Amgen
Amgen Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California, founded on April 8, 1980, as Applied Molecular Genetics Inc. by venture capitalists with a focus on applying recombinant DNA technology to produce human therapeutics.[1][2] The firm pioneered large-scale biologics manufacturing and became one of the world's largest independent biotechnology companies, emphasizing the discovery, development, and delivery of biologic medicines targeting serious illnesses such as cancer, inflammation, and cardiovascular disease.[3][4][5] Amgen's early innovations included the development of the first recombinant human proteins commercialized in the industry, establishing processes for scalable production of biologics that transformed treatment options for conditions like anemia and neutropenia.[6] Under founding CEO George Rathmann, the company grew from a small venture to a global leader, with ongoing investments in research, manufacturing expansion, and facilities exceeding billions of dollars to support its pipeline.[7][8] Despite these achievements, Amgen has encountered significant legal scrutiny, including a 2023 U.S. Supreme Court ruling invalidating its broad antibody patents for PCSK9 inhibitors due to insufficient enablement under patent law, which limited its monopoly on cholesterol-lowering therapies.[9][10] In 2025, a federal jury held Amgen liable for antitrust violations through bundled rebates that excluded competitors' PCSK9 drugs like Regeneron’s Praluent, resulting in over $400 million in damages for monopolizing the market.[11][12] These cases highlight tensions between Amgen's innovation-driven model and competitive practices in high-stakes biologic markets, where patent exclusivity and pricing strategies have drawn regulatory challenges, including FTC efforts to block acquisitions that could entrench dominance in treatments for osteoporosis and rare diseases.[13]History
Founding and Early Innovations (1980-1999)
Amgen was founded on April 8, 1980, in Thousand Oaks, California, as Applied Molecular Genetics Inc. (AMGen) by venture capitalist William K. Bowes Jr. and associates, with the goal of leveraging recombinant DNA technology to develop human therapeutic proteins for unmet medical needs. The startup raised $19 million in initial private-equity funding from venture capital firms and institutional investors, enabling early research into protein therapeutics derived from genetic engineering. George B. Rathmann was recruited as the first chief executive officer, bringing expertise in molecular biology to guide the company's focus on biologics like erythropoietin and colony-stimulating factors.[14][15] On June 17, 1983, AMGen completed its initial public offering, raising nearly $40 million and officially renaming itself Amgen Inc., which provided capital for expanded research and manufacturing capabilities. Throughout the 1980s, Amgen prioritized the development of recombinant human proteins, securing key patents for erythropoietin (EPO) and forming strategic partnerships, including a 1984 collaboration with Kirin Brewery Co. for joint development and marketing in exchange for equity and royalties. These efforts established Amgen as a leader in biotechnology, emphasizing scalable production of complex proteins that could not be efficiently sourced from human or animal tissues.[1][15] Amgen achieved its first major innovation with Epogen (epoetin alfa), the world's initial recombinant human erythropoietin, which received U.S. Food and Drug Administration (FDA) approval on June 1, 1989, for treating anemia in patients with chronic renal failure undergoing dialysis. This product revolutionized anemia management by providing a synthetic alternative to blood transfusions, addressing supply limitations and transfusion risks, and generated rapid commercial success as Amgen's inaugural marketed therapeutic. Building on this, Neupogen (filgrastim), a recombinant granulocyte colony-stimulating factor (G-CSF), was approved by the FDA in February 1991 to reduce the duration of neutropenia in non-myeloid cancer patients receiving myelosuppressive chemotherapy, significantly improving supportive care in oncology.[16][17][1] By January 1992, combined annual sales of Epogen and Neupogen exceeded $1 billion, reflecting strong market adoption and positioning Amgen for inclusion in the S&P 500 index. In the mid-1990s, Amgen expanded its portfolio with Infergen (interferon alfacon-1), approved by the FDA in October 1997 for treatment of chronic hepatitis C in patients who failed prior interferon therapy, marking an early foray into antiviral biologics. A pivotal late-decade advancement was Enbrel (etanercept), a tumor necrosis factor (TNF) receptor fusion protein developed in collaboration with Immunex Corporation; it received FDA approval on November 2, 1998, for reducing signs and symptoms of moderately to severely active rheumatoid arthritis, introducing a novel targeted therapy for autoimmune diseases and foreshadowing biologics' role in immunology. These innovations solidified Amgen's reputation for pioneering recombinant technologies, with rigorous clinical data demonstrating efficacy in addressing cytokine deficiencies and inflammatory pathways.[1][18]Growth Through Acquisitions and Product Launches (2000-2014)
During the early 2000s, Amgen bolstered its portfolio with the U.S. Food and Drug Administration (FDA) approval of Aranesp (darbepoetin alfa) on September 17, 2001, for treating anemia associated with chronic kidney disease, including in dialysis and non-dialysis patients; this long-acting erythropoiesis-stimulating agent offered extended dosing intervals compared to Epogen, driving revenue growth as it captured market share in anemia management.[19] In July 2002, the FDA expanded Aranesp's label to include anemia from chemotherapy in non-myeloid malignancies, further expanding its oncology applications.[20] Complementing this, Neulasta (pegfilgrastim) received FDA approval on January 31, 2002, to reduce infection risk from febrile neutropenia in cancer patients undergoing myelosuppressive chemotherapy, providing a single-dose alternative to daily Neupogen injections and quickly becoming a key revenue driver.[21] A pivotal expansion occurred through the acquisition of Immunex Corporation, announced in December 2001 and completed on July 15, 2002, in a $16 billion stock-and-cash deal—the largest biotech acquisition at the time—which integrated Enbrel (etanercept), a tumor necrosis factor inhibitor for rheumatoid arthritis, psoriatic arthritis, and other autoimmune conditions, diversifying Amgen beyond hematology into immunology and significantly boosting sales as Enbrel achieved blockbuster status.[22] [23] In 2004, Amgen acquired Tularik Inc. for approximately $1.6 billion, gaining expertise in gene regulation and small-molecule drug discovery to enhance its pipeline in metabolic and oncology targets. That year, the FDA approved Sensipar (cinacalcet HCl) on March 8 for treating secondary hyperparathyroidism in chronic kidney disease patients on dialysis, addressing mineral metabolism disorders and adding to Amgen's nephrology franchise. Subsequent moves included the 2005 announcement and April 1, 2006, completion of Abgenix Inc.'s acquisition for $2.2 billion in cash plus debt assumption, securing full rights to panitumumab and eliminating royalties on Vectibix (panitumumab), an epidermal growth factor receptor inhibitor approved by the FDA on September 27, 2006, for metastatic colorectal cancer refractory to other therapies.[24] [25] In 2008, Nplate (romiplostim) launched following FDA approval on August 22 for chronic immune thrombocytopenia in adults to raise platelet counts and reduce bleeding risk, marking Amgen's entry into thrombopoietin receptor agonists. By 2010, Prolia (denosumab) received FDA approval on June 1 for postmenopausal osteoporosis to reduce fracture risk, while Xgeva (denosumab) was approved on November 18 for preventing skeletal-related events in bone metastasis from solid tumors; both leveraged the RANKL inhibition platform, contributing to portfolio diversification into bone health and oncology support. These initiatives fueled robust growth, with annual revenues rising from about $3.5 billion in 2001 to over $20 billion by 2014, propelled by blockbuster contributions from Enbrel, Aranesp, Neulasta, and emerging products amid expanding global operations and pipeline advancements.[26] Acquisitions like Immunex and Abgenix not only added immediate commercial assets but also bolstered R&D capabilities in biologics and targeted therapies, positioning Amgen as a leader in biopharmaceutical innovation during this era.Strategic Expansions and Pipeline Advancements (2015-Present)
In 2015, Amgen expanded its cardiovascular portfolio through the acquisition of Dezima Pharma for $300 million in cash, gaining rights to TA-8995, an investigational CETP inhibitor aimed at lowering LDL cholesterol.[27] That year, the company also advanced its oncology offerings with FDA approval of IMLYGIC (talimogene laherparepvec) on October 27, the first oncolytic viral therapy for melanoma, demonstrating tumor reduction in pivotal trials.[28] Amgen initiated a biosimilars strategy, investing over $2 billion in a portfolio that by 2025 included 11 approved or developing products targeting reference biologics like trastuzumab and bevacizumab, positioning the firm to capture market share amid patent expirations.[29] From 2016 to 2019, Amgen pursued targeted acquisitions to diversify beyond core biologics, including the $13.4 billion purchase of Otezla (apremilast) from Celgene in August 2019, adding an oral therapy for psoriasis and Behçet's disease to its inflammation lineup with projected peak sales exceeding $2 billion annually. The company secured FDA approvals for pipeline candidates like Aimovig (erenumab) in May 2018 for migraine prevention, the first CGRP inhibitor, and Evenity (romosozumab) in 2019 for postmenopausal osteoporosis, addressing high unmet needs in neurology and bone health. Strategic partnerships, such as the expanded collaboration with Merck in 2017 for IMLYGIC combined with Keytruda in melanoma trials, underscored Amgen's focus on combination therapies to enhance efficacy.[30] The 2020s marked aggressive entry into rare diseases via the $27.8 billion acquisition of Horizon Therapeutics, completed in October 2023 after regulatory scrutiny, integrating Tepezza for thyroid eye disease and Krystexxa for gout, expected to contribute $4.2 billion in revenue by 2030. Pipeline momentum continued with approvals for Tezspire (tezepelumab) in December 2021 for severe asthma, Tarpeyo (budesonide) in 2021 for IgA nephropathy, and Imdelltra (tarlatamab) in May 2024 for small cell lung cancer, reflecting advancements in bispecific antibodies and targeted immunology. In 2025, Amgen announced a $650 million U.S. manufacturing expansion to support growing demand for therapies like Repatha and biosimilars, creating hundreds of jobs and complementing prior investments in sustainable production. These moves align with Amgen's 2030 growth strategy emphasizing high-value rare disease assets and innovative modalities.[31][32][33]Corporate Structure and Operations
Headquarters, Facilities, and Global Presence
Amgen's corporate headquarters is located at One Amgen Center Drive in Thousand Oaks, California, a facility that serves as the central hub for executive leadership, research and development, and administrative functions.[34] Established in the Ventura County area, the campus spans multiple buildings designed to support biotechnology innovation, with ongoing investments including a planned $600 million research center expansion announced in September 2025.[35] In the United States, Amgen operates several key manufacturing and R&D facilities beyond headquarters, including sites in Juncos, Puerto Rico, which has been a flagship production center since 1993 and received a $650 million expansion in 2025 to enhance commercial manufacturing capacity and create 750 jobs.[36] [37] The company also maintains operations in Holly Springs, North Carolina, where a new drug substance facility opened in January 2025 following a $550 million investment, with an additional $1 billion expansion underway for a second site expected to add 370 jobs by 2032.[38] [39] Other U.S. sites include facilities in California, Ohio, and research centers in locations such as South San Francisco.[40] Internationally, Amgen's manufacturing footprint includes its largest facility outside the U.S. in Dún Laoghaire, Ireland, which exports products to over 50 countries and focuses on biologics production.[41] Additional manufacturing sites are located in the Netherlands, contributing to a network of eight plants worldwide that utilize both internal and contract capabilities to support global supply.[42] [40] Amgen maintains a broad global presence with offices and affiliates in over 100 countries across North America, Europe, Latin America, Asia Pacific, the Middle East, Africa, and Turkey, facilitating commercial operations, clinical trials, and market access.[43] Key regions include Europe with offices in Austria, Belgium, Germany, and others; Asia Pacific in Japan, China, Australia, and India; and Latin America in Brazil and Argentina, enabling localized distribution and regulatory compliance.[44] [45]
Workforce, Manufacturing, and Supply Chain
As of December 31, 2024, Amgen employed 28,000 people worldwide, reflecting a 4.87% increase from 26,700 in 2023.[46][47] The company's workforce spans research, development, manufacturing, and commercial operations, with a stated commitment to equal employment opportunity without discrimination based on race, gender, or other protected characteristics.[48] Women comprised approximately 52% of the global workforce as of recent reports, though representation decreases in senior leadership roles.[49] Amgen maintains multiple manufacturing facilities across the United States to support its biologics production, including sites in California, Puerto Rico, Rhode Island, Massachusetts, and Ohio.[50] The Puerto Rico facility, operational since 1993, serves as a flagship site for drug substance manufacturing.[51] In February 2024, Amgen opened a state-of-the-art biomanufacturing plant in central Ohio, spanning nearly 300,000 square feet and designed for high-volume production of sterile injectable medicines to meet rising demand.[52] The company announced a $1 billion expansion in North Carolina in December 2024 to add a second drug substance facility, enhancing capacity for biologic therapies.[39] These investments prioritize advanced biotechnology processes, reliability, and scalability to ensure consistent product quality.[51] Amgen's supply chain emphasizes resilience through multi-tiered inventory management, technology integration, and proactive risk mitigation to prevent disruptions in biologics delivery.[53] Key strategies include supplier sustainability assessments that enforce ethical labor, environmental, and quality standards beyond basic compliance.[54] For temperature-sensitive products, the company deploys innovations such as advanced barcoding, real-time tracking devices, and predictive analytics to address cold chain vulnerabilities, particularly for biosimilars.[55] Amgen continuously evaluates and invests in its end-to-end supply chain, incorporating prevention measures, digital tools, and diversified sourcing to maintain patient access amid global pressures like raw material shortages or IT incidents.[56][57]Products and Portfolio
Core Commercial Products
Amgen's core commercial products encompass a range of biologic therapies and small-molecule drugs targeting chronic conditions in bone health, immunology, cardiovascular disease, oncology, and inflammation, which collectively drove $32.0 billion in global product sales in 2024, representing 19% year-over-year growth primarily from volume increases.[58] These products, many of which are monoclonal antibodies or receptor modulators, address diseases with high unmet needs and limited alternatives, though they face competition from biosimilars and generics in some markets.[59] Sales leadership has shifted toward newer launches like Repatha and EVENITY, offsetting declines in mature brands such as Enbrel due to biosimilar erosion.[58]| Product | Therapeutic Area | Key Indication(s) | 2024 Global Sales ($ millions) | Year-over-Year Growth |
|---|---|---|---|---|
| Prolia (denosumab) | Bone health | Postmenopausal osteoporosis at high risk of fracture (FDA approved June 1, 2010)[60] | 4,374 | 8%[58] |
| Enbrel (etanercept) | Immunology | Rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis (FDA approved November 2, 1998 for RA)[18] | 3,316 | -10%[58] |
| XGEVA (denosumab) | Oncology | Prevention of skeletal-related events in patients with bone metastases from solid tumors (FDA approved November 18, 2010) | 2,225 | 5%[58] |
| Repatha (evolocumab) | Cardiovascular | Reduction of LDL cholesterol in adults with hyperlipidemia or cardiovascular disease (FDA approved August 27, 2015) | 2,222 | 36%[58] |
| Otezla (apremilast) | Inflammation | Moderate-to-severe plaque psoriasis and psoriatic arthritis (FDA approved September 17, 2014 for psoriasis) | 2,126 | -3%[58] |
Divested or Discontinued Products
In September 2008, Amgen sold Kepivance (palifermin), a recombinant human keratinocyte growth factor approved by the FDA in 2004 for reducing the incidence and duration of severe oral mucositis in patients with hematologic malignancies undergoing autologous or allogeneic hematopoietic stem cell transplantation preceded by high-dose chemotherapy with or without total body irradiation, to Biovitrum AB for an upfront payment of $150 million.[65] The transaction allowed Amgen to streamline its portfolio toward higher-priority biologics amid limited commercial uptake for Kepivance, which generated peak annual sales below $50 million.[66] The same 2008 agreement included the sale of Stemgen (ancestim), a recombinant human stem cell factor intended to enhance peripheral blood progenitor cell mobilization for transplantation, though it had seen minimal market penetration due to safety concerns including anaphylaxis risks observed in clinical use.[65] Biovitrum, later rebranded as Swedish Orphan Biovitrum, assumed full development and commercialization rights for both assets.[67] Amgen has rarely discontinued fully marketed products, prioritizing long-term support for core offerings like Epogen and Neupogen, but has terminated select delivery systems and investigational extensions. In 2023, Amgen discontinued the Repatha Pushtronex System, an on-body infusor for the PCSK9 inhibitor evolocumab, citing manufacturing and supply considerations, while maintaining availability via prefilled syringes and autoinjectors.[68] Among partnered or late-stage assets, Amgen exited co-development of brodalumab, an IL-17 inhibitor for psoriasis, in May 2015 due to strategic reprioritization, transferring rights to AstraZeneca and LEO Pharma, where it launched as Siliq in 2017.[69] This divestiture reflected Amgen's shift away from certain autoimmune therapies lacking blockbuster potential.Current Research Pipeline
Amgen's current research pipeline emphasizes biologics and targeted therapies across oncology, inflammation, cardiovascular disease, and rare disorders, with several late-stage candidates advancing toward potential approval. As of October 2025, the company reports ongoing investments in R&D exceeding $1.7 billion quarterly, supporting a portfolio of investigational molecules aimed at addressing unmet needs in high-burden diseases.[64] Key focuses include monoclonal antibodies, bispecific T-cell engagers, and RNA-based therapies, leveraging acquisitions like Five Prime Therapeutics for bemarituzumab and Arrowhead Pharmaceuticals for olpasiran. In oncology, bemarituzumab, a first-in-class anti-FGFR2b monoclonal antibody, targets fibroblast growth factor receptor 2b-overexpressing gastric and gastroesophageal junction cancers. The phase 3 FORTITUDE-101 trial reported positive topline results on June 30, 2025, demonstrating a statistically significant overall survival improvement when added to chemotherapy (initial median OS of 17.9 months versus 12.5 months), though a final analysis in September 2025 indicated an attenuated benefit compared to interim data.[70][71] A companion phase 3 trial, FORTITUDE-102, evaluating bemarituzumab with chemotherapy and nivolumab in first-line gastric cancer, anticipates data readout by late 2025 or early 2026.[72] Expansions of blinatumomab (BLINCYTO), a CD19/CD3 bispecific T-cell engager, continue in phase 2/3 for various leukemias, including pediatric and relapsed settings.[73] For inflammation and immunology, rocatinlimab (AMG 451), an investigational OX40 antagonist, is in phase 3 development for moderate-to-severe atopic dermatitis via the ROCKET program, including the ASCEND long-term extension study. Topline results from ASCEND on September 8, 2025, showed sustained efficacy and safety over 60 weeks, building on earlier positive data from the IGNITE trial reported March 8, 2025.[74][75] Tezepelumab (TEZSPIRE), a TSLP blocker, remains in phase 3 for chronic obstructive pulmonary disease following its October 2025 approval for chronic rhinosinusitis with nasal polyps.[76] Cardiovascular efforts center on olpasiran, a small interfering RNA targeting lipoprotein(a, in the phase 3 OCEAN(a) outcomes trial evaluating reduction in major adverse cardiovascular events among patients with elevated Lp(a) and established atherosclerotic cardiovascular disease; enrollment completed in 2024 with results pending.[77] Separately, the phase 3 VESALIUS-CV trial of evolocumab (Repatha) met dual primary endpoints on October 2, 2025, showing reduced composite cardiovascular events in over 12,000 primary prevention patients at high risk without prior myocardial infarction or stroke, supporting label expansions.[78] In rare diseases and neurology, label expansions are pursued for erenumab (Aimovig) in pediatric migraine prevention and romosozumab (Evenity) in pediatric osteogenesis imperfecta, both in phase 3 as of mid-2025.[73] Additional early-to-mid-stage programs span bispecifics for solid tumors and gene therapies for neuromuscular disorders, reflecting Amgen's strategy to diversify beyond legacy biologics.[79]Research and Development
Core Technologies and Methodologies
Amgen's foundational technologies rely on recombinant DNA methods to engineer mammalian cell lines for the production of biologic therapeutics, enabling the scalable manufacturing of complex proteins that mimic human counterparts. This approach, central since the company's inception in 1980, facilitated the development of early blockbuster drugs like Epogen (recombinant human erythropoietin) in 1989 and Neupogen (recombinant granulocyte colony-stimulating factor) in 1991, by inserting human genes into host cells such as Chinese hamster ovary (CHO) lines for high-yield expression.[80] [81] Protein engineering constitutes a core methodology, involving site-directed mutagenesis, domain fusion, and affinity maturation to create optimized biologics including monoclonal antibodies (mAbs), bispecific T-cell engagers, and peptibodies. Monoclonal antibodies, Y-shaped molecules bioengineered for precise antigen binding, form the backbone of Amgen's oncology and inflammation portfolios, with engineering techniques enhancing stability, half-life, and effector functions to improve therapeutic efficacy.[82] [83] [84] Advanced computational methodologies integrate artificial intelligence (AI) and machine learning to augment traditional wet-lab processes, particularly through generative biology platforms that employ generative models to design novel protein sequences and predict structures de novo. This hybrid "wet-dry" pipeline accelerates hit identification and optimization, reducing reliance on empirical screening by simulating protein folding and interactions at scale. Amgen's adoption of such tools, including collaborations with NVIDIA's BioNeMo for molecule screening, exemplifies efforts to shorten discovery timelines from years to months.[85] [86] [87] Human genetics and multi-omics data analysis underpin target validation methodologies, where genomic, transcriptomic, and proteomic datasets from large-scale studies inform causal pathways in diseases like cancer and rare genetic disorders. This data-driven foundation, combined with phenotypic screening and CRISPR-based functional genomics, prioritizes interventions with high causal confidence over correlative associations.[88]Key Scientific and Clinical Milestones
Amgen's foundational research in the early 1980s involved cloning genes to enable production of indigo dye in Escherichia coli, demonstrating early proficiency in recombinant DNA technology and securing a patent that highlighted the company's biotechnological capabilities.[1] On June 1, 1989, the U.S. Food and Drug Administration (FDA) approved Epogen (epoetin alfa), Amgen's inaugural product, as the first recombinant human erythropoietin to treat anemia in patients with chronic renal failure, including those on dialysis.[1] This milestone established Amgen as a leader in biologic therapeutics for hematologic conditions. In 1991, the FDA approved Neupogen (filgrastim), a recombinant granulocyte colony-stimulating factor that reduces the duration of neutropenia and infection risk in chemotherapy patients, marking Amgen's expansion into supportive cancer care.[89][90] The November 2, 1998, FDA approval of Enbrel (etanercept), a tumor necrosis factor inhibitor, represented a breakthrough in autoimmune disease treatment, initially for moderate-to-severe rheumatoid arthritis, and later expanded to conditions like psoriatic arthritis and ankylosing spondylitis.[18] On September 17, 2001, Aranesp (darbepoetin alfa) received FDA approval for anemia associated with chronic kidney disease, offering a longer-acting erythropoiesis-stimulating agent compared to Epogen, with dosing flexibility every 1-4 weeks.[19] Amgen advanced bone health therapeutics with the June 1, 2010, FDA approval of Prolia (denosumab), a monoclonal antibody targeting RANKL to treat postmenopausal osteoporosis at high fracture risk, reducing vertebral, nonvertebral, and hip fractures in clinical trials.[60] The August 27, 2015, approval of Repatha (evolocumab), the first PCSK9 inhibitor, enabled significant LDL cholesterol reduction in patients with hyperlipidemia or cardiovascular disease, supported by the FOURIER trial demonstrating reduced major adverse cardiovascular events.[91][92] In oncology, Amgen achieved a scientific milestone with Lumakras (sotorasib), the first FDA-approved KRAS G12C inhibitor in May 2021 for non-small cell lung cancer, followed by its January 15, 2025, approval in combination with panitumumab for KRAS G12C-mutated colorectal cancer, targeting a previously undruggable oncogene.[93][94] Recent clinical advancements include the May 2024 FDA approval of Imdelltra (tarlatamab), the first bispecific T-cell engager for extensive-stage small cell lung cancer, showing a 40% objective response rate in Phase 2 trials.[95] On October 17, 2025, the FDA approved Tezspire (tezepelumab) for chronic rhinosinusitis with nasal polyps in adults, expanding its utility beyond severe asthma based on Phase 3 data demonstrating polyp reduction and symptom improvement.[76]Financial Performance
Historical Revenue and Profitability Trends
Amgen's revenue trajectory reflects the maturation of its biologics portfolio, beginning with modest figures in the early 1990s following the 1989 launch of Epogen (epoetin alfa), its first commercial product. By fiscal year 2000, annual revenues had expanded to $3.63 billion, supported by sales of Epogen and Neupogen (filgrastim), alongside royalty and contract manufacturing income.[96] This marked a compound annual growth rate exceeding 30% from the late 1980s, driven by market penetration in anemia and neutropenia treatments amid expanding clinical adoption of recombinant proteins. Subsequent decades saw sustained expansion through pipeline advancements, including Enbrel (etanercept) for rheumatoid arthritis and later oncology and bone health therapies, with revenues crossing $15 billion by 2010 and stabilizing in the mid-$20 billion range during the 2010s amid patent expirations offset by new approvals.[97] The 2020s evidenced acceleration, with revenues reaching $25.42 billion in 2020 and climbing to $33.42 billion in 2024—a 31% increase over four years—fueled by volume growth in established products like Prolia (denosumab) and Repatha (evolocumab), as well as the 2023 acquisition of Horizon Therapeutics adding rare disease assets such as Tepezza (teprotumumab).[97] [98] [77] Year-over-year growth in 2024 specifically totaled 18.6%, with product sales up 19% on 23% volume gains, partially tempered by pricing pressures.[99] Profitability has mirrored revenue growth but with volatility tied to R&D intensity, manufacturing scale-up, and litigation expenses. Net income in 2000 stood at $1.14 billion, yielding diluted earnings per share of $1.05, on gross margins exceeding 75% characteristic of high-barrier biologics.[96] Through the 2010s, Amgen maintained operating margins around 30-40%, though erosion from biosimilar competition for Neupogen and Epogen prompted cost controls and diversification. Recent years show net income rising from $5.89 billion in 2021 to a peak of $6.72 billion in 2023, before falling 39% to $4.09 billion in 2024 amid elevated acquisition-related amortization, R&D outlays (up to 22% of revenue), and integration costs.[98] [100] Gross margins held steady near 69% in 2024 ($23.0 billion on $33.4 billion revenue), while operating income declined to $7.47 billion from $9.64 billion in 2022, reflecting a shift toward growth investments over short-term margins.[98]| Year | Revenue ($ billions) | Net Income ($ billions) | YoY Revenue Growth (%) |
|---|---|---|---|
| 2021 | 25.98 | 5.89 | 2.2 |
| 2022 | 26.32 | 6.55 | 1.3 |
| 2023 | 28.19 | 6.72 | 7.1 |
| 2024 | 33.42 | 4.09 | 18.6 |
Recent Financial Metrics and Market Position (Up to 2025)
In the first half of 2025, Amgen reported total revenues of $17.3 billion, reflecting a 9% year-over-year increase driven primarily by volume growth in key products such as Enbrel, Prolia, and Repatha, alongside contributions from recent acquisitions like Horizon Therapeutics.[62][64] For the second quarter specifically, revenues reached $9.2 billion, up 9% from Q2 2024, with product sales increasing 10% due to a 13% volume rise offset partially by lower average selling prices.[64] GAAP earnings per share (EPS) for Q2 2025 rose to $5.35, a 35% increase year-over-year, while non-GAAP EPS was $5.21, up 15%, supported by higher revenues and operational efficiencies despite elevated R&D expenses.[64] Trailing twelve-month (TTM) revenue as of June 30, 2025, stood at $34.917 billion, marking a 12.88% increase from the prior year, with full-year 2024 revenue having been $33.424 billion.[99] Amgen's market capitalization hovered around $160 billion as of late October 2025, positioning it among the top 10 biotech firms by market value and approximately 13th among global pharmaceutical companies by 2024 revenue rankings.[101][102][103] The company maintained a strong balance sheet, with cash and equivalents exceeding $10 billion at Q2 end, and continued its shareholder returns through a Q3 2025 dividend of $2.38 per share, payable in October.[104] Amgen holds a leading position in the biotechnology sector, particularly in oncology, inflammation, and rare diseases, with a portfolio emphasizing biologics and biosimilars that generated over 90% of revenues. Its market share in products like Neulasta biosimilars and osteoporosis treatments remains robust, though it faces competition from generics and rivals such as AbbVie and Eli Lilly in immunology and endocrinology.[103] Strategic acquisitions, including the 2023 Horizon deal adding rare disease assets like Tepezza, have bolstered its pipeline and diversified revenue streams beyond mature blockbusters facing patent cliffs.[62]| Metric | Q1 2025 | Q2 2025 | TTM (as of Q2 2025) |
|---|---|---|---|
| Total Revenues | $8.1B (↑9% YoY) | $9.2B (↑9% YoY) | $34.917B (↑12.88% YoY) |
| GAAP EPS | N/A | $5.35 (↑35% YoY) | N/A |
| Market Cap (Oct 2025) | N/A | N/A | ~$160B |