Amgen delivered a market-beating performance in 2025, driven in part by strong sales of denosumab, which generated $1.7 billion in Q3 and accounted for about 17.6% of the company’s $9.6 billion total revenue. However, 2026 will bring significant headwinds as biosimilar competition for denosumab takes hold. Despite this patent cliff, Amgen’s forward price-to-earnings ratio stands at 14.9, below the sector average, suggesting reasonable valuation. Investors can also look forward to growth drivers such as Tezspire for asthma and Tepezza for thyroid eye disease, both of which continue to expand market share, and to late-stage pipeline candidates including rocatinlimab for eczema and MariTide for diabetes and obesity, which have entered or will soon enter phase 3 trials. The combination of a diversified portfolio, ongoing clinical progress and a 3% forward dividend yield—supported by annual increases since 2011—positions Amgen for potential long-term upside despite near-term revenue pressure.

Amgen will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, at 3:45 p.m. PT. CEO Robert A. Bradway will deliver the presentation, which will be webcast live and archived for 90 days on the company’s Investor Relations website. This event will provide an update on Amgen’s strategic priorities, including details on upcoming regulatory filings and commercial launches, and offers investors a timely opportunity to assess management’s view on the impact of biosimilar competition, the progress of late-stage assets and the company’s plans for capital allocation and dividend policy in 2026.

In January 2026, Amgen agreed to acquire Dark Blue Therapeutics for up to $840 million, enhancing its oncology pipeline with DBT-3757, a preclinical degrader targeting acute myeloid leukemia and acute lymphoblastic leukemia. This acquisition complements Amgen’s existing targeted protein degradation research and reinforces its early-stage cancer medicine strategy. By integrating Dark Blue’s lead candidate, Amgen aims to accelerate development timelines and expand its portfolio of novel therapies for hematologic malignancies, leveraging Dark Blue’s platform alongside its own discovery and clinical capabilities.