# EDGAR Filing Document

**Accession Number:** 0000318154
**File Stem:** 0000318154-25-000023
**Filing Date:** 2025-6
**Character Count:** 64423
**Document Hash:** f626306d2c30057ec8a3a917663fb2bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000318154-25-000023.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0000318154-25-000023

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMGEN INC
- **CENTRAL INDEX KEY:** 0000318154
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 953540776
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37702
- **FILM NUMBER:** 251043477

**BUSINESS ADDRESS:**
- **STREET 1:** ONE AMGEN CENTER DRIVE
- **CITY:** THOUSAND OAKS
- **STATE:** CA
- **ZIP:** 91320
- **BUSINESS PHONE:** (805)447-1000

**MAIL ADDRESS:**
- **STREET 1:** ONE AMGEN CENTER DRIVE
- **CITY:** THOUSAND OAKS
- **STATE:** CA
- **ZIP:** 91320

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMGEN
- **DATE OF NAME CHANGE:** 19870305

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 11-K**

**(Mark One)**

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| | |
|:---|:---|
| 🗷 | **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the fiscal year ended December 31, 2024** 

**OR**

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| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

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**Commission file number 001-37702**

**AMGEN RETIREMENT AND SAVINGS PLAN**

(Full title of the plan)

**AMGEN INC.**

(Name of issuer of the securities held)

---

| | |
|:---|:---|
| **One Amgen Center Drive,** | **91320-1799** |
| **Thousand Oaks, California** | (Zip Code) |
| (Address of principal executive offices) | |

---

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**Amgen Retirement and Savings Plan**

**Audited Financial Statements**

**and Supplemental Schedule**

**Year Ended December 31, 2024**

**Contents**

---

| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#ie5b4da6ea83247f89f589ae585b0a4d8_7)</u> | <u>[1](#ie5b4da6ea83247f89f589ae585b0a4d8_7)</u> |
| **Audited Financial Statements:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits at December 31, 2024 and 2023](#ie5b4da6ea83247f89f589ae585b0a4d8_10)</u> | <u>[2](#ie5b4da6ea83247f89f589ae585b0a4d8_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2024](#ie5b4da6ea83247f89f589ae585b0a4d8_13)</u> | <u>[3](#ie5b4da6ea83247f89f589ae585b0a4d8_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Financial Statements](#ie5b4da6ea83247f89f589ae585b0a4d8_16)</u> | <u>[4](#ie5b4da6ea83247f89f589ae585b0a4d8_16)</u> |
| **Supplemental Schedule:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Schedule of Assets (Held at End of Year)](#ie5b4da6ea83247f89f589ae585b0a4d8_34)</u> | <u>[11](#ie5b4da6ea83247f89f589ae585b0a4d8_34)</u> |
| <u>[Index to Exhibit](#ie5b4da6ea83247f89f589ae585b0a4d8_37)</u> | <u>[19](#ie5b4da6ea83247f89f589ae585b0a4d8_37)</u> |
| <u>[Signatures](#ie5b4da6ea83247f89f589ae585b0a4d8_40)</u> | <u>[20](#ie5b4da6ea83247f89f589ae585b0a4d8_40)</u> |

---

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**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and the Plan Administrator of the Amgen Retirement and Savings Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Amgen Retirement and Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedule Required by ERISA**

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2024, (referred to as the "supplemental schedule"), has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ ERNST & YOUNG LLP

We have served as the Plan's auditor since at least 1989, but we are unable to determine the specific year.

Los Angeles, California

June 12, 2025

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**Amgen Retirement and Savings Plan**

**Statements of Net Assets Available for Benefits**

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value | $7032543261 | $6270169496 |
| &nbsp;&nbsp;&nbsp;Investments in fully benefit-responsive investment contracts at contract value | 688059315 | 638250657 |
| &nbsp;&nbsp;&nbsp;Notes receivable from participants | 35591211 | 31248315 |
| &nbsp;&nbsp;&nbsp;Other – principally due from broker | 3433090 | 4776528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7759626877 | 6944444996 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Other – principally due to broker | 4178843 | 5497298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4178843 | 5497298 |
| **Net assets available for benefits** | $7755448034 | $6938947698 |

---

*See accompanying notes.*

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**Amgen Retirement and Savings Plan**

**Statement of Changes in Net Assets Available for Benefits**

---

| | |
|:---|:---|
| | **Year Ended December 31,**<br>**2024** |
| Additions to (deductions from) net assets: |  |
| &nbsp;&nbsp;&nbsp;Employer contributions | $268014992 |
| &nbsp;&nbsp;&nbsp;Participant contributions | 237183261 |
| &nbsp;&nbsp;&nbsp;Rollover contributions | 116347764 |
| &nbsp;&nbsp;&nbsp;Interest and dividend income | 49639021 |
| &nbsp;&nbsp;&nbsp;Net realized/unrealized gains | 688876587 |
| &nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 2300919 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (536100983) |
| &nbsp;&nbsp;&nbsp;Investment and administrative fees | (9761225) |
| Net increase | 816500336 |
| Net assets available for benefits at beginning of year | 6938947698 |
| Net assets available for benefits at end of year | $7755448034 |

---

*See accompanying notes.*

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

**1. Description of the Plan**

The following description of the Amgen Retirement and Savings Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions.

*General*

The Plan was established effective April 1, 1985, and was amended and restated effective January 1, 2017. The Plan was subsequently amended, with the most recent amendment effective on or prior to December 31, 2024 adopted on December 18, 2023. The Plan was further amended on March 5, 2025, effective January 1, 2025. The Plan is a defined contribution plan covering substantially all domestic employees of Amgen Inc. (the Company or Amgen) and participating subsidiaries. The Plan is intended to qualify under sections 401(a) and 401(k) of the Internal Revenue Code of 1986 (the Code) (see Note 4, *Income Tax Status*) and section 407(d)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA).

*Contributions*

Subject to certain limitations (as defined in the Plan), participants may elect to contribute up to 30% of their eligible compensation in pre-tax contributions, Roth contributions (in accordance with the Code), after-tax contributions or a combination of these types of contributions (together, Individual Contributions). A participant's combined pre-tax contributions and Roth contributions (exclusive of catch-up contributions discussed below) are subject to Internal Revenue Service (IRS) and Plan limits and could not exceed a maximum of $23,000 in 2024. Participant after-tax contributions are subject to IRS and Plan limitations and could not exceed a maximum of $11,500 in 2024. Unless an employee has voluntarily enrolled in the Plan or has declined to participate in the Plan within the first 30 days of employment, all newly eligible participants are automatically enrolled in the Plan, and contributions equal to 5% of their eligible compensation are withheld and contributed to the Plan as pre-tax contributions; such contributions are automatically increased by 1% per year until their contributions reach 10% of their eligible compensation. Participants may elect to adjust, cease or resume their Individual Contributions at any time.

Participants who are at least age 50 by the close of the Plan year may also elect to make certain additional Individual Contributions, referred to as catch-up contributions, that are subject to IRS and Plan limitations and could not exceed $7,500 in 2024. Catch-up contributions may be made as pre-tax contributions, Roth contributions or a combination of these types of contributions. Participants may also contribute pre-tax, Roth and after-tax amounts representing distributions from certain retirement plans qualified in the United States or certain individual retirement accounts (IRAs), referred to as rollover contributions (as defined in the Plan).

Each pay period, the Company makes a non-elective contribution for all eligible participants, whether or not they have elected to make Individual Contributions to the Plan, equal to 5% of each participant's eligible compensation (Core Contributions) up to a maximum of $17,250 in 2024. In addition, the Company makes a contribution equal to amounts contributed by the participant as pre-tax contributions or Roth contributions, including such contributions designated as catch-up contributions, of up to 5% of eligible compensation (Matching Contributions) up to a maximum of $17,250 in 2024.

Also, the Company can, at its discretion, make a special contribution (Special Contribution) on behalf of a participant who is in his or her initial year of employment with the Company and who could not make the maximum participant contribution permitted under the Plan because in the same Plan year he or she previously made pre-tax salary deferrals under a prior unrelated employer's qualified plan.

Participants select the investments in which their Individual Contributions, including their Core Contributions, Matching Contributions and Special Contributions, if any, (collectively, Company Contributions) are to be invested, electing among various alternatives, including Amgen common stock (Amgen stock). Participants may direct a maximum of 20% of contributions to be invested in Amgen stock. In addition, participants may transfer amounts among the investment options at any time, subject to certain limitations. Notwithstanding the foregoing, if 20% or more of the value of a participant's Plan account is invested in Amgen stock, the Plan document provides that no transfers from other investment options can be made to invest in Amgen stock.

The accounts of participants who have not made an investment election are allocated to investments under a qualified default investment alternative, which is intended to be compliant with ERISA regulations. At any time, participants may elect to alter the investments in their accounts made under a qualified default investment alternative.

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

*Vesting*

Participants are immediately vested with respect to their Individual Contributions, Matching Contributions and Special Contributions, if any, and earnings and losses (hereafter referred to as earnings) thereon. Participants hired prior to January 1, 2020, are also immediately vested with respect to their Core Contributions and earnings thereon. Participants hired on or after January 1, 2020, vest in full with respect to their Core Contributions and earnings thereon after three years of service, as defined by the terms of the Plan, or upon reaching age 65 while employed by Amgen, if earlier. If a participant ceases to be an employee before fully vesting in their account, the non-vested Core Contributions and earnings thereon of the participant's account is treated as a forfeiture, as defined by the terms of the Plan, on the earlier of (a) the date the participant incurs a five-year break in service, as defined by the terms of the Plan or, (b) the date the participant receives a distribution of the entire vested portion of their account.

*Participant Accounts*

Each participant's account is credited with: (a) the participant's Individual Contributions; (b) an allocation of Company Contributions; and (c) earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account.

*Plan Investments*

Plan participants can invest in seven different asset classes as well as Amgen stock or can actively manage their account under a self-directed brokerage arrangement in which a wider array of investment options are available. The value of an investment in an asset class is determined by its underlying investment vehicles, which may include one or more of the following: mutual funds, collective trust funds and portfolios which are separately managed exclusively for the benefit of Plan participants and their beneficiaries (separately managed portfolios). The separately managed portfolios invest in various types of assets, including publicly traded common and preferred stocks, collective trust funds and investment contracts. The asset classes are designed to provide participants with choices among a variety of investment objectives.

*Payments of Benefits*

Subject to Plan limitations, upon termination of employment, including termination due to disability (as defined in the Plan) or retirement, participants may elect to receive a full or partial distribution of their account balance in: (a) a single payment in cash; (b) a single distribution in full shares of Amgen stock (with any fractional shares paid in cash); (c) a single distribution paid in a combination of cash and full shares of Amgen stock; (d) cash installments over 10 years; or (e) a rollover distribution to an eligible retirement plan.

Participants may also elect to maintain their account balance in the Plan subsequent to termination of employment, provided that their account balance is greater than $1,000.

If a participant dies before receiving the value of his or her account balance, the participant's beneficiary may elect to receive the distribution of remaining funds from among the alternatives described above, subject to certain Plan limitations.

No withdrawals may be made from the Plan while a participant continues to be employed by the Company except in certain circumstances including, but not limited to, financial hardship, disability and attainment of age 59 1/2.

*Amgen Stock Dividends*

Participants that invest in Amgen stock may elect to receive distributions of cash with respect to dividends the Company pays on Amgen stock or reinvest such dividends to acquire additional shares of Amgen stock.

*Notes Receivable from Participants*

Subject to certain restrictions, a participant can have up to two loans outstanding at any one time from his or her Plan account with a combined maximum loan amount that may not exceed the lesser of: (a) 50% of the participant's account balance (exclusive of amounts related to Roth contributions and earnings thereon) or (b) $50,000 less certain adjustments, as applicable (as defined in the Plan). A participant's loan is secured by his or her Plan account balance. Loans bear interest at fixed rates which, until changed by the Company, are based on the prime rate plus one percentage point as published in The Wall Street Journal, determined as of the last day of the calendar quarter preceding origination or such other rate as may be required by law.

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

Loans are generally payable in installments over periods of up to five years, unless the loan is used to acquire a principal residence for which the term of the loan may be up to 20 years. Principal and interest payments are allocated to the participant's account.

*Plan Termination*

Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. Upon termination, participants would become fully vested in Core Contributions and receive distributions of their account balances.

 *Trustees and Custodians*

Bank of America, N.A. is the Plan's trustee and custodian with respect to the self-directed brokerage arrangement and the Amgen common stock fund. The Northern Trust Company, NA (Northern) is the Plan's trustee and custodian with respect to the asset classes.

**2. Summary of Significant Accounting Policies**

*Basis of Accounting*

The accompanying financial statements are prepared on the accrual basis of accounting. Benefits to participants are recorded when paid.

*Fair Value Measurement*

The investments of the Plan are reported at fair value, except for fully benefit-responsive investment contracts, discussed below. Fair value is generally defined as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date (see Note 3, *Fair Value Measurements*).

*Investment Income and Losses*

Dividend income is recognized on the ex-dividend date, and interest income is recorded on an accrual basis. Unrealized gains and losses on investments are measured by the change in the difference between the fair value and cost of the securities held at the beginning of the year (or date purchased if acquired during the Plan year) and the end of the year. Realized gains and losses from security transactions are recorded based on the weighted-average cost of securities sold.

*Fully Benefit-Responsive Investment Contracts*

As of December 31, 2024 and 2023, the Plan had fully benefit-responsive investment contracts, including synthetic investment contracts. The synthetic investment contracts are composed of wrapper contracts issued by insurance companies backed by the Plan's ownership in collective trust funds that invest in fixed income securities. Contract value is the relevant measurement attribute for synthetic investment contracts because this is the amount participants would receive if they were to initiate qualified transactions related to these investments. The issuers of the Plan's synthetic investment contracts credit the Plan with stated rates of interest, and the issuers guarantee that all qualified participant withdrawals related to the contracts will be at contract value, except as discussed below. The crediting rates provide for realized and unrealized gains and losses on the underlying assets to be amortized over the expected duration of the underlying investments through adjustments to the future interest crediting rates rather than being reflected immediately in the net assets of the Plan.

The contract values of the Plan's synthetic investment contracts were as follows:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Synthetic investment contracts | $688059315 | $638250657 |
| &nbsp;&nbsp;&nbsp;Total fully benefit-responsive investment contracts | $688059315 | $638250657 |

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The synthetic investment contracts provide for withdrawals at other than contract value associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are made at contract value, modified by a market value adjustment as defined in the contract. Circumstances which may trigger a market value adjustment are generally defined as any

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

event that, in the reasonable determination of the issuer, has or will have a material adverse effect on the issuer's interest under the contract. Such events may include, but are not limited to: (a) material amendments to the Plan's structure or administration; (b) changes in or the creation of competing investment options; (c) complete or partial termination of the Plan; (d) removal of a specifically identifiable group of employees from coverage under the Plan; (e) a change in law, regulation, ruling, administrative position, or accounting standard applicable to the Plan; or (f) communication to Plan participants designed to influence a participant not to invest in the asset class that contains these contracts. The Company does not believe that the occurrence of any such event, which would limit the Plan's ability to transact at contract value with participants, is probable.

These synthetic investment contracts are evergreen contracts with no maturity dates, but do contain termination provisions. The issuer is obligated to pay the excess contract value when the fair value of the underlying investments equals zero. In addition, if the Plan defaults in its obligations under the synthetic investment contract and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value of the underlying investments as of the date of termination.

*Notes Receivable from Participants*

Notes receivable from participants are carried at their unpaid balance plus accrued but unpaid interest, as applicable.

*Due from/to Brokers*

Purchases and sales of investments are recorded on a trade-date basis. Amounts due from and due to brokers arise from unsettled sale and purchase transactions, respectively.

*Use of Estimates*

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements, accompanying notes and supplemental schedule. Actual results could differ from those estimates.

*Risks and Uncertainties*

The Plan provides for investment options representing varied combinations of equities (including Amgen stock), fixed income, and other investments. Investments, in general, particularly in securities, are exposed to various risks, such as interest rate, inflation, market and credit risks, among others. Market risk includes global events which could impact the value of investments, including securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investments, including securities, it is at least reasonably possible that changes in the values of the Plan's investments, including securities, will occur in the near term and that such changes could materially affect participant account balances and the amounts reported in the Plan's financial statements.

**3. Fair Value Measurements**

The Plan uses various valuation approaches in determining the fair value of investments 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 the investment based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions about the inputs that market participants would use in pricing the investment and are developed based on the best information available in the circumstances.

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

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 investments that the Plan 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 investments. 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 following fair value hierarchy tables present information about each major class/category of the Plan's investments measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair value measurements at December 31, 2024, using** | **Fair value measurements at December 31, 2024, using** | **Fair value measurements at December 31, 2024, using** | **Fair value measurements at December 31, 2024, using** |
| | **Quoted prices in active markets for identical assets<br>(Level 1)** | **Significant<br>other observable<br>inputs<br>(Level 2)** | **Significant<br>unobservable<br>inputs<br>(Level 3)** | **Total** |
| Amgen stock | $344055715 | $— | $— | $344055715 |
| Cash and cash equivalents | 3466558 |  |  | 3466558 |
| Collective trust funds |  | 5003198779 |  | 5003198779 |
| Common and preferred stocks | 533256711 |  |  | 533256711 |
| Debt securities |  | 2979 |  | 2979 |
| Mutual funds | 148845846 |  |  | 148845846 |
| Self-directed brokerage accounts | 996397298 | 3319375 |  | 999716673 |
| Total investments at fair value | $2026022128 | $5006521133 | $— | $7032543261 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair value measurements at December 31, 2023, using** | **Fair value measurements at December 31, 2023, using** | **Fair value measurements at December 31, 2023, using** | **Fair value measurements at December 31, 2023, using** |
| | **Quoted prices in active markets for identical assets<br>(Level 1)** | **Significant<br>other observable<br>inputs<br>(Level 2)** | **Significant<br>unobservable<br>inputs<br>(Level 3)** | **Total** |
| Amgen stock | $397307694 | $— | $— | $397307694 |
| Cash and cash equivalents | 5271619 |  |  | 5271619 |
| Collective trust funds |  | 4193149196 |  | 4193149196 |
| Common and preferred stocks | 763525683 |  |  | 763525683 |
| Debt securities |  | 3008 |  | 3008 |
| Mutual funds | 105092597 |  |  | 105092597 |
| Self-directed brokerage accounts | 801100962 | 4718737 |  | 805819699 |
| Total investments at fair value | $2072298555 | $4197870941 | $— | $6270169496 |

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The fair values of substantially all common stocks (including Amgen stock), preferred stocks, publicly traded mutual funds and underlying investments of self-directed brokerage accounts are valued using quoted market prices in active markets with no valuation adjustment.

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

Collective trust funds represent interests in pooled investment vehicles designed typically for collective investment of employee benefit trusts. The fair values of these investments are determined by reference to the net asset value per unit provided by the fund managers as the basis for current transactions.

**4. Income Tax Status**

The Plan received a determination letter from the IRS dated February 22, 2018, stating that, conditioned on the adoption of proposed Plan amendments submitted to the IRS on February 15, 2018, the Plan is qualified, in form, under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. There have been seven subsequent amendments to the Plan, including amendments to satisfy the conditions in the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan is currently being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. The Company has indicated that it currently intends to continue to take the necessary steps, if any, to maintain the Plan's compliance with the applicable requirements of the Code.

**5. Party-in-Interest Transactions**

Parties-in-interest are certain entities defined under Department of Labor regulations, including Amgen, and other parties that provide services to the Plan, such as the trustees, custodians and investment managers. The Plan pays the trustees certain administrative and investment management fees, and the Company pays certain administrative fees on behalf of the Plan. The Plan invests in collective trust funds managed by Northern, certain of the Plan's investment managers and other third parties and may invest in securities of entities that are parties-in-interest. The Plan also invests in shares of common stock of Amgen and receives dividends on those shares. Notes receivable from participants are also considered party-in-interest transactions. In addition, an investment manager enters into synthetic investment contracts with certain insurance companies on behalf of the Plan.

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**Amgen Retirement and Savings Plan**

**Notes to Financial Statements (continued)**

**6. Reconciliation of Financial Statements to the Form 5500**

The reconciliation of net assets available for benefits per the financial statements to the Form 5500 consisted of the following:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $7755448034 | $6938947698 |
| Adjustment to fair value for fully benefit-responsive investment contracts | (37044409) | (42589104) |
| Amounts allocated to withdrawing participants | (2576951) | (2426100) |
| Deemed loans | (405772) | (433392) |
| &nbsp;&nbsp;&nbsp;Net assets per the Form 5500 | $7715420902 | $6893499102 |

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The following is a reconciliation of the net investment gain per the financial statements to the Form 5500:

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| | |
|:---|:---|
| | **Year Ended<br>December 31,<br>2024** |
| Interest and dividend income | $49639021 |
| Net realized/unrealized gains | 688876587 |
| &nbsp;&nbsp;&nbsp;Net investment gain per the financial statements | 738515608 |
| Adjustment from fair value to contract value for fully benefit-responsive investment contracts: |  |
| &nbsp;&nbsp;&nbsp;Prior-year adjustment | 42589104 |
| &nbsp;&nbsp;&nbsp;Current-year adjustment | (37044409) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment gain per the Form 5500 | $744060303 |

---

The following is a reconciliation of expenses per the financial statements to the Form 5500:

---

| | |
|:---|:---|
| | **Year Ended<br>December 31,<br>2024** |
| Benefits paid | $(536100983) |
| Investment and administrative fees | (9761225) |
| &nbsp;&nbsp;&nbsp;Total expenses per the financial statements | (545862208) |
| Amounts allocated to withdrawing participants at December 31, 2023 | 2426100 |
| Amounts allocated to withdrawing participants at December 31, 2024 | (2576951) |
| Deemed loans at December 31, 2023 | 433392 |
| Deemed loans at December 31, 2024 | (405772) |
| &nbsp;&nbsp;&nbsp;Total expenses per the Form 5500 | $(545985439) |

---

------

**Supplemental Schedule**

**Amgen Retirement and Savings Plan**

**EIN: 95-3540776 Plan: #001**

**As of December 31, 2024** 

**Schedule H, line 4i – Schedule of Assets (Held at End of Year)**

---

| | | | |
|:---|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** | **Current Value** |
| Amgen stock\* | Employer Securities 1,320,042 shares | $344055715 |  |
|  |  |  | $344055715 |
| Capital Preservation Asset Class: |  |  |  |
| Galliard Intermediate Core Fund L\* | Collective Trust Fund 26,889,543 units | 388268871 |  |
| Galliard Short Core Fund F\* | Collective Trust Fund 15,803,322 units | 262746035 |  |
| Short-Term Investment Fund II\* | Collective Trust Fund 36,482,326 units | 36482326 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 54,278,427 units | 54278427 |  |
| Wrapper Contracts |  |  |  |
| Total Capital Preservation Asset Class |  |  | 741775659 |
| Fixed Income Active Asset Class: |  |  |  |
| MetLife Core Plus Collective Fund\* | Collective Trust Fund 8,096,601 units | 81613735 |  |
| Wellington Core Bond Plus Portfolio Collective Investment Trust II\* | Collective Trust Fund 7,304,193 units | 81149579 |  |
| NT Collective Aggregate Bond Index Fund / Non Lending\* | Collective Trust Fund 203,905 units | 30628555 |  |
| Schroder Global Strategic Bond Trust Class W\* | Collective Trust Fund 2,345,420 units | 25823079 |  |
| Banc America Alternative Loan Trust Series 2004-6 Class 4A 15.0% Due 10-25-2048\* | Corporate Bond 2,275 units | 1887 |  |
| GMAC Mortgage Loan Trust 2003/J10 4.75% Due 01/25/2019 | Corporate Bond 1,131 units | 1092 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 340 units | 340 |  |
| Total Fixed Income Active Asset Class |  |  | 219218267 |
| Fixed Income Index Asset Class: |  |  |  |
| NT Collective Aggregate Bond Index Fund / Non Lending\* | Collective Trust Fund 8,014,538 units | 1203863804 |  |
| Total Fixed Income Index Asset Class |  |  | 1203863804 |
| U.S. Equity Active Asset Class: |  |  |  |
| NT Collective Russell 1000 Value Index Fund / Non Lending\* | Collective Trust Fund 178,521 units | 113885436 |  |
| NT Collective Russell 3000 Index Fund / Non Lending\* | Collective Trust Fund 227,333 units | 21106461 |  |
| Amazon Inc. | Common and Preferred Stock 76,247 shares | 16727829 |  |
| Nvidia Corporation | Common and Preferred Stock 111,652 shares | 14993747 |  |
| Microsoft Corporation | Common and Preferred Stock 35,065 shares | 14779898 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 10,902,997 units | 10902997 |  |
| Facebook Inc. Class A | Common and Preferred Stock 17,128 shares | 10028615 |  |
| Apple Inc. | Common and Preferred Stock 33,873 shares | 8482477 |  |
| Visa Inc. Class A | Common and Preferred Stock 25,247 shares | 7979062 |  |
| ServiceNow, Inc. | Common and Preferred Stock 7,498 shares | 7948780 |  |
| SS&C Technologies Holdings Inc. | Common and Preferred Stock 81,488 shares | 6175161 |  |
| Netflix, Inc. | Common and Preferred Stock 5,895 shares | 5254331 |  |
| Entegris Inc. | Common and Preferred Stock 50,467 shares | 4999261 |  |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** |
| Atlassian Corporation Class A | Common and Preferred Stock 19,686 shares | 4791179 |
| CVS Health Corporation | Common and Preferred Stock 105,737 shares | 4746534 |
| UnitedHealth Group Inc. | Common and Preferred Stock 9,326 shares | 4717650 |
| Baxter International Inc. | Common and Preferred Stock 160,897 shares | 4691757 |
| Shopify Inc. Class A | Common and Preferred Stock 43,408 shares | 4615573 |
| Intuit Inc. | Common and Preferred Stock 7,241 shares | 4550969 |
| S&P Global Inc. | Common and Preferred Stock 8,979 shares | 4471811 |
| Citigroup Inc. | Common and Preferred Stock 61,883 shares | 4355944 |
| Aon PLC | Common and Preferred Stock 11,976 shares | 4301300 |
| Waste Management, Inc. | Common and Preferred Stock 20,616 shares | 4160103 |
| Gartner Inc. | Common and Preferred Stock 8,524 shares | 4129622 |
| Thermo Fisher Scientific Inc. | Common and Preferred Stock 7,776 shares | 4045308 |
| Yum! Brands, Inc. | Common and Preferred Stock 29,586 shares | 3969258 |
| Canadian Pacific Kansas City Limited | Common and Preferred Stock 54,562 shares | 3948652 |
| Halozyme Therapeutics Inc. | Common and Preferred Stock 82,078 shares | 3924149 |
| STERIS plc | Common and Preferred Stock 19,032 shares | 3912218 |
| Clean Harbors Inc. | Common and Preferred Stock 16,934 shares | 3897191 |
| Danaher Corporation | Common and Preferred Stock 16,967 shares | 3894775 |
| Novo Nordisk A/S | Common and Preferred Stock 44,759 shares | 3850169 |
| Wells Fargo & Company\* | Common and Preferred Stock 54,547 shares | 3831381 |
| Capital One Financial Corporation | Common and Preferred Stock 21,446 shares | 3824251 |
| Dow Inc. | Common and Preferred Stock 93,143 shares | 3737829 |
| Datadog, Inc. | Common and Preferred Stock 25,946 shares | 3707424 |
| Fresenius Medical Care | Common and Preferred Stock 163,629 shares | 3704561 |
| MSCI Inc. | Common and Preferred Stock 6,074 shares | 3644461 |
| Synopsys Inc. | Common and Preferred Stock 7,292 shares | 3539245 |
| Amphenol Corporation Class A | Common and Preferred Stock 50,848 shares | 3531394 |
| Humana Inc. | Common and Preferred Stock 13,894 shares | 3525047 |
| Waste Connections Inc. | Common and Preferred Stock 20,230 shares | 3471061 |
| Euronet Worldwide Inc. | Common and Preferred Stock 33,372 shares | 3431976 |
| Dollar General Corporation | Common and Preferred Stock 45,041 shares | 3415009 |
| Global Payments Inc. | Common and Preferred Stock 30,288 shares | 3394073 |
| Ecolab Inc. | Common and Preferred Stock 14,359 shares | 3364601 |
| RB Global Inc. | Common and Preferred Stock 37,268 shares | 3361946 |
| Workday, Inc. | Common and Preferred Stock 12,972 shares | 3347165 |
| Magna International Inc. | Common and Preferred Stock 79,821 shares | 3335720 |
| DexCom, Inc. | Common and Preferred Stock 42,688 shares | 3319846 |
| Merit Medical Systems Inc. | Common and Preferred Stock 34,289 shares | 3316432 |
| Spotify Technology S.A. | Common and Preferred Stock 7,394 shares | 3307928 |
| Alphabet Inc. | Common and Preferred Stock 17,078 shares | 3252334 |
| MetLife Inc.\* | Common and Preferred Stock 39,316 shares | 3219194 |
| Sea Limited | Common and Preferred Stock 29,479 shares | 3127722 |
| Churchill Downs Inc. | Common and Preferred Stock 23,263 shares | 3106541 |
| Equitable Holdings Inc. | Common and Preferred Stock 65,021 shares | 3067041 |
| Lear Corporation | Common and Preferred Stock 32,352 shares | 3063734 |
| Charter Communications Inc. | Common and Preferred Stock 8,868 shares | 3039684 |
| Samsara Inc. Class A | Common and Preferred Stock 69,516 shares | 3037154 |
| Cognizant Technology Solutions Corporation Class A | Common and Preferred Stock 39,418 shares | 3031244 |
| Block, Inc. | Common and Preferred Stock 34,972 shares | 2972270 |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** |
| Autodesk, Inc. | Common and Preferred Stock 9,975 shares | 2948311 |
| Ametek Inc. | Common and Preferred Stock 16,255 shares | 2930126 |
| CarGurus Inc. Class A | Common and Preferred Stock 78,733 shares | 2876904 |
| Trimble Inc. | Common and Preferred Stock 40,642 shares | 2871764 |
| Bank of America Corporation\* | Common and Preferred Stock 65,005 shares | 2856970 |
| Cloudflare, Inc. | Common and Preferred Stock 26,514 shares | 2855028 |
| American Express Company | Common and Preferred Stock 9,522 shares | 2826034 |
| BWX Technologies Inc. | Common and Preferred Stock 24,242 shares | 2700316 |
| Intercontinental Exchange, Inc. | Common and Preferred Stock 18,047 shares | 2689183 |
| Bio-Techne Corporation | Common and Preferred Stock 37,307 shares | 2687223 |
| HealthEquity Inc. | Common and Preferred Stock 27,378 shares | 2626919 |
| J2 Global Inc. | Common and Preferred Stock 47,244 shares | 2567239 |
| Delta Air Lines, Inc. | Common and Preferred Stock 41,633 shares | 2518797 |
| Brown & Brown Inc. | Common and Preferred Stock 24,520 shares | 2501530 |
| Amdocs Limited | Common and Preferred Stock 29,190 shares | 2485237 |
| Alight Inc. Class A | Common and Preferred Stock 358,557 shares | 2481214 |
| Pfizer Inc. | Common and Preferred Stock 93,060 shares | 2468882 |
| Bristol Myers Squibb | Common and Preferred Stock 43,459 shares | 2458041 |
| ASML Holding N.V. | Common and Preferred Stock 3,545 shares | 2456969 |
| Skyworks Solutions Inc | Common and Preferred Stock 27,136 shares | 2406420 |
| Shell plc | Common and Preferred Stock 38,214 shares | 2394107 |
| Voya Financial Inc. | Common and Preferred Stock 34,500 shares | 2374635 |
| Nu Holdings Limited | Common and Preferred Stock 229,156 shares | 2374056 |
| Ingredion Inc. | Common and Preferred Stock 17,102 shares | 2352551 |
| Okta Inc. | Common and Preferred Stock 29,814 shares | 2349343 |
| DoorDash, Inc. Class A | Common and Preferred Stock 13,674 shares | 2293814 |
| Tyson Foods Inc. | Common and Preferred Stock 39,902 shares | 2291971 |
| Medtronic PLC | Common and Preferred Stock 27,901 shares | 2228732 |
| LKQ Corporation | Common and Preferred Stock 60,322 shares | 2216834 |
| Huntington Bancshares Inc. | Common and Preferred Stock 135,001 shares | 2196466 |
| Salesforce.com Inc. | Common and Preferred Stock 6,545 shares | 2188190 |
| AppLovin Corporation Class A | Common and Preferred Stock 6,657 shares | 2155736 |
| IDEX Corporation | Common and Preferred Stock 10,262 shares | 2147734 |
| Doximity Inc. | Common and Preferred Stock 39,578 shares | 2113069 |
| Starbucks Corporation | Common and Preferred Stock 23,069 shares | 2105046 |
| Charles River Laboratories International Inc. | Common and Preferred Stock 11,403 shares | 2104994 |
| PVH Corporation | Common and Preferred Stock 19,544 shares | 2066778 |
| Newell Brands Inc. | Common and Preferred Stock 203,960 shares | 2031442 |
| Waystar Holding Corporation | Common and Preferred Stock 54,639 shares | 2005251 |
| TE Connectivity plc | Common and Preferred Stock 13,758 shares | 1966981 |
| Sensata Technologies BV Holding | Common and Preferred Stock 71,319 shares | 1954141 |
| Generac Holdings Inc. | Common and Preferred Stock 12,230 shares | 1896262 |
| Uber Technologies, Inc. | Common and Preferred Stock 31,333 shares | 1890007 |
| Viper Energy Inc. | Common and Preferred Stock 38,261 shares | 1877467 |
| The Cooper Companies, Inc. | Common and Preferred Stock 20,410 shares | 1876291 |
| UGI Corporation | Common and Preferred Stock 65,112 shares | 1838112 |
| Dynatrace Inc. | Common and Preferred Stock 33,790 shares | 1836487 |
| NOV Inc. | Common and Preferred Stock 124,784 shares | 1821846 |
| Henry Schein Inc. | Common and Preferred Stock 26,178 shares | 1811518 |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** |
| Coherent Corporation | Common and Preferred Stock 18,810 shares | 1781871 |
| Heico Corporation Class A | Common and Preferred Stock 9,534 shares | 1774087 |
| MACOM Technology Solutions Holdings Inc. | Common and Preferred Stock 13,202 shares | 1715072 |
| First American Financial Corporation | Common and Preferred Stock 27,415 shares | 1711793 |
| Chewy Inc. Class A | Common and Preferred Stock 50,395 shares | 1687729 |
| Roblox Corporation Class A | Common and Preferred Stock 28,957 shares | 1675452 |
| Veracyte Inc. | Common and Preferred Stock 42,230 shares | 1672308 |
| GlobalFoundries Inc. | Common and Preferred Stock 38,926 shares | 1670315 |
| Remitly Global Inc. | Common and Preferred Stock 73,960 shares | 1669277 |
| Huron Consulting Group Inc. | Common and Preferred Stock 12,879 shares | 1600345 |
| Dolby Laboratories Inc. | Common and Preferred Stock 20,268 shares | 1582931 |
| AerCap Holdings N.V. | Common and Preferred Stock 16,495 shares | 1578572 |
| Cabot Corporation | Common and Preferred Stock 17,076 shares | 1559210 |
| Axon Enterprise, Inc. | Common and Preferred Stock 2,606 shares | 1548798 |
| Blackbaud, Inc. | Common and Preferred Stock 20,784 shares | 1536353 |
| UBS Group AG | Common and Preferred Stock 50,412 shares | 1528492 |
| Woodward Inc. | Common and Preferred Stock 8,908 shares | 1482469 |
| Snowflake Inc. Class A | Common and Preferred Stock 9,531 shares | 1471682 |
| Tandem Diabetes Care Inc. | Common and Preferred Stock 40,805 shares | 1469796 |
| Prosperity Bancshares Inc. | Common and Preferred Stock 19,211 shares | 1447549 |
| Ultragenyx Pharmaceutical Inc. | Common and Preferred Stock 33,724 shares | 1418769 |
| ACV Auctions Inc. Class A | Common and Preferred Stock 64,909 shares | 1402034 |
| Dycom Industries Inc. | Common and Preferred Stock 7,774 shares | 1353142 |
| Curtiss Wright Corporation | Common and Preferred Stock 3,800 shares | 1348506 |
| Belden Inc. | Common and Preferred Stock 11,970 shares | 1347942 |
| QuidelOrtho Corporation | Common and Preferred Stock 30,248 shares | 1347548 |
| National Retail Properties Inc. | Common and Preferred Stock 32,862 shares | 1342413 |
| nCino, Inc. | Common and Preferred Stock 39,576 shares | 1328962 |
| Copart Inc. | Common and Preferred Stock 23,149 shares | 1328521 |
| ACI Worldwide Inc. | Common and Preferred Stock 25,372 shares | 1317061 |
| Mid-American Apartment Communities Inc. | Common and Preferred Stock 8,492 shares | 1312608 |
| Teleflex Inc. | Common and Preferred Stock 7,364 shares | 1310645 |
| Itron Inc. | Common and Preferred Stock 11,995 shares | 1302417 |
| Toro Company | Common and Preferred Stock 16,152 shares | 1293775 |
| FMC Corporation | Common and Preferred Stock 25,597 shares | 1244270 |
| Summit Materials Inc. | Common and Preferred Stock 24,477 shares | 1238536 |
| Advanced Energy Industries Inc. | Common and Preferred Stock 10,458 shares | 1209259 |
| Kirby Corporation | Common and Preferred Stock 11,215 shares | 1186547 |
| Alamos Gold Inc. Class A | Common and Preferred Stock 62,978 shares | 1161314 |
| Permian Resources Corporation | Common and Preferred Stock 80,643 shares | 1159646 |
| WEX Inc. | Common and Preferred Stock 6,610 shares | 1158865 |
| Madrigal Pharmaceuticals, Inc. | Common and Preferred Stock 3,721 shares | 1148189 |
| Chart Industrials Inc. | Common and Preferred Stock 5,976 shares | 1140460 |
| BankUnited Inc. | Common and Preferred Stock 29,724 shares | 1134565 |
| FTI Consulting Inc. | Common and Preferred Stock 5,914 shares | 1130343 |
| Graco Inc. | Common and Preferred Stock 13,253 shares | 1117095 |
| Carlisle Companies Inc. | Common and Preferred Stock 3,024 shares | 1115372 |
| Middleby Corporation | Common and Preferred Stock 8,199 shares | 1110555 |
| Azekpany Inc. | Common and Preferred Stock 23,310 shares | 1106526 |
| TKO Group Holdings Inc. | Common and Preferred Stock 7,673 shares | 1090410 |
| John Bean Technologies Corporation | Common and Preferred Stock 8,454 shares | 1074503 |
| Iridium Communications Inc. | Common and Preferred Stock 36,855 shares | 1069532 |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** |
| IAC Inc. | Common and Preferred Stock 24,687 shares | 1064997 |
| Rentokil Initial plc | Common and Preferred Stock 41,832 shares | 1059186 |
| Hexcel Corporation | Common and Preferred Stock 16,638 shares | 1043203 |
| Chemed Corporation | Common and Preferred Stock 1,945 shares | 1030461 |
| National Bank Holdings Corporation Class A | Common and Preferred Stock 23,413 shares | 1008164 |
| Encompass Health Corporation | Common and Preferred Stock 10,853 shares | 1002275 |
| Oceaneering International Inc. | Common and Preferred Stock 38,171 shares | 995500 |
| Certara Inc. | Common and Preferred Stock 92,654 shares | 986765 |
| Cimpress plc | Common and Preferred Stock 13,690 shares | 981847 |
| JP Morgan Chase & Company | Common and Preferred Stock 4,083 shares | 978736 |
| AptarGroup Inc. | Common and Preferred Stock 6,221 shares | 977319 |
| Supernus Pharmaceuticals Inc. | Common and Preferred Stock 26,928 shares | 973716 |
| Ciena Corporation | Common and Preferred Stock 11,465 shares | 972347 |
| Range Resources Corporation | Common and Preferred Stock 26,841 shares | 965739 |
| Globus Medical, Inc. Class A | Common and Preferred Stock 11,648 shares | 963406 |
| Keysight Technologies Inc. | Common and Preferred Stock 5,943 shares | 954624 |
| Pool Corporation | Common and Preferred Stock 2,772 shares | 945086 |
| ASGN Inc. | Common and Preferred Stock 11,142 shares | 928574 |
| Barnes Group Inc. | Common and Preferred Stock 19,453 shares | 919349 |
| Prestige Consumer Healthcare Inc. | Common and Preferred Stock 11,711 shares | 914512 |
| Sotera Health Company | Common and Preferred Stock 65,963 shares | 902374 |
| Knowles Corporation | Common and Preferred Stock 45,024 shares | 897328 |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | Common and Preferred Stock 33,322 shares | 894029 |
| On Semiconductor Corporation | Common and Preferred Stock 14,094 shares | 888627 |
| Box Inc. Class A | Common and Preferred Stock 27,909 shares | 881924 |
| KBR, Inc. | Common and Preferred Stock 15,222 shares | 881810 |
| Federal Signal Corporation | Common and Preferred Stock 9,140 shares | 844445 |
| Omnicell Inc. | Common and Preferred Stock 18,940 shares | 843209 |
| Tenable Holdings Inc. | Common and Preferred Stock 21,184 shares | 834226 |
| WisdomTree Investments Inc. | Common and Preferred Stock 79,410 shares | 833805 |
| Markel Corporation Holding Company | Common and Preferred Stock 474 shares | 818233 |
| Wolverine World Wide Inc. | Common and Preferred Stock 36,775 shares | 816405 |
| Albany International Corporation Class A | Common and Preferred Stock 9,977 shares | 797861 |
| Applied Industrial Technologies Inc. | Common and Preferred Stock 3,263 shares | 781391 |
| Sprout Social, Inc. Class A | Common and Preferred Stock 25,047 shares | 769193 |
| Haemonetics Corporation | Common and Preferred Stock 9,762 shares | 762217 |
| GFL Environmental Inc. | Common and Preferred Stock 16,522 shares | 735890 |
| KB Home | Common and Preferred Stock 10,960 shares | 720291 |
| Sally Beauty Holdings Inc. | Common and Preferred Stock 67,967 shares | 710255 |
| Teledyne Technologies Inc. | Common and Preferred Stock 1,508 shares | 699908 |
| Acadia Healthcare Company Inc. | Common and Preferred Stock 16,815 shares | 666715 |
| SpringWorks Therapeutics Inc. | Common and Preferred Stock 18,379 shares | 664033 |
| Core & Main, Inc. Class A | Common and Preferred Stock 13,018 shares | 662746 |
| Sportradar Group | Common and Preferred Stock 37,259 shares | 646071 |
| ZipRecruiter Inc. Class A | Common and Preferred Stock 87,084 shares | 630488 |
| Consensus Cloud Solutions Inc. | Common and Preferred Stock 26,157 shares | 624106 |
| Jacobs Solutions Inc. | Common and Preferred Stock 4,667 shares | 623605 |
| SLR Investment Corporation | Common and Preferred Stock 36,915 shares | 596546 |
| J & J Snack Foods Corporation | Common and Preferred Stock 3,824 shares | 593217 |
| Knight-Swift Transportation Holdings Inc. Class A | Common and Preferred Stock 11,167 shares | 592298 |
| Heartland Express Inc. | Common and Preferred Stock 52,207 shares | 585763 |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** |
| Axogen Inc. | Common and Preferred Stock 35,434 shares | 583952 |
| Carter Inc. | Common and Preferred Stock 10,405 shares | 563847 |
| Agios Pharmaceuticals Inc. | Common and Preferred Stock 17,090 shares | 561577 |
| CONMED Corporation | Common and Preferred Stock 7,934 shares | 543003 |
| Matthews International Corporation Class A | Common and Preferred Stock 19,608 shares | 542749 |
| United Community Bank Blairsville Georgia | Common and Preferred Stock 16,791 shares | 542517 |
| Tronox Holdings PLC | Common and Preferred Stock 52,326 shares | 526923 |
| Nasdaq Inc. | Common and Preferred Stock 6,807 shares | 526249 |
| N-Able Technologies International Inc. | Common and Preferred Stock 55,065 shares | 514307 |
| Trinet Group Inc. | Common and Preferred Stock 5,655 shares | 513304 |
| Skechers USA Inc. Class A | Common and Preferred Stock 7,556 shares | 508065 |
| Banner Corporation | Common and Preferred Stock 7,545 shares | 503780 |
| BRP Group Inc. Class A | Common and Preferred Stock 12,962 shares | 502407 |
| WillScot Mobile Mini Holdings Corporation | Common and Preferred Stock 15,010 shares | 502085 |
| Arvinas Inc. | Common and Preferred Stock 26,190 shares | 502062 |
| Eagle Materials Inc. | Common and Preferred Stock 2,032 shares | 501416 |
| Legend Biotech Corporation | Common and Preferred Stock 15,404 shares | 501246 |
| STAG Industrial Inc. | Common and Preferred Stock 14,323 shares | 484404 |
| Crescent Energy Company Class A | Common and Preferred Stock 33,122 shares | 483912 |
| Elastic N.V. | Common and Preferred Stock 4,872 shares | 482718 |
| Axalta Coating Systems Limited | Common and Preferred Stock 13,877 shares | 474871 |
| Cohen & Steers Inc. | Common and Preferred Stock 5,070 shares | 468164 |
| Matson Inc. | Common and Preferred Stock 3,438 shares | 463580 |
| TreeHouse Foods Inc. | Common and Preferred Stock 13,185 shares | 463189 |
| Wabtec Corporation | Common and Preferred Stock 2,384 shares | 451983 |
| Align Technology Inc. | Common and Preferred Stock 2,115 shares | 440999 |
| JBG SMITH Properties | Common and Preferred Stock 28,050 shares | 431129 |
| Exact Sciences Corporation | Common and Preferred Stock 7,631 shares | 428786 |
| Fox Factory Holding Corporation | Common and Preferred Stock 14,156 shares | 428502 |
| GXO Logistics Inc. | Common and Preferred Stock 9,834 shares | 427779 |
| Pacific Premier Bancorp Inc. | Common and Preferred Stock 17,052 shares | 424936 |
| Littelfuse Inc. | Common and Preferred Stock 1,788 shares | 421342 |
| Northern Oil & Gas Inc. | Common and Preferred Stock 11,292 shares | 419611 |
| Silgan Holdings Inc. | Common and Preferred Stock 8,042 shares | 418586 |
| Flowserve Corporation | Common and Preferred Stock 7,035 shares | 404653 |
| First Interstate BancSystem | Common and Preferred Stock 12,177 shares | 395387 |
| 8X8 Inc. | Common and Preferred Stock 146,281 shares | 390570 |
| NorthWestern Corp | Common and Preferred Stock 6,742 shares | 360427 |
| ALLETE Inc. | Common and Preferred Stock 5,552 shares | 359770 |
| Monro Inc. | Common and Preferred Stock 14,442 shares | 358162 |
| WSFS Financial Corporation | Common and Preferred Stock 6,655 shares | 353580 |
| Mercury Systems Inc. | Common and Preferred Stock 8,249 shares | 346458 |
| Healthpeak OP, LLC | Common and Preferred Stock 16,916 shares | 342887 |
| Texas Capital Bancshares Inc. | Common and Preferred Stock 4,344 shares | 339701 |
| Americold Realty Trust, Inc. | Common and Preferred Stock 15,870 shares | 339618 |
| Amentum Holdings, Inc. | Common and Preferred Stock 15,523 shares | 326449 |
| Boston Properties Inc. | Common and Preferred Stock 4,078 shares | 303240 |
| Patterson-UTI Energy Inc. | Common and Preferred Stock 36,005 shares | 297401 |
| NCR Corporation | Common and Preferred Stock 21,092 shares | 291913 |
| Dyne Therapeutics, Inc. | Common and Preferred Stock 12,003 shares | 282791 |
| 1-800-FLOWERS.COM Inc. Class A | Common and Preferred Stock 34,533 shares | 282135 |

---

------

Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** | **Current Value** |
| Sonos Inc. | Common and Preferred Stock 17,904 shares | 269276 |  |
| IPG Photonics Corporation | Common and Preferred Stock 3,635 shares | 264337 |  |
| Rogers Corporation | Common and Preferred Stock 2,553 shares | 259410 |  |
| StandardAero, Inc. | Common and Preferred Stock 10,216 shares | 252948 |  |
| Nevro Corporation | Common and Preferred Stock 67,978 shares | 252878 |  |
| Berkshire Hills Bancorp Inc. | Common and Preferred Stock 8,643 shares | 245720 |  |
| Transmedics Group Inc. | Common and Preferred Stock 3,605 shares | 224772 |  |
| Mednax Inc. | Common and Preferred Stock 16,137 shares | 211717 |  |
| Nuvalent, Inc. Class A | Common and Preferred Stock 2,674 shares | 209321 |  |
| Columbus McKinnon Corporation | Common and Preferred Stock 4,724 shares | 175922 |  |
| Insight Enterprises, Inc. | Common and Preferred Stock 1,156 shares | 175828 |  |
| Designer Brands Inc. Class A | Common and Preferred Stock 32,021 shares | 170992 |  |
| Herbalife Nutrition Limited | Common and Preferred Stock 24,148 shares | 161550 |  |
| eHealth Inc. | Common and Preferred Stock 12,746 shares | 119812 |  |
| Nu Skin Enterprises Inc. Class A | Common and Preferred Stock 12,954 shares | 89253 |  |
| Safehold Inc. | Common and Preferred Stock 4,652 shares | 85969 |  |
| Total U.S. Equity Active Asset Class |  |  | 679117526 |
| U.S. Equity Index Asset Class: |  |  |  |
| NT Collective Russell 3000 Index Fund / Non Lending\* | Collective Trust Fund 22,328,542 units | 2073570958 |  |
| Gaming & Leisure Properties Inc. | Common and Preferred Stock 155 shares | 7465 |  |
| CTO Realty Growth Inc. | Common and Preferred Stock 83 shares | 1636 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 328 units | 328 |  |
| Total U.S. Equity Index Asset Class |  |  | 2073580387 |
| International Equity Active Asset Class: |  |  |  |
| Mawer International Equity Collective Investment Trust Class B\* | Collective Trust Fund 14,497,735 units | 256920164 |  |
| Polaris Capital Management Collective Investment Trust International Value Collective Fund\* | Collective Trust Fund 20,282,037 units | 246142798 |  |
| Reliance Trust Institutional Retirement Trust GQG Partners International Equity Fund Series 11 Class C\* | Collective Trust Fund 11,706,978 units | 186492162 |  |
| Dodge & Cox International Stock Fund | Mutual Fund 2,982,883 shares | 148845846 |  |
| Wilmington Trust Collective Investment Trust / Jennison International Equity Opportunities CIT Class J\* | Collective Trust Fund 14,454,657 units | 144662208 |  |
| NT Collective MSCI All Country World Index (ACWI) ex/US Index Fund / Non Lending\* | Collective Trust Fund 566,056 units | 127783078 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 38,030 units | 38030 |  |
| Total International Equity Active Asset Class |  |  | 1110884286 |
| International Equity Index Asset Class: |  |  |  |
| NT Collective All Country World Index (ACWI) Ex/US Fund / Non Lending\* | Collective Trust Fund 1,492,119 units | 307495939 |  |
| Total International Equity Index Asset Class |  |  | 307495939 |
| Participant Self-Directed Accounts | Various Investments | 999716674 |  |
|  |  |  | 999716674 |
| Notes Receivable from Participants\* | Interest Rate 4.25% - 9.50% | 35185439 |  |
|  |  |  | 35185439 |

---

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Schedule H, line 4i – Schedule of Assets (Held at End of Year) (continued)

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| | | | |
|:---|:---|:---|:---|
| **Identity of Issue** | **Description of Investment** | **Current Value** | **Current Value** |
| Other: |  |  |  |
| BIF Money Fund\* | Cash and Cash Equivalents | 2689633 |  |
| ML Vanguard Federal Money Market Forfeiture / Settlement\* | Cash and Cash Equivalents | 715843 |  |
| NT Collective Short Term Investment Fund\* | Collective Trust Fund 358,375 units | 358375 |  |
| Interest-Bearing Cash | Cash and Cash Equivalents | 61082 |  |
| Exide Technologies | Common and Preferred Stock 35,683 shares | 24978 |  |
| Total Other |  |  | 3849911 |
| Grand Total |  |  | $7718743607 |

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 <br> \* Indicates party-in-interest

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**AMGEN RETIREMENT AND SAVINGS PLAN**

**INDEX TO EXHIBIT**

<u>[Consent of Independent Registered Public Accounting Firm](amgn-ex231_20241231xus.htm)</u> Exhibit 23.1

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen Retirement and Savings Plan<br> (Name of Plan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen Retirement and Savings Plan<br> (Name of Plan) |
| Date: | June 12, 2025 | By: | &nbsp;&nbsp;&nbsp;/s/ PETER H. GRIFFITH |
|  |  |  | &nbsp;&nbsp;Peter H. Griffith |
|  |  |  | &nbsp;&nbsp;Executive Vice President and |
|  |  |  | &nbsp;&nbsp;Chief Financial Officer |
|  |  |  | &nbsp;&nbsp;Amgen Inc. |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statements (Form S-8 Nos. 33-39104, 333-144581 and 333-216719) pertaining to the Amgen Retirement and Savings Plan of Amgen Inc. of our report dated June 12, 2025, with respect to the financial statements and schedule of the Amgen Retirement and Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2024.

/s/ ERNST & YOUNG LLP

Los Angeles, California

June 12, 2025

<br>