disaggregation of Revenue [Line Items]
Total revenues	$ 840	$ 836	$ 746

Acquisitions - Acquisition of Horizon Therapeutics plc (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 06, 2023	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2025
Business Combination [Line Items]
Goodwill		$ 18,629	$ 18,637	$ 18,680
Horizon Therapeutics
Business Combination [Line Items]
Acquisition price per share (in usd per share)	$ 116.50
Consideration transferred	$ 27,800
Goodwill increase			$ 25
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
Business combination, turnover period of inventory acquired (in months)	27 months
Deferred tax liability	$ (2,488)
Deferred tax asset	795
Goodwill	3,136
Acquisition related costs		487
Share-based compensation acceleration expense		167
Acquisition related transaction costs		$ 320
Horizon Therapeutics \| Developed-product-technology rights
Business Combination [Line Items]
Estimated fair value	$ 20,700
Weighted average period of amortization (in years)	10 years

Segment and other information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and other information

The human therapeutics segment is engaged in the discovery, development, manufacturing and delivery of innovative medicines to fight some of the world’s toughest diseases. The Company’s Chief Executive Officer has been identified as the chief operating decision maker (CODM). The CODM manages and allocates resources on a consolidated basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance and allocating resources, which is reviewed on a consolidated basis.

As the Company’s CODM evaluates the financial performance of the Company’s human therapeutics segment on a consolidated basis, the measure of segment performance is net income, as reflected in the Consolidated Statements of Income. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and optimize distribution of resources across functions, therapeutic areas, regions and R&D programs in line with our long-term corporate-wide strategic goals. In addition, the CODM may also evaluate financial performance based on net income adjusted for certain items that are unusual and non-recurring. As the Company manages its assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the Consolidated Balance Sheets. See Note 10, Investments, for further information regarding equity method investments, and Net cash used in investing activities in the Consolidated Statements of Cash Flows for further information regarding capital expenditures.


	Years ended December 31,
	2025		2024		2023
Revenues:
Product sales	$	35,148	$	32,026	$	26,910
Other revenues	1,603		1,398		1,280
Total revenues	36,751		33,424		28,190

Less:
Manufacturing cost of sales(1)(2)	9,845		11,118		7,347
Profit share and royalties in cost of sales(1)	2,192		1,740		1,104
Research and development(1)	7,272		5,964		4,784
Sales and marketing(1)	4,590		4,713		3,784
General and administrative(1)	2,460		2,383		2,395
Other segment items(3)	(931)		252		(729)

Interest income	(408)		(510)		(1,225)
Interest expense, net	2,755		3,155		2,875
Provision for income taxes	1,265		519		1,138
Segment net income	7,711		4,090		6,717
Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income	$	7,711	$	4,090	$	6,717

____________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 47
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based compensation - Schedule of Components of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	$ 494	$ 530	$ 473
Tax benefit from stock-based compensation expense	(106)	(114)	(102)
Total stock-based compensation expense, net of tax	388	416	371
RSUs
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	333	351	309
Performance units
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	112	133	121
Stock options
Components of stock-based compensation expense [Abstract]
Total stock-based compensation expense, pretax	$ 49	$ 46	$ 43

Derivative instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments Gain Loss [Line Items]
Length of time hedged in foreign currency contracts	3 years
5.25% 2033 Notes \| Notes
Derivative Instruments Gain Loss [Line Items]
Interest rate, stated percentage	5.25%
3.125% Notes Due In 2025 \| Notes
Derivative Instruments Gain Loss [Line Items]
Interest rate, stated percentage	3.125%
Forward Contracts \| Derivatives designated as hedging instruments:
Derivative Instruments Gain Loss [Line Items]
Notional amounts	$ 7,800	$ 7,200
Forward Contracts \| Derivatives not designated as hedging instruments:
Derivative Instruments Gain Loss [Line Items]
Notional amounts	240	148
Interest rate swap contracts
Derivative Instruments Gain Loss [Line Items]
Notional amounts	500
Interest rate swap contracts \| 5.25% 2033 Notes
Derivative Instruments Gain Loss [Line Items]
Notional amounts	1,000
Interest rate swap contracts \| 3.125% Notes Due In 2025
Derivative Instruments Gain Loss [Line Items]
Notional amounts	1,000
Interest rate swap contracts \| Derivatives designated as hedging instruments:
Derivative Instruments Gain Loss [Line Items]
Notional amounts	6,700	$ 6,700
Foreign Currency and Cross Currency Swaps
Derivative Instruments Gain Loss [Line Items]
Foreign currency cash flow hedge gain (loss) to be reclassified	$ (120)

Income taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income taxes

Income before income taxes included the following (in millions):


	Years ended December 31,
	2025		2024		2023
Domestic	$	8,220	$	4,040	$	4,047
Foreign	756		569		3,808
Total income before income taxes	$	8,976	$	4,609	$	7,855

The provision for income taxes included the following (in millions):


	Years ended December 31,
	2025		2024		2023
Current provision:
Federal	$	959	$	965	$	1,524
State	35		33		43
Foreign	971		759		786
Total current provision	1,965		1,757		2,353
Deferred benefit:
Federal	(465)		(860)		(1,124)
State	7		(18)		(25)
Foreign	(242)		(360)		(66)
Total deferred benefit	(700)		(1,238)		(1,215)
Total provision for income taxes	$	1,265	$	519	$	1,138

Deferred income taxes reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax credit carryforwards and the tax effects of NOL carryforwards. As of December 31, 2022, we elected to establish deferred taxes with respect to the U.S. tax on the earnings of our foreign subsidiaries for the reversal of temporary items in future years. Significant components of our deferred tax assets and liabilities were as follows (in millions):


	December 31,
	2025		2024
Deferred income tax assets:
NOL and credit carryforwards	$	1,368	$	1,352
Accrued expenses	890		693
Capitalized research and development expenses	1,655		1,762
Investments	—		1
Expenses capitalized for tax	218		200
Earnings of foreign subsidiaries	2,305		1,496
Stock-based compensation	138		130
Other	349		361
Total deferred income tax assets	6,923		5,995
Valuation allowance	(1,299)		(1,019)
Net deferred income tax assets	5,624		4,976

Deferred income tax liabilities:
Acquired intangible assets	(2,065)		(2,573)
Debt	(260)		(264)
Fixed assets	(192)		(143)
Fair value of acquired inventory	(28)		(114)
Investments	(422)		—
Other	(271)		(244)
Total deferred income tax liabilities	(3,238)		(3,338)
Total deferred income taxes, net	$	2,386	$	1,638

The Company has determined that unremitted foreign earnings are not considered indefinitely reinvested to the extent foreign earnings can be distributed without a significant tax cost.

Valuation allowances are provided to reduce the amounts of our deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.

The valuation allowance increased in 2025, primarily driven by the Company’s expectation that certain foreign amortization deductions are expected to expire unutilized.

As of December 31, 2025, we had $109 million of federal tax credit carryforwards available to reduce future federal income taxes and have provided a $31 million valuation allowance on those federal tax credit carryforwards. The federal tax credit carryforwards expire between 2032 and 2041. We had $1.3 billion of state tax credit carryforwards available to reduce future state income taxes and have provided a valuation allowance for $1.2 billion of those state tax credit carryforwards. We had $148 million of tax credit carryforwards related to our foreign jurisdictions available to offset future foreign income taxes for which we have provided a $123 million valuation allowance.

As of December 31, 2025, we had $34 million of federal NOL carryforwards available to reduce future federal income taxes and have provided no valuation allowance on those federal NOL carryforwards. Additionally, $12 million of those federal NOL carryforwards have no expiration; the remainder begin to expire between 2027 and 2033. We had $971 million of state NOL carryforwards available to reduce future state income taxes and have provided a valuation allowance for $836 million of those state NOL carryforwards. We had $1.4 billion of foreign NOL carryforwards available to reduce future foreign income

taxes and have provided a valuation allowance for $239 million of those foreign NOL carryforwards. For the foreign NOLs with no valuation allowance provided, $120 million have no expiration; and the remainder will expire between 2026 and 2034.

The reconciliations of the total gross amounts of UTBs were as follows (in millions):


	Years ended December 31,
	2025		2024		2023
Beginning balance	$	4,184	$	4,012	$	3,770
Additions based on tax positions related to the current year	190		188		196
Additions based on tax positions related to prior years	14		9		56
Reductions for tax positions of prior years	(13)		(12)		—
Reductions for expiration of statute of limitations	—		(9)		(4)
Settlements	(4)		(4)		(6)
Ending balance	$	4,371	$	4,184	$	4,012

Substantially all of the UTBs as of December 31, 2025, if recognized, would affect our effective tax rate. As a result, we remeasured our UTBs accordingly.

Interest and penalties related to UTBs are included in our provision for income taxes. During the years ended December 31, 2025, 2024 and 2023, we recognized $264 million, $282 million and $287 million, respectively, of interest and penalties through the income tax provision in the Consolidated Statements of Income. The decrease in interest expense for the year ended December 31, 2025, was primarily due to lower interest rates in 2025 compared to those in 2024. As of December 31, 2025 and 2024, accrued interest and penalties associated with UTBs were $1.9 billion and $1.6 billion, respectively.

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate for 2025 were as follows (in millions, except percentages):


	Year ended December 31, 2025
	Tax Effect		Effective Tax Rate
Federal statutory tax rate	$	1,885	21.0	%
Foreign tax effects:
Ireland:
Tax rate differential	316		3.5	%
Valuation allowance	119		1.3	%
Other	22		0.2	%
Puerto Rico:
Tax rate differential	469		5.2	%
Act 52 - withholding tax	456		5.1	%
Act 52 - income tax	(968)		(10.8)	%
Singapore:
Tax incentive grant	(122)		(1.4)	%
Pillar Two minimum tax	147		1.6	%
Other	(29)		(0.3)	%
Other foreign jurisdictions	199		2.2	%
Effect of cross-border tax laws:
U.S. tax on foreign subsidiaries (net of credits and deferred taxes)	(545)		(6.0)	%
Foreign-derived intangible income	(222)		(2.5)	%
Other	(18)		(0.2)	%
Tax credits:
Credit on foreign taxes imposed on U.S. income	(456)		(5.0)	%
Research and development tax credits	(272)		(3.0)	%
Other adjustments	86		1.0	%
Changes in unrecognized tax benefits (primarily interest)	198		2.2	%
Effective tax rate	$	1,265	14.1	%

The reconciliations between the federal statutory tax rate applied to income before income taxes and our effective tax rate for 2024 and 2023 were as follows:


	Years ended December 31,
	2024		2023
Federal statutory tax rate	21.0	%	21.0	%
Foreign earnings	(5.8)	%	(5.1)	%
Foreign-derived intangible income	(3.0)	%	(1.3)	%
Credits, Puerto Rico excise tax	—	%	0.3	%

Interest on uncertain tax positions	4.2	%	2.6	%
Credits, primarily federal R&D	(5.4)	%	(3.5)	%

Other, net	0.3	%	0.5	%
Effective tax rate	11.3	%	14.5	%

The effective tax rates for the years ended December 31, 2025, 2024 and 2023, 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 in which 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 tax incentive grants through 2050 and the Company’s operations in Singapore are

subject to a tax incentive grant through 2036. Effective January 1, 2024, selected individual countries, including the United Kingdom and EU member countries, have enacted the global minimum tax agreement. Additional countries, including Singapore, enacted the minimum tax agreement effective January 1, 2025. Singapore’s enactment of the agreement applies irrespective of the Company’s incentive grant. Due to the currently enacted scope of the agreement, the Company and its subsidiaries are now subject to a 15% minimum tax rate on adjusted financial statement income. Our foreign earnings are also subject to U.S. tax at a reduced rate of 10.5%.

Income taxes paid (net of refunds received) included the following (in millions):


	Year ended December 31, 2025
U.S. payments (federal and state)	$	3,390
Puerto Rico payments	610
Other foreign payments	300
Total income taxes paid (net of refunds received)	$	4,300

Income taxes paid (net of refunds received) during the years ended December 31, 2024 and 2023, were $2.9 billion and $3.4 billion, respectively.

On July 4, 2025, OB3 was enacted in the United States. OB3 has various provisions, including the permanent extension of certain expiring provisions of the 2017 Tax Act, and modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2026 and beyond. The impact of these changes was recorded in 2025.

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 arise 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 in 2021, filed a petition in the U.S. Tax Court to contest two duplicate Statutory Notices of Deficiency (Notices) for the years 2010–2012. The Notices 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 and paid 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 in 2022, filed a petition in the U.S. Tax Court to contest a Notice for the years 2013–2015. The Notice 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, and 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 and paid 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 continue to contest the 2010–2012 and 2013–2015 Notices through the judicial process. The two cases were consolidated in the U.S. Tax Court in 2022. The trial began on November 4, 2024 and concluded on January 17, 2025. The parties filed opening post-trial briefs on June 13, 2025, and the Court held oral argument on July 16, 2025. The parties filed post-trial reply briefs on October 10, 2025. The Company expects a decision from the U.S. Tax Court no earlier than the second half of 2026.

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. We expect that the IRS will begin its audit of 2019-2022 in the first half of 2026, and we believe that it may seek to continue to audit similar issues related to the allocation of income between the United States and our foreign jurisdictions. 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 consolidated financial statements.

We are no longer subject to U.S. federal income tax examinations for years ended on or before December 31, 2009.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Leases - Narrative (Details)	Dec. 31, 2025
Leases [Abstract]
Renewal term (in years)	10 years

Investments - Schedule of Fair Values by Classification (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale investments	$ 8,525	$ 11,486
Available-for-sale investments
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	8,525	11,486
Total available-for-sale investments	$ 8,525	$ 11,486

- Definition

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

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+ Details

- 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

Derivative instruments - Schedule of Income and Expense Line Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Total revenues	$ 36,751	$ 33,424	$ 28,190
Other income, net	2,651	506	2,833
Interest expense, net	(2,755)	(3,155)	(2,875)
Cross-currency swap contract gains (losses) \| Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges
Derivative [Line Items]
Other income, net	221	(75)	42
Interest rate swap contracts
Derivative [Line Items]
Gains (losses) on fair value hedging relationships, Hedged Items	(182)	29	(118)
Derivatives designated as hedging instruments	238	40	205
Product sales
Derivative [Line Items]
Total revenues	35,148	32,026	26,910
Product sales \| Foreign currency forward contracts \| Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges
Derivative [Line Items]
Total revenues	$ 10	$ 192	$ 180

Collaborations - Kyowa Kirin (Details) - Kyowa Kirin Co. Ltd. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent future milestone payments	$ 850
Research and Development Expense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cost recoveries	$ 117	$ 166	$ 93

Stockholders' equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Stock repurchases (in shares)														0	700,000	0
Stock repurchases														$ 200
Amount available for stock repurchases under a board approved stock repurchase plan	$ 6,800	$ 6,800												$ 6,800
Common stock, dividends declared per share (in usd per share)	$ 2.52	$ 2.38	$ 2.38	$ 2.38	$ 2.38	$ 2.25	$ 2.25	$ 2.25	$ 2.25	$ 2.13	$ 2.13	$ 2.13	$ 2.13	$ 9.66	$ 9.13	$ 8.64
Income taxes expense (benefit) for unrealized gains and losses for cash flow hedges														$ (53)	$ 105	$ 6
Income taxes expense or (benefit) for unrealized gains and losses for cash flow hedges and related reclassifications														$ 51	$ 25	$ 50
Preferred stock shares authorized (in shares)	5,000,000	5,000,000												5,000,000
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001												$ 0.0001

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Derivative instruments - Schedule of Cross-Currency Swaps (Details) € in Millions, £ in Millions, $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 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	4.70%	4.70%	4.70%