AMGN
Updated: 07/10/2026, 03:29:51
Amgen Inc., established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines. The company's scientific endeavors span several critical therapeutic categories, including inflammatory conditions, oncology and hematology, bone health, cardiovascular diseases, nephrology, and neuroscience. Its extensive portfolio features a range of significant pharmaceutical products. Notable examples include Enbrel, prescribed for conditions like plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which helps cancer patients by reducing the risk of infection linked to a low white blood cell count; Prolia, utilized in postmenopausal women to combat osteoporosis; and Xgeva, designed to prevent skeletal-related complications. Otezla offers relief for adult patients suffering from plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease. Aranesp addresses anemia and low red blood cell counts, while KYPROLIS is employed to treat patients with relapsed or refractory multiple myeloma. Furthermore, Repatha plays a vital role in lowering the incidence of major cardiovascular events such as myocardial infarction, stroke, and coronary revascularization. Amgen's comprehensive product lineup also encompasses Nplate, Vectibix, MVASI, Parsabiv, EPOGEN, KANJINTI, BLINCYTO, Aimovig, EVENITY, AMGEVITATM, Sensipar/Mimpara, NEUPOGEN, IMLYGIC, Corlanor, and AVSOLA. The company distributes its therapies worldwide, primarily serving healthcare providers, including physicians and their clinics, dialysis centers, hospitals, and pharmacies. Distribution is facilitated through pharmaceutical wholesale distributors, complemented by direct-to-consumer channels. Amgen actively engages in strategic collaborations. It has partnered with entities such as Novartis Pharma AG, UCB, Bayer HealthCare LLC, BeiGene, Ltd., Eli Lilly and Company, Datos Health, and Verastem, Inc., to jointly assess VS-6766 when combined with lumakrastm (Sotorasib) in patients with KRAS G12C-mutant non-small cell lung cancer. Another key alliance involves Kyowa Kirin Co., Ltd., for the co-development and commercialization of KHK4083, a Phase 3-ready anti-OX40 fully human monoclonal antibody targeting atopic dermatitis and other autoimmune conditions. Additionally, Amgen maintains research and development partnerships with Neumora Therapeutics, Inc. and Plexium, Inc.
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Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$36.8B
FY 2025 · Reported
Net income
$7.7B
FY 2025 · Reported
Gross margin
67.2%
FY 2025 · Calculated
Free cash flow
$8.1B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.2B
FY 2024 · Reported
| Product / service | Sales | Share of sales | YoY growth | By reported area |
|---|---|---|---|---|
Other productsSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 7,263m | N/A | N/A | Not disclosed by product and area |
ProliaSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 4,414m | N/A | N/A | Not disclosed by product and area |
RepathaSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 3,016m | N/A | N/A | Not disclosed by product and area |
OtezlaSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 2,265m | N/A | N/A | Not disclosed by product and area |
ENBRELSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 2,226m | N/A | N/A | Not disclosed by product and area |
EVENITYSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 2,100m | N/A | N/A | Not disclosed by product and area |
XGEVASource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 2,084m | N/A | N/A | Not disclosed by product and area |
TEPEZZASource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,903m | N/A | N/A | Not disclosed by product and area |
BLINCYTOSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,559m | N/A | N/A | Not disclosed by product and area |
NplateSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,524m | N/A | N/A | Not disclosed by product and area |
TEZSPIRESource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,478m | N/A | N/A | Not disclosed by product and area |
KYPROLISSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,412m | N/A | N/A | Not disclosed by product and area |
AranespSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,389m | N/A | N/A | Not disclosed by product and area |
KRYSTEXXASource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,340m | N/A | N/A | Not disclosed by product and area |
VectibixSource evidence“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048” | 1,175m | N/A | N/A | Not disclosed by product and area |
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Single operating segment: human therapeutics
One operating and reportable segment: human therapeutics; results reported on a consolidated basis
“We operate our business in one operating segment, which also represents one reportable segment: human therapeutics.”
U.S. sales primarily via pharmaceutical wholesale distributors
In the U.S., sales go primarily through pharmaceutical wholesale distributors; outside the U.S., to healthcare providers and/or wholesalers per local practice
“In the United States, we sell primarily to pharmaceutical wholesale distributors that we use as the principal means of distributing our products to healthcare providers.”
Distribution centers and wholesaler concentration
Distribution centers in Puerto Rico, Kentucky, California and the Netherlands; sales concentrated at certain wholesaler distributors
“We operate distribution centers in the U.S. territory of Puerto Rico, Kentucky, California and the Netherlands for worldwide distribution of the majority of our commercial and clinical products.”
Principal marketed products
Principal products: Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA, Vectibix; plus other products including MVASI, PAVBLU, UPLIZNA, IMDELLTRA, Aimovig
“Our principal products are Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix.”
Direct-to-patient program AmgenNow expanded
AmgenNow direct-to-patient program expanded to include Aimovig and AMJEVITA alongside Repatha; expected available through TrumpRx
“we announced the expansion of our direct-to-patient program, AmgenNowTM, to include Aimovig and AMJEVITA, supplementing our existing offering of Repatha”
FY2025 product-level revenues with comparisons
FY2025 top products: Prolia $4,414M, Repatha $3,016M, Otezla $2,265M, ENBREL $2,226M, EVENITY $2,100M, XGEVA $2,084M, TEPEZZA $1,903M; full product table disclosed for 2025/2024/2023
“Prolia$2,978 $1,436 $4,414 $2,885 $1,489 $4,374 $2,733 $1,315 $4,048”
Commercial manufacturing network locations
Commercial production in Puerto Rico, Rhode Island, Ohio and California, plus Ireland, Netherlands and Singapore
“These activities are performed within the United States, including in the U.S. territory of Puerto Rico, Rhode Island, Ohio and California facilities, as well as internationally in our Ireland, Netherlands and Singapore facilities.”
Sole-source third-party suppliers for raw materials and devices
Certain raw materials, medical devices and components come from sole-source third-party suppliers
“Certain raw materials, medical devices (including companion diagnostics) and components necessary for the commercial and/or clinical manufacturing of our products are provided by and are the proprietary products of unaffiliated third-party suppliers, certain of which may be our only source for such materials.”
Horizon Therapeutics acquisition (Oct 6, 2023, ~$27.8B)
Acquired Horizon Therapeutics on Oct 6, 2023 for $116.50/share in cash, ~$27.8B total, adding TEPEZZA, KRYSTEXXA and UPLIZNA to its rare disease portfolio
“Amgen completed its acquisition of Horizon by acquiring all of the outstanding shares of Horizon for $116.50 per share in cash, representing a total consideration of approximately $27.8 billion.”
U.S. manufacturing expansion initiatives in 2025
Opened Holly Springs NC site (Jan 2025), broke ground on second facility there; expansions announced in Ohio and Puerto Rico
“In January 2025, we opened our Holly Springs, North Carolina site, a cutting-edge drug substance facility.”
Biologics manufacturing leadership as competitive advantage
Manufacturing capabilities represent a competitive advantage and position Amgen for leadership in the global biosimilars market
“We believe we are a leader in the manufacture of biologics and that our manufacturing capabilities represent a competitive advantage.”
2025 milestones: regulatory approvals, MariTide Phase 3 starts, manufacturing expansion
2025: new indications for UPLIZNA/TEZSPIRE, broadened Repatha approval, full IMDELLTRA approval; six global Phase 3 studies initiated for MariTide; manufacturing investment in Ohio, North Carolina, Puerto Rico; new R&D facility broke ground in Thousand Oaks
“including the initiation of six global Phase 3 clinical studies for MariTide”
Retired $6.0B of debt in 2025; quarterly dividend raised 6% to $2.38, Q1 2026 dividend $2.52
2025: $10.0B operating cash flow, $1.9B capex, $6.0B debt retired, dividend +6% to $2.38/quarter; Q1 2026 dividend declared at $2.52
“For 2025, we retired $6.0 billion of debt and increased our quarterly cash dividend by 6% to $2.38 per share of common stock.”
2026 outlook: volume growth partially offset by net selling price declines; Q1 seasonally lowest
For 2026, expect volume growth partially offset by net selling price declines; Q1 historically the lowest sales quarter due to U.S. plan changes and deductible dynamics
“For 2026, we expect volume growth from certain brands to be partially offset by net selling price declines.”
IRA Medicare price setting for ENBREL (2026) and Otezla (2027); MFN pricing actions
CMS selected ENBREL and Otezla for Medicare price setting beginning 2026 and 2027; IRA and 340B negatively affect business; Amgen announced actions satisfying July MFN Letter components and expanded its direct-to-patient program
“CMS has selected ENBREL and Otezla for Medicare price setting beginning in 2026 and 2027, respectively.”
MFN pricing executive order and July 2025 letter
July MFN Letter demanded MFN pricing for Medicaid/Medicare/commercial payers; Amgen announced in December 2025 actions satisfying its components
“In December 2025, we announced that we are taking actions that satisfy the components outlined in the July MFN Letter, including the Administration’s MFN pricing requests.”
IRA Medicare price setting applies to ENBREL and Otezla
CMS set Medicare Part D prices for ENBREL (eff. Jan 1, 2026) and Otezla (eff. Jan 2027) at significantly lower prices
“CMS has set Medicare Part D prices for ENBREL, effective January 1, 2026, and Otezla, effective January 2027, in each case at significantly lower prices that are expected to negatively impact their profitability in Medicare.”
OB3 enacted July 4, 2025 affecting Medicare/Medicaid/ACA
OB3 (enacted July 4, 2025) includes changes to Medicare, Medicaid and ACA policies expected to adversely affect coverage and reimbursement
“On July 4, 2025, OB3 was enacted and included several changes to Medicare, Medicaid and Affordable Care Act policies, including provisions affecting eligibility, that, when implemented, are expected to adversely affect coverage and reimbursement for our products.”
Biosimilar regulatory policy acceleration
Streamlined biosimilar approval pathways and EU/US interchangeability policies accelerate competitive pressure
“both the EMA and FDA have increasingly supported streamlined biosimilar approval pathways in which comparative clinical efficacy testing may not be routinely required”
State PDAB laws with upper payment limit authority
Eight states enacted PDAB laws; four states (CO, MD, MN, WA) authorize upper payment limits
“eight states (Colorado, Maine, Maryland, Minnesota, New Hampshire, New Jersey, Oregon and Washington) have enacted laws that establish PDABs”
Tariffs and trade protection measures; Section 232 relief received for ~3 years
April 2025 Tariff EO imposed universal 10% tariff (pharma-excepted); in Dec 2025 Amgen received Section 232 tariff relief for approximately the next three years
“in December 2025, in recognition of our capital investments in U.S. manufacturing, we received relief from Section 232 tariffs, pending final determination under such section of the Trade Expansion Act of 1962, for approximately the next three years.”
Loss of exclusivity: RANKL antibody patents for Prolia/XGEVA expired; biosimilar/generic pressure
Prolia/XGEVA RANKL antibody patents expired Feb 2025 (U.S.) and Nov 2025 (select Europe); products face increasing biosimilar and generic competition
“our patents for RANKL antibodies, including sequences, for Prolia and XGEVA expired in February 2025 in the United States and in November 2025 in select countries in Europe.”
Cybersecurity and IT systems risk
Cyberattacks, third-party provider breaches, and state-sponsored insider hiring attempts (2025) threaten systems and data
“In two separate incidents, the most recent of which occurred in 2025, individuals used fraudulent identification in connection with their hiring by the Company.”
Manufacturing concentration risk in Puerto Rico and Thousand Oaks
Substantial majority of commercial manufacturing in Puerto Rico; substantial majority of clinical manufacturing in Thousand Oaks, California
“We perform a substantial majority of our commercial manufacturing activities at our facility in the U.S. territory of Puerto Rico and a substantial majority of our clinical manufacturing activities at our facility in Thousand Oaks, California”
Competition from biosimilars and generics expected to increase
Faces current and increasing future competition from biosimilars and generics
“We currently face competition from biosimilars and generics and expect to face increasing competition from biosimilars and generics in the future.”
Tariff and trade protection exposure
Evaluating supply chains and implementing measures to minimize impact of existing and potential future tariffs
“Numerous tariffs and trade protection measures have been proposed and, in some cases, implemented by the United States and other countries.”
Biologics exclusivity erosion risk
Risk of shortened 12-year biologics exclusivity and narrowed pediatric exclusivity awards
“critics of the 12-year exclusivity period for biologics may continue to seek to shorten that period or encourage narrower interpretations of the statutory provisions governing eligibility for exclusivity”
Cybersecurity and IT systems risk
Cyberattack or IT breach could compromise systems and data and interrupt business operations
“A breakdown of our information technology systems, cyberattack or information security breach could significantly compromise the confidentiality, integrity and availability of our information technology systems, network-connected control systems and/or our data”
Acquisition financing and antitrust approval risk
Antitrust scrutiny and approval requirements may jeopardize acquisitions; deal financing can affect liquidity, dilution and credit ratings
“Antitrust scrutiny by regulatory agencies and changes to regulatory approval process in the U.S. and foreign jurisdictions may cause approvals to take longer than anticipated to obtain, not be obtained at all, or contain burdensome conditions”
Third-party identity/access provider breach
Third-party identity/access management provider breach previously exposed several hundred corporate customers
“a security incident affecting such a third-party provider exposed several hundred corporate customers to potential unauthorized access to systems and data”
Hybrid work increases cyber risk
Hybrid work environment increases reliance on IT and raises cybersecurity risk
“as the majority of our employees work remotely for some portion of their jobs in our hybrid work environment, our reliance on our and third-party information technology systems has increased substantially”
Three wholesale distributors accounted for 77% of FY2025 gross revenues and 75% of net trade receivables, creating significant customer and credit concentration.
“For each of the years ended December 31, 2025, 2024 and 2023, we had product sales to three customers that individually accounted for more than 10% of total revenues.”
IRA Medicare price setting covers ENBREL (2026) and Otezla (2027) at significantly lower prices; inflation penalties and Part D redesign raise manufacturer cost-sharing, with impacts expected to increase through end of decade.
“The IRA’s Medicare price setting and Medicare redesign have had, and are likely to have, an adverse effect on our sales, our business and our results of operations, and such impact is expected to increase through the end of the decade”
IRA Medicare price setting selected ENBREL (2026) and Otezla (2027); IRA and expanded 340B utilization have negatively affected and are likely to continue to negatively affect the business.
“provisions of the IRA, as well as the expanded utilization of the 340B Program, have negatively affected, and are likely to continue to negatively affect, our business.”
MFN EO and July 2025 letter push US prices toward foreign benchmarks; Amgen announced December 2025 actions satisfying the letter's components, including MFN pricing requests.
“on July 31, 2025 the Administration sent letters to many pharmaceutical manufacturers, including Amgen (the July MFN Letter)”
Substantial majority of commercial manufacturing occurs at Puerto Rico facility; significant disruptions or production failures there could impair product supply.
“significant disruptions or production failures at these facilities could significantly impair our ability to supply our products or continue our clinical trials”
Prolia/XGEVA patent expirations in 2025 and biosimilar/generic pressure threaten sales that must be replaced by new products and pipeline.
“Certain of our products face increasing pressure from competition, including biosimilars and generics.”
FDA abbreviated biosimilar pathway and interchangeability designations allow pharmacist substitution without prescriber approval, increasing competitive pressure.
“certain biosimilars have been approved as interchangeable with their reference products, which can allow pharmacists, subject to state law, to substitute those biosimilars for our products without prior prescriber approval”
Amgen faces current competition from biosimilars and generics and expects increasing competition, pressuring prices and volumes; IP challenges could compound this.
“We currently face competition from biosimilars and generics and expect to face increasing competition from biosimilars and generics in the future.”
Volume growth of 13% in 2025 was driven by certain brands including Repatha, PAVBLU, EVENITY, IMDELLTRA and TEZSPIRE; long-term success depends on continued innovation and MariTide Phase 3 development.
“U.S. volume grew 13% and ROW volume grew 14%, driven by volume growth in certain brands, including Repatha, PAVBLU, EVENITY, IMDELLTRA/IMDYLLTRA and TEZSPIRE.”
Attacks from nation states and organized crime, including AI-orchestrated campaigns and insider hiring attempts, threaten business operations, R&D, manufacturing and sales.
“attacks are growing in frequency, sophistication, and intensity, and are becoming increasingly difficult to detect and increasingly sophisticated in using techniques and tools, including AI, that circumvent security controls”
Sales are concentrated at certain wholesaler distributors; consolidation of private payers such as insurers and PBMs has negatively affected and may continue to negatively affect the business.
“Concentration of sales at certain of our wholesaler distributors, and consolidation of private payers, such as insurers, and PBMs has negatively affected, and may continue to negatively affect, our business.”
Sole-source third-party suppliers provide certain raw materials, medical devices (including companion diagnostics) and components; risk managed via inventory, relationship management and alternative sourcing.
“certain of which may be our only source for such materials”
Tariff and trade policy changes increase business uncertainty; Amgen received ~3-year Section 232 tariff relief tied to U.S. manufacturing investment.
“Recent and ongoing changes in U.S. trade and tariff policies... have increased uncertainty in the overall business and operating environment.”
Third-party providers manage/host IT systems, identity/access management and data; their breaches constitute a substantial share of Amgen's information security risks.
“System vulnerabilities and/or cybersecurity breaches experienced by our third-party service providers have constituted a substantial share of the information security risks that have affected us”
Inflation, fluctuating interest rates, rising healthcare costs and payer cost containment create pricing pressure resulting in net price declines.
“Uncertain macroeconomic conditions, including the risk of inflation, fluctuating interest rates and instability in the financial system, as well as rising healthcare costs, continue to pose challenges to our business.”
Proposed and implemented tariffs and trade protection measures affect raw material and medical device supply chains; Amgen is implementing sourcing and inventory strategies to minimize impacts.
“We also continue to assess the potential impacts of existing and proposed tariffs on our raw material and medical device supply chains”
Amgen relies on AI-enabled tools integrated into R&D, manufacturing and sales/distribution, creating both operational dependency and cyber vulnerability.
“Our information technology systems, including AI-enabled tools and systems are highly integrated into our business, including our R&D efforts, our clinical and commercial manufacturing processes and our product sales and distribution processes”
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