“Free cash flow in the second quarter will be impacted by the shift in 2024 tax payments to Q2 '25 and the final $1.8 billion repatriation tax payment.”

In context

“EZLANA in the United States, we now expect quarterly sales to fluctuate and do not expect any sales in the second quarter following a large sales ordered in the first quarter. And let me remind you of prior items that have not changed to our outlook for the remainder of the year. For the full year, we continue to expect other revenue to be approximately $1.4 billion. We continue to project that full year non-GAAP operating margin as a percentage of product sales to be roughly 46%. We expect share repurchases not to exceed $500 million in 2025. We continue to expect 2025 free cash flow performance to be roughly comparable to 2023. As mentioned on our fourth quarter earnings call, this decline is primarily driven by 2024 working capital favorability and the incremental capital expenditures. Free cash flow in the second quarter will be impacted by the shift in 2024 tax payments to Q2 '25 and the final $1.8 billion repatriation tax payment. I know there's a lot of interest in taxes and tariffs. We understand the impetus for increasing U.S. investment in manufacturing. Amgen has a robust manufacturing presence in the United States, including Puerto Rico. And of course, has invested for decades in the United States-based research and development. To build on the manufacturing base in the U.S., we agree with our peers, but the most effective answer is not tariffs but tax policy. In fact, for Amgen and others, investment in manufacturing has significantly increased since President Trump's 2017 Tax Cuts and Jobs Act. In part, based on the expectation of continued pro-growth tax policy, we recently announced among other investments in the United States that we are more than doubling down on our investments in manufacturing capacit”