# Amgen Inc. (AMGN)

> Amgen discovers, makes and sells prescription medicines for serious diseases, along with biosimilar medicines.

- Exchange: NASDAQ · Sector: Healthcare · Industry: Drug Manufacturers General
- Headquarters: Thousand Oaks, California
- Founded: 1980
- SEC CIK: 0000318154 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000318154))
- Full page: https://inspectstocks.com/stocks/amgn
- Data as of: price 2026-09-28; newest filing used 2026-08-05; latest fiscal period ended 2026-06-30

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $38.1B | $26.6B |
| Revenue growing recently | passed | $38.1B | $36.8B |
| Free cash flow positive | passed | $10.2B |  |
| Free cash flow growing overall | passed | $10.2B | $9.7B |
| Free cash flow growing recently | passed | $10.2B | $8.1B |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 23.0% |  |
| Healthy profit margin | passed | 23.0% |  |
| Strong operating margin | passed | 30.0% |  |
| Good return on equity | passed | 101.0% |  |
| Debt under control | failed | 6.40 |  |
| Turns sales into cash | passed | 26.7% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $38.1B |
| Net income, trailing twelve months | $8.7B |
| Free cash flow, trailing twelve months | $10.2B |
| Net margin | 23.0% |
| Operating margin | 30.0% |
| Return on equity | 101.0% |
| Debt to equity | 6.40 |
| Diluted EPS, trailing twelve months | $16.10 |
| Share price | $418.17 |
| Market value | $226.1B |
| Price / earnings | 26.0x |
| Price / sales | 5.9x |

## What the business does

Amgen researches, develops and manufactures medicines, including biologic medicines made using living cells and small-molecule drugs. It sells treatments for conditions including heart disease, cancer, osteoporosis, asthma and autoimmune diseases. It also sells biosimilar medicines, which are highly similar versions of existing biologic medicines.

### How it makes money

- **Repatha prescription sales** (9.3% of revenue) — Amgen sells Repatha, a medicine that lowers low-density lipoprotein (LDL) cholesterol, mainly through pharmaceutical wholesalers in the United States; sales outside the United States use local healthcare providers, wholesalers and partners.
- **Otezla prescription sales** (7.0% of revenue) — Amgen earns sales revenue from Otezla, an oral medicine used for psoriasis and other inflammatory conditions, sold through healthcare distribution channels.
- **Enbrel prescription sales** (6.9% of revenue) — Amgen sells Enbrel, a medicine used for certain inflammatory conditions, in the United States and Canada.
- **EVENITY prescription sales** (6.5% of revenue) — Amgen earns sales revenue from EVENITY, an osteoporosis treatment marketed with collaboration partners in multiple countries.
- **XGEVA prescription sales** (6.4% of revenue) — Amgen sells XGEVA for people with cancer-related risks to their bones, through healthcare providers and wholesalers.
- **TEPEZZA prescription sales** (5.9% of revenue) — Amgen earns sales revenue from TEPEZZA, a treatment for thyroid eye disease, through healthcare providers and wholesalers in markets where it is sold.

### Products

- **Repatha** — An injectable medicine that lowers LDL cholesterol and is used to reduce the chance of major heart and blood-vessel events in certain adults.
- **Prolia** — A medicine for osteoporosis that helps reduce fracture risk in certain people, including postmenopausal women and men at high risk of fracture.
- **Otezla** — An oral medicine used for plaque psoriasis, psoriatic arthritis and certain mouth ulcers.
- **ENBREL** — A medicine used for rheumatoid arthritis, plaque psoriasis and psoriatic arthritis.
- **TEZSPIRE** — An antibody medicine used as an add-on treatment for severe uncontrolled asthma and, in approved markets, chronic sinus inflammation with nasal polyps.
- **IMDELLTRA** — A cancer medicine for adults with extensive-stage small cell lung cancer that has progressed during or after platinum-based chemotherapy.

### Customers

- In the United States, Amgen sells substantially all its products to pharmaceutical wholesalers, which then distribute them to healthcare providers. McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
- Outside the United States, Amgen sells to healthcare providers and pharmaceutical wholesalers, depending on local distribution practices.
- Healthcare providers, including physicians and their clinics, hospitals, dialysis centers and pharmacies, use or dispense Amgen medicines; some products are also marketed through direct-to-patient channels.

### Competitors

- Novartis AG (NVS) — Its medicines compete with Amgen products in areas including cholesterol treatment, psoriasis and low platelet counts.
- Regeneron Pharmaceuticals, Inc. (REGN) — Its cholesterol medicine Praluent is listed as a competitor to Repatha.
- Sanofi (SNY) — It markets Praluent with Regeneron, which competes with Repatha.
- AbbVie Inc. (ABBV) — Its medicines compete with Otezla in psoriasis and with ENBREL in inflammatory diseases.
- AstraZeneca PLC (AZN) — Its asthma medicine FASENRA is listed as a competitor to TEZSPIRE.
- Pfizer Inc. (PFE) — Its medicine BESPONSA is listed as a competitor to BLINCYTO, an Amgen cancer medicine.

### What it depends on

- Amgen relies on large wholesalers for distribution: McKesson, Cencora and Cardinal Health together accounted for 77% of worldwide gross revenue (year ended 2025-12-31, high confidence).
- The United States is its largest market, accounting for 71.9% of revenue by geography (year ended 2025-12-31, high confidence).
- Its sales depend on government and commercial insurers covering its medicines and deciding how much they will reimburse; coverage rules and required discounts can affect use and net prices.
- The 10-K says a substantial majority of commercial manufacturing takes place in Puerto Rico and a substantial majority of clinical manufacturing takes place in Thousand Oaks, California.
- Amgen relies on third-party suppliers for some raw materials, devices and components, including items for which a supplier may be its only source.

### What could go wrong

- Government and private payer policies can limit access or reduce the prices Amgen receives. The filings describe Medicare price setting for ENBREL and Otezla, expanded discounts through the 340B program, and other pricing policies as pressures on sales and profitability.
- Biosimilar and generic competition can reduce sales and prices. The patents for Prolia and XGEVA have expired in key markets, and the 10-Q reports lower sales as biosimilar competitors entered those markets.
- Manufacturing disruption could limit medicine supply and sales. The 10-K identifies concentration of commercial manufacturing in Puerto Rico and clinical manufacturing in Thousand Oaks, California, as potential sources of disruption.

## More on this company

- [Overview](https://inspectstocks.com/stocks/amgn)
- [Financial statements](https://inspectstocks.com/stocks/amgn/financials)
- [Competitors](https://inspectstocks.com/stocks/amgn/peers)
- [Earnings](https://inspectstocks.com/stocks/amgn/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.