AMGN · 8-K · 20261103PR000153

Product Inventory Trends

AMGEN INC · 2026-11-03 · Importance 18 · Surprise 14

Inventory levels were cited as a driver of sales changes for several products, but the release did not quantify inventory balances or establish a broad supply constraint. TEPEZZA sales decreased 6% to $526 million, driven by lower inventory levels, while TAVNEOS sales were partly supported by higher inventory levels despite lower volume and net selling price. Otezla sales were also partly offset by higher inventory levels, whereas LUMAKRAS sales were affected by lower inventory levels.