In 2025 Amgen faced a significant patent cliff when denosumab lost exclusivity, with the drug having generated $1.7 billion in sales in the third quarter—roughly 17.6% of total revenue. Biosimilar competition is expected to weigh on results in 2026, yet the company’s forward price-to-earnings ratio of 14.9 suggests reasonable valuation. Importantly, Amgen’s late-stage pipeline includes rocatinlimab for moderate-to-severe eczema, which achieved its primary endpoints in phase 3 studies, and further growth drivers such as Tezspire for asthma and Tepezza for thyroid eye disease. Additionally, MariTide, an investigational weight-loss therapy, has entered multiple phase 3 trials in diabetes and obesity, underscoring management’s focus on sustaining innovation. Shareholders also benefit from a forward dividend yield near 3% and an unbroken annual payout increase streak since 2011.

Amgen will present at the J.P. Morgan Healthcare Conference on Monday, January 12, 2026 at 3:45 p.m. Pacific Time. Robert A. Bradway, chairman and chief executive officer, will lead the session, which will be webcast live and archived for at least 90 days on the company’s Investor Relations website. The presentation is expected to cover upcoming regulatory filings, commercial performance updates and strategic priorities, providing investors with insights into Amgen’s near-term objectives and long-term innovation roadmap.

In late 2025 Amgen agreed to acquire Dark Blue Therapeutics for up to $840 million, bolstering its targeted protein degradation platform and early-stage oncology pipeline. The deal secures DBT 3757, a preclinical degrader aimed at acute myeloid leukemia and acute lymphoblastic leukemia, and expands Amgen’s footprint in precision cancer therapies. This acquisition complements existing research in targeted protein degradation and reflects management’s strategy to diversify growth beyond established franchises, with potential first filings anticipated in the next three to five years.