Amgen Inc. is a leading global biotechnology company with an emphasis on transforming novel science into innovative medicines. The company, also known as Applied Molecular Genetics Inc, was founded in 1980 and is headquartered in Thousand Oaks, California. Its primary areas of expertise span various scientific and operational disciplines, including biology, oncology, neuroscience, nephrology, cardiovascular disease, and hematology.
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing, and delivering innovative therapies. Over years, the company has built an outstanding track record of rapidly bringing safe and efficacious therapeutics to market. Amgen's product portfolio includes some of the world's best-selling drugs such as Enbrel, Prolia, Neulasta, and Aranesp.
Enbrel was for many years the world's best-selling drug to treat rheumatoid and psoriatic arthritis, and plaque psoriasis. Prolia and Aranesa are used for the treatment of osteoporosis and chronic kidney disease respectively, and Neulasta boosts white blood cells production to help cancer patients withstand chemotherapy.
On the innovation side, Amgen is one of the companies at the forefront of the genetic revolution. The company's scientists are committed to turning the advent and promise of the human genome into therapies that can dramatically improve people's lives. Amgen is also pioneering the development of a newest class of medication called biosimilars. These are cheaper versions of complex drugs called biologics, which have been derived from living cells.
In terms of financials, Amgen is one of the biggest companies in the biotechnology sector. The company is listed on the NASDAQ and is a component of the S&P 500. In 2020, it reported total revenues of $25.4 billion and a net income of $7.2 billion. The company's market capitalization is consistently above $115 billion, underscoring its dominant position in the global biopharma industry.
Amgen is not only a powerhouse in the biotechnology industry but also a recognized leader in corporate social responsibility. The company operates globally but respects and considers local needs, with initiatives aimed at improving health, education, and the environment. In summary, Amgen is a company that combines cutting-edge science with the ambition to dramatically improve the lives of patients worldwide.
Income statement
Balance sheet statement
Cash flow statement
Current assets / Current liabilities
Equity / Debt / Cash
Dividends
Mesirow, a Chicago financial services firm, has acquired Amgen's Deerfield office campus for $151 million in a sale-leaseback deal. Amgen will continue to occupy one of the three buildings, while Fortune Brands Innovations occupies the other two. This transaction is notable given the high office vacancy rates in suburban Chicago, but the long-term lease with Fortune Brands made the property attractive to investors.
Merck and Daiichi Sankyo have withdrawn their FDA application for ifinatamab deruxtecan, a small cell lung cancer drug, citing that the Phase 2 data did not meet accelerated approval requirements. Despite the withdrawal, the companies are continuing enrollment for a randomized Phase 3 lung cancer trial, which is nearing completion. They aim to file a new application based on the results of the Phase 3 trial.
Amgen's stock (AMGN) is currently trading near US$406, with a Discounted Cash Flow (DCF) model suggesting it could be significantly undervalued, possibly by as much as 40%. Recent positive Phase 3 data for dazodalibep in Sjögren’s disease and an FDA change for IMDELLTRA contribute to the optimistic outlook for future cash flows. While some narratives point to an 11% undervaluation due to a strong pipeline and R&D, others express caution about market hype and erosion of legacy moats, indicating a 13% overvaluation.
QRG Capital Management Inc. increased its stake in Amgen Inc. by 14.3% in the second quarter, bringing its total holdings to 107,906 shares valued at $36.2 million. Amgen recently reported stronger-than-expected quarterly earnings and positive Phase 3 trial results for dazodalibep, an autoimmune drug, which analysts believe could expand its revenue base. Despite positive news, the stock carries a consensus "Hold" rating with an average price target of $383.46, and some analysts express concerns about its valuation and future approval uncertainties.
Envestnet Asset Management Inc. increased its stake in Amgen Inc. by 19.2% during the second quarter, acquiring an additional 326,260 shares. The medical research company (NASDAQ: AMGN) has seen varied sentiment from analysts following positive Phase 3 trial results for its autoimmune drug, dazodalibep, with some raising price targets while others maintain an "Underperform" rating due to valuation concerns and uncertainty. Amgen recently announced a quarterly dividend of $2.52 per share and insider activity shows some selling of shares by senior vice presidents.
AbbVie has changed its focus during earnings calls, no longer highlighting growth rates excluding Humira as that drug's sales decline has become less critical. The company now emphasizes the strong performance of Skyrizi and Rinvoq, which together account for a significant portion of its revenue. While this shift reflects an evolving portfolio, investors should monitor the continued growth rates of these key drugs and regulatory approvals to assess the company's long-term stability.
Amgen reported that its Phase 3 Sjögren's disease trial for dazodalibep (OASIZ 301) met its primary endpoint, showing an improvement in systemic disease activity. However, the company did not disclose the treatment difference against placebo or specific data like p-values or confidence intervals, making independent evaluation of the benefit size difficult. A second Phase 3 study (OASIZ 303) is expected to conclude in late 2026, focusing on patients with high symptom burden but low systemic activity.
Viking Therapeutics (VKTX) stock surged 36% after releasing new data on its obesity drug, VK2735. The study showed that patients maintained significant weight loss even with less frequent dosing, which is a critical factor for long-term adherence to weight loss treatments. The company plans to further test oral maintenance dosing.