Financial Performance - Revenues increased by 9% YoY in Q2 2025, reaching $9.179 billion, with product sales contributing $8.771 billion[9, 105] - Non-GAAP EPS grew by 21% YoY in Q2 2025, reaching $6.02[9, 105] - The company invested $1.7 billion in research and development in Q2 2025, an increase of 18% YoY[9] - Free cash flow was $1.9 billion in Q2 2025, compared to $2.2 billion in Q2 2024[107] Product Sales Highlights - Fifteen products achieved double-digit sales growth, including Repatha, EVENITY, IMDELLTRA, BLINCYTO, TEZSPIRE, UPLIZNA, and TAVNEOS[9, 17] - Repatha sales increased by 31% YoY to $696 million, driven by a 36% increase in volume[12, 23] - EVENITY sales increased by 32% YoY to $518 million, primarily driven by volume growth[12, 23] - UPLIZNA sales increased by 91% YoY to $176 million, driven by 79% volume growth[12, 27] - TEZSPIRE sales increased by 46% YoY to $342 million, driven by volume growth[12, 32] - IMDELLTRA generated $134 million in sales, with a 65% quarter-over-quarter increase[12, 37] Pipeline Development - MariTide: Phase 3 studies are enrolling for obesity and overweight, with or without Type 2 diabetes mellitus, and for adults living with heart failure with preserved or mildly reduced ejection fraction and obesity[42] - UPLIZNA: FDA review of Phase 3 data in generalized myasthenia gravis is ongoing, with a PDUFA date of December 14, 2025[46] - TEZSPIRE: FDA review of Phase 3 data in chronic rhinosinusitis with nasal polyps is ongoing, with a PDUFA date of October 19, 2025[59] - IMDELLTRA: Reduced the risk of death by 40% and significantly extended median OS by more than five months compared to SOC chemotherapy in patients with SCLC who progressed on or after one line of platinum-based chemotherapy[71]

Q1 2025 Financial Performance - Total revenue increased by 9% year-over-year, reaching $8.149 billion[97] - Product sales increased by 11% year-over-year, totaling $7.873 billion[97] - Non-GAAP EPS increased by 24% year-over-year, reaching $4.90[97] - Research and development investment increased by 12% year-over-year, reaching $1.5 billion[9] - Free cash flow was $980 million in Q1 2025, compared to $459 million in Q1 2024[117] Product Performance Highlights - Repatha sales increased by 27% year-over-year, reaching $656 million, driven by 41% volume growth[12, 22] - EVENITY sales increased by 29% year-over-year, reaching $442 million, driven by volume growth[12, 22] - Prolia sales increased by 10% year-over-year, reaching $1.099 billion, driven by 13% volume growth[12, 22] - TEZSPIRE sales increased by 65% year-over-year, reaching $285 million, driven by volume growth[12, 32] - BLINCYTO sales increased by 52% year-over-year, reaching $370 million, primarily driven by volume growth[12, 37] - IMDELLTRA generated $81 million in sales in Q1 2025[12, 17, 37] Pipeline and Regulatory Updates - FDA approved UPLIZNA for the treatment of IgG4-RD in adult patients[9, 51] - Positive Phase 3 data from IMDELLTRA, UPLIZNA, and rocatinlimab[9] - Initiated multiple Phase 3 trials of MariTide and TEZSPIRE[9] - The company expects 2025 revenue to be in the range of $34.3 billion to $35.7 billion[101]