AMGEN (AMGN) Company Report

Amgen has agreed to implement the U.S. Administration’s Most Favored Nation pricing requests outlined in President Trump’s July 31 letter to lower medicine costs for American patients.
The company will expand its AmgenNow™ direct-to-patient program to include Aimovig® and Amjevita® at $299/month, about 60% and 80% discounts off current list prices, respectively; Repatha® was previously made available at $239/month in October 2025.
Since 2018, Amgen has invested over $40 billion in U.S. manufacturing and R&D; in 2025 alone it committed an additional $2.5 billion for facility expansions in Ohio and North Carolina and secured three years of tariff relief.

3 days ago

Press Release

Amgen: Global Gene Therapy Market to Reach USD 36.55 Billion by 2032

AMGN

New Projects/Investments

Global gene therapy market grew from US$7.21 billion in 2023 to US$8.85 billion in 2024 and is projected to reach US$36.55 billion by 2032 at a 19.4% CAGR.
Growth driven by rising demand for curative and precision-based therapies, with about 19 new gene therapy launches expected between 2026 and 2032.
High development and pricing barriers, with gene therapy development costs up to US$5 billion and therapies like Pfizer’s Beqvez (~US$3.5 million) and Lenmeldy (~US$4.25 million) facing reimbursement challenges.
Viral vectors were the largest segment in 2023, neurology led therapeutics, and North America remained the largest regional market.
Strategic initiatives include Amgen’s US$1 billion manufacturing expansion, while the competitive landscape is led by Biogen, Novartis, Alnylam, Sarepta, and others.

8 days ago

Press Release

Amgen’s UPLIZNA approved by FDA for generalized myasthenia gravis

AMGN

Product Launch

FDA approved UPLIZNA® (inebilizumab-cdon) for generalized myasthenia gravis in adults positive for anti-AChR and anti-MuSK antibodies, the first CD19-targeted B-cell therapy in this indication.
The regimen consists of two loading doses followed by two annual maintenance infusions, compared with dosing intervals of 2–8 weeks for competing treatments.
Approval leverages UPLIZNA’s established safety and efficacy in neuromyelitis optica spectrum disorder and IgG4-related disease, broadening Amgen’s autoimmune neuromuscular portfolio.

Dec 12, 2025, 5:43 PM

Press Release

Amgen receives FDA approval for UPLIZNA in gMG

AMGN

Product Launch

The FDA approved UPLIZNA (inebilizumab-cdon) for adults with generalized myasthenia gravis who are anti-AChR and anti-MuSK antibody positive, with twice-yearly maintenance dosing after two loading doses.
UPLIZNA is the first and only CD19-targeted B cell therapy approved for gMG, depleting pathogenic B cells underlying disease pathology.
In the Phase 3 MINT trial, UPLIZNA achieved a -4.2 vs -2.2 mean change in MG-ADL score at Week 26 (p<0.0001) and sustained benefit through Week 52 in AChR+ patients.
This approval represents UPLIZNA’s third FDA indication, following its approval for NMOSD in June 2020 and for IgG4-RD in April 2025.

Dec 11, 2025, 11:09 PM

Press Release

Prolynx secures $70M Series A and appoints Chris Boulton as CEO

AMGN

New Projects/Investments

Management Change

Board Change

Closed a $70 million Series A financing co-led by 5AM Ventures and OrbiMed, with participation from Monograph Capital, to advance ultra-long-acting obesity and metabolic candidates.
Appointed Chris Boulton, former Vice President and Global Marketing Therapy Area Head for Obesity at Amgen, as Chief Executive Officer to drive commercialization.
Syndicate investors Kush Parmar (5AM Ventures), Peter Thompson (OrbiMed), and Fred Cohen (Monograph Capital) joined the board alongside independent director David Martin.
Platform engineered for once-monthly and once-quarterly dosing of peptide therapeutics to improve adherence and tolerability in obesity treatment.

Dec 11, 2025, 12:00 PM

Press Release

Amgen reports strong FY2025 growth and outlines pipeline and capital strategy

AMGN

Revenue Acceleration/Inflection

New Projects/Investments

Amgen delivered 10% revenue growth through 9M 2025 (12% in Q3) driven by 11% product sales growth and 14% volume growth, reflecting its volume-focused strategy.
The in-market portfolio features six key growth drivers: Repatha & Evenity +30% YTD, Tezspire +50%, rare disease (~ $5 bn annualized, +12%), innovative oncology +11%, and biosimilars +40% (~ $3 bn annualized).
Pipeline advances include six Phase 3 Maritide studies (obesity/diabetes) with Phase 2 maintenance data expected in early 2026, Olpaceran Phase 3 Lp(a) trial (~ 7,300 pts), and multiple Imdeltra Phase 3 small-cell lung cancer studies.
Capital allocation emphasizes mid-20s % R&D spending growth, ~$200 mn of Q3 business development, $2.2–2.3 bn capex on U.S. manufacturing expansions, and a wide BD aperture focused on innovation.
Engaging with the U.S. administration on pricing policy, launched Amgen Now (Repatha at $2.39/mo direct-to-consumer), and managing Prolia/Xgeva biosimilar erosion alongside Evenity growth.

Dec 3, 2025, 6:45 PM

Transcript

Amgen outlines FY 2025 performance and pipeline at Citi Global Healthcare Conference 2025

AMGN

New Projects/Investments

Amgen delivered 10% revenue growth through the first nine months of FY 2025, including 11% product sales growth driven by 14% volume growth, and in Q3 reported 12% revenue growth on 14% volume growth.
The in-line portfolio’s six major growth drivers posted YTD gains of Repatha +30%, Evenity +30%, TESSPIRE +50% (now $1 B in U.S. sales), rare disease +12% (annualizing near $5 B), innovative oncology +11%, and biosimilars +40%.
Innovation remains top priority with non-GAAP R&D up 31% in Q3 and a mid-20% R&D spend target for FY 2025; key programs include six global Phase III studies for Meritide, Phase III for opaciran, and bispecific T-cell engager trials in small cell lung and prostate cancers.
Capital allocation focuses on internal/external innovation: $2.2–2.3 B CapEx guide, $200 M of business development in Q3, ongoing debt reduction post-Horizon, and a wide BD pipeline with high standards.
Amgen continues productive policy engagement, launched Amgen Now direct-to-consumer Repatha at $2.39/month via GoodRx, and is exploring expanded access models for future products.

Dec 3, 2025, 6:45 PM

Transcript

Amgen presents strong FY 2025 momentum and pipeline updates at Citi Healthcare Conference

AMGN

Revenue Acceleration/Inflection

New Projects/Investments

Amgen reported 10% revenue growth through the first nine months and 12% growth in Q3, driven by 14% volume gains, while non-GAAP R&D spending rose 31% in Q3 and is guided to mid-20% for FY 2025.
The company’s six in-market growth drivers include Repatha (30% YTD growth), Evenity (30%), Tezspire (50%, $1 billion US sales), a $5 billion-annualized rare disease portfolio (Uplizna 50% growth; PDUFA Dec 14), innovative oncology (Imdeltra standard of care in 2L small-cell lung cancer) and a $3 billion biosimilars business (40% growth).
Key pipeline programs advancing: Maritide with six global Phase 3 trials (weight management, CVD, HF, OSA) and Phase 2 maintenance data due in 2026; Olpaceran Lp(a) siRNA Phase 3 in 7,300 high-risk patients; Imdeltra Phase 3 front-line small-cell lung cancer studies; and Xyritamig Phase 3 in prostate cancer.
Capital allocation remains innovation-first, with $2.2–2.3 billion CapEx for manufacturing expansion, ~$200 million of Q3 business development spend, and active US policy engagement—including the Amgen Now direct-to-consumer Repatha offering at $2.39/month.

Dec 3, 2025, 6:45 PM

Transcript

Amgen details FY2025 revenue momentum, growth drivers, and pipeline at Citi conference

AMGN

Amgen reported 10% revenue growth YTD through Q3, with 12% growth in Q3 driven by 14% volume increase as part of its volume-driven strategy.
The company highlighted six core growth drivers, including Repatha (+30% Y/Y), Evenity (+30%), Tezspire (+50%), its rare disease portfolio (~~$5 B, +12%), innovative oncology (Imdeltra/Blincyto, +11%), and biosimilars (~~$3 B, +40%).
Key pipeline updates include Repatha’s VESALIUS-CV trial showing 25% CV event reduction and 36% MI reduction, six phase 3 Maritide studies in weight management and comorbidities, Olpaceran Lp(a) siRNA in phase 3 with 95–100% knockdown, and Imdeltra’s phase 3 small-cell lung cancer trials.
Innovation remains the top capital allocation priority, with R&D spend up mid-20% Y/Y, ~$200 M in Q3 business development, $2.2–2.3 B capex guide, and ongoing debt reduction.
Amgen launched Amgen Now, a direct-to-consumer program offering Repatha at $2.39/month, expanding access and informing future consumer-facing initiatives.

Dec 3, 2025, 6:45 PM

Transcript

Amgen updates growth drivers and pipeline at Evercore HealthCONx

AMGN

Revenue Acceleration/Inflection

New Projects/Investments

Revenues up 10% through the first nine months of 2025 with 11% product sales growth and 14% volume growth; 12 products grew double-digits and 14 products are annualizing at >$1 bn, with 16 products posting double-digit growth in Q3.
Outlined six key growth drivers: Repatha, Evenity, Tezspire, the innovative oncology portfolio, rare disease portfolio (annualizing at ~$5 bn), and biosimilars (annualizing at ~$3 bn).
Repatha grew >30% YoY, now annualizing at ~$3 bn, supported by broad U.S. access and Vesalius-CV data demonstrating a 25% reduction in major adverse cardiovascular events and 36% reduction in heart attack risk.
Pipeline progress includes six global Phase III trials for MariTide (weight management, cardiovascular, heart failure, sleep apnea), Phase III for Olpasiran (Lp[a] lowering), and late-stage development for Imdeltra, Blincito, and Xaluritamig bispecifics.

Dec 3, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for AMGEN.

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AMGEN (AMGN)

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Q3 2025

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Executives

Robert A. Bradway

David M. Reese

James E. Bradner

Murdo Gordon

Peter H. Griffith

Board Members

Amy E. Miles

Brian J. Druker

Charles M. Holley, Jr.

Ellen J. Kullman

Greg C. Garland

Mary E. Klotman

Michael V. Drake

Robert A. Eckert

S. Omar Ishrak

Tyler Jacks

Wanda M. Austin

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Christopher Schott

Jay Olson

Salveen Richter

Terence Flynn

Yaron Werber

David Amsellem

Evan Seigerman

Matthew Phipps

David Risinger

Alexandria Hammond

Courtney Breen

Gregory Renza

Michael Yee

Umer Raffat

Carter L. Gould

Mohit Bansal

Christopher Raymond

Conor MacKay

Geoff Meacham

James Shin

Luca Issi

Michael DiFiore

Mike DiFiore

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Sadia Rahman

Timothy Anderson

Trung Huynh

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