Amgen
What matters nowUpdated 3 h ago
- The latest development is positive topline Phase 3 results for dazodalibep in moderate-to-severe systemic Sjogren's disease, announced on September 22, 2026. The study met its primary endpoint at week 48, but Amgen gave no effect sizes 1.
- AMGN traded at $416.69 on the pooled 24/7 venue price, down 0.26% from the previous close. The stock fell 5.12% on September 8, the day Amgen reported the DeLLphi-305 result for IMDELLTRA plus Imfinzi 2, and rose 4.46% on September 22, the day of the dazodalibep readout 1.
- Q2 2026 revenue was $10.05 billion, up 10% from a year earlier 3, and full-year 2026 non-GAAP EPS guidance is $22.30 to $23.50 4. Over the twelve months to June 30, 2026, revenue was $38.10 billion (up 9.1%), EPS was $16.10 (up 31.6%), the operating margin was 30.0%, the P/E was 25.9 and EV/EBITDA was 19.0, with net debt of $43.3 billion. Insiders sold 11,349 shares worth $4.51 million over the past 180 days and bought none.
- Product lines diverge: in Q2 2026 Repatha sales rose 37% to $953 million, EVENITY rose 38% to $714 million and IMDELLTRA more than doubled to $288 million, while Prolia fell 32% to $759 million and XGEVA fell 34% to $352 million as biosimilars take share.
- Next, Q3 2026 earnings are expected on November 3, 2026, though the date is not confirmed. The second dazodalibep Phase 3 study, OASIZ 303, is expected to complete in Q4 2026 1. Polymarket odds give an 81.5% chance of no Fed rate change after the October 2026 meeting and 17.5% for a 25 bp increase, and September CPI is due October 14, 2026.
Amgen press release (September 22, 2026) · Sep 22
Amgen press release (September 8, 2026) · Sep 8
SEC EDGAR · Aug 4
Amgen press release (Q2 2026 results) · Aug 4
Amgen is a large biopharmaceutical company that sells medicines for cardiovascular disease, bone health, inflammation, oncology and rare diseases. Its biggest sellers are Prolia and XGEVA, Repatha, EVENITY, Enbrel and Otezla. Traders follow it through the growth of its newer launches, such as Tezspire, IMDELLTRA and UPLIZNA, the erosion of Prolia and XGEVA as biosimilars enter, and its obesity drug MariTide, which is in Phase 3 testing.
How it makes money
Amgen earns almost all of its revenue from selling medicines, mainly biologics given by injection or infusion. Product sales were $35.1 billion in fiscal 2025 and total revenues were $36.8 billion. The U.S. was 73% of product sales. Amgen makes money by pricing new medicines and defending existing ones against biosimilar competition, and it reinvests part of the cash in clinical trials for its pipeline.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Repatha
Q2 2026 sales rose 37% to $953 million, the biggest growth driver among Amgen's large products.
Prolia and XGEVA
Q2 2026 Prolia sales fell 32% to $759 million and XGEVA fell 34% to $352 million as biosimilars take share.
EVENITY
Q2 2026 sales rose 38% to $714 million.
Otezla
Q2 2026 sales fell 21% to $491 million.
Latest newsAll news →
Dazodalibep meets primary endpoint in first Phase 3 study in systemic Sjogren's disease
Amgen reported positive topline results on September 22, 2026 from OASIZ 301, a Phase 3 study of dazodalibep in moderate-to-severe systemic Sjogren's disease.
FDA cuts IMDELLTRA first-dose monitoring window to 6 to 8 hours from 22 to 24 hours
The FDA approved a label update on September 14, 2026 that shortens the observation period after the first two IMDELLTRA infusions to 6 to 8 hours, down from 22 to 24 hours.
Amgen to present at Wells Fargo Healthcare Conference on September 10
Amgen said it would present at the Wells Fargo Healthcare Conference at 11:00 a.m.
IMDELLTRA plus Imfinzi improves overall survival in first-line small cell lung cancer
Amgen said on September 8, 2026 that the Phase 3 DeLLphi-305 trial met its primary endpoint at a pre-specified interim analysis.
Thomas Dittrich takes over as Amgen CFO from Peter Griffith
Thomas Dittrich became Amgen's executive vice president and chief financial officer on September 1, 2026, as scheduled in the company's May 2026 announcement.
Repatha linked to 20% lower all-cause mortality in VESALIUS-CV analysis at ESC
Amgen presented a pre-specified secondary analysis of the VESALIUS-CV trial at ESC Congress 2026 on August 31, 2026, showing a 20% reduction in all-cause mortality with Repatha.
Products & businesses
Repatha
Q2 2026 sales rose 37% to $953 million, the biggest growth driver among Amgen's large products.
Prolia and XGEVA
Q2 2026 Prolia sales fell 32% to $759 million and XGEVA fell 34% to $352 million as biosimilars take share.
EVENITY
Q2 2026 sales rose 38% to $714 million.
Otezla
Q2 2026 sales fell 21% to $491 million.
Enbrel
Q2 2026 sales fell 4% to $580 million.
TEZSPIRE
Q2 2026 sales rose 42% to $486 million; a Phase 3 study in eosinophilic esophagitis is due to finish in H2 2026.
Next: Phase 3 completion in eosinophilic esophagitis expected · 2026-12-31
IMDELLTRA
Q2 2026 sales more than doubled to $288 million, up 115%; the European Commission approved it in May 2026.
BLINCYTO
Q2 2026 sales rose 23% to $472 million; subcutaneous studies are paused under an FDA partial clinical hold.
TEPEZZA
Q2 2026 sales rose 14% to $576 million; a subcutaneous Phase 3 study is due to finish in H2 2026.
Next: Subcutaneous TEPEZZA Phase 3 study completion expected · 2026-12-31
UPLIZNA
Q2 2026 sales rose 90% to $335 million; a Phase 3 study in CIDP is due to start between H2 2026 and H1 2027.
What it's building next
MariTide
Investigational once-monthly injectable in Phase 3 development; three Phase 3 type 2 diabetes studies are planned to start in 2026.
Next: Three Phase 3 type 2 diabetes studies start · 2026-12-31
Dazodalibep
Two Phase 3 studies in Sjögren's disease are expected to finish in H2 2026.
Next: Both Phase 3 Sjögren's studies expected to complete · 2026-12-31
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Prolia and XGEVA Two bone-health medicines, Prolia and XGEVA, sold as a combined group. Prolia was $4.4 billion of product sales in 2025, and biosimilar versions are now launched in several markets, which is cutting Amgen's volume and price. | $6.50B | 18.5% | |
| Repatha PCSK9 inhibitor for cholesterol lowering in cardiovascular disease. It is one of Amgen's fastest-growing products. | $3.02B | 8.6% | |
| EVENITY Osteoporosis medicine that reduces the risk of spine and hip fractures. Growing fast from a smaller base. | $2.10B | 6.0% | |
| Otezla Oral small-molecule treatment for psoriasis and psoriatic arthritis. Sales are declining as competition increases. | $2.27B | 6.4% | |
| Enbrel Long-established biologic for rheumatoid arthritis and other inflammatory diseases. Sales are slowly declining. | $2.23B | 6.3% | |
| Oncology and hematology BLINCYTO, KYPROLIS and IMDELLTRA combined. BLINCYTO and IMDELLTRA are T-cell engager cancer medicines, and KYPROLIS treats multiple myeloma. | $3.60B | 10.2% | |
| TEZSPIRE and UPLIZNA TEZSPIRE, co-developed with AstraZeneca, for severe asthma, and UPLIZNA for neuromyelitis optica spectrum disorder. Both are growing quickly. | $2.13B | 6.1% | |
| TEPEZZA Treatment for thyroid eye disease. It is a specialty launch that is still growing. | $1.90B | 5.4% | |
| Biosimilars Amgen's biosimilar medicines, reported as a footnote total in the 2025 product sales table. | $683.0M | 1.9% | |
| Other products All other product sales, including products not broken out in the 2025 product sales table. Derived as total product sales minus the groups above. | $10.73B | 30.5% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.09B | $10.05B +10% | $8.62B +6% | $9.87Bd +9% | $9.56B +12% | $9.18B +9% | $8.15B +9% | $9.09Bd +11% | $8.50B +23% |
| Gross profit | $26.48B | $7.24Bd +17% | $5.87Bd +13% | $6.89Bd +15% | $6.47Bd +25% | $6.17Bd +20% | $5.18Bd +22% | $5.97Bd +18% | $5.19Bd +2% |
| Operating income | $11.43B | $3.51B +32% | $2.67B +126% | $2.72Bd +18% | $2.53B +23% | $2.66B +39% | $1.18B +19% | $2.31Bd +82% | $2.05B +1% |
| Net income | $8.74B | $2.38B +66% | $1.82B +5% | $1.33Bd +113% | $3.22B +14% | $1.43B +92% | $1.73B | $627.0Md -18% | $2.83B +64% |
| EPS (diluted) | $16.10 | $4.37 +65% | $3.34 +4% | $2.46d +112% | $5.93 +14% | $2.65 +92% | $3.20 | $1.16d -19% | $5.22 +62% |
| Operating cash flow | $12.48B | $4.00Bd +76% | $2.19B +57% | $1.60Bd -66% | $4.68Bd +31% | $2.28Bd -7% | $1.39B +102% | $4.77Bd +787% | $3.57Bd +29% |
| Capital expenditure | $2.30B | $513.0Md +39% | $712.0M +73% | $642.0Md +73% | $436.0Md +70% | $369.0Md +55% | $411.0M +79% | $371.0Md +49% | $257.0Md +4% |
| Share buybacks | — | — | — | — | — | — | — | — | — |
| Cash & equivalents | $13.99B | $13.99B | $12.04B | $9.13B | $9.45B | $8.03B | $8.81B | $11.97B | $9.01B |
| Total debt | $57.30B | $57.30B | $57.32B | $54.60Bd | $54.59B | $56.20B | $57.38B | $60.10Bd | $60.40B |
| Shares outstanding | 540.6M | 540.6M | 539.7M | 538.8M | 538.5M | 538.3M | 537.7M | 536.9M | 537.5M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $36.75B +10% | $33.42B +19% | $28.19B +7% | $26.32B |
| Cost of revenue | $12.04B -6% | $12.86B +52% | $8.45B +32% | $6.41B |
| Gross profit | $24.71Bd +20% | $20.57Bd +4% | $19.74Bd -1% | $19.92Bd |
| Operating income | $9.08B +25% | $7.26B -8% | $7.90B -17% | $9.57B |
| EBIT | $9.08B +25% | $7.26B -8% | $7.90B -17% | $9.57B |
| Depreciation & amortization | $5.17B -8% | $5.59B +37% | $4.07B +19% | $3.42B |
| Interest expense | $2.75B -13% | $3.15B +10% | $2.88B +104% | $1.41B |
| Income tax | $1.26B +144% | $519.0M -54% | $1.14B +43% | $794.0M |
| Net income | $7.71B +89% | $4.09B -39% | $6.72B +3% | $6.55B |
| EPS (diluted) | $14.23 +88% | $7.56 -39% | $12.49 +3% | $12.11 |
| Dividends per share | $9.66 +6% | $9.13 +6% | $8.64 +9% | $7.95 |
| Diluted shares (weighted) | 542.0M | 541.0M | 538.0M | 541.0M |
| Operating cash flow | $9.96B -13% | $11.49B +36% | $8.47B -13% | $9.72B |
| Capital expenditure | $1.86B +70% | $1.10B -1% | $1.11B +19% | $936.0M |
| Share buybacks | $0 -100% | $200.0M | $0 -100% | $6.36B |
| Dividends paid | $5.12B +6% | $4.83B +6% | $4.56B +9% | $4.20B |
| Cash & equivalents | $9.13B | $11.97B | $10.94B | $7.63B |
| Long-term debt (incl. current portion) | $54.60B | $60.10B | $64.61B | $38.95B |
| Total debt | $54.60Bd | $60.10Bd | $64.61Bd | $38.95Bd |
| Total assets | $90.59B | $91.84B | $97.15B | $65.12B |
| Total liabilities | $81.93Bd | $85.96Bd | $90.92Bd | $61.46Bd |
| Shareholders' equity | $8.66B | $5.88B | $6.23B | $3.66B |
| Shares outstanding | 538.8M | 536.9M | 535.4M | 534.0M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Dazodalibep meets primary endpoint in first Phase 3 study in systemic Sjogren's disease
Amgen reported positive topline results on September 22, 2026 from OASIZ 301, a Phase 3 study of dazodalibep in moderate-to-severe systemic Sjogren's disease.
FDA cuts IMDELLTRA first-dose monitoring window to 6 to 8 hours from 22 to 24 hours
The FDA approved a label update on September 14, 2026 that shortens the observation period after the first two IMDELLTRA infusions to 6 to 8 hours, down from 22 to 24 hours.
Amgen to present at Wells Fargo Healthcare Conference on September 10
Amgen said it would present at the Wells Fargo Healthcare Conference at 11:00 a.m.
IMDELLTRA plus Imfinzi improves overall survival in first-line small cell lung cancer
Amgen said on September 8, 2026 that the Phase 3 DeLLphi-305 trial met its primary endpoint at a pre-specified interim analysis.
Thomas Dittrich takes over as Amgen CFO from Peter Griffith
Thomas Dittrich became Amgen's executive vice president and chief financial officer on September 1, 2026, as scheduled in the company's May 2026 announcement.
Repatha linked to 20% lower all-cause mortality in VESALIUS-CV analysis at ESC
Amgen presented a pre-specified secondary analysis of the VESALIUS-CV trial at ESC Congress 2026 on August 31, 2026, showing a 20% reduction in all-cause mortality with Repatha.
AMUNDSEN: immediate evolocumab after heart attack lifts LDL goal rates, misses one-year outcome
The AMUNDSEN study, presented at ESC Congress 2026 in Munich, tested immediate evolocumab before PCI in 2,161 patients with acute heart attack.
TEZSPIRE meets both co-primary endpoints in Phase 3 eosinophilic esophagitis trial
Amgen and AstraZeneca reported positive topline results from the Phase 3 CROSSING trial of TEZSPIRE in eosinophilic esophagitis on August 27, 2026.
Amgen reports fiscal Q2 2026 results: revenue $10.05B, up 10% from a year earlier
Amgen filed a Form 8-K with the SEC on Aug 4, 2026, 4:03 PM ET, reporting an event dated Aug 4, 2026.
Amgen's 2026 outlook: $38.2B to $39.4B revenue and $22.30 to $23.50 non-GAAP EPS
Alongside its second-quarter results, Amgen set full-year 2026 guidance of $38.2 billion to $39.4 billion in total revenues, non-GAAP diluted EPS of $22.30 to $23.50, and GAAP diluted EPS of $15.80 to $17.08.
Amgen declares $2.52 per share third-quarter 2026 dividend
Amgen's board approved a dividend of $2.52 per share for the third quarter of 2026, announced July 30, 2026.
EMA committee backs broader Repatha use before a first heart attack or stroke
The European Medicines Agency's CHMP adopted a positive opinion on July 29, 2026 for Repatha in adults with established or high-risk atherosclerotic cardiovascular disease, to reduce cardiovascular risk by lowering LDL cholesterol.
Amgen asks FDA for a hearing to contest proposed withdrawal of Tavneos
Amgen said it submitted data and analyses to the FDA on July 23, 2026, requesting a hearing on the agency's proposal to withdraw approval of TAVNEOS (avacopan).
Federal judge blocks Colorado's price cap on Amgen's Enbrel
A federal judge in Denver granted Amgen a preliminary injunction on July 1, 2026, blocking Colorado's Prescription Drug Affordability Review Board from capping the price of Enbrel while Amgen's lawsuit continues.
Thomas Dittrich rejoins Amgen as executive vice president ahead of CFO handover
Amgen said in May 2026 that Thomas Dittrich would return to the company as an executive vice president on July 1, 2026, before becoming chief financial officer on September 1.
European Commission approves IMDYLLTRA for small cell lung cancer after platinum therapy
The European Commission granted marketing authorization for IMDYLLTRA (tarlatamab) as monotherapy for adults with extensive-stage small cell lung cancer whose disease progressed on or after platinum-based chemotherapy.
Amgen CFO Peter Griffith to retire; Thomas Dittrich named successor
Amgen announced on May 19, 2026 that CFO Peter Griffith will retire, and that Thomas Dittrich will return to the company as an executive vice president on July 1 and become CFO on September 1, 2026.
Amgen Q1 2026 revenue rises 6% to $8.6 billion; full-year guidance lifted
Amgen reported first-quarter 2026 total revenue of $8.6 billion, up 6%, and non-GAAP EPS of $5.15 against $4.90 a year earlier.
FDA proposes withdrawing Tavneos approval over manipulated pivotal trial results
The FDA's drug center proposed on April 27, 2026 to withdraw approval of TAVNEOS, and a Federal Register notice followed on April 30.
Amgen CTO David Reese to retire; Bradner and Gordon take expanded roles
Amgen said on April 22, 2026 that Chief Technology Officer David Reese will retire on June 30, 2026.
Subcutaneous TEPEZZA meets primary endpoint in Phase 3 thyroid eye disease study
Amgen reported positive topline Phase 3 results for a subcutaneous on-body injector version of TEPEZZA in adults with moderate-to-severe active thyroid eye disease.
FDA warns of serious liver injury with Tavneos, including fatal cases
On March 31, 2026 the FDA issued a drug safety communication on serious drug-induced liver injury linked to TAVNEOS, including cases of vanishing bile duct syndrome and fatal outcomes.
Amgen declares $2.52 per share quarterly dividend for second quarter 2026
Amgen's board declared a $2.52 per share dividend for the second quarter of 2026.
Amgen issues $4.0 billion of senior notes in four tranches due 2031 to 2056
Amgen sold $4.0 billion of senior unsecured notes on February 17, 2026, split across four maturities from 2031 to 2056.
Amgen Q4 2025 revenue rises 9% to $9.9 billion; 2026 guidance set at $37.0-38.4 billion
Amgen reported fourth-quarter 2025 total revenue of $9.9 billion, up 9%, and non-GAAP EPS of $5.29.
FDA asks Amgen to voluntarily pull Tavneos; Amgen declines on January 28
On January 16, 2026 the FDA asked Amgen to voluntarily withdraw TAVNEOS from the U.S.
Amgen agrees to buy Dark Blue Therapeutics for up to $840 million
Amgen announced it will acquire Dark Blue Therapeutics, a privately held UK biotech developing small-molecule protein degraders for cancer, in a deal valued at up to $840 million.
Amgen agrees to hand rocatinlimab development back to Kyowa Kirin
In January 2026 Amgen agreed with Kyowa Kirin to terminate their rocatinlimab collaboration, transferring global development and commercialization control to Kyowa Kirin.
Amgen reports fiscal Q3 2025 results: revenue $9.56B, up 12% from a year earlier
Amgen filed a Form 8-K with the SEC on Nov 4, 2025, 4:04 PM ET, reporting an event dated Nov 4, 2025.
SEC filings
| Sep 4, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Aug 13, 26 | 4 | Form 4: Khosla Rachna (SVP, Business Development) — open-market sale 3,252 sh, option exercise 1,252 sh | sec.gov ↗ |
| Aug 13, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 12, 26 | 4 | Form 4: Busch Matthew C. (VP, Finance & CAO) — award 730 sh | sec.gov ↗ |
| Aug 11, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 10, 26 | 4 | Form 4: ISHRAK OMAR (Director) — award 85 sh | sec.gov ↗ |
| Aug 10, 26 | 4 | Form 4: HOLLEY CHARLES M (Director) — award 103 sh | sec.gov ↗ |
| Aug 10, 26 | 4 | Form 4: Drake Michael V (Director) — award 64 sh | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: Miller Derek (SVP, Human Resources) — option exercise 3,890 sh, open-market sale 3,890 sh | sec.gov ↗ |
| Aug 7, 26 | 4 | Form 4: Grygiel Nancy A. (SVP & CCO) — option exercise 2,970 sh, open-market sale 2,970 sh | sec.gov ↗ |
| Aug 6, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 6, 26 | 144/A | 144/A: Notice of proposed insider sale (amended) | sec.gov ↗ |
| Aug 6, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 4, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 4, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 31, 26 | 8-K | 8-K: Cybersecurity Incident (Item 1.05) | sec.gov ↗ |
| Jun 11, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
| Jun 11, 26 | 11-K | 11-K: Employee stock plan annual report | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: MILES AMY E (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: Kullman Ellen Jamison (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: Klotman Mary E. (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: Jacks Tyler (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: ISHRAK OMAR (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: HOLLEY CHARLES M (Director) — award 665 sh | sec.gov ↗ |
| May 21, 26 | 4 | Form 4: Garland Greg C. (Director) — award 665 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-13 | Khosla Rachna SVP, Business Development | Sale | 1.3K | $416.43 | $521.4K |
| 2026-08-11 | Khosla Rachna SVP, Business Development | Sale | 2.0K | $412.57 | $825.1K |
| 2026-08-06 | Grygiel Nancy A. SVP & CCO | Sale | 3.0K | $402.16 | $1.2M |
| 2026-08-06 | Miller Derek SVP, Human Resources | Sale | 3.9K | $402.54 | $1.6M |
| 2026-05-04 | Grygiel Nancy A. SVP & CCO | Sale | 1.2K | $323.73 | $400.5K |
| 2026-02-26 | Santos Esteban EVP, Operations | Sale | 54.8K | $379.12 | $20.8M |
| 2026-02-19 | Busch Matthew C. VP, Finance & CAO | Sale | 1.0K | $375.79 | $375.8K |