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Here are 1-3 brief analogies to describe Amgen:

• The Pfizer of the biotechnology industry. (Highlights its large scale, established nature, and leadership within the biotech sector.)
• Like Merck, but exclusively focused on developing complex biologic medicines. (Compares it to another major pharmaceutical company while emphasizing its specialization in advanced biotech treatments.)

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• Enbrel (etanercept): A biologic medication used to treat autoimmune diseases such as rheumatoid arthritis, psoriatic arthritis, and plaque psoriasis.
• Prolia (denosumab): An injectable drug prescribed for postmenopausal women and men at high risk of fracture to treat osteoporosis.
• Repatha (evolocumab): A PCSK9 inhibitor medication used to lower "bad" LDL cholesterol in patients with cardiovascular disease or familial hypercholesterolemia.
• Otezla (apremilast): An oral medication used to treat plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease.
• Neulasta (pegfilgrastim): A white blood cell growth factor used to reduce the incidence of infection in cancer patients receiving myelosuppressive chemotherapy.
• Lumakras (sotorasib): A targeted therapy specifically designed to treat adult patients with KRAS G12C-mutated non-small cell lung cancer.

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• McKesson Corporation (Symbol: MCK)
• Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
• Cardinal Health, Inc. (Symbol: CAH)

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Robert A. Bradway, Chairman and Chief Executive Officer

Mr. Bradway became Amgen's Chairman in January 2013 and Chief Executive Officer in May 2012. He joined Amgen in 2006, serving as vice president, Operations Strategy, and then as executive vice president and chief financial officer from April 2007 to May 2010. Prior to Amgen, Mr. Bradway was a managing director at Morgan Stanley in London, where he led the firm's banking department and corporate finance activities in Europe. He began his career at Morgan Stanley in New York in 1985 as a healthcare industry investment banker.

Peter H. Griffith, Executive Vice President and Chief Financial Officer

Mr. Griffith became Amgen's Executive Vice President and Chief Financial Officer in January 2020. He joined Amgen in 2019 from Sherwood Canyon Group, LLC, a private equity and advisory firm, where he held the role of president. Before Sherwood Canyon Group, he retired from EY (formerly Ernst & Young) after a 22-year career as a partner, including serving as EY's Global Vice Chair, Corporate Development, and Global Managing Partner, Operations and Finance. He also previously served as Managing Director and head of the investment banking division of Wedbush Securities Inc.

David M. Reese, Executive Vice President and Chief Technology Officer

Dr. Reese is Amgen's inaugural executive vice president and chief technology officer, a role he assumed after serving as executive vice president, Research and Development from 2018 to 2023. He joined Amgen in 2005. Prior to joining Amgen, he was the director of Clinical Research for the Breast Cancer International Research Group (BCIRG) and a co-founder, president, and chief medical officer of Translational Oncology Research International (TORI), a not-for-profit academic clinical research organization.

Murdo Gordon, Executive Vice President, Global Commercial Operations

Mr. Gordon became Executive Vice President, Global Commercial Operations, for Amgen in September 2018. Before Amgen, he spent nearly 30 years at Bristol-Myers Squibb (BMS), where his most recent position was Chief Commercial Officer. In that role, he was responsible for global commercial strategy, including all sales, marketing, customer operations, access, and pricing activities. He also served as head of worldwide markets and president of BMS's U.S. operations.

James E. Bradner, Executive Vice President, Research and Development

Dr. Bradner serves as Executive Vice President, Research and Development at Amgen. He joined Amgen in 2019, having previously served as President of Novartis Institutes for BioMedical Research (NIBR). Prior to his time at Novartis, Dr. Bradner was on the faculty of Harvard Medical School and served as a physician and investigator at Dana-Farber Cancer Institute. He is a co-founder of multiple biotechnology companies.

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The key risks to Amgen's business include:

1. Patent Cliff and Biosimilar/Generic Competition: Amgen faces significant revenue erosion due to the imminent loss of exclusivity for several of its key products, including Enbrel, Prolia, Xgeva, and Otezla. The entry of biosimilars and generics into the market is expected to lead to substantial declines in sales for these drugs, with approximately $8 billion in annual revenue at risk from Prolia and Enbrel alone. For instance, the profitability of Enbrel is expected to be negatively impacted by Medicare's mandatory price setting beginning in 2026.
2. Legal and Regulatory Pressures, Including Drug Pricing Reforms: The company is exposed to significant risks from changing U.S. federal coverage and reimbursement policies, as well as efforts to implement drug pricing reforms. The Inflation Reduction Act (IRA), for example, includes provisions for mandatory price setting in Medicare for certain drugs, which has already impacted Enbrel and could affect other Amgen medicines in the future. Such legislative and regulatory actions can adversely impact the pricing and sales of Amgen's products both domestically and internationally.
3. Pipeline Development and Reliance on New Products: To offset the revenue declines from patent expirations and biosimilar competition, Amgen is heavily reliant on the successful development and commercialization of new products from its pipeline. There are concerns regarding the viability and competitive positioning of some pipeline candidates, such as MariTide, which needs to demonstrate superiority over existing GLP-1 agonists. Failure to bring new "blockbuster" therapies to market in a timely and effective manner could lead to long-term stagnation and negatively impact future growth.

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• Rapid advancements in gene and cell therapies, which represent a paradigm shift towards potentially curative, one-time treatments for diseases currently managed by chronic therapies, a core part of Amgen's product portfolio. This emerging therapeutic paradigm could disrupt the market for many of Amgen's long-term biologic drugs.
• Increased government-mandated drug price negotiation, such as that enacted through the Inflation Reduction Act (IRA) in the U.S., which grants Medicare the power to directly negotiate prices for certain high-cost, older drugs. This new regulatory framework introduces significant, direct pressure on the profitability and long-term revenue streams of Amgen's established blockbuster products as they become eligible for negotiation.

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Here are the addressable market sizes for Amgen's main products, along with the specified regions:

• Enbrel (etanercept): The global Enbrel (etanercept) market size is expected to grow to approximately $22,351.3 million by 2029.
• Repatha (evolocumab): The global PCSK9 inhibitors market, in which Repatha holds a dominant share, is estimated to reach USD 13.35 billion by 2035.
• Prolia (denosumab): The Global Prolia Market is estimated to be valued at USD 4,562.1 million in 2025 and is expected to reach USD 5,703.2 million by 2032. This market size is global, with North America expected to hold a 38.3% share in 2025.
• Xgeva (denosumab): The Global Xgeva Market is estimated to be valued at USD 2,501.1 million in 2025 and is expected to reach USD 3,140.7 million by 2032. This market size is global, with North America expected to lead, holding a 32.3% share in 2025.
• Evenity (romosozumab): The global osteoporosis treatment market, which Evenity addresses, is expected to reach $25.1 billion by 2033. Evenity is projected to become the leading branded product in the global osteoporosis market by 2027, commanding a 17% market share.
• Blincyto (blinatumomab): The global Blincyto market size is projected to grow from $812.54 million in 2025 to $1,022.10 million in 2029. North America was the largest region in the Blincyto market in 2024.
• Kyprolis (carfilzomib): The global multiple myeloma market, which Kyprolis treats, stood at USD 27.58 billion in 2024 and is projected to reach USD 44.19 billion by 2032. North America dominated the multiple myeloma market with a 58.30% share in 2024.
• Lumakras (sotorasib): The global KRAS inhibitor market, which Lumakras is a part of, is expected to surpass US$ 4 billion by 2028.
• Otezla (apremilast): Null

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Amgen (AMGN) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:

1. Sustained Growth of Key Marketed Products: Amgen expects continued strong performance and volume growth from its established portfolio, including products like Repatha, Evenity, Tezspire, Prolia, and Uplizna, alongside its innovative oncology and rare disease medicines. These products have demonstrated double-digit sales growth, contributing significantly to the company's overall revenue.
2. Strategic Acquisitions: The acquisition of Horizon Therapeutics in October 2023 is a significant driver, enhancing Amgen's presence in the rare disease market. Key therapies such as Tepezza (for thyroid eye disease) and Krystexxa (for chronic refractory gout) from this acquisition are projected to be substantial contributors to revenue growth from 2025 through 2030.
3. Expansion of the Biosimilars Portfolio: Amgen's growing biosimilars portfolio is a strategic focus and a considerable revenue contributor. The company is actively launching more biosimilars to diversify its offerings and capture market share in the expanding biosimilars market.
4. Advancement of Late-Stage Pipeline Assets: The company's robust late-stage pipeline, particularly promising new treatments like MariTide (for obesity) and Olpasiran, represents significant future growth opportunities. Amgen is awaiting pivotal trial readouts for potential "mega-blockbusters" like MariTide, which could profoundly impact revenue within the next few years.
5. Global Market Penetration and Patient Access Initiatives: Amgen is actively expanding its global footprint by pursuing opportunities in emerging markets. Additionally, initiatives like the recently launched "AmgenNow" direct-to-patient platform for Repatha aim to broaden patient access and drive volume growth, offsetting industry-wide pricing pressures.

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Share Repurchases

• Amgen repurchased common stock totaling approximately $6.3 billion in 2022, primarily through accelerated share repurchase agreements.
• The company did not repurchase shares of common stock in 2023.
• As of December 31, 2024, approximately $6.8 billion remained available under Amgen's stock repurchase program, with an expectation to be under $500 million in repurchases for 2025.

Share Issuance

• Amgen's net common equity issued/repurchased for 2023 was $0, indicating no net issuance or repurchase.
• For the nine months ended September 30, 2024, Amgen issued $1.0 million in common stock in connection with equity award programs.

Outbound Investments

• In October 2023, Amgen completed the acquisition of Horizon Therapeutics plc for approximately $27.8 billion in cash, strengthening its rare disease portfolio with medicines like TEPEZZA, KRYSTEXXA, and UPLIZNA.
• In October 2022, Amgen acquired ChemoCentryx for approximately $3.7 billion to $4 billion in an all-cash deal, adding TAVNEOS for rare diseases.
• In 2021, Amgen made two significant acquisitions: Five Prime Therapeutics for $1.9 billion in April and Rodeo Therapeutics for $720 million in March.

Capital Expenditures

• Amgen's capital expenditures were $1.112 billion in 2023 and approximately $1.096 billion in 2024.
• The company anticipates capital expenditures of approximately $2.3 billion for 2025.
• The primary focus of these expenditures includes expanding manufacturing capacity, with notable investments such as a $1 billion expansion in North Carolina, a $900 million expansion in Ohio, and a $600 million Center for Science and Innovation in California.