Amgen (AMGN)
Market Price (7/25/2026): $375.65 | Market Cap: $202.9 BilInvestor Relations Sector: Health Care | Industry: Biotechnology
Amgen (AMGN)
Market Price (7/25/2026): $375.65Market Cap: $202.9 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 6.4%, Dividend Yield is 2.6% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 11 Bil, FCF LTM is 8.6 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 -2.4%, Dist 3Y High is -2.4% 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 6.4%, Dividend Yield is 2.6% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 11 Bil, FCF LTM is 8.6 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 -2.4%, Dist 3Y High is -2.4% |
| 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 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Upward Revised Full-Year Guidance.
Amgen reported robust results for fiscal Q1 2026 (ended March 31, 2026), with earnings per share (EPS) of $5.15, surpassing analysts' consensus estimates of $4.77 by $0.38, representing an 8.19% beat. Quarterly revenue also increased by 5.8% year-over-year to $8.62 billion, exceeding the $8.58 billion consensus. Following these positive results, Amgen raised its full-year 2026 revenue guidance to a range of $37.1 billion to $38.5 billion and its non-GAAP EPS guidance to $21.70 to $23.10. This optimistic outlook was significantly driven by its six key growth drivers, which collectively contributed approximately 70% of product sales and demonstrated 24% year-over-year growth.
2. Positive Clinical Trial Updates and Pipeline Momentum.
The company presented encouraging new data across its rare autoimmune and inflammatory disease portfolio at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress in June. Specifically, new Phase 3 MITIGATE open-label extension data supported the long-term safety profile and sustained efficacy of UPLIZNA® (inebilizumab) in IgG4-RD. Additionally, real-world evidence underscored the efficacy and safety profile of TAVNEOS® (avacopan), including reduced steroid use in ANCA-associated vasculitis. Although earlier in the year, continued positive sentiment around the Phase II data for MariTide (maridebart cafraglutide), Amgen's investigational obesity and Type 2 Diabetes treatment, also contributed to investor confidence.
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Amgen (AMGN) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Upward Revised Full-Year Guidance.
Amgen reported robust results for fiscal Q1 2026 (ended March 31, 2026), with earnings per share (EPS) of $5.15, surpassing analysts' consensus estimates of $4.77 by $0.38, representing an 8.19% beat. Quarterly revenue also increased by 5.8% year-over-year to $8.62 billion, exceeding the $8.58 billion consensus. Following these positive results, Amgen raised its full-year 2026 revenue guidance to a range of $37.1 billion to $38.5 billion and its non-GAAP EPS guidance to $21.70 to $23.10. This optimistic outlook was significantly driven by its six key growth drivers, which collectively contributed approximately 70% of product sales and demonstrated 24% year-over-year growth.
2. Positive Clinical Trial Updates and Pipeline Momentum.
The company presented encouraging new data across its rare autoimmune and inflammatory disease portfolio at the European Alliance of Associations for Rheumatology (EULAR) 2026 Congress in June. Specifically, new Phase 3 MITIGATE open-label extension data supported the long-term safety profile and sustained efficacy of UPLIZNA® (inebilizumab) in IgG4-RD. Additionally, real-world evidence underscored the efficacy and safety profile of TAVNEOS® (avacopan), including reduced steroid use in ANCA-associated vasculitis. Although earlier in the year, continued positive sentiment around the Phase II data for MariTide (maridebart cafraglutide), Amgen's investigational obesity and Type 2 Diabetes treatment, also contributed to investor confidence.
3. Favorable Analyst Sentiment and Increased Price Targets.
Throughout the period, several financial analysts reiterated or upgraded their ratings and increased price targets for Amgen. For example, Piper Sandler increased its price target to $432 in May 2026, while UBS reaffirmed a "Buy" rating with a $400 target in April 2026. This generally supportive analyst sentiment, coupled with upward revisions to price targets, indicated a positive outlook on the company's future performance and pipeline potential.
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Stock Movement Drivers
Fundamental Drivers
The 7.7% change in AMGN stock from 3/31/2026 to 7/24/2026 was primarily driven by a 6.8% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 349.21 | 376.04 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 36,751 | 37,220 | 1.3% |
| Net Income Margin (%) | 21.0% | 21.0% | -0.1% |
| P/E Multiple | 24.4 | 26.0 | 6.8% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 7.7% |
Market Drivers
3/31/2026 to 7/24/2026| Return | Correlation | |
|---|---|---|
| AMGN | 7.7% | |
| Market (SPY) | 13.6% | 13.7% |
| Sector (XLV) | 10.9% | 70.1% |
Fundamental Drivers
The 16.6% change in AMGN stock from 12/31/2025 to 7/24/2026 was primarily driven by a 7.6% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 322.62 | 376.04 | 16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,971 | 37,220 | 3.5% |
| Net Income Margin (%) | 19.5% | 21.0% | 7.6% |
| P/E Multiple | 24.8 | 26.0 | 5.1% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 16.6% |
Market Drivers
12/31/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| AMGN | 16.6% | |
| Market (SPY) | 8.7% | 21.1% |
| Sector (XLV) | 5.5% | 70.8% |
Fundamental Drivers
The 38.7% change in AMGN stock from 6/30/2025 to 7/24/2026 was primarily driven by a 20.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 271.06 | 376.04 | 38.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,126 | 37,220 | 9.1% |
| Net Income Margin (%) | 17.4% | 21.0% | 20.5% |
| P/E Multiple | 24.6 | 26.0 | 5.9% |
| Shares Outstanding (Mil) | 538 | 540 | -0.4% |
| Cumulative Contribution | 38.7% |
Market Drivers
6/30/2025 to 7/24/2026| Return | Correlation | |
|---|---|---|
| AMGN | 38.7% | |
| Market (SPY) | 20.6% | 21.6% |
| Sector (XLV) | 22.2% | 68.6% |
Fundamental Drivers
The 85.7% change in AMGN stock from 6/30/2023 to 7/24/2026 was primarily driven by a 90.6% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7242026 | Change |
|---|---|---|---|
| Stock Price ($) | 202.48 | 376.04 | 85.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,190 | 37,220 | 42.1% |
| Net Income Margin (%) | 30.2% | 21.0% | -30.7% |
| P/E Multiple | 13.7 | 26.0 | 90.6% |
| Shares Outstanding (Mil) | 534 | 540 | -1.1% |
| Cumulative Contribution | 85.7% |
Market Drivers
6/30/2023 to 7/24/2026| Return | Correlation | |
|---|---|---|
| AMGN | 85.7% | |
| Market (SPY) | 72.6% | 29.3% |
| Sector (XLV) | 28.2% | 62.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMGN Return | 2% | 20% | 13% | -7% | 30% | 15% | 93% |
| Peers Return | 23% | 18% | -15% | 4% | 18% | 18% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| AMGN Win Rate | 33% | 58% | 58% | 50% | 50% | 57% | |
| Peers Win Rate | 58% | 62% | 37% | 48% | 60% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
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 7/24/2026 (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 | 195.22 |
| Mkt Cap | 263.5 |
| Rev LTM | 63,066 |
| Op Inc LTM | 14,550 |
| FCF LTM | 13,012 |
| FCF 3Y Avg | 13,283 |
| CFO LTM | 15,598 |
| CFO 3Y Avg | 15,811 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.5% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 5.6% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 31.7% |
| Op Inc Chg 3Y Avg | 16.5% |
| Op Mgn LTM | 27.4% |
| Op Mgn 3Y Avg | 22.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 27.8% |
| CFO/Rev 3Y Avg | 28.6% |
| FCF/Rev LTM | 22.9% |
| FCF/Rev 3Y Avg | 24.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 263.5 |
| P/S | 5.2 |
| P/Op Inc | 20.6 |
| P/EBIT | 20.7 |
| P/E | 28.1 |
| P/CFO | 18.5 |
| Total Yield | 5.9% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.0% |
| 3M Rtn | 13.2% |
| 6M Rtn | 18.1% |
| 12M Rtn | 36.5% |
| 3Y Rtn | 50.2% |
| 1M Excs Rtn | 8.3% |
| 3M Excs Rtn | 7.5% |
| 6M Excs Rtn | 10.9% |
| 12M Excs Rtn | 20.0% |
| 3Y Excs Rtn | -5.7% |
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% | 33.5% | 33.5% | 33.5% |
| BLA761298 | PAVBLU | aflibercept-ayyh | injectable | 8232024 | -9.7% | -6.4% | -7.7% | 20.8% | 20.8% |
| BLA761333 | BKEMV | eculizumab-aeeb | injectable | 5282024 | 9.7% | -5.3% | -4.3% | 19.2% | 33.2% |
| BLA761344 | IMDELLTRA | tarlatamab-dlle | injectable | 5162024 | 3.4% | -5.3% | -10.7% | 10.2% | 27.0% |
| BLA761285 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 60.0% |
| BLA761331 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 60.0% |
| NDA214665 | LUMAKRAS | sotorasib | tablet | 5282021 | -5.6% | -14.1% | 10.8% | -2.7% | 85.0% |
| BLA761140 | RIABNI | rituximab-arrx | injectable | 12172020 | 7.3% | 6.4% | -0.1% | 23.9% | 94.6% |
| BLA761086 | AVSOLA | infliximab-axxq | injectable | 12062019 | -9.3% | -2.1% | 0.8% | -7.6% | 97.8% |
| BLA761073 | KANJINTI | trastuzumab-anns | vial | 6132019 | 10.6% | 35.4% | 26.7% | 46.3% | 165.3% |
| ... | |||||||||
| 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% | 33.5% | 33.5% | 33.5% |
| BLA761298 | PAVBLU | aflibercept-ayyh | injectable | 8232024 | -9.7% | -6.4% | -7.7% | 20.8% | 20.8% |
| BLA761333 | BKEMV | eculizumab-aeeb | injectable | 5282024 | 9.7% | -5.3% | -4.3% | 19.2% | 33.2% |
| BLA761344 | IMDELLTRA | tarlatamab-dlle | injectable | 5162024 | 3.4% | -5.3% | -10.7% | 10.2% | 27.0% |
| BLA761285 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 60.0% |
| BLA761331 | WEZLANA | ustekinumab-auub | injectable | 10312023 | 24.0% | 8.8% | 27.1% | 21.6% | 60.0% |
| NDA214665 | LUMAKRAS | sotorasib | tablet | 5282021 | -5.6% | -14.1% | 10.8% | -2.7% | 85.0% |
| BLA761140 | RIABNI | rituximab-arrx | injectable | 12172020 | 7.3% | 6.4% | -0.1% | 23.9% | 94.6% |
| BLA761086 | AVSOLA | infliximab-axxq | injectable | 12062019 | -9.3% | -2.1% | 0.8% | -7.6% | 97.8% |
| BLA761073 | KANJINTI | trastuzumab-anns | vial | 6132019 | 10.6% | 35.4% | 26.7% | 46.3% | 165.3% |
| NDA209964 | CORLANOR | ivabradine | solution | 4222019 | 0.6% | 16.9% | 34.7% | 56.5% | 168.1% |
| BLA761062 | EVENITY | romosozumab-aqqg | injectable | 4092019 | -5.1% | 3.2% | 17.0% | 36.4% | 145.0% |
| BLA761077 | AIMOVIG | erenumab-aooe | injectable | 5172018 | 13.2% | 11.7% | 0.3% | 45.7% | 176.6% |
| BLA761028 | MVASI | bevacizumab-awwb | injectable | 9142017 | -7.0% | 1.6% | 9.0% | 9.5% | 160.6% |
| BLA761024 | AMJEVITA | adalimumab-atto | injectable | 9232016 | -15.0% | -3.9% | 9.2% | 24.1% | 190.4% |
| BLA125522 | REPATHA | evolocumab | injectable | 8272015 | 5.8% | -4.6% | 13.2% | 14.8% | 234.0% |
| NDA206143 | CORLANOR | ivabradine hydrochloride | tablet | 4152015 | -2.6% | -9.8% | -1.1% | 2.4% | 217.3% |
| BLA125557 | BLINCYTO | blinatumomab | injectable | 12032014 | -4.8% | -5.6% | -6.1% | -10.3% | 214.1% |
| NDA205437 | OTEZLA | apremilast | tablet | 3212014 | -1.1% | 18.4% | 41.1% | 23.3% | 335.5% |
| BLA125320 | PROLIA | denosumab | injectable | 6012010 | 0.6% | 3.8% | 17.6% | 39.8% | 1,011.9% |
| BLA125268 | NPLATE | romiplostim | injectable | 8222008 | -14.2% | -11.4% | -5.3% | -18.2% | 781.7% |
| BLA125147 | VECTIBIX | panitumumab | injectable | 9272006 | -5.1% | -22.8% | -21.6% | -15.9% | 682.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other products | 7,263 | 5,630 | 4,696 | 5,220 | 5,321 |
| 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 | |
| Other revenues | 1,603 | 1,398 | 1,280 | 1,522 | 1,682 |
| BLINCYTO | 1,559 | 1,216 | 861 | 583 | |
| Nplate | 1,524 | 1,456 | 1,477 | 1,307 | 1,027 |
| TEZSPIRE | 1,478 | 972 | 567 | ||
| 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 | |
| Vectibix | 1,175 | 1,045 | 984 | 893 | |
| Neulasta | 1,734 | ||||
| Total | 36,751 | 33,424 | 28,190 | 26,323 | 25,979 |
Price Behavior
| Market Price | $376.04 | |
| Market Cap ($ Bil) | 203.1 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -2.4% | |
| 50 Days | 200 Days | |
| DMA Price | $350.12 | $338.24 |
| DMA Trend | up | up |
| Distance from DMA | 7.4% | 11.2% |
| 3M | 1YR | |
| Volatility | 25.9% | 27.1% |
| Downside Capture | -49.71 | 37.87 |
| Upside Capture | 3.28 | 57.50 |
| Correlation (SPY) | 4.9% | 21.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.20 | 0.22 | 0.39 | 0.50 | 0.52 | 0.51 |
| Up Beta | 1.07 | 1.13 | 1.06 | 1.14 | 0.64 | 0.56 |
| Down Beta | 0.51 | 0.35 | 0.10 | 0.19 | 0.18 | 0.31 |
| Up Capture | 29% | 10% | 14% | 41% | 64% | 33% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 24 | 34 | 66 | 135 | 397 |
| Down Capture | -54% | -31% | 5% | 33% | 58% | 78% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 17 | 29 | 59 | 117 | 354 |
[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 | 25.4% | 27.0% | 0.81 | - |
| Sector ETF (XLV) | 20.9% | 15.7% | 1.02 | 68.5% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 21.1% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 14.4% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -17.5% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 37.9% |
| Bitcoin (BTCUSD) | -45.4% | 42.9% | -1.29 | 8.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMGN | |
|---|---|---|---|---|
| AMGN | 12.2% | 24.1% | 0.44 | - |
| Sector ETF (XLV) | 6.4% | 15.0% | 0.25 | 58.5% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 31.1% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 10.0% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 0.1% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 36.0% |
| Bitcoin (BTCUSD) | 15.7% | 53.4% | 0.47 | 9.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMGN | |
|---|---|---|---|---|
| AMGN | 12.1% | 24.9% | 0.47 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 67.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 47.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 6.8% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 10.4% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 39.1% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 7.2% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 6.0% | 6.4% | 7.9% |
| Median Negative | -3.6% | -4.1% | -5.9% |
| 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 |
| 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% |
| 7/28/2020 | -2.5% | -4.6% | -1.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 11 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 6.0% | 6.4% | 7.9% |
| Median Negative | -3.6% | -4.1% | -5.9% |
| 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: 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 | |||
Prior: 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 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 5052026 | 323.73 | 1,237 | 400,451 | 2,269,004 | Form |
| 2 | Santos, Esteban | EVP, Operations | Direct | Sell | 2272026 | 379.12 | 54,792 | 20,772,595 | 29,047,209 | Form |
| 3 | Busch, Matthew C | VP, Finance & CAO | Direct | Sell | 2202026 | 375.79 | 1,000 | 375,790 | 1,286,329 | Form |
| 4 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 11202025 | 337.26 | 3,139 | 1,058,667 | 2,436,722 | Form |
| 5 | Gordon, Murdo | EVP, Global Commercial Ops | Direct | Sell | 11142025 | 336.83 | 6,879 | 2,317,071 | 14,121,033 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 5052026 | 323.73 | 1,237 | 400,451 | 2,269,004 | Form |
| 2 | Santos, Esteban | EVP, Operations | Direct | Sell | 2272026 | 379.12 | 54,792 | 20,772,595 | 29,047,209 | Form |
| 3 | Busch, Matthew C | VP, Finance & CAO | Direct | Sell | 2202026 | 375.79 | 1,000 | 375,790 | 1,286,329 | Form |
| 4 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 11202025 | 337.26 | 3,139 | 1,058,667 | 2,436,722 | Form |
| 5 | Gordon, Murdo | EVP, Global Commercial Ops | Direct | Sell | 11142025 | 336.83 | 6,879 | 2,317,071 | 14,121,033 | Form |
| 6 | Khosla, Rachna | SVP, Business Development | Direct | Sell | 11132025 | 336.24 | 890 | 299,256 | 2,381,267 | Form |
| 7 | Grygiel, Nancy A | SVP & CCO | Direct | Sell | 8212025 | 296.99 | 1,267 | 376,280 | 2,140,965 | Form |
| 8 | Khosla, Rachna | SVP, Business Development | Direct | Sell | 6052025 | 289.68 | 1,500 | 434,520 | 2,364,368 | Form |
| 9 | Busch, Matthew C | VP, Finance & CAO | Direct | Sell | 5022025 | 279.69 | 1,000 | 279,690 | 1,128,269 | Form |
Investor Activity (13F)
Updated Jul 25, 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
Constructive
CONVICTION RATIONALE
Conviction is constructive as Amgen is successfully executing a major portfolio transition. A set of six key growth drivers, expanding at 24% annually, now accounts for nearly 70% of product sales. This growth, combined with significant margin expansion, is funding a late-stage pipeline in high-value markets, providing a clear path to offset pressures on older medicines.
STOCK ARCHETYPE
Patent-Protected Franchise(Volume of Doses Sold) x (Net Realized Price per Dose) Product mix shift towards newer, high-margin, patent-protected drugs and successful commercialization of the late-stage pipeline, especially in high-value markets like obesity.
INVESTMENT THESIS
Evidence suggests yes. A new portfolio of drugs is delivering strong growth, offsetting declines in legacy products and driving margin expansion.
- The six key growth drivers collectively grew 24% year-over-year in Q1 2026.
- Trailing-twelve-month operating margin expanded to 28.4% from 21.8% a year prior.
- The company has 16 products with double-digit sales growth as of Q1 2026.
- Management raised full-year 2026 revenue guidance to a range of $37.1 billion to $38.5 billion.
PRIMARY RISK
The pace of sales decline for legacy blockbusters Prolia and XGEVA could accelerate faster than expected, while the high-stakes obesity pipeline fails to deliver, creating a multi-year growth gap.
- Patents for Prolia and XGEVA expired in the U.S. in February 2025.
- Management anticipates 'accelerated sales erosion' for these products in 2026.
- ENBREL and Otezla face government price setting at 'significantly lower prices'.
- The obesity pipeline candidate MariTide competes in a field with 'dozens' of other medicines.
| KPI | Status | Rationale |
|---|---|---|
| Repatha Sales Growth | 34% year-over-year growth in Q1 2026 - Decelerating | Repatha's growth accelerated significantly through late 2025 before moderating in the most recent quarter. Despite the sequential deceleration, the growth rate remains robust, supported by new data for primary prevention, updated treatment guidelines, and sustained increases in new-to-brand prescriptions. |
| Innovative Oncology Portfolio Sales Growth | 25% year-over-year growth in Q1 2026 - Accelerating | The portfolio's growth re-accelerated strongly in the latest quarter after a slowdown in late 2025. The growth is driven by the successful launch of IMDELLTRA, which generated $258 million in Q1 sales, and continued strength in products like BLINCYTO. |
| Key Growth Drivers' Performance | 24% year-over-year sales growth (Q1 2026) | This metric tracks the collective performance of the six product areas management has designated as central to the company's growth strategy, indicating how successfully the company is transitioning its revenue base away from legacy products. |
| Number of Products with Double-Digit Growth | 16 (Q1 2026) | Indicates the breadth of growth across the portfolio, demonstrating that growth is not reliant on a single product. |
| Number of Products Annualizing at >$1 Billion | 17 (Q1 2026) | Shows the number of blockbuster-scale drugs in the portfolio, reflecting the company's ability to develop and commercialize major therapeutic products. |
New Portfolio Power vs. Patent Cliff Gravity
BULL VIEW
The new portfolio's 24% growth, representing 70% of sales, has reached critical mass to successfully power through the well-understood erosion of Prolia and XGEVA, as confirmed by raised 2026 revenue guidance.
CORE TENSION
Can the 24% growth from the new portfolio offset the guided 'accelerated sales erosion' of legacy drugs, which prompted a negative market reaction last quarter?
PREVAILING SENTIMENT
The bull view is favored by current data. Management's decision to raise full-year 2026 revenue guidance is a direct signal they see the new portfolio winning this race in the near term.
BEAR VIEW
The 'accelerated sales erosion' guided for Prolia/XGEVA will be a more powerful headwind than bulls expect, and the stock's negative reaction to good news shows the market is skeptical of the long-term pipeline.
| Timeline | Event & Metric To Watch |
|---|---|
10/13/2026 | Johnson & Johnson Earnings Watch: Peer Johnson & Johnson (JNJ) is scheduled to report earnings. |
10/29/2026 | Peer Commentary on Pricing Watch: Peer management commentary on gross-to-net deductions, IRA price negotiations, and competitive dynamics in overlapping therapeutic areas. |
11/2/2026 | Accelerated Legacy Product Decline Watch: Reported sales for Prolia and XGEVA versus consensus and management's commentary on biosimilar competition and market share. |
11/2/2026 | Amgen Reports Earnings Watch: Amgen is scheduled to report its next quarterly earnings. |
later this year | Dazodalibep Phase Three Data Watch: Phase 3 studies for Dazodalibep in Sjögren's disease are expected to complete. |
by the second half of this year | Uplizna Phase Three Initiations Watch: Pivotal Phase 3 studies of UPLIZNA in autoimmune hepatitis and chronic inflammatory demyelinating polyneuropathy are expected to be initiated. |
study completion in the second half of this year | Tezspire Phase Three Data Watch: Phase 3 studies for TEZSPIRE in chronic obstructive pulmonary disease and eosinophilic esophagitis are expected to complete. |
no earlier than the second half of 2026 | Adverse IRS Tax Ruling Watch: The public release of the U.S. Tax Court's decision in the consolidated cases for tax years 2010-2015. |
January 1, 2027 | Otezla Medicare Price Setting Watch: Medicare price setting for Otezla, established under the IRA, becomes applicable. |
No set date | Negative TAVNEOS Regulatory Decision Watch: An official FDA announcement regarding the marketing authorization status of TAVNEOS. |
| Date | Event | Stock Impact |
|---|---|---|
2026-06-14 | Loses Patent Infringement Case Details: On June 14, 2026, a Delaware jury found Amgen willfully infringed patents from Harbour BioMed, awarding $20.2 million in damages, which could be trebled. | -1.0% $354.06 -> $350.53 |
2026-05-19 | CFO Retirement Announced Details: On May 19, 2026, Amgen announced the retirement of Peter Griffith, who served as executive vice president and chief financial officer since 2020. Thomas Dittrich will return as CFO. | +2.2% $324.39 -> $331.57 |
2026-04-30 | Q1 Earnings Guidance Raise Details: At its April 30, 2026 earnings report, the company raised its 2026 guidance for Revenue, GAAP EPS, and Non-GAAP EPS. The stock reacted negatively, down -2.0% over two days. | -2.4% $335.49 -> $327.35 |
2026-03-28 | Positive Repatha Data Presented Details: On March 28, 2026, Amgen announced data showing Repatha cuts 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 | Strong Q4 Earnings Reaction Details: Following its earnings report on February 3, 2026, the stock had a two-day reaction of 6.0% versus -1.0% for the S&P 500, as the company guided for 2026 growth. | +6.2% $339.74 -> $360.95 |
2026-01-16 | Tavneos Regulatory Challenge Emerges Details: On January 16, 2026, the FDA requested that ChemoCentryx (an Amgen subsidiary) voluntarily withdraw TAVNEOS from the U.S. market, citing concerns about clinical trial data. | +0.3% $325.30 -> $326.26 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: AMGN trades at roughly 30% annualized options-implied volatility versus about 15% for the S&P 500 (2.0x the market), around the 96th 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
Scale and Margin LeaderAbbVie offers greater scale, with revenue 1.7 times that of Amgen, and superior profitability, with a trailing-twelve-month operating margin of 33.2%.
JNJ - Johnson & Johnson
Diversified Healthcare GiantJohnson & Johnson provides massive diversification and scale, with revenue 2.6 times Amgen's and a significantly larger R&D budget of $15 billion versus Amgen's.
Amgen is a biopharma giant navigating a major portfolio transition, betting that a new wave of growth drivers and a high-potential obesity drug can successfully offset the erosion of its aging blockbusters.
Amgen is in a 'springboard year' where its six key growth drivers (including Repatha, EVENITY, and its rare disease portfolio) must outpace the decline of legacy products like Prolia and ENBREL, which face biosimilar competition. The company's long-term growth hinges on its late-stage pipeline, with the obesity drug MariTide representing a potential paradigm-changing therapy with monthly or less frequent dosing. Success is measured by the growth rate of the new portfolio and execution on key Phase 3 pipeline programs.
Stronger-than-expected growth from Repatha, EVENITY, and IMDELLTRA; positive Phase 3 data and a clear regulatory path for MariTide; slower-than-expected sales erosion for Prolia/XGEVA.
Disappointing clinical data or a challenging tolerability profile for MariTide; faster-than-expected biosimilar erosion of key franchises; failure of other key pipeline assets like Olpasiran.
Early-stage pipeline updates, quarterly fluctuations in biosimilar sales, minor patent litigation outside of core franchises.
Repricing Catalyst
Clinical data from the comprehensive Phase 3 program for the obesity drug MariTide, which could significantly expand the company's long-term growth outlook.
Amgen — Investor Video Playlist
Industry Resources
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