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.
6 questions for AMGN
Salveen Richter
Goldman Sachs
6 questions for AMGN
Yaron Werber
TD Cowen
6 questions for AMGN
David Amsellem
Piper Sandler Companies
5 questions for AMGN
Evan Seigerman
BMO Capital Markets
5 questions for AMGN
Terence Flynn
Morgan Stanley
5 questions for AMGN
David Risinger
Leerink Partners
4 questions for AMGN
Matthew Phipps
William Blair
4 questions for AMGN
Alexandria Hammond
Wolfe Research
3 questions for AMGN
Chris Schott
JPMorgan Chase & Co.
3 questions for AMGN
Christopher Schott
JPMorgan Chase & Co.
3 questions for AMGN
Courtney Breen
AllianceBernstein
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
Mohit Bansal
Wells Fargo & Company
2 questions 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
Michael DiFiore
Evercore ISI
1 question for AMGN
Mike DiFiore
Evercore ISI
1 question for AMGN
Olivia Brayer
Cantor
1 question for AMGN
Sadia Rahman
Wells Fargo
1 question for AMGN
Terrence Flynn
Morgan Stanley
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.
- Ended Q3 with $633.9 M in cash, cash equivalents and marketable securities, down from $706.7 M at December 31, 2024.
- Q3 revenue of $21.0 M vs $17.8 M in Q3 2024; net loss narrowed to $6.0 M (–$0.08 per share) from $46.3 M (–$0.72).
- R&D and G&A expenses were $54.4 M and $14.2 M, respectively, compared to $58.2 M and $14.8 M in the prior year period.
- Other income rose to $41.5 M in Q3 from $7.8 M, driven primarily by unrealized gains on marketable equity securities.
- Maintains guidance to end 2025 with $570 M–$590 M in cash and equivalents, funding operations into 2028.
- Amgen delivered 12% year-over-year revenue growth to $9.6 billion, with 14% volume growth, maintained a 47% Non-GAAP operating margin, and generated $4.2 billion in free cash flow.
- Raised full-year 2025 guidance to $35.8 billion–$36.6 billion in revenues and $20.60–$21.40 in non-GAAP EPS.
- Repatha sales grew 40% to $794 million and EVENITY grew 36% to $541 million in Q3; launched AmgenNow offering Repatha at $239/mo (~60% below list).
- Advanced pipeline: VESALIUS-CV trial met dual primary MACE endpoints (full results at AHA); MariTide phase 3 studies fully enrolled (~5,000 patients); Imdelltra submission accepted with PDUFA date Dec 18, 2025.
- Revenues of $9.6 billion, up 12% YoY, driven by 14% volume growth; 16 products grew double digits and 14 are annualizing at over $1 billion in sales.
- Delivered a 47% non-GAAP operating margin and $4.2 billion free cash flow, and raised full-year guidance to $35.8–$36.6 billion in revenues and $20.60–$21.40 non-GAAP EPS.
- Key franchise performance: Repatha sales of $794 million (+40%), annualizing at ~$3 billion; Evenity $541 million (+36%); Prolia $1.1 billion (+9%); biosimilars up >50%, annualizing ~$3 billion.
- Advanced pipeline milestones: Vesalius CV trial met dual MACE endpoints; Tezspire approved in CRSwNP; PDUFA dates set for Uplizna in GMG (Dec 14) and Imdelltra in small cell lung cancer (Dec 18); MariTide, Olpasiran, and Xaliritamab progressing in phase 3.
- Investing in growth and returns: 2025 capex of $2.2–$2.3 billion, over $3 billion in U.S. manufacturing investments, $6 billion debt retired YTD, and Q3 dividend up 6% to $2.38 per share.
- Q3 revenue was $9.557 B (+12% YoY) with product sales of $9.137 B (+12%) and non-GAAP EPS of $5.64 (+1%).
- Non-GAAP operating expenses rose to $5.252 B (+18%), including R&D spend of $1.890 B (+31%).
- Free cash flow was $4.2 B (+27% YoY), with cash & equivalents of $9.4 B versus debt outstanding of $54.6 B as of 9/30/25.
- 2025 guidance was raised to $35.8 B–$36.6 B revenue and $20.60–$21.40 non-GAAP EPS.
- Pipeline milestones include FDA approval of TEZSPIRE for CRSwNP and upcoming PDUFA dates for IMDELLTRA and UPLIZNA.
- Revenue rose 12% year-over-year to $9.6 billion, driven by 14% volume growth, with favorable items including $250 million from U.S. sales-deduction adjustments and a $90 million Nplate order.
- Raised 2025 guidance: total revenues now expected at $35.8–36.6 billion and non-GAAP EPS at $20.60–21.40; full-year non-GAAP operating margin forecast remains ~45% of product sales.
- Non-GAAP operating margin was 47% in Q3; Non-GAAP R&D spending grew 31%, with free cash flow of $4.2 billion; capital expenditures guided at $2.2–2.3 billion for network and pipeline expansion.
- Key products: Repatha sales of $794 million (annualizing ~$3 billion), Evenity $541 million, Prolia $1.1 billion, and biosimilars up 52% to $775 million (annualizing ~$3 billion).
- Pipeline and investments: launched Amgen Now direct-to-patient platform for Repatha; presented positive Vesalius CV data; advancing Imdelltra, MariTide, and Olpasiran late-stage programs; investing over $3 billion in U.S. manufacturing in 2025.
- For Q3 2025, total revenues rose 12% to $9.6 billion, driven by 14% volume growth in product sales.
- GAAP EPS was $5.93, up 14% year-over-year, and non-GAAP EPS was $5.64, up 1%.
- The company generated $4.2 billion of free cash flow versus $3.3 billion in Q3 2024.
- Full-year 2025 guidance is for revenues of $35.8 billion–$36.6 billion, GAAP EPS of $13.76–$14.60, and non-GAAP EPS of $20.60–$21.40.
- Declared a Q3 dividend of $2.38 per share, a 6% increase from the prior year.
- Recorded total revenues of $9.6 billion, up 12% year-over-year, with product sales growth of 12% driven by 14% volume increase.
- Delivered GAAP EPS of $5.93, up 14%, and non-GAAP EPS of $5.64, up 1%; GAAP operating margin expanded to 27.6%.
- Generated free cash flow of $4.2 billion, compared to $3.3 billion in Q3 2024.
- Declared a Q3 2025 dividend of $2.38 per share, a 6% increase from the prior year.
- Issued full-year 2025 guidance: total revenues of $35.8 billion–$36.6 billion, GAAP EPS of $13.76–$14.60, and non-GAAP EPS of $20.60–$21.40.
- Reached agreement with the FDA on a pivotal TSC-101 study design for AML/MDS that mirrors the Phase 1 ALLOHA trial with a biologically assigned internal control arm.
- Implemented a ~30% workforce reduction (66 employees) to reallocate resources toward the hematologic malignancies program.
- Paused further enrollment in the solid tumor Phase 1 trial to advance preclinical development of in vivo-engineered TCR-T therapies.
- Expects annual cost savings of ~$45 million in 2026 and 2027, extending its cash runway into H2 2027.
- The Phase 3 VESALIUS-CV trial of Repatha met its dual primary endpoints, demonstrating a significant reduction in first major adverse cardiovascular events (MACE) in high-risk patients without prior heart attack or stroke.
- Late-breaking results and related real-world analyses will be presented at the American Heart Association Scientific Sessions (Nov 7–10, 2025), underscoring Repatha’s role as the first and only PCSK9 inhibitor to prevent a first MI or stroke.
- Global observational data from VESALIUS-REAL (>1.1 million patients) and the REPATHA-CE real-world study will further detail long-term MACE reduction and healthcare impact in diverse ASCVD populations.
- Kuick Research forecasts the global multispecific antibodies market to exceed USD 50 billion by 2030, following > USD 12 billion in sales in 2024.
- As of 2025, 18 multispecific antibodies have received approval globally, generating over USD 12.6 billion in annual revenue, with Roche’s portfolio accounting for more than half of 2024 sales.
- The development pipeline encompasses 600+ candidates across clinical and preclinical stages, primarily in oncology but expanding into autoimmune, inflammatory, and neurological indications.
- The segment is entering an M&A-rich phase, exemplified by the US 357 million Boehringer Ingelheim–Cue Biopharma collaboration, driven by favorable fast-track and orphan designations.