Amgen Inc.
AMGNBusiness Overview
ticker: AMGN step: 01 generated: 2026-05-12 source: quick-research
Amgen Inc. (AMGN) — Business Overview
Business Description
Amgen is one of the world's largest biopharmaceutical companies, with a portfolio of 14 products generating $1B+ in annual sales. After the $28B Horizon Therapeutics acquisition (closed October 2023), Amgen expanded its rare disease franchise (TEPEZZA, KRYSTEXXA, UPLIZNA, TAVNEOS). The most important asset in the pipeline is MariTide — an obesity drug positioned for monthly/quarterly dosing vs. weekly GLP-1 leaders Wegovy + Zepbound, with Phase 3 readouts expected in 2027. CEO Robert Bradway has been at the helm since 2012.
Revenue Model
- Biologics (primarily injectable, ~85% of revenue): Anti-PCSK9 (Repatha), bone (Prolia, XGEVA, EVENITY), inflammation (Otezla, Enbrel), oncology/hematology (BLINCYTO, KYPROLIS, Vectibix, IMDELLTRA), rare diseases (TEPEZZA, KRYSTEXXA, UPLIZNA, TAVNEOS)
- Biosimilars (~10%): Mvasi, Kanjinti, Amgevita, Wezlana, Riabni (oncology + immunology biosimilars to other companies' originators)
- Other/Royalties (~5%): Royalties from licensing partnerships
Products & Services
Cardiovascular / Metabolic (Growth Drivers)
- Repatha (PCSK9): $876M Q1 2026 (+34% YoY) — fastest growing product; primary prevention indication expanding
- MariTide (obesity, Phase 3): Long-acting GIPR antagonist + GLP-1 agonist; monthly or quarterly dosing potential
Bone Health (Declining post-LOE)
- Prolia (denosumab, osteoporosis): -28% in 2026 — biosimilar entry
- XGEVA (denosumab, oncology): -39% in 2026 — biosimilar entry
- EVENITY: Anabolic for severe osteoporosis — growing 30%+
Inflammation / Immunology
- Enbrel (etanercept): Older TNF; Medicare price negotiations effective 2026
- Otezla (apremilast): Psoriasis/PsA — facing European generic Jan 2026
- TEZSPIRE: Asthma (anti-TSLP) — record growth +30%+
Oncology / Rare Disease
- TEPEZZA (Horizon): Thyroid eye disease — $1.9B FY25
- KRYSTEXXA (Horizon): Refractory gout — $1.2B FY25
- UPLIZNA: NMOSD
- TAVNEOS: ANCA-associated vasculitis
- BLINCYTO, KYPROLIS, Vectibix: Hematology/oncology
- IMDELLTRA (tarlatamab): BiTE small cell lung cancer
MariTide Phase 3 Program
- MARITIME-1 + MARITIME-2: Chronic weight management, 72-week monthly dosing
- MARITIME-CV: Cardiovascular outcomes
- MARITIME-HF: Heart failure + CV risk
- Six global Phase 3 studies; data 2027
Customer Base & Go-to-Market
- Patients: Millions globally with cardiovascular, autoimmune, oncology, rare disease conditions
- Specialists + Hospitals: Cardiologists, rheumatologists, endocrinologists, ophthalmologists, oncologists, geneticists
- Payers: US PBMs/insurers, ex-US single-payer systems
- Channel: Direct specialty + biotech sales force
- Geographic mix: ~75% US, ~25% International
Competitive Position
Amgen has multiple top-3 positions in major therapy areas: #1 in PCSK9 (Repatha vs Praluent), #1 in cardiovascular cholesterol biologics, leading bone health franchise (despite biosimilar pressure), strong oncology biologic franchise. MariTide's monthly dosing positioning is critical differentiation vs. Wegovy/Zepbound weekly injections. Competitors: Lilly (Mounjaro/Zepbound + cardiometabolic), Novo Nordisk (Wegovy/Ozempic), AbbVie (immunology), Roche/Sanofi (multiple), Vertex (cardio + rare).
Key Facts
- Founded: 1980 (Applied Molecular Genetics) in Thousand Oaks, CA
- Headquarters: Thousand Oaks, CA
- Employees: ~25,000
- Exchange: NASDAQ
- Sector / Industry: Health Care / Biotechnology
- Market Cap: ~$165B (May 2026)
- CEO: Robert A. Bradway (since 2012)
- Dividend: $9.96 annual ($2.49 quarterly)
- 13+ consecutive years of dividend growth
- 14 products generating $1B+ each
Financial Snapshot
ticker: AMGN step: 04 generated: 2026-05-12 source: quick-research
Amgen Inc. (AMGN) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $28.2B | $33.4B | $36.8B | +10% |
| Product Sales | $26.9B | $32.3B | $35.6B | +10% (volume +13%, price -3%) |
| Adj. Gross Margin | 76% | 75% | 75% | flat |
| Adj. Operating Margin | 49% | 48% | 49% | +1pp |
| Adj. Net Income | $10.3B | $10.5B | $11.5B | +10% |
| Adj. EPS (diluted) | $18.65 | $19.50 | $21.40 | +10% |
| Free Cash Flow | $7.4B | $11.1B | $12.3B | +11% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Revenue | $8.6B | +6% |
| Product Sales | $8.4B | +5% |
| 6 Growth Drivers Combined | $5.6B | +24% |
| Prolia + XGEVA Combined | $1.1B | -32% (biosimilar) |
Top Products (FY2025)
| Product | Sales | YoY |
|---|---|---|
| Repatha | ~$3.3B | +34% |
| Enbrel | ~$3.0B | low single digit (Medicare price reset) |
| Prolia | ~$4.5B | flat (biosimilar entry late) |
| Otezla | ~$2.0B | flat (EU generic Jan 2026) |
| TEPEZZA | $1.9B | +mid teens |
| KRYSTEXXA | $1.2B | +20% |
| TEZSPIRE | $1.0B+ | +30% |
| BLINCYTO | $1.3B | +15% |
| EVENITY | ~$1.5B | +30% |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$14B |
| Capital Expenditures | ~$1.5B |
| Free Cash Flow | $12.3B |
| Cash & Investments | ~$10B |
| Total Debt | ~$60B (post-Horizon) |
| Net Debt/EBITDA | ~2.7x — elevated, deleveraging in progress |
Key Ratios (approximate, May 2026)
- P/E (forward): ~13x | EV/EBITDA: ~12x | Dividend Yield: ~3.3%
- ROIC: ~10% (pre-Horizon synergies)
- FCF Margin: ~33%
Growth Profile
FY25 revenue +10% to $36.8B; FY26 guidance raised to $37.1-38.5B (midpoint +3%) — sharp deceleration from +10% to +3% as biosimilar headwinds hit. Six growth drivers (Repatha, EVENITY, TEZSPIRE, TEPEZZA, KRYSTEXXA, BLINCYTO) growing 24% YoY collectively. Prolia + XGEVA combined -32%. The math: growth engines need to keep outpacing LOE drag, plus MariTide needs to launch successfully late 2027/2028.
Forward Estimates
- FY2026E Revenue: $37.1-38.5B (mgmt guide; +1-5%)
- FY2026E Adj EPS: $21.70-23.10 (mgmt guide; +1-8%)
- FY2027E EPS: ~$24 (assumes MariTide approval visibility)
- MariTide peak sales (bull): $10B+
- 2030 Bull Target: $450-550 if MariTide Phase 3 succeeds + Repatha primary prevention
Capital Return
- Dividend $9.96 annual = ~$5.4B paid
- 13+ consecutive years of dividend growth
- Buybacks moderated for Horizon debt paydown
- Total return: ~3.3% dividend + future buyback resumption
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AMGN.