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Amgen
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Latest analysis
Updated Aug 5, 2026
Amgen Q2 2026: Volume-driven growth offsets IRA price erosion as TAVNEOS withdrawal risk and biosimilar headwinds accelerate portfolio bifurcation
Amgen delivered Q2 2026 total revenues of $10.1 billion (+10% YoY) and H1 2026 revenues of $18.7 billion (+8% YoY), driven by volume growth across Repatha (+37%), TEZSPIRE (+42%), UPLIZNA (+90%), and IMDELLTRA (+115%), which collectively offset accelerating IRA-driven net price erosion on ENBREL (-25% net selling price H1) and biosimilar-driven collapse in Prolia (-33%) and XGEVA (-31%). The portfolio is structurally bifurcating: growth assets are scaling at compelling rates while legacy products face irreversible erosion from Medicare price setting, biosimilar entry, and state-level PDAB actions. The TAVNEOS FDA withdrawal process — now in formal hearing proceedings — represents the most consequential regulatory overhang, with the FDA having formally proposed to withdraw approval on grounds of both safety and data integrity.
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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