You might also like
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.
| 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. |
-
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?
-
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?
-
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?
-
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?
-
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?
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.
- Q1 Performance Update: Amgen reported a 9% revenue increase and 24% uplift in non-GAAP EPS, with key brands like Repatha and EVENITY contributing over $1 billion in revenue, highlighting robust performance across multiple segments.
- Product and Pipeline Highlights: Repatha achieved 42% volume growth in the U.S. due to improved access strategies, while significant progress was noted in the pipelines for obesity (MariTide), inflammation (TEZSPIRE), and biosimilars, indicating strong growth prospects.
- Strategic Focus: The company emphasized an innovation-driven approach with a disciplined capital allocation strategy that includes targeted investments and deleveraging efforts post-Horizon acquisition.
- Q1 2025 performance: Amgen reported a robust first quarter with 9% revenue growth YoY and key products like Repatha and EVENITY contributing over $1 billion in sales, indicating strong market momentum.
- U.S. manufacturing investments: The company detailed significant capital expenditures, including approximately $1 billion investments in new facilities in Ohio and North Carolina, reflecting its commitment to domestic production.
- Focus on innovation amid policy challenges: Management addressed potential policy and tariff impacts while emphasizing a steadfast focus on patient access and continued execution without speculating on future regulatory changes.
- Increased R&D spending: Guidance includes a 20% year-over-year increase in R&D spend to support the advancement of late-stage clinical programs and further strengthen the pipeline.
- Total revenue increased 9% to $8.1 billion in Q1 2025, driven by 14% volume growth and robust global product sales .
- GAAP EPS rose to $3.20 from a loss of $0.21, with operating income climbing to $1.2 billion (15.0% margin), underscoring strong underlying performance .
- Fourteen products delivered double-digit growth, including Repatha (+27% YoY), TAVNEOS (+76% YoY), and EVENITY (+29% YoY), reinforcing product and pipeline momentum .
- Full-year guidance reaffirmed with total revenues expected between $34.3–$35.7B, alongside dual EPS guidance: non-GAAP at $20–$21.20 and GAAP at $12.21–$13.46, with planned capital expenditures of approximately $2.3B .
- Substantial financial discipline executed, highlighted by retiring $10.8B of debt and free cash flow doubling to $1.0 billion .
- Solid performance across segments—General Medicine, Rare Disease, and Oncology—further supported the overall results .
- Amgen is investing $900 million to expand its Central Ohio manufacturing facility, reinforcing its commitment to U.S. manufacturing.
- The expansion will add 350 new jobs, bringing the total jobs created in the region to 750.
- IMDELLTRA achieved a statistically significant and clinically meaningful improvement in overall survival compared to standard-of-care chemotherapy in patients with SCLC who had progressed after platinum-based treatment.
- The global Phase 3 DeLLphi-304 trial results support IMDELLTRA’s potential as a new standard-of-care option for extensive-stage SCLC, with a safety profile consistent with prior knowledge.
- UPLIZNA® (inebilizumab-cdon) is now the first and only FDA-approved treatment for adults with IgG4-related disease, marking a significant regulatory milestone for Amgen.
- Clinical trial data from the MITIGATE trial demonstrated an 87% reduction in the risk of disease flares, along with lower glucocorticoid use and high rates of remission, highlighting its clinical impact.
- This approval reinforces Amgen’s leadership in CD19-targeted therapies for serious autoimmune diseases, expanding its treatment portfolio.
- UPLIZNA® (inebilizumab-cdon) demonstrated sustained efficacy in AChR-positive generalized myasthenia gravis patients over 52 weeks, with significant improvements in MG-ADL scores compared to placebo.
- The Phase 3 MINT trial showed that 72.3% of treated patients achieved a ≥3 point improvement in MG-ADL scores and a notable improvement in QMG scores, indicating durable symptom relief with twice-yearly dosing.
- The data support UPLIZNA's potential to establish a new standard of care for gMG, with an innovative dosing regimen that simplifies patient treatment.