Amgen Inc

Amgen discovers, develops, makes and markets prescription medicines for serious diseases. It helped launch the biotechnology industry more than 45 years ago, and many of its drugs are biologics: medicines made in living cells rather than mixed from chemicals. It reports one business segment, human therapeutics, and has a presence in about 100 countries.

Its products include Prolia, for osteoporosis; XGEVA, which shares Prolia's active ingredient but has different uses; and Repatha, a cholesterol-lowering drug that cuts the risk of heart attack and stroke. TEPEZZA, for thyroid eye disease, and KRYSTEXXA came with the October 2023 acquisition of Horizon. Other medicines include IMDELLTRA for small cell lung cancer and UPLIZNA for immune-system disorders such as myasthenia gravis. MariTide, an experimental weight-loss medicine, is in Phase 3 trials, the final stage of testing before approval.

In the US, almost all sales go to drug wholesalers, which supply doctors, clinics, dialysis centers, hospitals and pharmacies. Three of them, McKesson, Cencora and Cardinal Health, accounted for 77% of 2025 gross revenues. In parts of Asia, Amgen sells through partners such as Astellas, Takeda and Kyowa Kirin. Of $36.8 billion in 2025 revenue, about 72% came from the US and 28% from other countries. Sales depend on government and private insurers agreeing to pay for its drugs.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $10.05B, up 9.5% from a year earlier, and net income was $2.38B (+65.9%).
• For fiscal 2025, revenue was $36.75B (+10.0% year over year; +7.6% a year from FY2020 to FY2025) with a 21% net margin.

• Over FY2021–FY2025: $11.54B in buybacks and $22.72B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +8.0% a year over 5 years (FY2020–FY2025).
• Dividends took 66.5% of earnings and 63.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -4.0% from Oct 28, 2021 to Jul 30, 2026.

Rank among 1514 US companies

Market value at each year end

Amgen’s market value went from $108.77B at the end of 2016 to $251.64B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is up 43%.

Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 6 sales ($4.1M).

Large shareholders (13G filings)

ETFs with the most weight in AMGN

1. Biosimilars target Prolia and other drugs. Patents covering Prolia expired in the US in February 2025 and in select European countries in November 2025. Amgen expects growing competition from biosimilars, lower-priced near-copies of biologic drugs.
2. FDA dispute over TAVNEOS. In January 2026 the FDA asked Amgen's ChemoCentryx unit to pull TAVNEOS, a vasculitis drug, citing how trial results were re-checked and liver risk. Amgen declined; as of February 2026, next steps were unresolved.
3. Expensive research can fail. Drug development takes roughly 10 to 15 years, and failure rates are high. In February 2026 Amgen dropped plans to seek approval of bemarituzumab as a first treatment for stomach cancer after Phase 3 results.
4. Heavy reliance on three wholesalers. McKesson, Cencora and Cardinal Health accounted for 77% of 2025 gross revenues. Amgen says this, plus consolidation among insurers and pharmacy benefit managers (drug-plan middlemen), has hurt its business and may keep doing so.
5. Open tax dispute with the IRS. Amgen has an ongoing tax dispute with the IRS. Losing it, a global minimum corporate tax under the OECD agreement, or new tax laws could raise its tax bill and cut profits.
6. Pressure on drug prices. Sales depend on government and commercial insurers agreeing to cover and pay for Amgen's drugs. The company says pricing and reimbursement pressures have hurt profitability and are likely to keep doing so.

• Oct 27, 2026 Executive or board change
• Aug 4, 2026 Quarterly results released
• Jul 31, 2026 Cybersecurity incident
• May 20, 2026 Shareholder vote results
• May 19, 2026 Executive or board change
• Apr 30, 2026 Quarterly results released
• Apr 22, 2026 Executive or board change
• Feb 19, 2026 Major agreement signed
• Feb 3, 2026 Quarterly results released
• Jan 30, 2026 Major agreement ended

Amgen has raised its dividend for at least nine straight years through fiscal 2025, possibly longer. Dividends per share rose from $6.56 in 2020 to $9.66 in 2025, about 8% a year. The 2025 dividend used 66.5% of earnings and 63.3% of free cash flow (cash left after running and investing in the business). The yield (dividends as a share of the price) was 2.22% as of October 27, 2026. Share buybacks totaled $11.5 billion over fiscal 2021–2025, though none were made in 2023 or 2025.

In the 2008 financial crisis, Amgen shares fell as much as 31.3%, recovered by July 2008, and lost 18.9% over the market's full slide to March 2009. In the 2020 COVID crash they dropped 18.3% and recovered in about a month, and in the 2022 bear market they rose 11.4% while the market fell. Their worst decline in 30 years of price history was 60.2%. Single stocks carry more risk than diversified funds.