After outperforming broader equities in 2025, Amgen faces a significant patent cliff this year as denosumab (Xgeva/Prolia) lost exclusivity. In Q3 2025, denosumab generated $1.7 billion in sales, representing roughly 17.6% of total revenue. While biosimilar competition is expected to weigh on near-term results, the shares trade at a forward price-to-earnings ratio of 14.9 and offer a forward dividend yield of approximately 3.0%. Longer term, growth drivers such as Tezspire for asthma and Tepezza for thyroid eye disease, plus promising investigational assets like rocatinlimab for eczema and the MariTide weight-loss program in phase 3 studies, position Amgen for sustained cash flow and dividend support.

Amgen’s chairman and CEO, Robert A. Bradway, will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026 at 3:45 p.m. PT. The live webcast will be accessible via the company’s Investor Relations Events Calendar and archived for at least 90 days. This presentation will provide updated guidance on 2026 priorities, including pipeline milestones, capital allocation plans and strategic partnerships, offering investors direct access to management’s insights on clinical progress and operational execution.

Amgen agreed to acquire Dark Blue Therapeutics for up to $840 million to bolster its oncology pipeline. Dark Blue’s lead candidate, DBT 3757, is a preclinical degrader targeting acute myeloid leukemia and acute lymphoblastic leukemia. The deal accelerates Amgen’s targeted protein degradation research and expands its early-stage cancer medicine footprint. Milestone payments are expected upon preclinical advancement and regulatory filings, with integration planned to leverage Amgen’s global development and commercialization infrastructure.

Amgen secured exclusive global rights to develop and commercialize novel cancer surfaceome-targeted therapies under a license agreement with DISCO Pharmaceuticals. The deal carries up to $618 million in potential upfront, milestone and royalty payments. DISCO’s proprietary surfaceome mapping identified a new cell-surface protein target for bispecific antibody-drug conjugates and T-cell engagers in hard-to-treat tumors. This collaboration aims to advance candidates against indications such as small cell lung cancer and microsatellite-stable colorectal cancer, reflecting Amgen’s strategy to diversify its oncology portfolio with high-precision modalities.