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Amgen
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Latest analysis
Updated Nov 4, 2026
Amgen Q3 2026: 8% revenue growth powered by oncology and immunology volume, while Prolia/XGEVA biosimilar erosion and TAVNEOS regulatory risk intensify
Amgen delivered $10.37 billion in Q3 2026 revenue, up 8% year-over-year, driven by volume growth across UPLIZNA (+192%), IMDELLTRA/IMDYLLTRA (+128%), TEZSPIRE (+43%), Repatha (+37%), and EVENITY (+39%), while operating income surged 47% to $3.71 billion on lower amortization from acquisition-related assets. The biosimilar erosion of Prolia (-45%) and XGEVA (-47%) in Q3 is accelerating following patent expiry in early 2025, and the FDA's proposal to withdraw TAVNEOS approval — with the European Commission already revoking its EU marketing authorization in August 2026 — represents a critical unresolved risk against a $2.2 billion intangible asset carrying value. IRA pricing pressure on ENBREL (Medicare Part D price set for 2026) and Otezla (CMS price set for 2027), combined with the GENEROUS Model Medicaid rebate expansion now adopted by all 50 states, signals structural net price headwinds that volume growth must increasingly offset.
Tone: mixedRevenue
$36.8B
AMGN 10-K · FY 2025
Revenue FY2024
$33.4B
Founded
1980
Headquarters
Thousand Oaks, CA
Profile
AMGN 10-K Item 1 · Feb 13, 2026Amgen is one of the world's leading independent biotechnology companies, discovering, developing, manufacturing and delivering innovative medicines in areas of high unmet medical need. The company operates in a single segment — human therapeutics — and has a commercial and clinical presence in approximately 100 countries worldwide. Its portfolio spans biologics, small molecules and biosimilars across oncology, cardiovascular, inflammation, bone health and rare disease.
Read filing description ↓ Collapse description ↑
Amgen Inc. discovers, develops, manufactures and delivers innovative medicines to fight some of the world's toughest diseases. We focus on areas of high unmet medical need and leverage our expertise to strive for solutions that dramatically improve people's lives, while also reducing the social and economic burden of disease. We helped launch the biotechnology industry more than 45 years ago and have grown to be one of the world's leading independent biotechnology companies. Our robust pipeline includes potential first-in-class medicines at all stages of development. We have a presence in approximately 100 countries worldwide. Amgen was incorporated in California in 1980 and became a Delaware corporation in 1987. Amgen operates in one operating segment: human therapeutics. Principal products include Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix, among others. The company also markets eight biosimilars launched since 2018, including the 2025 U.S. launches of WEZLANA and BKEMV. Amgen's internal manufacturing network covers bulk manufacturing, formulation, fill, finish, tableting and final device assembly across facilities in the United States, Puerto Rico, Ireland, Netherlands and Singapore. The company is expanding manufacturing capacity in North Carolina, Ohio and Puerto Rico to support anticipated demand for current and future products, including its GLP-1/GIPR antibody-peptide conjugate MariTide, which entered six global Phase 3 studies in 2025.
Primary products
- Prolia
- Repatha
- Otezla
- ENBREL
- EVENITY
- XGEVA
Business segments
End markets
Geographies
Named customers
Our product sales to three large wholesalers, McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., each individually accounted for more than 10% of total revenues for each of the years 2025, 2024 and 2023. On a combined basis, these wholesalers accounted for 77%, 77% and 79% of worldwide gross revenues for 2025, 2024 and 2023, respectively.
Named competitors
“We believe we are a leader in the manufacture of biologics and that our manufacturing capabilities represent a competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total product sales increased 10% in 2025, driven by volume growth of 13%, partially offset by declines in net selling price of 3%.
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