Amgen Inc. is a global biotechnology company that discovers, develops, manufactures, and delivers innovative medicines to address serious diseases . The company operates in the human therapeutics segment, focusing on areas of high unmet medical need . Amgen's principal products include Prolia, ENBREL, XGEVA, Repatha, Otezla, TEPEZZA, EVENITY, KYPROLIS, Nplate, Aranesp, KRYSTEXXA, BLINCYTO, Vectibix, and TEZSPIRE, among others . The company's strategy includes expanding its rare disease portfolio, bolstered by the acquisition of Horizon Therapeutics .
- Human Therapeutics - Focuses on developing and delivering medicines for serious diseases, with key products like Prolia, ENBREL, XGEVA, Repatha, and Otezla driving growth.
- Prolia - Treats osteoporosis by increasing bone mass and strength.
- ENBREL - Used for treating autoimmune diseases such as rheumatoid arthritis.
- XGEVA - Prevents skeletal-related events in patients with bone metastases.
- Repatha - Lowers cholesterol levels in patients with cardiovascular risks.
- Otezla - Treats moderate to severe plaque psoriasis and psoriatic arthritis.
- Rare Disease Portfolio - Expanded through the acquisition of Horizon Therapeutics, focusing on rare diseases with products like TEPEZZA, KRYSTEXXA, and UPLIZNA.
- TEPEZZA - Treats thyroid eye disease.
- KRYSTEXXA - Manages chronic gout in adult patients.
- UPLIZNA - Targets neuromyelitis optica spectrum disorder.
- Oncology and Hematology - Develops treatments for cancer and blood disorders, including products like KYPROLIS, Nplate, Aranesp, and BLINCYTO.
- KYPROLIS - Used in the treatment of multiple myeloma.
- Nplate - Increases platelet production in patients with chronic immune thrombocytopenia.
- Aranesp - Treats anemia associated with chronic kidney disease and chemotherapy.
- BLINCYTO - Engages the immune system to target and destroy leukemia cells.
- Bone Health - Offers treatments like EVENITY and Vectibix to improve bone health and treat bone-related conditions.
- EVENITY - Increases bone formation and reduces the risk of fractures in osteoporosis.
- Vectibix - Used in the treatment of metastatic colorectal cancer.
- Respiratory and Inflammatory Diseases - Provides solutions for respiratory and inflammatory conditions, with products like TEZSPIRE.
- TEZSPIRE - Treats severe asthma by targeting inflammatory pathways.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert A. Bradway ExecutiveBoard | Chairman, CEO, and President | Director at The Boeing Company; Trustee of the University of Southern California (USC) | Joined Amgen in 2006. Held roles including CFO, COO, and President. CEO since 2012 and Chairman since 2013. Extensive leadership in operations, strategy, and finance. | View Report → |
David M. Reese Executive | EVP and Chief Technology Officer | None | Joined Amgen in 2005. Former EVP of R&D. Leads technology and AI initiatives across Amgen. | |
Derek Miller Executive | SVP, Human Resources | None | Joined Amgen in 2003. Held various HR leadership roles. SVP since 2022. | |
Esteban Santos Executive | EVP, Operations | None | Joined Amgen in 2007. Held various leadership roles in manufacturing and operations. EVP since 2016. | |
Murdo Gordon Executive | EVP, Global Commercial Operations | None | Joined Amgen in 2018. Previously Chief Commercial Officer at Bristol-Myers Squibb. Leads Amgen's global commercial strategy. | |
Nancy A. Grygiel Executive | SVP and Chief Compliance Officer | None | Joined Amgen in 2015. Former VP of Compliance at Allergan. Chief Compliance Officer since 2020. | |
Peter H. Griffith Executive | EVP and CFO | None | Joined Amgen in 2019. Former partner at EY and President of Sherwood Canyon Group. CFO since 2020. | |
Rachna Khosla Executive | SVP, Business Development | None | Joined Amgen in 2013. Leads business development efforts, including collaborations and acquisitions. | |
Amy E. Miles Board | Director | Chair of Norfolk Southern; Director at The Gap; Trustee of Boys and Girls Club of Eastern Tennessee | Director since 2020. Former CEO of Regal Entertainment Group. Expertise in finance and governance. | |
Brian J. Druker Board | Director | Director at Vincerx Pharma; CEO of OHSU Knight Cancer Institute; Scientific Advisor at Blueprint Medicines | Director since 2018. Renowned oncologist and researcher. Founder of Blueprint Medicines and MolecularMD. | |
Charles M. Holley Board | Director | Director at Carrier Global and Phillips 66; Advisory roles at University of Texas | Director since 2017. Former CFO of Walmart. Expertise in finance and governance. | |
Ellen J. Kullman Board | Director | Lead Independent Director at Dell Technologies; Director at Goldman Sachs; Executive Chair at Carbon | Director since 2016. Former CEO of DuPont. Expertise in governance and business leadership. | |
Greg C. Garland Board | Director | Executive Chairman of Phillips 66; Member of MD Anderson Board of Visitors; Vice Chair of Barbara Bush Literacy Foundation | Director since 2013. Former CEO of Phillips 66. Expertise in energy, governance, and sustainability. | |
Mary E. Klotman Board | Director | EVP for Health Affairs at Duke University; Dean of Duke University School of Medicine | Director since 2024. Renowned academic leader and physician-scientist. Expertise in medicine and research. | |
Michael V. Drake Board | Director | President of the University of California system | Director since 2022. President of the University of California. Former President of The Ohio State University. | |
Robert A. Eckert Board | Lead Independent Director | Director at Levi Strauss & Co. and Uber Technologies; Operating Partner at FFL Partners | Director since 2012. Former CEO of Mattel. Extensive experience in governance and business leadership. | |
S. Omar Ishrak Board | Director | Director at Intel Corporation and Allurion Technologies; Senior Advisor at Blackstone Life Sciences | Director since 2021. Former CEO of Medtronic. Expertise in healthcare and technology. | |
Tyler Jacks Board | Director | Director at Thermo Fisher Scientific; President of Break Through Cancer; Chair of Dragonfly Therapeutics | Director since 2012. Renowned cancer researcher and academic leader. | |
Wanda M. Austin Board | Director | Director at Apple Inc. and Chevron Corporation; Co-founder of MakingSpace, Inc.; USC Life Trustee | Director since 2017. Former CEO of Aerospace Corporation. Extensive experience in STEM education and governance. |
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Non-GAAP operating expenses increased 30% year-over-year, driven by higher R&D and SG&A spending, including investments in Repatha, Otezla, and EVENITY. How do you plan to manage these increasing expenses to maintain your operating margin, and when do you expect to see a return on these investments?
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The Horizon acquisition resulted in a $700 million OI&E expense, up $400 million year-over-year due to increased interest expenses. Can you elaborate on your deleveraging plan to retire over $10 billion of debt by the end of 2025, and how this will impact your financial flexibility and capital allocation priorities?
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With Enbrel facing competition in a crowded market and the CMS price negotiations concluding with a price reduction affecting approximately 25% of its revenues from Medicare Part D, what strategies are you implementing to sustain Enbrel's performance, and how are you mitigating the potential impact of Part D redesign on its future sales?
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You are significantly ramping up investment in your late-stage pipeline, including MariTide for obesity and Type 2 diabetes, and rocatinlumab for atopic dermatitis. Given the competitive landscape in these areas, how confident are you in the potential success of these programs, and what differentiates your candidates from existing therapies?
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Despite the strong initial uptake of IMDELLTRA since its mid-May launch, what challenges do you anticipate in its adoption, given the need for monitoring and establishing new care pathways, and how do you plan to address these to maximize its market potential?
Research analysts who have asked questions during AMGEN earnings calls.
Jay Olson
Oppenheimer & Co. Inc.
4 questions for AMGN
Salveen Richter
Goldman Sachs
4 questions for AMGN
Terence Flynn
Morgan Stanley
4 questions for AMGN
Yaron Werber
TD Cowen
4 questions for AMGN
Alexandria Hammond
Wolfe Research
3 questions for AMGN
Christopher Schott
JPMorgan Chase & Co.
3 questions for AMGN
Courtney Breen
AllianceBernstein
3 questions for AMGN
David Amsellem
Piper Sandler Companies
3 questions for AMGN
Evan Seigerman
BMO Capital Markets
3 questions for AMGN
Gregory Renza
RBC Capital Markets
3 questions for AMGN
Michael Yee
Jefferies
3 questions for AMGN
Umer Raffat
Evercore ISI
3 questions for AMGN
Carter L. Gould
Barclays
2 questions for AMGN
David Risinger
Leerink Partners
2 questions for AMGN
Matthew Phipps
William Blair
2 questions for AMGN
Mohit Bansal
Wells Fargo & Company
2 questions for AMGN
Chris Schott
JPMorgan Chase & Co.
1 question for AMGN
Christopher Raymond
Piper Sandler
1 question for AMGN
Conor MacKay
BMO Capital Markets
1 question for AMGN
Geoff Meacham
Citigroup Inc.
1 question for AMGN
James Shin
Analyst
1 question for AMGN
Luca Issi
RBC Capital Markets
1 question for AMGN
Matt Phipps
William Blair
1 question for AMGN
Olivia Brayer
Cantor
1 question for AMGN
Sadia Rahman
Wells Fargo
1 question for AMGN
Timothy Anderson
BofA Securities
1 question for AMGN
Trung Huynh
UBS Group AG
1 question for AMGN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes with the company in the U.S. with HUMIRA and RINVOQ for ENBREL, and HUMIRA, Skyrizi, and SOTYKTU for Otezla. HUMIRA biosimilars are also approved. | |
Competes with the company in the U.S. with Xeljanz for ENBREL and BESPONSA for BLINCYTO. | |
Competes with the company in the U.S. and Europe with Cosentyx and LEQVIO for Otezla and Repatha, respectively, and PROMACTA/REVOLADE for Nplate. | |
Competes with the company in the U.S. and Europe with Taltz for Otezla and ERBITUX for Vectibix. | |
Janssen | Competes with the company in the U.S. and Europe with Tremfya and DARZALEX for Otezla and KYPROLIS, respectively, and PROCRIT for Aranesp. Janssen is a subsidiary of Johnson & Johnson. |
Competes with the company in the U.S. and Europe with SOTYKTU for Otezla and POMALYST/IMNOVID for KYPROLIS. | |
Competes with the company in the U.S., Europe, and Asia Pacific with PRALUENT for Repatha. | |
Millennium Pharmaceuticals, Inc. | Competes with the company in the U.S. with VELCADE for KYPROLIS. Millennium Pharmaceuticals is a subsidiary of Takeda Pharmaceutical Company Limited. |
F. Hoffmann-La Roche Ltd (Roche) | Competes with the company in the U.S. and Europe with Avastin for Vectibix. |
Competes with the company in the U.S. with KEYTRUDA for Vectibix. | |
Various | Competes with the company in multiple territories with generic versions of bisphosphonates for Prolia and EVENITY, zoledronate generics for XGEVA, etanercept biosimilars for ENBREL in Canada, and chemotherapy regimens for Vectibix and BLINCYTO. |
Asahi Kasei Pharma | Competes with the company in Japan with Teribone for EVENITY. |
Celgene | Competes with the company in the U.S. and Europe with POMALYST/IMNOVID for KYPROLIS. Celgene is a subsidiary of Bristol Myers Squibb Company. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Major pharmaceutical wholesale distributor | All | Contributed 33% of total gross revenues in 2024 ($22,173M). Part of 70% of net trade receivables in 2024. |
Cencora, Inc. | Major pharmaceutical wholesale distributor | All | Contributed 27% of total gross revenues in 2024 ($18,387M). Part of 70% of net trade receivables in 2024. |
Cardinal Health, Inc. | Major pharmaceutical wholesale distributor | All | Contributed 17% of total gross revenues in 2024 ($11,278M). Part of 70% of net trade receivables in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Horizon Therapeutics plc | 2023 | Amgen acquired Horizon for $116.50 per share in cash, amounting to a total equity value of about $27.8 billion, with the deal completed on October 6, 2023. The acquisition was strategically aimed at enhancing Amgen’s portfolio in rare, autoimmune, and severe inflammatory diseases by adding key products like TEPEZZA®, KRYSTEXXA®, and UPLIZNA®, while overcoming FTC regulatory challenges via a consent order agreement. |
ChemoCentryx, Inc. | 2022 | Amgen’s acquisition of ChemoCentryx was executed at $52.00 per share in cash, representing an aggregate merger consideration of roughly $3.7 billion, with the transaction completed on October 20, 2022. This deal strategically expands Amgen’s pipeline in inflammation and nephrology by adding TAVNEOS® (avacopan) and several early-stage drug candidates, and involved integrating ChemoCentryx as a wholly owned subsidiary. |
Recent press releases and 8-K filings for AMGN.
- Q2 FY 25 results: 9% revenue growth, 13% volume growth, 21% non-GAAP EPS growth y/y.
- Key product momentum: Repatha sales of $689 M (+31% y/y), Evenity $518 M (+32%), rare disease portfolio annualizing >$5 B; oncology BiTEs Blincyto +45% y/y and Imdeltra $134 M (+65% q/q); TESPIRA +46% y/y in severe asthma.
- Pipeline catalysts: Phase III obesity candidate meratide advancing; PDUFA for aplisna in gMG in December 2025 and Imdeltra in 2L SCLC on December 18; TESPIRA PDUFA in chronic rhinosinusitis with nasal polyps in October; ongoing Phase III opasiran cardiovascular outcomes study.
- Capital allocation: R&D spend raised to >20% of revenues; Horizon transaction deleveraging largely complete and on track to restore pre-transaction leverage by year-end; continued dividends and share repurchases.
- FDA approved BILDYOS® (denosumab-nxxp) 60 mg/mL and BILPREVDA® (denosumab-nxxp) 120 mg/1.7 mL, biosimilars to PROLIA and XGEVA, for all indications of the reference products.
- BILDYOS is indicated for postmenopausal women with osteoporosis at high risk for fracture; increasing bone mass in men with osteoporosis, glucocorticoid-induced osteoporosis, androgen deprivation therapy-related bone loss, and adjuvant aromatase inhibitor-induced bone loss.
- BILPREVDA is indicated for prevention of skeletal-related events in multiple myeloma and solid tumor bone metastases, giant cell tumor of bone, and hypercalcemia of malignancy.
- Approvals were supported by analytical, pharmacokinetic, and comparative clinical data demonstrating high similarity and no clinically meaningful differences to PROLIA and XGEVA.
- The approvals bolster Organon’s US biosimilars portfolio across five therapeutic areas, expanding access and affordability.
- The European Commission approved TEVIMBRA (tislelizumab) as neoadjuvant therapy in combination with platinum-based chemotherapy, followed by adjuvant monotherapy for resectable NSCLC patients at high risk of recurrence.
- Approval is based on final RATIONALE-315 analysis showing overall survival benefit in the perioperative setting for resectable NSCLC.
- TEVIMBRA’s EU label now covers nine solid tumor indications, including five in lung cancer, highlighting its broad clinical profile.
- Data will be presented at the WCLC 2025 conference, showcasing the latest results.
- Royalty Pharma agrees to acquire worldwide (ex-China) license royalties for IMDELLTRA from BeOne Medicines for up to $950 million, including an $885 million upfront payment and an option for the remaining $65 million within 12 months.
- BeOne will receive royalties on annual net sales exceeding $1.5 billion under the agreement.
- IMDELLTRA (tarlatamab-dlle) is a novel DLL3-targeting bispecific T-cell engager approved in the US for extensive-stage small-cell lung cancer after progression on platinum-based chemotherapy.
- FDA broadens Repatha indication to adults at increased risk of major adverse cardiovascular events (MACE) due to uncontrolled LDL-C, removing the requirement for existing cardiovascular disease.
- Repatha monotherapy is now approved for adults with homozygous familial hypercholesterolemia (HoFH) and continues to be recommended alongside diet and exercise for cholesterol management.
- Since its initial approval in 2015, Repatha has been used by over 5 million patients and evaluated in 50 clinical trials with more than 57,000 participants over 15 years.
- Repatha holds approvals in 74 countries, including major markets such as the U.S., Japan, Canada, and all EU member states, with further regulatory submissions pending.
- BeOne Medicines agreed to sell non-China royalty rights on Amgen’s Imdelltra to Royalty Pharma for $885 million upfront, with an option to sell up to $65 million more within 12 months (total up to $950 million).
- Imdelltra is a first-in-class DLL3-targeting BiTE immunotherapy for extensive-stage small cell lung cancer, developed by Amgen with BeOne holding a stake.
- The deal bolsters BeOne’s financial position and strategic flexibility, while enhancing Royalty Pharma’s long-term growth and portfolio diversification.
- TScan reported Q2 2025 revenue of $3.1 M (vs. $0.5 M in Q2 2024), R&D expenses of $32.6 M, G&A of $9.1 M, and a net loss of $37.0 M.
- As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $218.0 M, funding operations into Q1 2027.
- The company expects to dose its first solid tumor patients with multiplex TCR-T in Q3 2025 and to share initial safety and response data in Q1 2026.
- Upcoming milestones include initiating a registrational trial for TSC-101 and filing an IND for TSC-102-A0301 in H2 2025, with two-year relapse data from the ALLOHA Phase 1 trial by year-end.
- Amgen reported Q2 revenue of $9.2 B (+9% YoY) with volume up 13% and generated $1.9 B free cash flow
- Key growth products: Repatha $696 M (+31%), Evenity $518 M (+32%), rare disease portfolio $1.4 B (+19%), oncology $2.2 B (+14%), biosimilars $661 M (+40%)
- R&D investment accelerated with $1.7 B spend (+18% YoY); advancing Meritide Phase 3 obesity trials, opaciran CVOT, and multiple BiTE programs
- 2025 guidance: revenues $35–36 B, non-GAAP EPS $20.20–21.30, non-GAAP R&D growth >20%, OI&E ~$2.2 B, capex $2.3 B, dividend $2.38 (+6%)
- Total revenues rose 4% to $3.68 billion in Q2 2025 versus Q2 2024.
- GAAP EPS increased 3% to $12.81, while non-GAAP EPS grew 12% to $12.89.
- Dupixent global net sales climbed 22% to $4.34 billion; EYLEA HD US net sales rose 29% to $393 million.
- FDA approvals included Lynozyfic for relapsed/refractory multiple myeloma and new indications for Dupixent; Libtayo sBLA accepted for priority review in adjuvant CSCC.
- Returned over $2.3 billion to shareholders via share repurchases and dividends, and committed over $7 billion to US manufacturing investments and business development since early 2025.
- According to Spherix’s Q2 2025 RealTime Dynamix report, adoption of biosimilars (Bkemv and Epysqli) is projected to expand the treated PNH population beyond branded Soliris and Ultomiris due to cost-effectiveness and growing prescriber confidence.
- Use of second-line therapies such as Fabhalta and Voydeya is increasing among patients who progress or are sub-optimally controlled on C5 inhibitors.
- Nearly all prescribers report significant insurance-related challenges—including inconsistent prior authorization requirements, procurement delays, and AI-driven coverage restrictions—that delay patient access to PNH treatments.
- Hematologists express strong interest in late-stage pipeline candidates like zaltenibart and pozelimab-cemdisiran, anticipating their adoption alongside existing therapies upon approval.