Amgen Inc. (AMGN)

Amgen reported second-quarter 2026 revenue of $10.1 billion on August 4, up 10 percent from the second quarter of 2025 1.

Twenty-two products grew sales by double digits, and seventeen are running above $1 billion a year, the company said 1. Repatha, a cholesterol drug, rose 37 percent to $953 million, and Imdelltra, a lung cancer drug, rose 115 percent to $288 million 1.

Prolia, a bone drug, fell 32 percent to $759 million as biosimilars, near copies of a biologic medicine, reached the market 1. Its U.S. patents on the antibody behind Prolia expired in February 2025 5.

On July 31, 2026, Amgen reported that unauthorized activity in cloud systems run by outside providers had let data leave, including patient health information, and that it judged the incident material on July 29 3. The company said it believes the incident is not reasonably likely to have a material impact on its financial condition or results 3.

The company also said the FDA asked it to withdraw its vasculitis drug Tavneos from the U.S. market, and it requested a hearing on June 1, 2026 1. On October 26, 2026, the board appointed David Gibbs, a former Yum Brands chief executive, bringing the board to 13 directors 4.

Amgen was incorporated in California in 1980 and became a Delaware corporation in 1987 5. It runs as one business, human therapeutics, meaning medicines for people 5. Its early biologics, medicines made in living cells, include EPOGEN, NEUPOGEN and Neulasta, and other companies have since launched versions of them 5.

Revenue was nearly flat across 2021 and 2022, at $26.0 billion and $26.3 billion 6. Product sales rose 2 percent in 2022, to $24.8 billion from $24.3 billion 6.

In November 2019 Amgen acquired Otezla, an oral psoriasis pill, from Bristol Myers Squibb after that company bought Celgene 5. In January 2020 it paid about $2.8 billion in cash for an equity stake in BeOne, tied to a collaboration to expand its cancer medicines in China 5.

The largest turning point came in October 2023, when Amgen completed its purchase of Horizon Therapeutics for $116.50 per share in cash, a total transaction price of $27.8 billion 6. It brought TEPEZZA for thyroid eye disease, KRYSTEXXA for chronic refractory gout and UPLIZNA for a rare nerve and spinal cord disorder 6.

To pay for it, Amgen issued $24.0 billion of debt in eight series of notes and borrowed $4.0 billion under a term loan 5. Revenue grew 7 percent in 2023 to $28,190 million 6. Horizon products added $954 million of sales from October 6 to the year end 6.

Revenue jumped 19 percent to $33,424 million in 2024, but net income fell 39 percent to $4,090 million 7. Operating expenses rose because of higher amortization, the gradual write-off of the cost of acquired assets, from Horizon, and higher research and selling costs 7.

Product sales rose 19 percent in 2024 on volume growth of 23 percent, with net selling prices 2 percent lower 7. Horizon products contributed $4.2 billion, against $954 million in 2023 7. ENBREL, the arthritis drug, slid 10 percent to $3,316 million on lower net selling price 5.

In 2025 revenue rose 10 percent to $36,751 million and net income rose 89 percent to $7,711 million 5. Product sales grew on volume growth of 13 percent, partly offset by 3 percent lower net selling prices 5.

ENBREL fell 33 percent to $2,226 million in 2025, mainly because its net selling price dropped 36 percent under more discounted 340B Program sales, Medicare Part D redesign and higher commercial discounts 5. Repatha rose 36 percent to $3,016 million on volume growth 5.

In 2025 Amgen also opened a drug substance plant in Holly Springs, North Carolina, in January, and started six global Phase 3 studies of its obesity drug candidate MariTide 5. In January 2026 it agreed with Kyowa Kirin to hand that partner the rocatinlimab program 5.

How the business is organized

Amgen operates in one segment, human therapeutics, and sells mostly through three large wholesalers: McKesson, Cencora and Cardinal Health 5. Together they accounted for 77 percent of worldwide gross revenues in 2025 5.

In 2025 its largest named lines were Prolia at $4,414 million, Repatha at $3,016 million, Otezla at $2,265 million and ENBREL at $2,226 million 5. U.S. product sales were $25,656 million and sales outside the U.S. were $9,492 million 5.

Bone health: Prolia, XGEVA and EVENITY

Prolia and XGEVA contain the same active ingredient, denosumab, but treat different patients 5. Prolia sales were $4,414 million in 2025, up 1 percent, and XGEVA sales were $2,084 million, down 6 percent 5.

In the second quarter of 2026, XGEVA sales fell 34 percent to $352 million, on 22 percent lower volume 1. Amgen expected accelerated sales erosion for 2026 as multiple biosimilars launched in the U.S. and abroad 5.

EVENITY is an osteoporosis medicine that Amgen develops with UCB 5. It earned $2,100 million in 2025, up 34 percent, and $714 million in the second quarter of 2026, up 38 percent 51.

Heart health: Repatha

Repatha is a PCSK9 inhibitor, a medicine that lowers LDL cholesterol, launched in 2015 5. In August 2025 the FDA broadened its use to adults at increased risk of major cardiovascular events from uncontrolled LDL cholesterol 5.

Amgen listed Novartis's LEQVIO and PRALUENT, from Regeneron and Sanofi, as rivals 5. For 2026 it expected Repatha's net selling price to decline by about a mid-single-digit percentage 5.

Inflammation: Otezla, ENBREL and TEZSPIRE

Otezla, an oral pill for psoriasis, earned $2,265 million in 2025, up 7 percent 5. In the second quarter of 2026 it fell 21 percent to $491 million on 9 percent lower net selling price and 6 percent lower volume 1.

ENBREL, launched in 1998, fell 4 percent to $580 million in the second quarter of 2026, after Medicare Part D price setting took effect on January 1, 2026 51. Amgen listed AbbVie's HUMIRA and RINVOQ among ENBREL's rivals 5.

TEZSPIRE, an asthma antibody developed with AstraZeneca, rose 42 percent to $486 million in the second quarter of 2026 1. Amgen listed DUPIXENT, FASENRA, NUCALA and XOLAIR among rivals 5.

Rare disease: TEPEZZA, KRYSTEXXA, UPLIZNA and TAVNEOS

These came mostly from Horizon 5. TEPEZZA, for thyroid eye disease, earned $1,903 million in 2025, up 3 percent, and $576 million in the second quarter of 2026, up 14 percent 51.

In the second quarter of 2026, KRYSTEXXA, for chronic gout, earned $400 million, up 15 percent; UPLIZNA earned $335 million, up 90 percent; and TAVNEOS earned $150 million, up 36 percent 1.

Cancer medicines

BLINCYTO, a leukemia treatment, earned $1,559 million in 2025, up 28 percent, and $472 million in the second quarter of 2026, up 23 percent 51. Amgen listed Pfizer's BESPONSA among its rivals 5.

In the second quarter of 2026, Vectibix rose 11 percent to $338 million, Nplate rose 17 percent to $430 million, LUMAKRAS rose 23 percent to $111 million and KYPROLIS fell 17 percent to $314 million 1.

Biosimilars

Since 2018 Amgen has launched eight biosimilars, including the 2025 U.S. launches of WEZLANA and BKEMV 5. PAVBLU, its copy of the eye drug EYLEA, rose 121 percent to $287 million in the second quarter of 2026 1.

Plants and property

Amgen performs a substantial majority of its commercial manufacturing in Puerto Rico and of its clinical manufacturing in Thousand Oaks, California 5. It also makes products in Rhode Island, Ohio, Ireland, the Netherlands and Singapore 5.

Its New Albany, Ohio plant won FDA licensure in January 2024, and in 2025 Amgen announced expansions there and in Puerto Rico 5. Distribution centers sit in Puerto Rico, Kentucky, California and the Netherlands 5.

The people

The August 4, 2026 release names Robert Bradway as chairman and chief executive 1. Thomas Dittrich became chief financial officer on September 1, 2026, succeeding Peter Griffith, who stays as an executive vice president until January 31, 2027 8.

Amgen had approximately 31,500 staff members in over 50 countries on December 31, 2025, about 13,000 of them outside the U.S. 5. Its board has 13 directors, 12 of them independent, since October 26, 2026 4.

Current problems

The cloud data incident reported on July 31, 2026 remained under investigation, and Amgen said it would make all required notifications, including to affected patients 3. The FDA asked it to withdraw TAVNEOS, and it requested a hearing on June 1, 2026 1.

The FDA put a partial clinical hold on two studies of subcutaneous BLINCYTO, and enrollment of new patients paused 1. The IRS has contested how Amgen splits profit between the U.S. and Puerto Rico for 2010 through 2015, and Amgen petitioned the U.S. Tax Court 5.

Medicare price setting under the Inflation Reduction Act covers ENBREL from 2026 and Otezla from 2027 5. In December 2025 Amgen said it took actions that meet the White House's Most-Favored-Nations pricing requests 5.

The umbrella, in words

Amgen sells under product brand names such as Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix, its principal products 5. The list of subsidiaries filed with the annual report names, among others, Immunex, Onyx Pharmaceuticals, ChemoCentryx, Five Prime Therapeutics, TeneoBio and Viela Bio, and omits some small ones 9.

Horizon Therapeutics, bought in October 2023, now sits inside Amgen as Horizon Therapeutics USA and related units, and Amgen Manufacturing Limited LLC is the Puerto Rico plant company 96.

Amgen owns about 17 percent of BeOne, according to its quarterly report for the period ended June 30, 2026 2. It agreed with BeOne that BeOne keeps the right to sell XGEVA, BLINCYTO and KYPROLIS in China 5.

Other agreed collaborations include AstraZeneca for TEZSPIRE, UCB for EVENITY, Kyowa Kirin for rocatinlimab and Xencor for the cancer molecule xaluritamig 51. Amgen owned or leased approximately 160 properties at December 31, 2025, with no material encumbrances on owned ones 5.

Its 2026 proxy statement lists two holders above 5 percent: BlackRock with 40,830,830 shares, or 7.6 percent, and State Street with 29,543,705 shares, or 5.5 percent, as of March 20, 2026 10. BlackRock's figure comes from a Schedule 13G/A filed on April 17, 2025, and State Street's from one filed on January 30, 2024 10.

On August 4, 2026, the company expects full-year 2026 revenue of $38.2 billion to $39.4 billion, capital spending of about $2.6 billion and share repurchases of no more than $3.0 billion 1.

It also expects earnings per share in the range of $15.80 to $17.08 under U.S. accounting rules, and $22.30 to $23.50 on its adjusted basis 1.

For MariTide, the company said in August 2026 that three Phase 3 studies in people with diabetes will start in 2026 1. It lists further MariTide Phase 3 studies in weight, heart, sleep apnea and switching from other drugs as ongoing or enrolling 1.

For Imdelltra, Amgen said on October 24, 2026 that it is moving with urgency to share the DeLLphi-305 results with regulators worldwide 11. Its research chief, Jay Bradner, said so in a company release 11.

Completion of two Phase 3 studies of dazodalibep in Sjögren's disease and one of TEZSPIRE in eosinophilic esophagitis is expected in the second half of 2026, the company said 1. A Phase 3 study of UPLIZNA in CIDP is planned between the second half of 2026 and the first half of 2027 1.

With AstraZeneca, Amgen is planning a Phase 3 program for sunakiment in asthma after a dose-ranging study it called encouraging 1. It is taking steps to move daxdilimab to a registrational phase, the stage that supports an approval filing 1.

On the company side, the 2025 annual report says a second drug substance plant is being built in Holly Springs, and a science and innovation center at the Thousand Oaks headquarters broke ground in 2025 5. Peter Griffith leaves the company on January 31, 2027, and Medicare price setting for Otezla begins in 2027 85.

On the cloud data incident, the company said it will amend its July 31, 2026 report as missing information is determined 3.