Amgen Inc.

Amgen Inc. is an American biotechnology company that discovers, develops, manufactures, and markets innovative and biosimilar medicines for serious illnesses, generating $36.7 billion in revenue in fiscal 2025. Founded in 1980 as one of the first biotechnology companies, Amgen has grown into one of the world's largest independent biopharmaceutical enterprises, with a portfolio spanning general medicine, inflammation, oncology, rare disease, and biosimilars, sold in more than 100 countries.

This is a story about transition. Amgen is executing what management calls a "springboard year" in 2026 — a moment when roughly $5 billion of annual revenue from Prolia and XGEVA begins eroding under biosimilar competition while a new generation of growth drivers, led by Repatha, the rare disease portfolio acquired from Horizon Therapeutics, and the oncology franchise, must accelerate to take its place. Layered on top is MariTide, an obesity drug candidate entering Phase III that could open a market measured in tens of billions of dollars, but only if it can differentiate against entrenched competitors. The file turns on a single question: whether Amgen's growth drivers can compound fast enough to absorb the patent cliff and justify the $54 billion debt load taken on to acquire them.

Founded on recombinant DNA technology, Amgen now competes across the full spectrum of the pharmaceutical value chain — from AI-driven drug discovery at its deCODE Genetics subsidiary in Iceland to billion-dollar biosimilar manufacturing in Ohio and Puerto Rico. Its approximately 31,500 staff members serve patients facing cardiovascular disease, osteoporosis, severe asthma, thyroid eye disease, small-cell lung cancer, and dozens of other conditions. The company's history of reinvention — from Epogen-dependent anemia specialist to diversified biopharma giant — is being tested again, and the stakes are unusually high.