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Letter to SHAREHOLDERS 2024
Unlike some of our competitors that are heavily reliant on one or two products, Amgen exited 2024 with 14 blockbuster products, defined as those with an annualized run rate of over $1 billion in sales.2 Furthermore, we saw record sales across 21 products, with ten delivering at least double-digit sales growth, including Repatha , TEZSPIRE , EVENITY , BLINCYTO , and TAVNEOS . These measures provide support for the strong foundation on which our growth is based. We invested a record $6.0 billion in R&D, up 25% from the prior year,3 and we have numerous potential first- or best-in-class medicines moving rapidly through our pipeline to treat obesity and obesityrelated conditions, cancer, heart disease, and many other serious illnesses. We re also continuing to invest in growing our manufacturing network to keep pace with the demand for our products, opening our state-ofthe-art manufacturing site in central Ohio and announcing a $1 billion expansion of our North Carolina facility. Robert A. Bradway Chairman and Chief Executive Officer Amgen Inc. To My Fellow SHAREHOLDERS, Amgen delivered strong results in 2024. We reached millions of patients worldwide with our life-changing medicines, advanced the broadest and deepest pipeline in our history, and positioned ourselves to deliver attractive long-term growth. In 2024, total revenues grew 19% to a record $33.4 billion, driven by 23% volume growth, as our medicines reached more patients worldwide. NonGAAP earnings per share increased 6% to $19.84.1 We increased our dividend per share by 6%, marking our 13th consecutive annual dividend increase, and we generated $10.4 billion1 of free cash flow. 2 Four Therapeutic Areas Drive Our Growth Amgen s growth is fueled by a diverse portfolio of approximately 40 products spanning four therapeutic areas General Medicine, Rare Disease, Inflammation, and Oncology. As the global population ages, we expect demand for innovative medicines to grow across all four areas. GENERAL MEDICINE: EXPANDING OUR LEADERSHIP IN CARDIOMETABOLIC DISEASE Cardiovascular disease, osteoporosis, and obesity together affect hundreds of millions of people worldwide, leading to enormous personal and societal costs. Amgen has been a leader in addressing these massive challenges, and we are excited about what lies ahead. ON THE COVER: J rgen (top left), living with myeloma Gina (top right), living with colorectal cancer MJ (bottom left), living with pediatric B-cell acute lymphoblastic leukemia Angie (bottom right), living with cardiovascular disease
2024 Letter to Shareholders | $33.4B $19.84 $6.0B 46.9% 2024 Total Revenues Non-GAAP Earnings per Share1 GAAP Research and Development Investment Non-GAAP Operating Margin1, 4 Repatha provides powerful LDL cholesterol reduction to patients at high risk of heart attack and stroke. Sales of Repatha grew 36% in 2024, reaching $2.2 billion. There is still work to be done in this area, as heart disease remains the leading cause of death worldwide,5 with an estimated 100 million high-risk patients needing treatment to lower LDL cholesterol.6 RARE DISEASE: EXPANDING ACCESS FOR PATIENTS WITH LIMITED TREATMENT OPTIONS With the successful integration of Horizon Therapeutics plc, acquired in late 2023, Amgen is now a leader in rare disease, offering hope for patients suffering from conditions where few or no treatment options exist. Sales for our rare disease portfolio were $4.5 billion in 2024. EVENITY and Prolia are helping millions of patients lower their risk of breaking a bone. Sales of EVENITY grew 35% in 2024, to $1.6 billion. EVENITY remains the only therapy that both builds bone and slows bone loss for postmenopausal women at high risk. The need for such therapies remains high, as more than 90% of high-risk patients remain untreated, providing a significant opportunity to expand access and improve care.6 TEPEZZA generated $1.9 billion in sales in 2024 and remains the first and only FDA-approved treatment for thyroid eye disease (TED), a lifelong debilitating and potentially vision-threatening rare autoimmune disease that can get worse over time. We look forward to expanding access to even more patients in 2025, both in the U.S. and internationally. Looking ahead, we see tremendous potential in obesity and cardiovascular risk reduction with two innovative molecules advancing: MariTide (maridebart cafraglutide) for obesity and obesityrelated conditions, and Olpasiran for cardiovascular disease. KRYSTEXXA generated $1.2 billion in sales in 2024 and is used to prevent the severe joint damage that can result from uncontrolled gout. UPLIZNA generated $379 million in sales and is an important treatment for neuromyelitis optica spectrum disorder (NMOSD), protecting patients from attacks of inflammation that can lead to disability. In a Phase 2 study, MariTide delivered up to approximately 20% average weight loss at 52 weeks without an observed weight-loss plateau. MariTide has the potential to be administered monthly or even less frequently, which would be a key differentiator from currently available treatments. MariTide entered Phase 3 development with the initiation of two studies focused on people living with obesity or overweight, with and without type 2 diabetes. If approved, MariTide has the potential to help the 1 in 8 people globally who are living with obesity or overweight.7 Olpasiran, our investigational therapy for elevated Lp(a), is advancing through Phase 3 trials and could provide a much-needed treatment for a major cardiovascular risk factor with no approved therapies today. 1 2 Non-GAAP financial measure. See reconciliations to U.S. generally accepted accounting principles (GAAP) accompanying this letter. Annualized run rate of over $1 billion based on Q4 2024 sales. UPLIZNA is also being evaluated in IgG4-related disease and generalized myasthenia gravis, two areas with urgent unmet needs. Late last year, positive Phase 3 study results in IgG4-RD were published in the New England Journal of Medicine, and the FDA has accepted a regulatory submission under priority review with a Prescription Drug User Fee Act (PDUFA) action date of April 3, 2025. The FDA has also granted UPLIZNA Orphan Drug Designation for generalized myasthenia gravis, and we expect 3 4 5 6 7 Historical comparison excludes the $1.5 billion acquired in-process research and development (IPR&D) charge associated with our Five Prime Therapeutics acquisition in 2021. Non-GAAP operating margin is calculated as a percentage of product sales. World Health Organization. Cardiovascular diseases (CVDs). WHO website. Published June 19, 2023. Accessed February 17, 2025. www.who.int/news-room/fact-sheets/detail/cardiovascular-diseases-(cvds) Amgen Inc. at JPMorgan Healthcare Conference, January 13, 2025. World Health Organization. Obesity and overweight. Published June 9, 2021. Accessed February 16, 2025. www.who.int/news-room/fact-sheets/detail/obesity-and-overweight 3
2024 Letter to Shareholders | regulatory filing to be completed in the first half of 2025. worldwide10 by 2050, as well as chronic rhinosinusitis with nasal polyps and eosinophilic esophagitis. With sales more than doubling in 2024, TAVNEOS is emerging as an important treatment option for ANCA-associated vasculitis, an autoimmune disease that can severely impact the kidneys and lungs. With $2.1 billion in 2024 sales, Otezla remains the preferred oral systemic treatment for psoriasis, offering a convenient option for adult and pediatric patients. In our pipeline, Rocatinlimab is being studied in a Phase 3 program for atopic dermatitis, a Phase 3 study for prurigo nodularis, and a Phase 2 study for asthma. We recently launched two biosimilars in rare disease: PAVBLU (a biosimilar to Eylea 8) for wet age-related macular degeneration, and BKEMV / BEKEMV (a biosimilar to Soliris 8) for rare blood disorders. INFLAMMATION: TRANSFORMING TREATMENT FOR CHRONIC AND DEBILITATING DISEASES Amgen has been a leader in inflammation for decades, bringing groundbreaking therapies to millions of patients. In 2024, sales of TEZSPIRE increased 71% yearover-year, reaching nearly $1 billion. As the only biologic approved for all types of severe asthma, this treatment offers new hope for approximately 2.5 million patients globally who are uncontrolled or biologic-eligible.9 TEZSPIRE is also being evaluated in chronic obstructive pulmonary disease (COPD), which is projected to impact 600 million patients Our biosimilar portfolio in inflammation is robust, with AVSOLA (a biosimilar to REMICADE 8), AMJEVITA / AMGEVITA (a biosimilar to HUMIRA 8), and WEZLANA /WEZENLA (a biosimilar to STELARA 8). ONCOLOGY: ADVANCING NEXT-GENERATION T-CELL ENGAGERS AND TARGETED THERAPIES Amgen has been a pioneer in oncology for more than four decades, delivering therapies that extend and improve lives. We continue to lead the way in Bispecific T-cell Engagers (BiTE ), which harness the body s own T cells specialized white blood cells that serve as the immune system s frontline defense to precisely identify and destroy cancer cells. IMDELLTRA and BLINCYTO are first-in-class BiTE molecules transforming cancer treatment. IMDELLTRA Approved for SCLC After decades of minimal advancements in small cell lung cancer (SCLC) treatments, the approval of Amgen s IMDELLTRA in 2024 marked a much-needed new treatment option for patients living with this aggressive disease. SCLC makes up about 15% of the 2.4 million annual cases of lung cancer diagnosed worldwide and has an average 5-year relative survival rate of only 7%. IMDELLTRA is the latest innovation using Amgen s Bispecific T-cell Engager (BiTE ) immunotherapy platform, in this case targeting delta-like ligand 3 (DLL3), which is expressed on the surface of cancer cells in approximately 85% 96% of SCLC patients. Our track record in BiTE immunotherapies has reshaped patient care, delivering significant efficacy in hematologic malignancies and now solid tumor malignancies, as evidenced by this approval, said Paul Burton, MD, senior vice president and chief medical officer at Amgen. This underscores our commitment to patients with aggressive cancers who are in urgent need of innovative therapies.
IMDELLTRA , which was named as one of Time magazine s Best Inventions of 2024, is redefining care for small cell lung cancer (SCLC) and has been rapidly adopted for patients facing this aggressive disease. BLINCYTO has revolutionized treatment for B-cell acute lymphoblastic leukemia (B-ALL), with sales rising 41% year-over-year to $1.2 billion in 2024. As its use expands into earlier lines of therapy, BLINCYTO will continue to benefit even more patients. Our pipeline includes numerous potential oncology breakthroughs. Bemarituzumab is being explored in late-stage trials in gastric cancer, a disease that is becoming more common globally. Xaluritamig has advanced into Phase 3 trials for prostate cancer, and AMG 193 has demonstrated promising activity across multiple tumor types, supporting its continued development. Amgen also offers biosimilars to some of the most-prescribed cancer treatments in the world, including MVASI (a biosimilar to Avastin 8), KANJINTI (a biosimilar to Herceptin 8), and RIABNI (a biosimilar to RITUXAN 8). You can find more information about our approved medicines at www.amgen.com/products.11 To learn more about our pipeline, please visit www.amgenpipeline.com.11 Tackling Obesity Murielle V niant-Ellison vividly remembers the moment she first witnessed the impact serious illness can have on the lives of patients and their families. She was 15 years old when her uncle died from a sudden heart attack on New Year s Day. She sat in the back seat of the car, watching her father cry as they made their way through the streets of Dijon, France, to the house where her uncle had been vibrant and alive the day before. More than 40 years later, V niant-Ellison is the scientist at Amgen who led the breakthrough for what would become MariTide , Amgen s investigational obesity drug, which has entered into Phase 3 trials. Obesity is one of the world s leading public health challenges, impacting more than 1 billion people across the globe,7 and it s an underlying factor for many related conditions, including heart disease and diabetes, that take so many others family members far too soon. 8 All trademarks are the property of their respective owners. 9 Centers for Disease Control and Prevention. Most Recent National Asthma Data. Available at: www.cdc.gov/asthma/most_recent_national_ asthma_data.htm. Accessed March 2025. Soriano JB, Kendrick PJ, Paulson KR, et al. Global burden of chronic obstructive pulmonary disease through 2050. JAMA Netw Open. 2023;6(12):e2346598. doi:10.1001/jamanetworkopen.2023.46598. 10 11 Reference to our website is not intended to function as a hyperlink, and the information contained on our website is not intended to be part of this letter. V niant-Ellison s scientific journey began in the back of that car, when she began asking the big questions that set her on a lifelong search for answers, inspiring her to uncover an innovative approach to tackling obesity. Now, that answer feels closer than ever. 5
 • shareholder letter icon 4/2/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/30/2023 AMGN Stockholder Letter
 • stockholder letter icon 4/10/2024 AMGN Stockholder Letter
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AMGN Shareholder/Stockholder Letter Transcript:

Letter to
SHAREHOLDERS
2024

Unlike some of our competitors that are heavily
reliant on one or two products, Amgen exited 2024
with 14 blockbuster products, defined as those with
an annualized run rate of over $1 billion in sales.2
Furthermore, we saw record sales across 21 products,
with ten delivering at least double-digit sales growth,
including Repatha  , TEZSPIRE  , EVENITY  , BLINCYTO  ,
and TAVNEOS  . These measures provide support for
the strong foundation on which our growth is based.
We invested a record $6.0 billion in R&D, up 25%
from the prior year,3 and we have numerous potential
first- or best-in-class medicines moving rapidly
through our pipeline to treat obesity and obesityrelated conditions, cancer, heart disease, and
many other serious illnesses.
We   re also continuing to invest in growing our
manufacturing network to keep pace with the
demand for our products, opening our state-ofthe-art manufacturing site in central Ohio and
announcing a $1 billion expansion of our North
Carolina facility.
Robert A. Bradway
Chairman and Chief Executive Officer
Amgen Inc.
To My Fellow
SHAREHOLDERS,
Amgen delivered strong results in 2024. We reached
millions of patients worldwide with our life-changing
medicines, advanced the broadest and deepest
pipeline in our history, and positioned ourselves to
deliver attractive long-term growth.
In 2024, total revenues grew 19% to a record
$33.4 billion, driven by 23% volume growth, as our
medicines reached more patients worldwide. NonGAAP earnings per share increased 6% to $19.84.1
We increased our dividend per share by 6%, marking
our 13th consecutive annual dividend increase,
and we generated $10.4 billion1 of free cash flow.
2
Four Therapeutic Areas
Drive Our Growth
Amgen   s growth is fueled by a diverse portfolio
of approximately 40 products spanning four
therapeutic areas   General Medicine, Rare
Disease, Inflammation, and Oncology. As the global
population ages, we expect demand for innovative
medicines to grow across all four areas.
GENERAL MEDICINE:
EXPANDING OUR LEADERSHIP
IN CARDIOMETABOLIC DISEASE
Cardiovascular disease, osteoporosis, and
obesity together affect hundreds of millions of
people worldwide, leading to enormous personal
and societal costs. Amgen has been a leader in
addressing these massive challenges, and we are
excited about what lies ahead.
ON THE COVER:
J  rgen (top left), living with myeloma
Gina (top right), living with colorectal cancer
MJ (bottom left), living with pediatric B-cell acute
lymphoblastic leukemia
Angie (bottom right), living with cardiovascular disease

2024 Letter to Shareholders |
$33.4B
$19.84
$6.0B
46.9%
2024 Total Revenues
Non-GAAP
Earnings per Share1
GAAP Research and
Development Investment
Non-GAAP
Operating Margin1, 4
Repatha   provides powerful LDL cholesterol
reduction to patients at high risk of heart attack and
stroke. Sales of Repatha grew 36% in 2024, reaching
$2.2 billion. There is still work to be done in this area,
as heart disease remains the leading cause of death
worldwide,5 with an estimated 100 million high-risk
patients needing treatment to lower LDL cholesterol.6
RARE DISEASE: EXPANDING
ACCESS FOR PATIENTS WITH
LIMITED TREATMENT OPTIONS
With the successful integration of Horizon
Therapeutics plc, acquired in late 2023, Amgen is now
a leader in rare disease, offering hope for patients
suffering from conditions where few or no treatment
options exist. Sales for our rare disease portfolio were
$4.5 billion in 2024.
EVENITY   and Prolia   are helping millions of patients
lower their risk of breaking a bone. Sales of EVENITY
grew 35% in 2024, to $1.6 billion. EVENITY remains the
only therapy that both builds bone and slows bone
loss for postmenopausal women at high risk. The
need for such therapies remains high, as more than
90% of high-risk patients remain untreated, providing
a significant opportunity to expand access and
improve care.6
TEPEZZA   generated $1.9 billion in sales in 2024 and
remains the first and only FDA-approved treatment
for thyroid eye disease (TED), a lifelong debilitating
and potentially vision-threatening rare autoimmune
disease that can get worse over time. We look
forward to expanding access to even more patients
in 2025, both in the U.S. and internationally.
Looking ahead, we see tremendous potential in
obesity and cardiovascular risk reduction with
two innovative molecules advancing: MariTide   
(maridebart cafraglutide) for obesity and obesityrelated conditions, and Olpasiran for
cardiovascular disease.
KRYSTEXXA   generated $1.2 billion in sales in 2024
and is used to prevent the severe joint damage
that can result from uncontrolled gout. UPLIZNA  
generated $379 million in sales and is an important
treatment for neuromyelitis optica spectrum disorder
(NMOSD), protecting patients from attacks of
inflammation that can lead to disability.
In a Phase 2 study, MariTide delivered up to
approximately 20% average weight loss at 52 weeks
without an observed weight-loss plateau. MariTide
has the potential to be administered monthly
or even less frequently, which would be a key
differentiator from currently available treatments.
MariTide entered Phase 3 development with the
initiation of two studies focused on people living
with obesity or overweight, with and without type
2 diabetes. If approved, MariTide has the potential
to help the 1 in 8 people globally who are living with
obesity or overweight.7
Olpasiran, our investigational therapy for elevated
Lp(a), is advancing through Phase 3 trials and could
provide a much-needed treatment for a major
cardiovascular risk factor with no approved
therapies today.
1
2
Non-GAAP financial measure. See reconciliations to U.S. generally accepted
accounting principles (GAAP) accompanying this letter.
Annualized run rate of over $1 billion based on Q4 2024 sales.
UPLIZNA is also being evaluated in IgG4-related
disease and generalized myasthenia gravis, two
areas with urgent unmet needs. Late last year,
positive Phase 3 study results in IgG4-RD were
published in the New England Journal of Medicine,
and the FDA has accepted a regulatory submission
under priority review with a Prescription Drug User
Fee Act (PDUFA) action date of April 3, 2025. The FDA
has also granted UPLIZNA Orphan Drug Designation
for generalized myasthenia gravis, and we expect
3
4
5
6
7
Historical comparison excludes the $1.5 billion acquired in-process research
and development (IPR&D) charge associated with our Five Prime Therapeutics
acquisition in 2021.
Non-GAAP operating margin is calculated as a percentage of product sales.
World Health Organization. Cardiovascular diseases (CVDs). WHO website.
Published June 19, 2023. Accessed February 17, 2025.
www.who.int/news-room/fact-sheets/detail/cardiovascular-diseases-(cvds)
Amgen Inc. at JPMorgan Healthcare Conference, January 13, 2025.
World Health Organization. Obesity and overweight. Published June 9, 2021.
Accessed February 16, 2025.
www.who.int/news-room/fact-sheets/detail/obesity-and-overweight
3

2024 Letter to Shareholders |
regulatory filing to be completed in the first half
of 2025.
worldwide10 by 2050, as well as chronic rhinosinusitis
with nasal polyps and eosinophilic esophagitis.
With sales more than doubling in 2024, TAVNEOS  
is emerging as an important treatment option for
ANCA-associated vasculitis, an autoimmune disease
that can severely impact the kidneys and lungs.
With $2.1 billion in 2024 sales, Otezla   remains the
preferred oral systemic treatment for psoriasis,
offering a convenient option for adult and pediatric
patients. In our pipeline, Rocatinlimab is being
studied in a Phase 3 program for atopic dermatitis,
a Phase 3 study for prurigo nodularis, and a Phase 2
study for asthma.
We recently launched two biosimilars in rare
disease: PAVBLU    (a biosimilar to Eylea  8) for wet
age-related macular degeneration, and BKEMV   /
BEKEMV    (a biosimilar to Soliris  8) for rare
blood disorders.
INFLAMMATION:
TRANSFORMING TREATMENT
FOR CHRONIC AND
DEBILITATING DISEASES
Amgen has been a leader in inflammation for
decades, bringing groundbreaking therapies to
millions of patients.
In 2024, sales of TEZSPIRE   increased 71% yearover-year, reaching nearly $1 billion. As the only
biologic approved for all types of severe asthma,
this treatment offers new hope for approximately
2.5 million patients globally who are uncontrolled or
biologic-eligible.9 TEZSPIRE is also being evaluated
in chronic obstructive pulmonary disease (COPD),
which is projected to impact 600 million patients
Our biosimilar portfolio in inflammation is robust, with
AVSOLA   (a biosimilar to REMICADE  8), AMJEVITA  /
AMGEVITA    (a biosimilar to HUMIRA  8), and
WEZLANA   /WEZENLA    (a biosimilar to STELARA  8).
ONCOLOGY: ADVANCING
NEXT-GENERATION T-CELL
ENGAGERS AND TARGETED
THERAPIES
Amgen has been a pioneer in oncology for more
than four decades, delivering therapies that extend
and improve lives. We continue to lead the way in
Bispecific T-cell Engagers (BiTE  ), which harness the
body   s own T cells   specialized white blood cells that
serve as the immune system   s frontline defense   to
precisely identify and destroy cancer cells.
IMDELLTRA   and BLINCYTO   are first-in-class
BiTE molecules transforming cancer treatment.
IMDELLTRA   Approved for SCLC
After decades of minimal advancements in small cell lung
cancer (SCLC) treatments, the approval of Amgen   s IMDELLTRA
in 2024 marked a much-needed new treatment option for
patients living with this aggressive disease. SCLC makes
up about 15% of the 2.4 million annual cases of lung cancer
diagnosed worldwide and has an average 5-year relative
survival rate of only 7%.
IMDELLTRA is the latest innovation using Amgen   s Bispecific
T-cell Engager (BiTE  ) immunotherapy platform, in this case
targeting delta-like ligand 3 (DLL3), which is expressed on
the surface of cancer cells in approximately 85%   96%
of SCLC patients.
   Our track record in BiTE immunotherapies has reshaped
patient care, delivering significant efficacy in hematologic
malignancies and now solid tumor malignancies, as evidenced
by this approval,    said Paul Burton, MD, senior vice president
and chief medical officer at Amgen.    This underscores our
commitment to patients with aggressive cancers who
are in urgent need of innovative therapies.   

IMDELLTRA  , which was named as one of Time
magazine   s Best Inventions of 2024, is redefining
care for small cell lung cancer (SCLC) and has been
rapidly adopted for patients facing this aggressive
disease. BLINCYTO   has revolutionized treatment
for B-cell acute lymphoblastic leukemia (B-ALL),
with sales rising 41% year-over-year to $1.2 billion in
2024. As its use expands into earlier lines of therapy,
BLINCYTO will continue to benefit even more patients.
Our pipeline includes numerous potential oncology
breakthroughs. Bemarituzumab is being explored
in late-stage trials in gastric cancer, a disease that
is becoming more common globally. Xaluritamig
has advanced into Phase 3 trials for prostate cancer,
and AMG 193 has demonstrated promising activity
across multiple tumor types, supporting its
continued development.
Amgen also offers biosimilars to some of the
most-prescribed cancer treatments in the world,
including MVASI   (a biosimilar to Avastin  8),
KANJINTI   (a biosimilar to Herceptin  8),
and RIABNI   (a biosimilar to RITUXAN  8).
You can find more information about our approved
medicines at www.amgen.com/products.11
To learn more about our pipeline,
please visit www.amgenpipeline.com.11
Tackling Obesity
Murielle V  niant-Ellison vividly remembers the
moment she first witnessed the impact serious
illness can have on the lives of patients and
their families. She was 15 years old when her
uncle died from a sudden heart attack on New
Year   s Day. She sat in the back seat of the car,
watching her father cry as they made their way
through the streets of Dijon, France, to the house
where her uncle had been vibrant and alive the
day before.
More than 40 years later, V  niant-Ellison is the
scientist at Amgen who led the breakthrough
for what would become MariTide   , Amgen   s
investigational obesity drug, which has entered
into Phase 3 trials.
Obesity is one of the world   s leading public
health challenges, impacting more than 1 billion
people across the globe,7 and it   s an underlying
factor for many related conditions, including
heart disease and diabetes, that take so many
others    family members far too soon.
8
All trademarks are the property of their respective owners.
9
Centers for Disease Control and Prevention. Most Recent National Asthma
Data. Available at: www.cdc.gov/asthma/most_recent_national_
asthma_data.htm. Accessed March 2025.
Soriano JB, Kendrick PJ, Paulson KR, et al. Global burden of chronic
obstructive pulmonary disease through 2050. JAMA Netw Open.
2023;6(12):e2346598. doi:10.1001/jamanetworkopen.2023.46598.
10
11
Reference to our website is not intended to function as a hyperlink, and
the information contained on our website is not intended to be part of this letter.
V  niant-Ellison   s scientific journey began in the
back of that car, when she began asking the big
questions that set her on a lifelong search for
answers, inspiring her to uncover an innovative
approach to tackling obesity.
Now, that answer feels closer than ever.
5



shareholder letter icon 4/2/2025 Letter Continued (Full PDF)
 

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