Amgen (AMGN)
Market Price (8/9/2026): $410.88 | Market Cap: $221.9 BilInvestor Relations Sector: Health Care | Industry: Biotechnology
Amgen (AMGN)
Market Price (8/9/2026): $410.88Market Cap: $221.9 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 2.4% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 12 Bil, FCF LTM is 10 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical Development, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns2Y Excs Rtn is -14% | Key risksAMGN key risks include [1] significant revenue erosion from imminent patent expirations and biosimilar competition for blockbuster drugs including Enbrel and Prolia, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, Dividend Yield is 2.4% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 12 Bil, FCF LTM is 10 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical Development, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -14% |
| Key risksAMGN key risks include [1] significant revenue erosion from imminent patent expirations and biosimilar competition for blockbuster drugs including Enbrel and Prolia, Show more. |
Qualitative Assessment
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Amgen (AMGN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Amgen reported strong financial performance for its second quarter of fiscal 2026, which ended June 30, 2026, exceeding analyst expectations for both earnings and revenue and subsequently raising its full-year guidance. The company's non-GAAP earnings per share (EPS) for fiscal Q2 2026 increased 4% year-over-year to $6.29, surpassing the consensus estimate of $5.62. Total revenues rose 10% to $10.1 billion, exceeding analyst estimates of $9.43 billion. Following these results, Amgen raised its full-year 2026 revenue guidance to a range of $38.2 billion to $39.4 billion and its adjusted EPS guidance to $22.30 to $23.50, reflecting an improved outlook for the remainder of the year.
2. Key growth drivers within Amgen's product portfolio demonstrated robust performance. Six key growth drivers collectively increased 26% year-over-year, accounting for nearly 70% of the product sales in fiscal Q2 2026. Notably, sales of Repatha, a cholesterol-lowering treatment, surged 37% year-over-year to $953 million, driven by increased volume. Sales for the osteoporosis treatment Evenity climbed 38% to $714 million, and the autoimmune medicine Uplizna saw sales increase 90% to $335 million.
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Amgen (AMGN) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Amgen reported strong financial performance for its second quarter of fiscal 2026, which ended June 30, 2026, exceeding analyst expectations for both earnings and revenue and subsequently raising its full-year guidance. The company's non-GAAP earnings per share (EPS) for fiscal Q2 2026 increased 4% year-over-year to $6.29, surpassing the consensus estimate of $5.62. Total revenues rose 10% to $10.1 billion, exceeding analyst estimates of $9.43 billion. Following these results, Amgen raised its full-year 2026 revenue guidance to a range of $38.2 billion to $39.4 billion and its adjusted EPS guidance to $22.30 to $23.50, reflecting an improved outlook for the remainder of the year.
2. Key growth drivers within Amgen's product portfolio demonstrated robust performance. Six key growth drivers collectively increased 26% year-over-year, accounting for nearly 70% of the product sales in fiscal Q2 2026. Notably, sales of Repatha, a cholesterol-lowering treatment, surged 37% year-over-year to $953 million, driven by increased volume. Sales for the osteoporosis treatment Evenity climbed 38% to $714 million, and the autoimmune medicine Uplizna saw sales increase 90% to $335 million.
3. Amgen received a positive regulatory opinion for an expanded use of its cardiovascular drug, Repatha, in Europe. On July 29, 2026, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion for Repatha for adults at high cardiovascular risk without a prior heart attack or stroke. This recommendation, based on the Phase 3 VESALIUS-CV trial, is expected to broaden the market for Repatha in Europe.
4. The company made a strategic decision to streamline its obesity pipeline, focusing resources on its promising late-stage asset. Amgen announced the discontinuation of its Phase 1 obesity candidate, AMG 513, to concentrate its efforts on MariTide. MariTide is currently progressing through an extensive Phase 3 clinical program, evaluating its potential for chronic weight management, Type 2 diabetes, and various cardiovascular conditions. This strategic pipeline management signals a targeted approach to its development efforts in the competitive obesity market.
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Stock Movement Drivers
Fundamental Drivers
The 19.6% change in AMGN stock from 4/30/2026 to 8/9/2026 was primarily driven by a 9.4% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 343.65 | 410.94 | 19.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,751 | 38,095 | 3.7% |
| Net Income Margin (%) | 21.0% | 23.0% | 9.4% |
| P/E Multiple | 24.0 | 25.4 | 5.9% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 19.6% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AMGN | 19.6% | |
| Market (SPY) | 7.6% | 6.7% |
| Sector (XLV) | 13.5% | 66.4% |
Fundamental Drivers
The 21.9% change in AMGN stock from 1/31/2026 to 8/9/2026 was primarily driven by a 17.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 336.98 | 410.94 | 21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,971 | 38,095 | 5.9% |
| Net Income Margin (%) | 19.5% | 23.0% | 17.9% |
| P/E Multiple | 25.9 | 25.4 | -1.9% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 21.9% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AMGN | 21.9% | |
| Market (SPY) | 12.1% | 21.7% |
| Sector (XLV) | 7.5% | 70.5% |
Fundamental Drivers
The 43.4% change in AMGN stock from 7/31/2025 to 8/9/2026 was primarily driven by a 32.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 286.49 | 410.94 | 43.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,126 | 38,095 | 11.6% |
| Net Income Margin (%) | 17.4% | 23.0% | 32.0% |
| P/E Multiple | 26.0 | 25.4 | -2.3% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 43.4% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AMGN | 43.4% | |
| Market (SPY) | 23.4% | 20.9% |
| Sector (XLV) | 28.7% | 68.6% |
Fundamental Drivers
The 92.4% change in AMGN stock from 7/31/2023 to 8/9/2026 was primarily driven by a 76.2% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 213.54 | 410.94 | 92.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,190 | 38,095 | 45.5% |
| Net Income Margin (%) | 30.2% | 23.0% | -24.1% |
| P/E Multiple | 14.4 | 25.4 | 76.2% |
| Shares Outstanding (Mil) | 534 | 540 | -1.1% |
| Cumulative Contribution | 92.4% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AMGN | 92.4% | |
| Market (SPY) | 74.9% | 29.0% |
| Sector (XLV) | 29.3% | 62.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMGN Return | 2% | 20% | 13% | -7% | 30% | 25% | 111% |
| Peers Return | 23% | 18% | -15% | 4% | 18% | 18% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| AMGN Win Rate | 33% | 58% | 58% | 50% | 50% | 62% | |
| Peers Win Rate | 58% | 62% | 37% | 48% | 60% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AMGN Max Drawdown | -21% | -12% | -21% | -23% | -20% | -17% | |
| Peers Max Drawdown | -17% | -18% | -26% | -21% | -22% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, JNJ, MRK, PFE, BMY. See AMGN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | AMGN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.9% | -18.8% |
| % Gain to Breakeven | 12.2% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.4% | -6.7% |
| % Gain to Breakeven | 11.7% | 7.1% |
| Time to Breakeven | 64 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -18.3% | -33.7% |
| % Gain to Breakeven | 22.3% | 50.9% |
| Time to Breakeven | 33 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.2% | -19.2% |
| % Gain to Breakeven | 15.2% | 23.8% |
| Time to Breakeven | 231 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.3% | -3.7% |
| % Gain to Breakeven | 25.5% | 3.9% |
| Time to Breakeven | 102 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.4% | 13.9% |
| Time to Breakeven | 302 days | 62 days |
In The Past
Amgen's stock fell -10.9% during the 2025 US Tariff Shock. Such a loss loss requires a 12.2% gain to breakeven.
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| Event | AMGN | S&P 500 |
|---|---|---|
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.3% | -3.7% |
| % Gain to Breakeven | 25.5% | 3.9% |
| Time to Breakeven | 102 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.4% | 13.9% |
| Time to Breakeven | 302 days | 62 days |
In The Past
Amgen's stock fell -10.9% during the 2025 US Tariff Shock. Such a loss loss requires a 12.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Amgen (AMGN)
Amgen Inc. is a leading global biotechnology company focused on discovering, developing, manufacturing, and delivering innovative human therapeutics. The company primarily targets serious illnesses across several key therapeutic areas, including inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience.
Amgen's extensive product portfolio features a range of established and novel medicines. Key products include Enbrel for autoimmune conditions like plaque psoriasis and rheumatoid arthritis, Neulasta to reduce infection risk in cancer patients with low white blood cell counts, and Prolia for postmenopausal osteoporosis. The company also offers Xgeva for skeletal-related event prevention, KYPROLIS for multiple myeloma, and Repatha to reduce the risks of cardiovascular events such as heart attack and stroke.
Amgen distributes its products through pharmaceutical wholesale networks and direct-to-consumer channels, serving a broad customer base that includes healthcare providers such as physicians, clinics, dialysis centers, hospitals, and pharmacies worldwide. The company also engages in strategic collaborations to advance its research and development pipeline.
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Here are a few analogies for Amgen (AMGN):
The Pfizer of the biotech world, developing a wide range of cutting-edge biologic drugs.
Like Microsoft for medicine, an R&D powerhouse creating essential therapeutic solutions across many diseases.
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- Enbrel: Treats plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis.
- Neulasta: Reduces the chance of infection due to a low white blood cell count in cancer patients.
- Prolia: Treats postmenopausal women with osteoporosis.
- Xgeva: Prevents skeletal-related events.
- Otezla: Treats adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease.
- Aranesp: Treats a lower-than-normal number of red blood cells and anemia.
- KYPROLIS: Treats patients with relapsed or refractory multiple myeloma.
- Repatha: Reduces the risks of myocardial infarction, stroke, and coronary revascularization.
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Amgen (AMGN) primarily sells its products to other companies and organizations within the healthcare supply chain rather than directly to individual consumers.
Its major customers are **pharmaceutical wholesale distributors**, who act as intermediaries between Amgen and the entities that dispense the medications to patients. Key public pharmaceutical wholesale distributors that typically serve as major customers for pharmaceutical manufacturers include:
- McKesson Corporation (MCK)
- AmerisourceBergen Corporation (ABC)
- Cardinal Health, Inc. (CAH)
Additionally, Amgen directly serves various **healthcare providers** who administer or dispense its therapeutics. While these are generally not public companies with tradable symbols, they represent significant customer categories for Amgen. These include:
- Hospitals
- Physicians' clinics
- Dialysis centers
- Pharmacies
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Robert A. Bradway, Chairman and Chief Executive Officer
Robert A. Bradway has served as Amgen's Chairman since January 2013 and Chief Executive Officer since May 2012. He joined Amgen in 2006, holding positions such as President and Chief Operating Officer from May 2010 to May 2012, and Executive Vice President and Chief Financial Officer from April 2007 to May 2010. Before joining 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 starting in 2001. He began his career at Morgan Stanley in New York in 1985 as a healthcare industry investment banker. Mr. Bradway holds a bachelor's degree in biology from Amherst College and a Master of Business Administration from Harvard University.
Peter H. Griffith, Executive Vice President and Chief Financial Officer
Peter H. Griffith became Amgen's Executive Vice President and Chief Financial Officer in January 2020, having joined the company in 2019 as Executive Vice President, Finance. Prior to Amgen, Mr. Griffith was president of Sherwood Canyon Group, LLC, a private equity and advisory firm. He also had a distinguished career at EY (formerly Ernst & Young), where he was a partner for nearly 22 years, serving in various senior leadership roles including Global Vice Chair, Corporate Development, before retiring. Mr. Griffith earned his bachelor's degree from the University of Southern California's Marshall School of Business.
David Reese, M.D., Executive Vice President and Chief Technology Officer
David Reese, M.D., serves as Amgen's Executive Vice President and Chief Technology Officer.
Murdo Gordon, Executive Vice President, Global Commercial Operations
Murdo Gordon is the Executive Vice President of Global Commercial Operations at Amgen.
James Bradner, M.D., Executive Vice President, Research & Development
James Bradner, M.D., holds the position of Executive Vice President, Research & Development at Amgen.
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- Loss of Exclusivity due to Patent Expirations and Biosimilar/Generic Competition: Amgen faces significant revenue erosion as patents for several of its blockbuster drugs expire, leading to increased competition from biosimilars and generics. Key products such as Enbrel, Prolia, Xgeva, and Otezla are either already facing or are anticipated to face biosimilar competition, which could substantially impact a large portion of the company's current revenue base. For instance, Prolia/Xgeva is expected to face U.S. patent expiry in 2025–2026, and Enbrel's final U.S. patent expiration is in 2028 and 2029.
- Legal and Regulatory Risks, particularly Drug Pricing Legislation: Amgen operates in a highly regulated environment and is susceptible to changes in healthcare policies and drug pricing reforms. Evolving U.S. federal coverage and reimbursement policies, such as the Inflation Reduction Act (IRA), have affected and are expected to continue to affect access to, pricing of, and sales of Amgen's products. Enbrel, a product that generates considerable revenue for Amgen, has already been selected for Medicare price setting under the IRA, with an expected negative impact on its profitability beginning January 1, 2026. Additionally, product liability remains a major risk in testing and marketing biotechnology products.
- Clinical Trial Failures and Research & Development (R&D) Productivity: The success of Amgen's business relies heavily on its ability to discover, develop, and commercialize new human therapeutics. The R&D process is inherently risky, with a high potential for clinical trial failures or the inability to demonstrate sufficient efficacy or safety for new drug candidates. For example, Amgen recently halted all clinical trials for rocatinlimab due to potential malignancy risks, illustrating the inherent uncertainties in drug development. A lack of successful new product launches could negatively impact future revenue growth and the ability to offset losses from patent expirations.
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Enbrel
The global Enbrel market size was approximately USD 16.67 billion in 2024 and is projected to reach around USD 22.29 billion by 2034. North America is the largest market for Enbrel.
Neulasta
The Global Neulasta Market is estimated to be valued at USD 210.3 million in 2025 and is expected to reach USD 95.3 million by 2032, exhibiting a compound annual growth rate (CAGR) of -10.7% from 2025 to 2032. This decline is influenced by shifts in market dynamics, including intensifying biosimilar competition and price pressures. North America was the largest region in the Neulasta market in 2025.
Prolia
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. Prolia alone accounted for between USD 4.0 and USD 4.5 billion annually by 2024 globally, with over USD 1.17 billion per quarter in U.S. sales. The broader global osteoporosis drug market was estimated at roughly USD 15-16 billion in 2024. North America is expected to lead the Prolia market.
Xgeva
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. North America is expected to lead this market.
Otezla
There is no specific standalone market size available for Otezla. However, Otezla competes within the following markets: The global psoriasis drugs market was estimated at USD 21,116.1 million in 2024 and is projected to reach USD 39,113.8 million by 2030. North America held the leading market position for psoriasis drugs in 2024, accounting for 38.65% of the global share. The global psoriatic arthritis market size was USD 9 billion in 2021.
Aranesp
The darbepoetin alfa (Aranesp) market is predicted to expand from a size of USD 5.81 billion in 2024 to USD 6.06 billion in 2025, and is projected to increase to USD 7.37 billion by 2029. North America was the largest region in the darbepoetin alfa (Aranesp) market in 2025.
KYPROLIS
There is no specific standalone market size available for KYPROLIS. It is a therapy for multiple myeloma, and the global multiple myeloma therapeutics market size was estimated at USD 20.87 billion in 2023 and is projected to reach USD 30.30 billion by 2030. In 2023, the total multiple myeloma market size in the 7 major markets was approximately USD 21,300 million, with the United States contributing nearly USD 14,300 million.
Repatha
There is no specific standalone market size available for Repatha. It is a key drug in the PCSK9 inhibitors market, which was valued at USD 2.41 billion globally in 2024, estimated to reach USD 2.91 billion in 2025 and USD 13.35 billion by 2035. North America was the largest region in the Repatha market in 2025.
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Expected Drivers of Future Revenue Growth for Amgen (AMGN) over the Next 2-3 Years:
- Growth of Key In-Market Products: Amgen anticipates continued strong performance from its established, high-growth products, including Repatha, EVENITY, and TEZSPIRE. These medicines demonstrated significant double-digit sales growth in 2025 and are expected to sustain this momentum, driven by increasing patient demand and market penetration.
- Expansion of the Rare Disease Portfolio: The acquisition of Horizon Therapeutics in late 2023 significantly bolstered Amgen's rare disease offerings, with key treatments such as TEPEZZA and KRYSTEXXA. This portfolio, which exceeded $5 billion in sales in 2025, is projected to continue growing through the introduction of these therapies into international markets and new indications.
- Robust Biosimilar Portfolio: Amgen's biosimilar segment is a strong driver of revenue, having generated $3 billion in sales in 2025 with a 37% year-over-year increase. Recent launches like PAVBLU (a biosimilar to Eylea) and WEZLANA (a biosimilar for Stelara) are contributing to this growth, alongside a pipeline of biosimilar candidates for high-value products like Opdivo, Keytruda, and Ocrevus that are in Phase 3 development, positioning Amgen for further expansion in this market.
- Advancement of Late-Stage Pipeline, particularly MariTide: Amgen's pipeline, featuring numerous potential first- or best-in-class medicines, is a critical growth driver. MariTide (maridebart cafraglutide), a novel peptide-antibody conjugate for obesity and obesity-related conditions, is currently in multiple global Phase 3 studies. Positive results and potential launch of MariTide are anticipated to be a significant catalyst for future revenue growth.
- Innovative Oncology Products and Label Expansions: The company is focused on expanding its oncology portfolio, with recent FDA approvals such as IMDELLTRA (tarlatamab-dlle) for extensive-stage small cell lung cancer in 2024. Additionally, pipeline advancements and label expansions for existing oncology assets like LUMAKRAS and xaluritamig are expected to contribute to revenue growth.
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Share Repurchases
- Amgen did not repurchase shares under its stock repurchase program in 2025.
- In 2024, Amgen spent $200 million on share buybacks, following no cash spent on buybacks in fiscal 2023.
- As of December 31, 2025, Amgen had $6.8 billion of share repurchase authorization available. The company expects share repurchases not to exceed $500 million in 2025 and up to $3 billion in 2026.
Outbound Investments
- Amgen acquired Horizon Therapeutics for $27.8 billion in December 2022.
- In 2022, Amgen acquired ChemoCentryx for $4 billion.
- Amgen made several acquisitions in 2021, including Five Prime Therapeutics for $1.9 billion in March and TeneoBio for $900 million in July.
Capital Expenditures
- Amgen's capital expenditures were $1.112 billion in 2023, $1.096 billion in 2024, and approximately $1.9 billion in 2025.
- Expected capital expenditures for 2026 are approximately $2.6 billion.
- These investments are primarily focused on expanding manufacturing capacities with new plants and facilities in Ohio, North Carolina, Puerto Rico, and a new science and innovation center in Thousand Oaks, California.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 187.31 |
| Mkt Cap | 269.9 |
| Rev LTM | 64,040 |
| Op Inc LTM | 15,430 |
| FCF LTM | 12,778 |
| FCF 3Y Avg | 13,526 |
| CFO LTM | 15,646 |
| CFO 3Y Avg | 16,062 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 30.2% |
| Op Inc Chg 3Y Avg | 17.3% |
| Op Mgn LTM | 27.5% |
| Op Mgn 3Y Avg | 22.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 27.7% |
| CFO/Rev 3Y Avg | 28.6% |
| FCF/Rev LTM | 23.0% |
| FCF/Rev 3Y Avg | 23.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 269.9 |
| P/S | 5.3 |
| P/Op Inc | 19.7 |
| P/EBIT | 22.9 |
| P/E | 32.4 |
| P/CFO | 17.8 |
| Total Yield | 5.9% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.2% |
| 3M Rtn | 17.2% |
| 6M Rtn | 7.7% |
| 12M Rtn | 47.2% |
| 3Y Rtn | 49.0% |
| 1M Excs Rtn | 4.4% |
| 3M Excs Rtn | 11.0% |
| 6M Excs Rtn | -3.4% |
| 12M Excs Rtn | 27.8% |
| 3Y Excs Rtn | -21.9% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA210745 | OTEZLA | apremilast | tablet | 8292025 | 20.9% | 36.8% | 45.9% | 45.9% | 45.9% |
| BLA761298 | PAVBLU | aflibercept-ayyh | injectable | 8232024 | -9.7% | -6.4% | -7.7% | 32.0% | 32.0% |
| BLA761333 | BKEMV | eculizumab-aeeb | injectable | 5282024 | 9.7% | -5.3% | -4.3% | 19.2% | 45.6% |
| BLA761344 | IMDELLTRA | tarlatamab-dlle | injectable | 5162024 | 3.4% | -5.3% | -10.7% | 10.2% | 38.8% |
| BLA761285 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 74.8% |
| BLA761331 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 74.8% |
| NDA214665 | LUMAKRAS | sotorasib | tablet | 5282021 | -5.6% | -14.1% | 10.8% | -2.7% | 102.2% |
| BLA761140 | RIABNI | rituximab-arrx | injectable | 12172020 | 7.3% | 6.4% | -0.1% | 23.9% | 112.6% |
| BLA761086 | AVSOLA | infliximab-axxq | injectable | 12062019 | -9.3% | -2.1% | 0.8% | -7.6% | 116.1% |
| BLA761073 | KANJINTI | trastuzumab-anns | vial | 6132019 | 10.6% | 35.4% | 26.7% | 46.3% | 189.9% |
| ... | |||||||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA210745 | OTEZLA | apremilast | tablet | 8292025 | 20.9% | 36.8% | 45.9% | 45.9% | 45.9% |
| BLA761298 | PAVBLU | aflibercept-ayyh | injectable | 8232024 | -9.7% | -6.4% | -7.7% | 32.0% | 32.0% |
| BLA761333 | BKEMV | eculizumab-aeeb | injectable | 5282024 | 9.7% | -5.3% | -4.3% | 19.2% | 45.6% |
| BLA761344 | IMDELLTRA | tarlatamab-dlle | injectable | 5162024 | 3.4% | -5.3% | -10.7% | 10.2% | 38.8% |
| BLA761285 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 74.8% |
| BLA761331 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 74.8% |
| NDA214665 | LUMAKRAS | sotorasib | tablet | 5282021 | -5.6% | -14.1% | 10.8% | -2.7% | 102.2% |
| BLA761140 | RIABNI | rituximab-arrx | injectable | 12172020 | 7.3% | 6.4% | -0.1% | 23.9% | 112.6% |
| BLA761086 | AVSOLA | infliximab-axxq | injectable | 12062019 | -9.3% | -2.1% | 0.8% | -7.6% | 116.1% |
| BLA761073 | KANJINTI | trastuzumab-anns | vial | 6132019 | 10.6% | 35.4% | 26.7% | 46.3% | 189.9% |
| NDA209964 | CORLANOR | ivabradine | solution | 4222019 | 0.6% | 16.9% | 34.7% | 56.5% | 193.0% |
| BLA761062 | EVENITY | romosozumab-aqqg | injectable | 4092019 | -5.1% | 3.2% | 17.0% | 36.4% | 167.7% |
| BLA761077 | AIMOVIG | erenumab-aooe | injectable | 5172018 | 13.2% | 11.7% | 0.3% | 45.7% | 202.2% |
| BLA761028 | MVASI | bevacizumab-awwb | injectable | 9142017 | -7.0% | 1.6% | 9.0% | 9.5% | 184.8% |
| BLA761024 | AMJEVITA | adalimumab-atto | injectable | 9232016 | -15.0% | -3.9% | 9.2% | 24.1% | 217.3% |
| BLA125522 | REPATHA | evolocumab | injectable | 8272015 | 5.8% | -4.6% | 13.2% | 14.8% | 265.0% |
| NDA206143 | CORLANOR | ivabradine hydrochloride | tablet | 4152015 | -2.6% | -9.8% | -1.1% | 2.4% | 246.8% |
| BLA125557 | BLINCYTO | blinatumomab | injectable | 12032014 | -4.8% | -5.6% | -6.1% | -10.3% | 243.2% |
| NDA205437 | OTEZLA | apremilast | tablet | 3212014 | -1.1% | 18.4% | 41.1% | 23.3% | 375.9% |
| BLA125320 | PROLIA | denosumab | injectable | 6012010 | 0.6% | 3.8% | 17.6% | 39.8% | 1,115.1% |
| BLA125268 | NPLATE | romiplostim | injectable | 8222008 | -14.2% | -11.4% | -5.3% | -18.2% | 863.5% |
| BLA125147 | VECTIBIX | panitumumab | injectable | 9272006 | -5.1% | -22.8% | -21.6% | -15.9% | 755.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other products | 7,263 | 5,630 | 4,696 | 5,050 | 5,710 |
| Prolia | 4,414 | 4,374 | 4,048 | 3,628 | 3,248 |
| Repatha | 3,016 | 2,222 | 1,635 | 1,296 | 1,117 |
| Otezla | 2,265 | 2,126 | 2,188 | 2,288 | 2,249 |
| ENBREL | 2,226 | 3,316 | 3,697 | 4,117 | 4,465 |
| EVENITY | 2,100 | 1,563 | 1,160 | 787 | 530 |
| XGEVA | 2,084 | 2,225 | 2,112 | 2,014 | 2,018 |
| TEPEZZA | 1,903 | 1,851 | 448 | 0 | 0 |
| Other revenues | 1,603 | 1,398 | 1,280 | 1,522 | 1,682 |
| BLINCYTO | 1,559 | 1,216 | 861 | 583 | 472 |
| Nplate | 1,524 | 1,456 | 1,477 | 1,307 | 1,027 |
| TEZSPIRE | 1,478 | 972 | 567 | 170 | |
| KYPROLIS | 1,412 | 1,503 | 1,403 | 1,247 | 1,108 |
| Aranesp | 1,389 | 1,342 | 1,362 | 1,421 | 1,480 |
| KRYSTEXXA | 1,340 | 1,185 | 272 | 0 | 0 |
| Vectibix | 1,175 | 1,045 | 984 | 893 | 873 |
| Total | 36,751 | 33,424 | 28,190 | 26,323 | 25,979 |
Price Behavior
| Market Price | $410.94 | |
| Market Cap ($ Bil) | 221.9 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $361.98 | $343.38 |
| DMA Trend | up | up |
| Distance from DMA | 13.5% | 19.7% |
| 3M | 1YR | |
| Volatility | 27.0% | 27.4% |
| Downside Capture | -77.19 | 29.32 |
| Upside Capture | 34.21 | 66.46 |
| Correlation (SPY) | 5.7% | 22.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.17 | 0.08 | 0.11 | 0.43 | 0.45 | 0.50 |
| Up Beta | -1.29 | 0.26 | 0.45 | 0.89 | 0.61 | 0.54 |
| Down Beta | 1.03 | 0.60 | 0.53 | 0.50 | 0.20 | 0.33 |
| Up Capture | 25% | 26% | 13% | 32% | 51% | 31% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 33 | 63 | 132 | 394 |
| Down Capture | -74% | -66% | -49% | 14% | 45% | 76% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 21 | 29 | 62 | 119 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMGN | |
|---|---|---|---|---|
| AMGN | 48.9% | 27.3% | 1.43 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 68.1% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 22.2% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 15.4% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -19.6% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 35.4% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMGN | |
|---|---|---|---|---|
| AMGN | 14.8% | 24.3% | 0.54 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 58.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 31.0% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 10.7% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -0.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 35.8% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 9.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMGN | |
|---|---|---|---|---|
| AMGN | 12.5% | 25.0% | 0.48 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 67.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 47.4% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 7.1% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 10.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 39.0% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 7.2% |
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Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 4.6% | ||
| 4/30/2026 | -4.7% | -5.0% | -4.2% |
| 2/3/2026 | 8.2% | 7.7% | 9.3% |
| 11/4/2025 | 7.8% | 14.1% | 12.0% |
| 8/5/2025 | -5.1% | -5.0% | -5.9% |
| 5/1/2025 | -0.9% | -4.1% | 2.6% |
| 2/4/2025 | 6.5% | 2.6% | 10.9% |
| 10/30/2024 | 1.5% | 2.0% | -9.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 5.5% | 6.4% | 7.9% |
| Median Negative | -4.3% | -3.8% | -6.0% |
| Max Positive | 11.8% | 14.1% | 12.2% |
| Max Negative | -7.2% | -8.1% | -13.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 4.6% | ||
| 4/30/2026 | -4.7% | -5.0% | -4.2% |
| 2/3/2026 | 8.2% | 7.7% | 9.3% |
| 11/4/2025 | 7.8% | 14.1% | 12.0% |
| 8/5/2025 | -5.1% | -5.0% | -5.9% |
| 5/1/2025 | -0.9% | -4.1% | 2.6% |
| 2/4/2025 | 6.5% | 2.6% | 10.9% |
| 10/30/2024 | 1.5% | 2.0% | -9.6% |
| 8/6/2024 | -5.0% | -1.7% | -0.7% |
| 5/2/2024 | 11.8% | 12.4% | 11.2% |
| 2/6/2024 | -6.4% | -8.1% | -13.0% |
| 10/31/2023 | -2.8% | 3.7% | 2.1% |
| 8/3/2023 | 5.5% | 13.6% | 12.2% |
| 4/27/2023 | -0.2% | -3.5% | -8.9% |
| 1/31/2023 | -2.4% | -3.3% | -6.2% |
| 11/3/2022 | 1.2% | 9.5% | 7.9% |
| 8/4/2022 | -0.3% | 0.6% | -1.1% |
| 4/27/2022 | -4.3% | -5.1% | 2.5% |
| 2/7/2022 | 7.8% | 1.2% | 4.4% |
| 11/2/2021 | 1.8% | -1.2% | -5.3% |
| 8/3/2021 | -6.5% | -6.6% | -7.8% |
| 4/27/2021 | -7.2% | -3.0% | -5.8% |
| 2/2/2021 | -1.4% | -1.6% | -6.3% |
| 10/28/2020 | 0.7% | 6.4% | 4.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 11 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 5.5% | 6.4% | 7.9% |
| Median Negative | -4.3% | -3.8% | -6.0% |
| Max Positive | 11.8% | 14.1% | 12.2% |
| Max Negative | -7.2% | -8.1% | -13.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/14/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/12/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 38.20 Bil | 38.80 Bil | 39.40 Bil | 2.6% | Raised | Guidance: 37.80 Bil for 2026 | |
| 2026 GAAP EPS | 15.8 | 16.4 | 17.1 | 0.5% | Raised | Guidance: 16.4 for 2026 | |
| 2026 GAAP Tax Rate | 14.5% | 15.25% | 16.0% | ||||
| 2026 Non-GAAP EPS | 22.3 | 22.9 | 23.5 | 2.2% | Raised | Guidance: 22.4 for 2026 | |
| 2026 Non-GAAP Tax Rate | 15.0% | 15.75% | 16.5% | ||||
| 2026 Capital Expenditures | 2.60 Bil | 0 | Affirmed | Guidance: 2.60 Bil for 2026 | |||
| 2026 Share Repurchases | 3.00 Bil | 0 | Affirmed | Guidance: 3.00 Bil for 2026 | |||
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 37.10 Bil | 37.80 Bil | 38.50 Bil | 0.3% | Raised | Guidance: 37.70 Bil for 2026 | |
| 2026 GAAP EPS | 15.6 | 16.4 | 17.1 | 1.0% | Raised | Guidance: 16.2 for 2026 | |
| 2026 Non-GAAP EPS | 21.7 | 22.4 | 23.1 | 0.4% | Raised | Guidance: 22.3 for 2026 | |
| 2026 Capital Expenditures | 2.60 Bil | 0 | Affirmed | Guidance: 2.60 Bil for 2026 | |||
| 2026 Share Repurchases | 3.00 Bil | 0 | Affirmed | Guidance: 3.00 Bil for 2026 | |||
Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 37.00 Bil | 37.70 Bil | 38.40 Bil | 4.1% | Higher New | Guidance: 36.20 Bil for 2025 | |
| 2026 GAAP EPS | 15.4 | 16.2 | 16.9 | 14.2% | Higher New | Guidance: 14.2 for 2025 | |
| 2026 Non-GAAP EPS | 21.6 | 22.3 | 23 | 6.2% | Higher New | Guidance: 21 for 2025 | |
| 2026 Capital Expenditures | 2.60 Bil | 15.6% | Higher New | Guidance: 2.25 Bil for 2025 | |||
| 2026 Share Repurchases | 3.00 Bil | 500.0% | Higher New | Guidance: 500.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total Revenue | 35.80 Bil | 36.20 Bil | 36.60 Bil | 2.0% | Raised | Guidance: 35.50 Bil for 2025 | |
| 2025 GAAP EPS | 13.8 | 14.2 | 14.6 | 22.9% | Raised | Guidance: 11.5 for 2025 | |
| 2025 Non-GAAP EPS | 20.6 | 21 | 21.4 | 1.2% | Raised | Guidance: 20.8 for 2025 | |
| 2025 Capital Expenditures | 2.20 Bil | 2.25 Bil | 2.30 Bil | -2.2% | Lowered | Guidance: 2.30 Bil for 2025 | |
| 2025 Share Repurchases | 500.00 Mil | 0.0% | Affirmed | Guidance: 500.00 Mil for 2025 | |||
Insider Activity
Updated 8/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Derek | SVP, Human Resources | Direct | Sell | 8062026 | 402.54 | 3,890 | 1,565,898 | 5,016,508 | Form |
| 2 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 8062026 | 402.16 | 2,970 | 1,194,415 | 2,951,855 | Form |
| 3 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 5052026 | 323.73 | 1,237 | 400,451 | 2,269,004 | Form |
| 4 | Santos, Esteban | EVP, Operations | Direct | Sell | 2272026 | 379.12 | 54,792 | 20,772,595 | 29,047,209 | Form |
| 5 | Busch, Matthew C | VP, Finance & CAO | Direct | Sell | 2202026 | 375.79 | 1,000 | 375,790 | 1,286,329 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Miller, Derek | SVP, Human Resources | Direct | Sell | 8062026 | 402.54 | 3,890 | 1,565,898 | 5,016,508 | Form |
| 2 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 8062026 | 402.16 | 2,970 | 1,194,415 | 2,951,855 | Form |
| 3 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 5052026 | 323.73 | 1,237 | 400,451 | 2,269,004 | Form |
| 4 | Santos, Esteban | EVP, Operations | Direct | Sell | 2272026 | 379.12 | 54,792 | 20,772,595 | 29,047,209 | Form |
| 5 | Busch, Matthew C | VP, Finance & CAO | Direct | Sell | 2202026 | 375.79 | 1,000 | 375,790 | 1,286,329 | Form |
| 6 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 11202025 | 337.26 | 3,139 | 1,058,667 | 2,436,722 | Form |
| 7 | Gordon, Murdo | EVP, Global Commercial Ops | Direct | Sell | 11142025 | 336.83 | 6,879 | 2,317,071 | 14,121,033 | Form |
| 8 | Khosla, Rachna | SVP, Business Development | Direct | Sell | 11132025 | 336.24 | 890 | 299,256 | 2,381,267 | Form |
| 9 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 8212025 | 296.99 | 1,267 | 376,280 | 2,140,965 | Form |
Investor Activity (13F)
Updated Aug 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Iat Reinsurance Co LTD. | $32.5 Mil | 10.5% | 67 | Hold | 13F |
| Nepsis Inc. | $16.9 Mil | 5.7% | 29 | Hold | 13F |
| Smead Capital Management, Inc. | $245.6 Mil | 5.3% | 32 | TRIM -13.0% | 13F |
| Sector Gamma AS | $16.6 Mil | 3.9% | 42 | TRIM -22.6% | 13F |
| HFR Wealth Management, LLC | $13.4 Mil | 3.3% | 49 | Hold | 13F |
| Atle Fund Management AB | $8.7 Mil | 2.8% | 39 | Hold | 13F |
| Kinsale Capital Group, Inc. | $13.2 Mil | 2.1% | 41 | Hold | 13F |
| Fidelity National Financial, Inc. | $15.8 Mil | 0.6% | 21 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Vantage Wealth | $20.9 Mil | 4.5% | 30 | Exited | Dec 31, 2025 | 13F |
| MBB Public Markets I LLC | $19.9 Mil | 2.1% | 27 | Exited | Dec 31, 2025 | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $6.6 Mil | 1.1% | 30 | Exited | Dec 31, 2025 | 13F |
| Sector Gamma AS | $16.6 Mil | 3.9% | 42 | TRIM -22.6% | Mar 31, 2026 | 13F |
| Smead Capital Management, Inc. | $245.6 Mil | 5.3% | 32 | TRIM -13.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Smead Capital Management, Inc. | $245.6 Mil | 5.3% | 32 | TRIM -13.0% | 13F |
| Iat Reinsurance Co LTD. | $32.5 Mil | 10.5% | 67 | Hold | 13F |
| Nepsis Inc. | $16.9 Mil | 5.7% | 29 | Hold | 13F |
| Sector Gamma AS | $16.6 Mil | 3.9% | 42 | TRIM -22.6% | 13F |
| Fidelity National Financial, Inc. | $15.8 Mil | 0.6% | 21 | New | 13F |
| HFR Wealth Management, LLC | $13.4 Mil | 3.3% | 49 | Hold | 13F |
| Kinsale Capital Group, Inc. | $13.2 Mil | 2.1% | 41 | Hold | 13F |
| Atle Fund Management AB | $8.7 Mil | 2.8% | 39 | Hold | 13F |
AMGN Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high because Amgen is successfully executing a major portfolio rotation. Its new growth drivers, now nearly 70% of sales, are accelerating with 26% aggregate growth. This performance is volume-led, supported by significant margin expansion, and prompted management to raise full-year 2026 revenue and earnings guidance.
STOCK ARCHETYPE
Patent-Protected Franchise∑ (Volume of Prescriptions per Product × Net Realized Price per Product) Successful commercialization of new, high-margin biologics and pipeline advancements that outpace the revenue erosion from patent-expired products.
INVESTMENT THESIS
Evidence suggests yes. A diverse set of new products is delivering accelerating, volume-led growth, overpowering biosimilar erosion.
- The six key growth drivers' aggregate growth accelerated to 26% YoY in Q2 2026.
- This new portfolio now represents nearly 70% of total product sales.
- Overall Q2 product sales grew 9%, driven by volume, not price.
- Repatha U.S. new-to-brand prescriptions grew more than 50% year-over-year.
- Full-year 2026 revenue and EPS guidance were both raised in August.
PRIMARY RISK
The 33% year-over-year sales decline in the Prolia and XGEVA franchise could worsen, creating a revenue gap that the new portfolio cannot fill, stalling overall growth.
- Prolia and XGEVA combined sales fell 33% year-over-year in Q2 2026.
- Multiple biosimilar competitors have launched against these products.
- Patents for Prolia and XGEVA expired in the U.S. in February 2025.
- ENBREL and Otezla face Medicare price setting at 'significantly lower prices'.
| KPI | Status | Rationale |
|---|---|---|
| Aggregate Growth of 6 Key Growth Drivers | 26% year-over-year growth in Q2 2026 - Accelerating | The growth of this strategic portfolio, which now represents nearly 70% of product sales, has accelerated. This demonstrates the company's successful transition towards newer revenue sources as it navigates patent expirations on older drugs. |
| Repatha Sales Growth | 37% year-over-year growth in Q2 2026 - Accelerating | Repatha's growth is driven by strong volume, with new-to-brand prescriptions in the U.S. growing over 50% year-over-year. Management highlights an 'unrivaled' clinical evidence base supporting adoption in both primary and secondary prevention. |
| Key Growth Drivers Aggregate Growth | 26% year-over-year (Q2 2026) | This metric, highlighted by management, indicates the performance of the core portfolio (Repatha, EVENITY, TEZSPIRE, Rare Disease, Innovative Oncology, Biosimilars) tasked with offsetting declines in legacy products and driving future growth. |
| Repatha New-to-Brand Prescriptions (U.S.) | grew more than 50% year-over-year (Q2 2026) | Indicates accelerating adoption and market penetration for a key growth product, particularly in the primary prevention setting, suggesting a large untapped market. |
| Product Volume Growth | 9% (driving total product sales growth) (Q2 2026) | Demonstrates that revenue growth is being driven by increased patient demand for the company's medicines, rather than price increases, which is a key indicator of underlying business health in the current pricing environment. |
Growth Engine vs. Biosimilar Drag
BULL VIEW
Bulls believe the 26% aggregate growth from the new portfolio, which now constitutes nearly 70% of sales, is a durable engine that will continue to drive overall growth and margin expansion.
CORE TENSION
Can the new portfolio's 26% growth offset the legacy portfolio's 33% decline, a dynamic the market rewarded with an 8.0% post-earnings stock gain?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The growth drivers' momentum accelerated sequentially, and management raised full-year guidance, signaling confidence that the transition is succeeding.
BEAR VIEW
Bears fear the 33% sales decline in legacy products Prolia and XGEVA is just the beginning of a steeper-than-expected erosion that will overwhelm the new products' momentum.
| Timeline | Event & Metric To Watch |
|---|---|
10/13/2026 - 10/29/2026 | Peer Earnings Reset Expectations Watch: Commentary on immunology market share, pricing environment, and uptake of competing products like AbbVie's Skyrizi and Rinvoq. |
10/29/2026 | Peer Earnings Reports Watch: Peers Merck (MRK), Bristol-Myers Squibb (BMY), and AbbVie (ABBV) are scheduled to report earnings. |
11/2/2026 | Accelerated Biosimilar Erosion Watch: Q3 sales figures for Prolia and XGEVA versus consensus and management's qualitative commentary on the competitive landscape. |
H2 2026 | Adverse Tax Court Ruling Watch: A final ruling from the U.S. Tax Court and the company's subsequent disclosure of the financial impact. |
H2 2026 | Negative Pipeline Readout Watch: A top-line data press release for the dazodalibep Phase 3 program. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-04 | Q2 2026 Earnings and Guidance Raise Details: Amgen reported Q2 revenue growth of 10% to $10.1 billion and raised its full-year 2026 guidance for revenue and non-GAAP EPS. The stock reacted positively, rising 8.0%. | +7.6% $378.87 -> $407.83 |
2026-07-31 | Positive Repatha EU Regulatory Opinion Details: The European Medicines Agency's CHMP issued a positive opinion supporting a broader label for Repatha to reduce the risk of a first heart attack or stroke. | -2.3% $387.64 -> $378.87 |
2026-06-14 | Patent Infringement Lawsuit Loss Details: A U.S. jury found Amgen willfully infringed on patents from Harbour BioMed related to antibody discovery technology, awarding $20.2 million in damages. | -1.0% $354.06 -> $350.53 |
2026-05-19 | CFO Retirement Announced Details: The company announced the retirement of Peter Griffith, who has served as CFO since 2020. Thomas Dittrich was named as his successor. | +2.2% $324.39 -> $331.57 |
2026-04-30 | Q1 2026 Earnings Report Details: The company reported first-quarter results, after which the stock had a negative two-day reaction of -2.0% versus a 1.0% gain for the S&P 500. | -2.4% $335.49 -> $327.35 |
2026-03-28 | Positive Repatha Primary Prevention Data Details: News reports in March highlighted that Repatha cut the risk of first major cardiovascular events by 31% in high-risk patients without known significant atherosclerosis. | -1.2% $350.51 -> $346.38 |
2026-02-03 | Q4 2025 Earnings Report Details: The company reported strong Q4 results, with management highlighting mitigation of LOE impacts but noting new regulatory uncertainty for Tavneos. The stock reacted positively, rising 6.0% post-earnings. | +6.2% $339.74 -> $360.95 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: AMGN trades at roughly 30% annualized options-implied volatility versus about 14% for the S&P 500 (2.2x the market), around the 95th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ABBV - AbbVie
Higher-Margin PeerAbbVie demonstrates superior profitability, with a trailing-twelve-month operating margin of 33.9% compared to Amgen's. It also has a larger absolute research and development budget.
JNJ - Johnson & Johnson
Diversified Scale LeaderJohnson & Johnson offers significantly greater scale, with revenue 2.6 times that of Amgen, and a more diversified business model beyond innovative therapeutics.
A biologics leader successfully executing a major portfolio rotation, where a diverse set of new growth engines is overpowering the drag from patent cliffs.
Amgen is navigating the loss of exclusivity for major drugs like Prolia and XGEVA by driving strong, double-digit growth from a broad set of newer products. This new growth portfolio, now comprising nearly 70% of sales, is powered by innovative medicines in large, undertreated markets. The company's future growth trajectory now heavily depends on continued commercial execution of these drivers and the success of its high-potential late-stage pipeline, particularly the obesity drug MariTide.
Continued outperformance from the six key growth drivers, positive Phase 3 data for MariTide or Olpasiran, and slower-than-expected erosion of legacy products.
A slowdown in the growth drivers, clinical trial failures in the late-stage pipeline (especially MariTide), or faster-than-expected price and volume declines for Prolia/XGEVA.
Minor legal disputes or early-stage pipeline updates that do not affect the core growth drivers or major late-stage assets.
Repricing Catalyst
The strong Q2 2026 earnings report on August 4, 2026, which featured a revenue beat, raised full-year guidance, and a positive 8.0% two-day stock reaction, served as a significant repricing event. Upcoming catalysts include Phase 3 data for dazodalibep, TEZSPIRE in EoE, and continued progress updates on MariTide.
Amgen — Investor Video Playlist
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