# How Amgen makes money

CXProWealth Business Lens · Amgen (AMGN) · Q2 FY2026

Read from the 10-Q for the period 2026-04-01 to 2026-06-30, filed 2026-08-05 with the SEC (accession 0000318154-26-000126): https://www.sec.gov/Archives/edgar/data/318154/000031815426000126/

Business Lens explains how a company earns, spends and keeps its money, from its own filings. It is insight and context, never a view on the shares, a target, or advice. Figures are raw units as filed; percentages are percentage points.

## Headline figures

- Revenue: $10.1B (+9.5% on the year)
- Operating income: $3.5B (operating margin 35.0%)
- Net income: $2.4B (net margin 23.6%)
- Gross margin: 72.0%
- Free cash flow: $3.5B (34.7% of revenue)
- Cash conversion (operating cash flow / net income): 1.69x
- Capital expenditure: 5.1% of revenue

## Where the money goes (Q2 FY2026)

- Repatha → Total revenues: $953.0M
- Prolia → Total revenues: $759.0M
- Evenity → Total revenues: $714.0M
- Tepezza → Total revenues: $576.0M
- Otezla → Total revenues: $491.0M
- Enbrel → Total revenues: $580.0M
- Blincyto → Total revenues: $472.0M
- Nplate → Total revenues: $430.0M
- Tezspire → Total revenues: $486.0M
- Xgeva → Total revenues: $352.0M
- Aranesp → Total revenues: $352.0M
- Krystexxa → Total revenues: $400.0M
- Kyprolis → Total revenues: $314.0M
- Vectibix → Total revenues: $338.0M
- Uplizna → Total revenues: $335.0M
- Imdelltra/imdylltra → Total revenues: $288.0M
- Other products → Total revenues: $1.7B
- Other revenues → Total revenues: $517.0M
- Total revenues → Total operating expenses: $6.5B
- Total operating expenses → Selling, general and administrative: $1.7B
- Total operating expenses → Cost of sales: $2.8B
- Total operating expenses → Research and development: $1.9B
- Total operating expenses → Other: $116.0M
- Total revenues → Operating income: $3.5B
- Operating income → Interest expense, net: $673.0M
- Operating income → Other (expense) income, net: $73.0M
- Operating income → Income before income taxes: $2.8B
- Income before income taxes → Provision for income taxes: $393.0M
- Income before income taxes → Net income: $2.4B

## Where the revenue comes from

### Products and services (CONDENSED CONSOLIDATED STATEMENTS OF INCOME)

| Member | Value | Share |
|---|---:|---:|
| Product sales | $9.5B | 94.9% |
| Other revenues | $517.0M | 5.1% |

The members sum to total revenue.

### Products and services (Revenues - Schedule of Disaggregation of Revenue by Product and by Geographic Area (Details))

| Member | Value | Share |
|---|---:|---:|
| Other products | $1.7B | 16.9% |
| Repatha | $953.0M | 9.5% |
| Prolia | $759.0M | 7.5% |
| Evenity | $714.0M | 7.1% |
| Enbrel | $580.0M | 5.8% |
| Tepezza | $576.0M | 5.7% |
| Otezla | $491.0M | 4.9% |
| Tezspire | $486.0M | 4.8% |
| Blincyto | $472.0M | 4.7% |
| Nplate | $430.0M | 4.3% |
| Krystexxa | $400.0M | 4.0% |
| Xgeva | $352.0M | 3.5% |
| Aranesp | $352.0M | 3.5% |
| Vectibix | $338.0M | 3.4% |
| Uplizna | $335.0M | 3.3% |
| Kyprolis | $314.0M | 3.1% |
| Imdelltra/imdylltra | $288.0M | 2.9% |

The members do not sum to total revenue.

## Income statement, as filed

| Line | Q2 FY2026 | Of revenue |
|---|---:|---:|
| Total revenues | $10.1B | 100% |
|   Product sales | $9.5B | 94.9% |
|   Other revenues | $517.0M | 5.1% |
| Cost of sales | $2.8B | 28.0% |
| Research and development | $1.9B | 18.6% |
| Selling, general and administrative | $1.7B | 17.4% |
| Other | $116.0M | 1.2% |
| **Total operating expenses** | $6.5B | 65.0% |
| **Operating income** | $3.5B | 35.0% |
| Interest expense, net | ($673.0M) | 6.7% |
| Other (expense) income, net | -$73.0M | 0.7% |
| **Income before income taxes** | $2.8B | 27.5% |
| Provision for income taxes | $393.0M | 3.9% |
| **Net income** | $2.4B | 23.6% |
| Basic (in usd per share) | $4 | 0.0% |
| Diluted (in usd per share) | $4 | 0.0% |
| Basic (in shares) | 540,000,000 |  |
| Diluted (in shares) | 544,000,000 |  |

## History

| Period | Revenue | Operating income | Net income | Operating cash flow | Capital expenditure | Free cash flow |
|---|---:|---:|---:|---:|---:|---:|
| FY2007 | $14.8B | $4.0B | $3.1B | $5.4B | $1.3B | $4.1B |
| FY2008 | $15.0B | $5.2B | $4.1B | $6.0B | $672.0M | $5.3B |
| FY2009 | $14.6B | $5.5B | $4.6B | $6.3B | $530.0M | $5.8B |
| FY2010 | $15.1B | $5.5B | $4.6B | $5.8B | $580.0M | $5.2B |
| FY2011 | $15.6B | $4.3B | $3.7B | $5.1B | $567.0M | $4.6B |
| FY2012 | $17.3B | $5.6B | $4.3B | $5.9B | $689.0M | $5.2B |
| FY2013 | $18.7B | $5.9B | $5.1B | $6.3B | $693.0M | $5.6B |
| FY2014 | $20.1B | $6.2B | $5.2B | $9.0B | $718.0M | $8.2B |
| FY2015 | $21.7B | $8.5B | $6.9B | $9.7B | $594.0M | $9.1B |
| FY2016 | $23.0B | $9.8B | $7.7B | $10.4B | $738.0M | $9.6B |
| FY2017 | $22.8B | $10.0B | $2.0B | $11.2B | $664.0M | $10.5B |
| FY2018 | $23.7B | $10.3B | $8.4B | $11.3B | $738.0M | $10.6B |
| FY2019 | $23.4B | $9.7B | $7.8B | $9.2B | $618.0M | $8.5B |
| FY2020 | $25.4B | $9.1B | $7.3B | $10.5B | $608.0M | $9.9B |
| FY2021 | $26.0B | $7.6B | $5.9B | $9.3B | $880.0M | $8.4B |
| FY2022 | $26.3B | $9.6B | $6.6B | $9.7B | $936.0M | $8.8B |
| FY2023 | $28.2B | $7.9B | $6.7B | $8.5B | $1.1B | $7.4B |
| FY2024 | $33.4B | $7.3B | $4.1B | $11.5B | $1.1B | $10.4B |
| FY2025 | $36.8B | $9.1B | $7.7B | $10.0B | $1.9B | $8.1B |

Latest trend (the newest full year against the year before; a reading, not a forecast):

- Revenue: +10.0% (year before +18.6%): slowing
- Operating income: +25.1% (year before -8.1%): accelerating
- Net income: +88.5% (year before -39.1%): accelerating
- Free cash flow: -22.1% (year before +41.2%): slowing

## Operating figures stated in the filing

- U.S. volume growth (quarter): 9.0% (as of 2026-06-30). "For the three months ended June 30, 2026, U.S. volume grew 9% and ROW volume grew 8%, driven by certain brands, including Repatha, EVENITY, UPLIZNA, TEZSPIRE, IMDELLTRA/IMDYLLTRA and PAVBLU." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Rest-of-world volume growth (quarter): 8.0% (as of 2026-06-30). "For the three months ended June 30, 2026, U.S. volume grew 9% and ROW volume grew 8%, driven by certain brands, including Repatha, EVENITY, UPLIZNA, TEZSPIRE, IMDELLTRA/IMDYLLTRA and PAVBLU." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Total product volume growth (six months): 9.0% (as of 2026-06-30). "Total product sales increased 7% for the six months ended June 30, 2026, driven by volume growth of 9%, partially offset by lower net selling price." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Prolia volume decline (quarter): 20.0% (as of 2026-06-30). "The decreases in global Prolia sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 20% and 19%, respectively, and lower net selling price of 12% and 11%, respectively." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Prolia net selling price decline (quarter): 12.0% (as of 2026-06-30). "The decreases in global Prolia sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 20% and 19%, respectively, and lower net selling price of 12% and 11%, respectively." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- XGEVA volume decline (quarter): 22.0% (as of 2026-06-30). "The decreases in global XGEVA sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 22% and 20%, respectively, and lower net selling price of 8% for both periods." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- XGEVA net selling price decline (quarter): 8.0% (as of 2026-06-30). "The decreases in global XGEVA sales for the three and six months ended June 30, 2026 were primarily driven by lower volume of 22% and 20%, respectively, and lower net selling price of 8% for both periods." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- ENBREL net selling price decline (quarter): 22.0% (as of 2026-06-30). "The decrease in ENBREL sales for the three months ended June 30, 2026 was primarily driven by lower net selling price of 22% resulting from the impact of U.S. Medicare Part D price setting under the IRA, effective January 1, 2026, as well as an increase in 340B Program mix, partially offset by favorable changes in estimated sales deductions of 16%." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Otezla net selling price decline (quarter): 9.0% (as of 2026-06-30). "The decrease in global Otezla sales for the three months ended June 30, 2026 was driven by lower net selling price of 9%, lower volume of 6% and unfavorable changes to estimated sales deductions." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Otezla volume decline (quarter): 6.0% (as of 2026-06-30). "The decrease in global Otezla sales for the three months ended June 30, 2026 was driven by lower net selling price of 9%, lower volume of 6% and unfavorable changes to estimated sales deductions." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- TEPEZZA volume growth (quarter): 6.0% (as of 2026-06-30). "The increase in global TEPEZZA sales for the three months ended June 30, 2026 was driven by higher net selling price of 6%, volume growth of 6% and favorable changes to estimated sales deductions of 4%, partially offset by 4% from lower inventory." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- BLINCYTO volume growth (quarter): 16.0% (as of 2026-06-30). "The increase in global BLINCYTO sales for the three months ended June 30, 2026 was driven by volume growth of 16%, favorable changes to estimated sales deductions of 4% and higher net selling price." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- Nplate volume growth (quarter): 13.0% (as of 2026-06-30). "The increase in global Nplate sales for the three months ended June 30, 2026 was driven by volume growth of 13% and higher net selling price." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)
- KRYSTEXXA net selling price increase (quarter): 23.0% (as of 2026-06-30). "The increases in global KRYSTEXXA sales for the three and six months ended June 30, 2026 were driven by higher net selling price of 23% and 20%, respectively, partially offset by lower inventory for both periods." (Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS)

## Key insights

### Falling amortization, not pricing, widened the operating margin

Cost of sales supplied 4.84 of the 6.02 points of operating margin gain, and the filing credits lower amortization of acquired assets.

Revenue rose 9.5% to $10.05B while total operating expenses rose 0.3% to $6.54B, so operating income climbed 32.3% to $3.51B and the operating margin reached 35.0%, up 6.02 points. Cost of sales did most of the work: it fell 6.6% to $2.81B and its share of revenue dropped 4.84 points to 28.0%. The filing attributes the decline to "lower amortization expense from acquisition-related assets", partly offset by higher profit share expense, higher manufacturing costs and changes in sales mix. _(from the filing)_
The other cost lines grew more slowly than revenue. Research and development rose 7.1% to $1.87B, its share of revenue easing 0.42 points to 18.6%, and selling, general and administrative rose 3.2% to $1.75B, down 1.07 points to 17.4%. The filing ties the research increase mainly to later-stage trials for MariTide. _(from the filing)_
The longer record shows how far margins had fallen before this recovery. Operating margin was 43.2% in FY2018, when cost of revenue was 17.3% of revenue. By FY2025 cost of revenue had risen to 32.8% of revenue and operating margin had fallen to 24.7%, even though revenue grew to $36.75B from $23.75B. _(from the filing)_
Our reading: amortization is a charge without a cash payment that runs down as acquired product rights age, so part of this gain is accounting rather than a change in what the medicines earn. The test is whether the margin holds as the schedule keeps declining, with free cash flow, which amortization does not touch, moving the same way. _(analysis)_

### Newer brands outran the biosimilar loss on Prolia and Xgeva

Prolia fell 32.4% and Xgeva 33.8%, yet revenue grew 9.5%: Repatha's sales now equal 125.6% of Prolia's, which led a year earlier.

Prolia fell 32.4% to $759M on volume down 20% and net selling price down 12%, and Xgeva fell 33.8% to $352M on volume down 22% and net price down 8%. The patents on the antibody the two share have expired in the United States and in select European countries, and the filing says multiple biosimilars have launched. Prolia's share of revenue fell 4.67 points to 7.55%, and Xgeva's 2.29 points to 3.5%. _(from the filing)_
The filing says U.S. volume grew 9% and rest-of-world volume 8%, led by Repatha, Evenity, Uplizna, Tezspire, Imdelltra and Pavblu. Repatha rose 36.9% to $953M, Evenity 37.8% to $714M, Tezspire 42.1% to $486M, Uplizna 90.3% to $335M and Imdelltra 114.9% to $288M. Repatha is now the largest brand at 9.48% of revenue, and Evenity's sales already equal 94% of Prolia's. _(from the filing)_
The filing does not expect the pressure on the older pair to ease. For the rest of the year it continues to "expect accelerated sales erosion driven by increased competition" for both Prolia and Xgeva. _(from the filing)_
Our reading: this quarter is one round of a race that repeats. The losses on the two older brands are steep and front-loaded, while the gains come from several brands still early in their growth. Revenue keeps rising only while the newer group adds more each quarter than the older pair gives up, so the pace of the launches matters more than any single brand's result. _(analysis)_

### Net income grew twice as fast as operating income

Net income rose 65.9% against operating income's 32.3%, lifted by a smaller loss on an equity stake and partly held back by tax.

Other (expense) income, net narrowed to a $73M expense from $394M, which the filing ties mainly to lower unrealized losses on its equity stake in BeOne. Interest expense, net fell 3.0% to $673M, which the filing attributes to lower average debt outstanding. Interest now takes 19.2% of operating income, against 26.1% a year earlier. _(from the filing)_
Income before income taxes rose 76.5% to $2.77B. The tax provision rose to $393M from $136M, an effective rate of 14.2% against 8.7%, which the filing attributes to a change in earnings mix, including lower amortization of acquisition-related assets. Net income reached $2.38B and diluted earnings per share $4.37, against $2.65. _(from the filing)_
Our reading: the line that helped most sits outside the operating business. The equity stake is revalued at its market price every quarter, so that line can swing either way. The filing links the higher tax rate to the same lower amortization that lifted the operating margin, so part of that gain is handed back below operating income. Operating income is the steadier guide to how the medicines performed. _(analysis)_

### Competitive edge

- **No single brand carries a tenth of revenue** The largest brand, Repatha, is 9.48% of revenue, so Prolia could lose 4.67 points of share while total revenue still grew 9.5%.
- **Operating cash ran 1.69 times net income** Operating cash flow of $4.0B was 1.69 times net income, leaving free cash flow of $3.49B, 34.7% of revenue, after capital spending.
- **Growth comes from more patients, not higher prices** U.S. volume grew 9% and rest-of-world volume 8%, while the filing expects net selling prices to keep declining for the rest of the year.

### What to watch

- **Medicare price setting cut Enbrel's net price 22%** Enbrel's net price fell 22% under Medicare price setting, and Otezla, already down 20.6%, faces its own set price from next January.
- **An IRS dispute over Puerto Rico profits is unresolved** The IRS contests how Amgen split profits with Puerto Rico, and the filing warns payments could be substantially greater than amounts accrued.
- **The FDA has proposed withdrawing Tavneos** The FDA proposes withdrawing Tavneos's approval; Amgen has requested a hearing, and the product stays on the market while the process is pending.

## Investor view

**U.S. volume grew 9% as Amgen's newer medicines outran biosimilar losses on Prolia and Xgeva**

### How it makes money

Amgen discovers, makes and sells medicines, mostly biologics, and reports a single segment, human therapeutics. Product sales were $9.54B of $10.05B in total revenues this quarter, or 94.9%. No single brand dominates: the largest, Repatha, was 9.5% of revenue, the other principal brands each sat between 2.9% and 9.5%, and non-principal products together made up 16.9%. _(from the filing)_
The economics are those of protected biology. Cost of sales was $2.81B, 28.0% of revenue, for a gross margin of 72.0%. Research and development took $1.87B, 18.6% of revenue, and selling, general and administrative $1.75B, 17.4%. What remained was an operating margin of 35.0%. _(from the filing)_
Other revenues, $517M or 5.1% of the total, come from partners rather than from selling product: the filing attributes their 26.7% rise to "higher corporate partner revenue and royalty income". Some brands are split by territory. Tezspire, for example, is sold by Amgen in the United States, $486M this quarter, and "marketed by our collaborator AstraZeneca outside the United States". _(from the filing)_
Prices are negotiated with payers, not set by the company alone. The filing says the industry "continues to be subject to cost containment measures and significant pricing pressures, resulting in net price declines", and that for the rest of the year it expects "volume growth from certain brands to be partially offset by net selling price declines". _(from the filing)_

### What shifted

Revenue rose 9.5% to $10.05B from $9.18B, and the filing says the gain came from volume: U.S. volume grew 9% and rest-of-world volume 8%, led by Repatha, Evenity, Uplizna, Tezspire, Imdelltra and Pavblu. Repatha grew 36.9% to $953M, Evenity 37.8% to $714M, Tezspire 42.1% to $486M, Uplizna 90.3% to $335M and Imdelltra 114.9% to $288M. _(from the filing)_
The bone franchise shrank. Prolia fell 32.4% to $759M on volume down 20% and net selling price down 12%, and Xgeva fell 33.8% to $352M on volume down 22% and net price down 8%. Prolia's share of revenue dropped 4.67 points to 7.55%. Both share an antibody whose U.S. patents have expired, and the filing says multiple biosimilars have launched in the United States and abroad. _(from the filing)_
Operating income rose 32.3% to $3.51B and the operating margin widened 6.02 points to 35.0%. Most of that came through cost of sales, which fell 6.6% to $2.81B while revenue grew. The filing credits "lower amortization expense from acquisition-related assets", partly offset by higher profit share expense, manufacturing costs and sales mix. Total operating expenses were flat at $6.54B against $6.52B. _(from the filing)_
Below operating income the swing was larger. Other expense narrowed to $73M from $394M, which the filing ties to smaller unrealized losses on its equity stake in BeOne, and net income rose 65.9% to $2.38B. The tax provision rose to $393M from $136M, an effective rate of 14.2% against 8.7%, which the filing attributes to a change in earnings mix, including lower amortization. _(from the filing)_
Pricing policy is now visible in individual brands. Enbrel's sales slipped 4.0% to $580M as its net selling price fell 22%, which the filing attributes to Medicare Part D price setting under the IRA from the start of the year and a larger share of sales through a federal discount program. Otezla fell 20.6% to $491M on net price down 9% and volume down 6%, with generic competition in some European countries. _(from the filing)_

### Risks in the filing

The company names U.S. pricing policy first. The IRA lets Medicare set prices for selected drugs, shifts more Part D cost onto manufacturers and penalizes price increases above inflation. Set prices for Enbrel took effect this year and for Otezla take effect next year, "in each case at significantly lower levels". The Most-Favored-Nation pricing push, which Amgen says it is acting to satisfy, and a new Medicaid rebate model add to that pressure. _(from the filing)_
States add their own layer: drug affordability boards, one of which, in Colorado, set an upper payment limit on Enbrel that is currently enjoined; drug import programs; and laws widening a federal discount program for safety-net providers. Insurers and pharmacy benefit managers have consolidated, and the filing says that concentration has raised the discounts, rebates and fees they obtain from manufacturers. _(from the filing)_
Approvals can be revisited. The FDA has proposed withdrawing Tavneos, alleging a lack of substantial evidence of effectiveness, and Amgen has requested a hearing. Lumakras still lacks full approval after a Complete Response Letter on its confirmatory data. The filing also warns that staffing and budget cuts at the FDA could slow reviews of new products and indications. _(from the filing)_
The IRS disputes how Amgen allocated profits between the United States and Puerto Rico in earlier years. That case awaits a Tax Court decision, a similar proposed adjustment has been issued for later years, and the company says the outcome "may result in payments substantially greater than amounts accrued". The filing also names cyberattacks, including incidents at third-party vendors, as a threat to operations. _(from the filing)_
Two of these risks already show in the quarter's numbers. Pricing pressure is visible in Enbrel and Otezla, where the filing attributes the declines mainly to lower net price, and loss of exclusivity is visible in Prolia and Xgeva. The regulatory and tax matters have not yet reached the operating figures; for now they appear only as contingencies in the notes. _(analysis)_

## Founder view: mechanisms

### Replace a franchise before its protection ends

A patented biologic earns high margins for as long as it is protected, then loses much of its sales once biosimilars arrive. The business works like a conveyor: each brand is launched, grown and eventually ceded, and the company must keep enough newer brands rising that their gains exceed the losses of the ones whose protection has ended. Spreading revenue across many mid-sized brands keeps any one expiry from deciding the year. _(analysis)_

### Buy growth, then let amortization roll off

Amgen buys companies for their marketed products and records much of the price as intangible assets, which it amortizes mostly through cost of sales. For years after a large deal, reported margins understate what the acquired products earn in cash. As the amortization schedule runs down, the same sales show visibly higher gross and operating margins, with no change in pricing or manufacturing. _(analysis)_

### Grow through patients, not price

Payers, not patients, decide what a medicine nets. With Medicare price setting, rebates to pharmacy benefit managers and foreign reference pricing all pressing net prices down, growth has to come from more patients on therapy. A brand that grows only by raising its price is exposed to the next negotiation; one that grows by reaching new patients can absorb price cuts and still expand. _(analysis)_

### Let partners carry part of the reach

Amgen does not sell every product everywhere itself. Partners market some brands in some regions, and Amgen earns royalties and partner revenue in return, booked as other revenues with little selling cost attached. It trades part of the margin for reach it would otherwise have to build. The arrangement also runs the other way: where Amgen sells a partner's product, a profit share flows out through cost of sales. _(analysis)_

## Member research

Signed-in members read, on the page: what Amgen's numbers depend on from here, and the playbook behind each mechanism (what needs scale, what transfers, how to test it, the metric that would show it).

## Sources

- Amgen 10-Q for the period to 2026-06-30: https://www.sec.gov/Archives/edgar/data/318154/000031815426000126/ (2026-08-05)

Methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02 · as of 2026-11-02