Biopharmaceuticals - Large-cap biologics, specialty pharmaceuticals, and oncology
Strategic Profile
Amgen enters 2026 with momentum across a broad portfolio of medicines and a clear path towards advancing innovative therapies to deliver sustained long-term growth. The company has launched an $86 billion capital return program, highlighting its long-term commitment to shareholder value and reinforcing its position in the global biotech market. Key growth drivers include blockbuster drugs like Repatha (cardiovascular), EVENITY (bone health), and TEZSPIRE (respiratory), alongside late-stage obesity pipeline candidates like MariTide.
Cyborg Score Rationale
Full-year 2025 revenues increased 10% to $36.8 billion with product sales growing 10%, driven by 13% volume growth despite 3% lower net selling price. The company demonstrates robust commercial execution across key therapies and substantial shareholder returns, though faces pricing headwinds from biosimilar competition and TAVNEOS regulatory challenges.
Top Insights
EVENITY sales increased 39% year-over-year to $599 million in Q4, primarily driven by volume growth
Repatha sales increased 44% year-over-year to $870 million in Q4 and 36% for the full year, driven by volume growth
Prolia and XGEVA facing accelerated sales erosion in 2026 driven by increased competition as multiple biosimilars have launched globally
TAVNEOS regulatory uncertainty following FDA withdrawal request in January 2026, with Amgen deciding not to voluntarily withdraw and evaluating next steps with FDA
Named Competitors
Cardiovascular Portfolio — Competing cardiovascular and cholesterol management therapies
Biologics Portfolio — Competing biologics across oncology and inflammation