⚡What does Amgen do, in 30 seconds?
Amgen develops, makes and sells medicines, and most of them are biologics, medicines made in living cells 1023. It sold $36.8bn ✓ in FY2025, up 10.0% ✓ on the year before. Its largest medicine, Prolia, treats weak bones 12 and brought in 12% ✓ of sales.
📱What does Amgen sell?
Amgen sells many medicines. Its nine biggest are shown one by one below. Because it has so many other medicines, these plus royalties together make up a large share: 43% ✓ of sales in FY2025.
Prolia
An injection for osteoporosis, or weak bones, in people at high risk of a fracture. It was launched in the US and Europe in 2010 12. Prolia brought in $4.4bn ✓ in FY2025, more than any other Amgen medicine 12. Key patents on it expired in 2025 1. In the third quarter of 2026, as several copies launched, Prolia sales fell 45% to $632 million 4.
👥 Doctors prescribe it for people with osteoporosis who are at high risk of breaking a bone 12.
Repatha
A medicine launched in 2015 that lowers LDL, the bad cholesterol, and is approved to cut the risk of major heart and blood-vessel events 12. It brought in $3.0bn ✓ in FY2025. Its 2025 sales were up 36% 12. In the third quarter of 2026, sales rose 37% to $1,085 million, driven by volume 4.
👥 Doctors prescribe it to people with high LDL cholesterol and a risk of major heart events 12.
Otezla
A pill for plaque psoriasis, psoriatic arthritis and mouth ulcers caused by Behcet's disease. Amgen bought it from Bristol Myers Squibb in November 2019 12. Otezla brought in $2.3bn ✓ in FY2025. In the third quarter of 2026, its sales fell 18% to $481 million 4.
👥 Patients with psoriasis, psoriatic arthritis or Behcet's mouth ulcers 12.
Enbrel
An older medicine, launched in 1998, used mainly for rheumatoid arthritis, plaque psoriasis and psoriatic arthritis 1. It brought in $2.2bn ✓ in FY2025. Its sales fell 33% in 2025, mainly because its net selling price fell 36% 2.
👥 Amgen sells Enbrel only in the United States and Canada 1. Pfizer sells it in other countries 567.
Evenity
Another osteoporosis medicine, launched in the US and Japan in 2019 and sold with partners 12. It brought in $2.1bn ✓ in FY2025. Its 2025 sales were up 34% 12. In the third quarter of 2026, sales rose 39% to $751 million, driven by volume 4.
Xgeva
Xgeva has the same active ingredient as Prolia, but it is used mainly to prevent fractures and other bone problems in people whose cancer has spread to bone 12. Xgeva brought in $2.1bn ✓ in FY2025. In the third quarter of 2026, as several copies launched, its sales fell 47% to $288 million 4.
👥 Cancer patients whose disease has spread to their bones 12.
Tepezza
The first and only approved medicine for thyroid eye disease. Amgen got it when it bought Horizon in October 2023 12. Tepezza brought in $1.9bn ✓ in FY2025.
Blincyto
A cancer medicine for a form of leukemia, a blood cancer 12. It brought in $1.6bn ✓ in FY2025.
👥 Patients with a form of leukemia, treated by cancer doctors 12.
Nplate
A blood medicine for people with low platelet counts 12. Platelets are the cells that help blood clot. Nplate brought in $1.5bn ✓ in FY2025.
Other products and revenue
Everything else Amgen sells, which brought in $15.7bn ✓, or 43% ✓, in FY2025. Counting the nine above, seventeen Amgen medicines were selling at a yearly rate of more than $1 billion in the third quarter of 2026 4. They include Kyprolis for multiple myeloma ($1.41 billion in 2025) and Vectibix for colorectal cancer ($1.18 billion) 12. Krystexxa, for hard-to-treat gout, made $1.34 billion in 2025 12. Tezspire, for severe asthma, made $1.48 billion of Amgen US sales in 2025 129. Amgen also sells biosimilars, close copies of other companies' biologic medicines 10. Royalties and payments from partners added $1.60 billion in 2025 2.
👥 Patients with many different illnesses, from gout and asthma to cancer and anemia 129.
How the mix has shifted
Where the customers are
Most of Amgen's sales come from the United States, which made up 72% ✓ in FY2025, or $26.4bn ✓. Other countries added $10.3bn ✓, or 28% ✓. In the US, substantially all of Amgen's sales go to drug wholesalers 22.
💸How does Amgen make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Amgen took in $36.8bn ✓ from medicines, royalties and partners in FY2025. Making what it sold cost $12.0bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $24.7bn ✓.
Next come the costs of running the company. Research and development took $7.3bn ✓, and selling, marketing and admin took $7.1bn ✓. Other operating costs added $1.3bn ✓. That left operating profit, the profit from the main business, of $9.1bn ✓. Income and costs outside the main business added up to -$0.1bn ✓, and tax took $1.3bn ✓. That left net income of $7.7bn ✓. Put simply, out of every hundred dollars of sales, Amgen kept about $21 ✓ as profit and spent $20 ✓ on research.
Out of every $100 customers paid in FY2025…
⏱️ Amgen by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: AMGEN INC 10-K [8].
📈How is Amgen doing?
Amgen's sales are growing, and since October 2023 they include the medicines it added by buying Horizon 11. Sales reached $36.8bn ✓ in FY2025, up 10.0% ✓ on FY2024. In FY2024 they jumped 18.6% ✓. That was the first full year after Amgen bought Horizon Therapeutics in October 2023 11. In 2025, Repatha sales rose 36% 12 and Evenity sales rose 34% 12. Enbrel sales fell 33%, mainly because its net selling price fell 2.
In the four quarters to 30 June 2026, sales reached $38.1bn ✓, up 9.1% ✓ on the four quarters before. Operating margin was 30.0% ✓, and free cash flow was $10.2bn ✓. In the third quarter of 2026, total revenues rose 8% to $10.4 billion compared with a year earlier 4. Product sales grew 8%, driven by volume growth 4. The operating margin in that quarter was 37.5% 4. Prolia and Xgeva sales fell 45% and 47% in that quarter, as several copies launched around the world 4.
From FY2015 to FY2025, a span that includes the Horizon purchase in October 2023 11, sales grew 5.4% ✓ a year on average. Sales rose in 8 ✓ of those 10 ✓ years. Gross margin fell from 80.5% ✓ in FY2015 to 75.7% ✓ in FY2022, the last full year before Horizon, and was 67.2% ✓ in FY2025.
📝 The report card
Amgen earns top marks for cash, good marks for growth, profit and steadiness, and a failing mark for its heavy debt. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Amgen (orange) and its 4 peers land; further right is better.
Growth
Amgen's sales grew 11.8% ✓ a year over its last three fiscal years, which earns a B ✓ on the fixed scale. Those years include the medicines Amgen added when it bought Horizon in October 2023 11. Lilly grew faster, at 31.7% ✓ a year, an A ✓. The peer median was just 2.4% ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Amgen kept 24.6% ✓ of sales as operating profit, a B ✓. That is above the 22.9% ✓ peer median. Lilly kept 31.6% ✓, enough for an A ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Amgen turned 26.3% ✓ of sales into free cash flow, an A ✓. That is well above the 16.8% ✓ peer median. Only AbbVie did better, at 33.6% ✓. In FY2025 alone, the figure was 22.0% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Amgen's net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) was -123.7% ✓ of a year's sales, an F ✓. Put simply, it owed much more than it held. Every peer fails this test too: Lilly gets an F ✓, Merck an F ✓, Pfizer an F ✓ and AbbVie an F ✓. Amgen's figure is the lowest of the five, below the -70.5% ✓ peer median. To pay for Horizon, Amgen issued $24.0 billion of notes in 2023 and borrowed $4.0 billion under a term loan 11. In 2025 it retired $6.0 billion of debt 16.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Amgen's yearly growth swings less than any peer's, with a standard deviation of 6.0% ✓, which earns a B ✓. Its biggest jump was 18.6% ✓ in FY2024, the first full year after the Horizon deal 11. Merck is next, at 8.5% ✓, which earns a C ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Amgen compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
From FY2015 to FY2025, Amgen handed back most, but not all, of its free cash flow. It spent $90.8bn ✓ on buybacks and dividends, against $101.3bn ✓ of free cash flow. In FY2025 it bought back no shares, $0 ✓, and paid $5.1bn ✓ in dividends. That equalled 63% ✓ of free cash flow. In 2025 Amgen also retired $6.0 billion of debt and spent $1.9 billion on its factories 16.
🧮Ratios 101: what are Amgen's key financial ratios?
Ratios shrink Amgen's big numbers into easy comparisons, and several of them show how much it has borrowed. The FY2015 figures come from before Amgen bought Horizon in October 2023 11. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Amgen's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 67.2% ✓, Amgen is below the 74.6% ✓ peer median and down from 80.5% ✓ in FY2015.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Amgen's 24.7% ✓ is below the 30.1% ✓ peer median and down from 39.1% ✓ in FY2015. In the four quarters to 30 June 2026, it was 30.0% ✓.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Amgen kept 21.0% ✓ of sales as final profit, just above the 20.2% ✓ peer median but down from 32.0% ✓ in FY2015.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 89.1% ✓ is far above the 34.7% ✓ peer median. It looks so high because shareholders' equity is small, just $8.7bn ✓, next to debt of $54.6bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 8.5% ✓ matches the 8.5% ✓ peer median and is a little below 9.7% ✓ in FY2015. It is a cleaner guide than ROE here.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Amgen's sales are 0.4x ✓ the value of everything it owns, just below the 0.5x ✓ peer median and up from 0.3x ✓ in FY2015.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Amgen holds 189 ✓ days of stock, close to the peer median of 195 ✓ and down from 210 ✓ in FY2015.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.1x ✓, short-term assets of $29.1bn ✓ just cover the $25.5bn ✓ of bills due within a year. Back in FY2015, the ratio was 4.4x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Amgen's debt is 6.3x ✓ its shareholders' equity, far above the 0.9x ✓ peer median and up from 1.1x ✓ in FY2015. To pay for Horizon, Amgen issued $24.0 billion of notes in 2023 11.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest 3.3x ✓ in FY2025, well below the 11.2x ✓ peer median and down from 7.7x ✓ in FY2015. Interest cost $2.8bn ✓ that year.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Amgen turned profit into free cash at 1.1x ✓, above the 0.9x ✓ peer median but below 1.3x ✓ in FY2015.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Amgen spends 19.8% ✓ of sales on R&D, a little above the 18.6% ✓ peer median and up from 18.8% ✓ in FY2015.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 1.3% ✓ of sales, level with the 1.3% ✓ peer median and down from 1.5% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Amgen paid out 66.5% ✓ of FY2025 profit, all of it as dividends, against a peer median of 99.2% ✓. It bought back no shares that year.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Amgen's competitors?
Amgen meets other big drug makers in particular areas, such as skin and joint disease and cancer 17102021. In obesity, one Amgen Phase 3 study tests MariTide in people switching from Lilly's tirzepatide or another weekly medicine 101819. Amgen and Pfizer both sell Enbrel, but in different countries 567.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Amgen (AMGN, FY2025) | Bone, heart, inflammation, cancer and rare-disease medicines | $36.8bn | 11.8% | 24.7% | 22.0% |
| AbbVie (ABBV, FY2025) | Amgen lists AbbVie's Skyrizi and Humira as rivals to Otezla in the US and Europe 17 | $61.2bn | 1.8% | 24.6% | 29.1% |
| Eli Lilly (LLY, FY2025) | Taltz against Otezla and Erbitux against Vectibix; in obesity, an Amgen study enrolls people switching from Lilly's tirzepatide or a rival's medicine 101819 | $65.2bn | 31.7% | 40.4% | 13.8% |
| Merck (MRK, FY2025) | Cancer: Keytruda competes with Vectibix in the US, and Amgen is developing a biosimilar copy of Keytruda 102021 | $65.0bn | 3.1% | 34.2% | 19.0% |
| Pfizer (PFE, FY2025) | Enbrel: Amgen sells it in the US and Canada, and Pfizer sells it elsewhere 567 | $62.6bn | -14.8% | 26.1% | 14.5% |
Amgen says biosimilars, close copies of biologic medicines, compete with its medicines on price 10. Amgen says that once several copies of one of its medicines launch, net prices fall faster for both its medicine and the copies 10. For pills, generic copies can cost much less, and Amgen's Sensipar lost a big share of its market very quickly after its patents ran out 10.
🧭Amgen SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Seventeen Amgen medicines were selling at a yearly rate of more than $1 billion in the third quarter of 2026 4.
- Over the last three years combined, Amgen turned 26.3% ✓ of sales into free cash flow, an A ✓.
- In a Phase 3 trial reported in November 2025, Repatha cut the relative risk of heart deaths, heart attacks or strokes by 25% 25. The trial was in high-risk adults who had not yet had a heart attack or stroke 25.
- Amgen says it is a leader in making biologics, which need highly specialized know-how to make reliably at scale 23.
🩹 Weaknesses
- Amgen's net cash was -$45.5bn ✓ at the end of FY2025, meaning it owed far more than it held. Operating profit covered interest only 3.3x ✓ that year.
- Patents on Prolia and Xgeva expired in 2025 1. In the third quarter of 2026, their sales fell 45% and 47% as several copies launched 4.
- Enbrel sales fell 33% in 2025, mainly because its net selling price fell 36% 2.
- Amgen does most of its commercial manufacturing in Puerto Rico, which remains at risk from natural disasters; Amgen lists this as a supply risk 23.
🚀 Opportunities
- MariTide, Amgen's obesity candidate, may need as few as four or six doses a year once a patient is on it, Amgen says 18. Two Phase 3 obesity studies were under way on 3 November 2026 18.
- Some medicines are growing fast: in the third quarter of 2026, Imdelltra sales rose 128% and Uplizna sales rose 191% 4.
- In September 2026, a Phase 3 study found that adding Imdelltra to AstraZeneca's Imfinzi helped people with a form of lung cancer live longer 21.
- Pavblu, Amgen's copy of the eye medicine Eylea, made $300 million in the third quarter of 2026, up 41% 264.
⚠️ Threats
- Medicare price setting began for Enbrel in 2026 and applies to Otezla from 2027 21. Enbrel's net selling price was 14% lower in the third quarter of 2026 4.
- In July 2026, Amgen found unauthorized activity in cloud systems hosted by outside providers, and some data, including patient health information, was taken 27.
- As of September 2026, the IRS was seeking about $3.6 billion and $5.1 billion of extra tax for 2010-2012 and 2013-2015, plus interest 28. The dispute is before the US Tax Court 28.
- In April 2026 an FDA center proposed withdrawing approval of Tavneos. Amgen asked for a hearing on 1 June 2026, and as of September 2026 Tavneos stayed on the market while the process continued 28.
🏰Does Amgen have a moat?
Why 3?
Amgen says copies compete on price, but it believes many patients, doctors and payers will keep valuing its products' reputation, steady supply and safety 10. Still, when several copies arrived, Prolia sales fell 45% in the third quarter of 2026 4. Seventeen Amgen products were selling at a yearly rate of more than $1 billion in that quarter 4.
Why 3?
Amgen says that once several copies of one of its medicines launch, competition heats up fast and net prices fall faster for both its product and the copies 10. Prolia and Xgeva sales fell 45% and 47% in the third quarter of 2026 as copies launched 4. Sensipar lost a big share of its market very quickly to generic pills 10.
Why 1?
One patient taking an Amgen medicine does not make it better for anyone else. In the US, substantially all of Amgen's sales go to drug wholesalers, and three of them made up 77% of its worldwide gross revenues in 2025 22.
Why 3?
Amgen calls its biologics manufacturing a competitive advantage 23. It says its newer plants in North Carolina and Ohio were built faster and at lower cost than traditional plants 23. It runs its own plants in Puerto Rico, Rhode Island, Ohio, California, Ireland, the Netherlands and Singapore 23. It also sells biosimilars of other companies' medicines and has launched eight since 2018 10. Seventeen of its products were selling at a yearly rate of more than $1 billion in the third quarter of 2026 4.
Why 3?
Newer medicines have longer patents: Amgen's latest-expiring listed US patents run to 2032 for Repatha, 2036 for Imdelltra and 2038 for Tezspire; for Repatha and Tezspire these cover methods of treatment 24. But Prolia and Xgeva patents expired in 2025 1. Evenity's US antibody patent expired in April 2026, though its US formulation and treatment-method patents run to 2031 and 2033 24. Medicare price setting began for Enbrel in 2026 and starts for Otezla in 2027 21. Enbrel's net selling price was 14% lower in the third quarter of 2026 4.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Amgen; grey dots are peers).
🔭What should you watch next?
2026 guidance
For 2026, Amgen expects total revenues of $38.9 billion to $39.7 billion and capital spending of about $2.6 billion 18.
MariTide in type 2 diabetes
Amgen says two more Phase 3 studies of MariTide in people with type 2 diabetes are to start in the fourth quarter of 2026 18.
Uplizna in a nerve disease
Amgen plans to start a Phase 3 study of Uplizna in chronic inflammatory demyelinating polyneuropathy, a nerve disease, between the second half of 2026 and the first half of 2027 18.
US Tax Court decision
As of September 2026, Amgen expected a decision no earlier than late 2026 or early 2027 in its dispute with the IRS. The dispute is mainly over how profits were split between its units in the US and Puerto Rico 28.
📚Learn the words
❓Frequently asked questions about Amgen
How does Amgen make money?
Amgen makes money by selling medicines, mostly to drug wholesalers in the US 22. In FY2025 its sales were $36.8bn ✓. Its nine biggest medicines each brought in between $1.5bn ✓ and $4.4bn ✓. Many other medicines, plus royalties, made up the other 43% ✓.
What is Amgen's biggest medicine?
Prolia, for weak bones, was Amgen's largest product in 2025, with sales of $4.41 billion 12. But copies have arrived, and its sales fell 45% in the third quarter of 2026 4.
Is Amgen still growing?
Amgen's sales are still growing. They rose 10.0% ✓ in FY2025, after 18.6% ✓ in FY2024, which included the Horizon deal for a full year 11. Total revenues rose 8% in the third quarter of 2026 compared with a year earlier 4.
What is a biosimilar, and why does it matter to Amgen?
A biosimilar is a close copy of a biologic medicine, approved because it is highly similar to the original 10. Prolia and Xgeva sales fell 45% and 47% in the third quarter of 2026, as several copies launched 4. Amgen also makes its own biosimilars of other companies' medicines and has launched eight since 2018 10.
Who runs Amgen?
Robert A. Bradway has been Amgen's chief executive since 2012 and its chairman since 2013 29. Thomas Dittrich became chief financial officer on 1 September 2026 30.
What is MariTide?
MariTide is Amgen's experimental obesity medicine 18. Amgen says it can be started with monthly doses, and people may stay on it with as few as four or six doses a year 18. Two Phase 3 studies in people with obesity or overweight were under way on 3 November 2026 18.
Does Amgen pay a dividend?
Amgen paid $5.1bn ✓ in dividends in FY2025 and bought back no shares. It paid a dividend of $2.52 per share on 11 September 2026, 6% more than a year earlier 4.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [13] [12] [14] [15].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. What did the name AMGen first stand for?
2. Which was Amgen's largest product in 2025?
3. About how much of Amgen's FY2025 sales came from outside its nine biggest medicines?
4. What does Tepezza treat?
5. In 1994, Amgen became the first biotech company to win which award?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 marketed products: descriptions, launch years, acquisitions of principal products (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 7 product sales by product for 2025, other revenues, IRA price setting (accessed 2026-11-04)
- Amgen (AMGN) Form 10-K for fiscal year 2025, filed 2026-02-13 — revenue by product, segment and geography (accessed 2026-11-04)
- Amgen third quarter 2026 financial results press release (Form 8-K exhibit 99.1) — Third quarter 2026 revenue, earnings, product sales, free cash flow, dividend (accessed 2026-11-04)
- Amgen Form 10-K for fiscal year 2025 — Enbrel marketed in the United States and Canada; 2025 Enbrel sales (accessed 2026-11-04)
- Pfizer Form 10-K for fiscal year 2025 — Note 17C: significant customers and revenues by product for 2023-2025 (accessed 2026-11-04)
- Pfizer Form 10-K for fiscal year 2025 — Item 1 Commercial Operations: customer groups and select products in the Biopharma portfolio (accessed 2026-11-04)
- SEC EDGAR companyfacts: Amgen (AMGN) — annual 10-K facts (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 business relationships: AstraZeneca collaboration on TEZSPIRE (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 competition: biosimilars, generics, own biosimilar launches, competitor table (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Horizon acquisition (notes to financial statements) and its financing: senior notes and term loan (Item 7 liquidity, financing arrangements note) (accessed 2026-11-04)
- SEC EDGAR companyfacts: ELI LILLY & Co (LLY) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: AbbVie Inc. (ABBV) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Merck & Co., Inc. (MRK) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: PFIZER INC (PFE) — annual 10-K facts (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 7 overview: 2025 cash flow, debt retired, dividend increase (accessed 2026-11-04)
- Amgen Form 10-K for fiscal year 2025 — Item 1 competition table: competitors of Otezla; Otezla approved uses (accessed 2026-11-04)
- Amgen third quarter 2026 financial results press release (Form 8-K exhibit 99.1) — Full-year 2026 guidance and third quarter pipeline update (accessed 2026-11-04)
- Eli Lilly and Company Form 10-K for fiscal year 2025 — Tirzepatide brand names (Zepbound for obesity) (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 research and development: biosimilar candidates ABP 206 and ABP 234 (accessed 2026-11-04)
- Amgen Inc. Form 10-Q for the quarter ended September 30, 2026 — MD&A overview and significant developments: drug pricing policy, tariffs, pipeline events in the quarter (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 marketing and distribution: wholesaler customers, sales channels (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 manufacturing and Item 1A manufacturing risks: sites, Puerto Rico, new facilities (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 patents table: material patents and expiry dates (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 overview and significant developments: incorporation, segment, countries, cover address, pipeline and regulatory events (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Note 20 contingencies: PAVBLU patent litigation and securities class action (accessed 2026-11-04)
- Amgen Inc. Form 8-K dated July 29, 2026 (Item 1.05, material cybersecurity incident) — Cybersecurity incident disclosed July 2026 (accessed 2026-11-04)
- Amgen Inc. Form 10-Q for the quarter ended September 30, 2026 — Notes: TAVNEOS withdrawal proposal, U.S. tax litigation, securities class action settlement (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 human capital resources and executive officers (accessed 2026-11-04)
- Amgen Inc. Form 8-K dated May 19, 2026 (Item 5.02, chief financial officer change) — Chief financial officer retirement and appointment (accessed 2026-11-04)
- Amgen history (company website) — Company history milestones: founding, name, first product approvals, first biosimilar (accessed 2026-11-04)
- SEC EDGAR companyfacts: Amgen (AMGN) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Amgen (AMGN) — balance sheet at 2026-06-30 (accessed 2026-11-04)