Amgen Sees 14% Rare Disease Growth, 36% Repatha and 52% TEZSPIRE Gains
PFE•Amgen’s acquired Rare Disease portfolio jumped 14% year-over-year to $5.2 billion, while Repatha, EVENITY and TEZSPIRE soared 36%, 34% and 52%, respectively, in FY 2025. It delivered 9.1% LTM revenue growth, a 28.4% operating margin and trades at a 23.9× PE while progressing MariTide in a potential $100 billion obesity market.
1. Growth Portfolio Performance
Amgen’s high-growth portfolio delivered strong FY 2025 results, with the acquired Rare Disease segment rising 14% to $5.2 billion. Repatha grew 36%, EVENITY increased 34% and TEZSPIRE advanced 52%, highlighting the company’s successful commercialization of new immunology and cardiovascular therapies.
2. Financial Metrics and Valuation
The company posted 9.1% last-twelve-month revenue growth and maintained a 28.4% operating margin, surpassing industry medians. Despite robust fundamentals, shares trade at a 23.9× price-to-earnings multiple, reflecting modest valuation compared with broader healthcare benchmarks.
3. Outlook and Investment Debate
Investors debate whether new products and the MariTide obesity program, targeting a $100 billion market, can offset revenue erosion from Prolia/Xgeva patent expirations and biosimilar pressure. Bulls cite strong pipeline momentum, while bears warn of faster-than-expected franchise declines and rising R&D costs.
