Amgen Inc. (AMGN)
NASDAQ · Healthcare · analysed October 12, 2026
Founded in 1980, Amgen Inc. is a global biotechnology company that discovers, develops, manufactures, and delivers innovative human therapeutics across oncology, rare diseases, inflammation, cardiovascular disease, and nephrology. The company is currently focused on expanding its biopharmaceutical footprint through strategic growth initiatives, including the integration of rare-disease specialist Horizon Therapeutics, while driving sales across its core commercial portfolio. Its recent strategic priorities center on advancing key pipeline assets, notably its investigational weight-loss therapy MariTide, alongside commercializing newly approved treatments such as Imdelltra.
Executive summary
Amgen delivered solid operational performance in fiscal 2025 with revenue rising 10.0 percent to 36.75 billion dollars and free cash flow reaching 8.1 billion dollars, supported by volume expansion in Repatha and oncology treatments9,10. However, shares have rallied over 40 percent across the past year to trade above average analyst price targets, largely discounting early pipeline optimism around MariTide in obesity while near-term EPS growth moderates to 2.2 percent15,19. Looming patent expirations on the 6.5 billion dollar Prolia and XGEVA franchise, 54.6 billion dollars in balance sheet debt, and a 10.7 billion dollar IRS tax court overhang create substantial cross-currents against current valuation multiples9,10,31.
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