AMGEN INC (AMGN)

Amgen Inc. is a global biotechnology company, incorporated in California in 1980 and reincorporated in Delaware in 1987, that discovers, develops, manufactures, and delivers innovative medicines targeting areas of high unmet medical need, operating as a single segment (human therapeutics) with a presence in roughly 100 countries. Its portfolio spans cardiovascular disease, bone health, inflammation, oncology, nephrology, and rare/autoimmune diseases, with key marketed products including Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA, Vectibix, and others such as MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, Neulasta, LUMAKRAS/LUMYKRAS, Parsabiv, Aimovig, WEZLANA/WEZENLA, and PROCYSBI. The company markets products directly and through partnerships (e.g., Astellas, BeOne, Mitsubishi Tanabe, Takeda, Kyowa Kirin) primarily via pharmaceutical wholesalers in the U.S. and healthcare providers/wholesalers internationally, with three wholesalers (McKesson, Cencora, Cardinal Health) accounting for about 77% of 2025 gross revenues; total 2025 product sales reached $35.1 billion (73% U.S., 27% rest-of-world), up from $32.0 billion in 2024 and $26.9 billion in 2023.

Recent pipeline and regulatory developments include expanded FDA approval of Repatha for broader cardiovascular risk reduction and positive Phase 3 VESALIUS-CV trial results; new FDA approvals for UPLIZNA in IgG4-related disease and myasthenia gravis; strong Phase 3 survival data and full FDA approval for IMDELLTRA in small cell lung cancer; FDA approval of TEZSPIRE for nasal polyps and EU approval of TEPEZZA for thyroid eye disease; continued advancement of MariTide (maridebart cafraglutide), a GLP-1/GIPR dual-acting therapy for obesity and type 2 diabetes, now in multiple Phase 3 trials with favorable long-term weight maintenance and safety data; an FDA request (declined by Amgen) to withdraw TAVNEOS from the U.S. market amid data and safety concerns; discontinuation of regulatory pursuit for bemarituzumab in gastric cancer; and termination of the rocatinlimab collaboration with Kyowa Kirin, which will assume full program responsibility in 2026. The company also maintains a substantial patent portfolio protecting its major products, with expirations extending from 2026 through the early 2040s across the U.S. and Europe, though key patents for Prolia and XGEVA expired in 2025.