Amgen delivered a market-beating rebound in 2025, driven by strong sales and clinical progress across its portfolio. In Q3 2025, denosumab products Xgeva and Prolia generated $1.7 billion in sales, representing 17.6% of the company’s $9.6 billion quarterly revenue, before facing biosimilar competition. Despite this patent cliff, Amgen maintained a gross margin of 70.5% and ended the year with $184 billion in market capitalization. For 2026, analysts project a forward price-to-earnings ratio near 14.9 and anticipate that growth drivers such as Tezspire for asthma and Tepezza for thyroid eye disease will sustain mid-single-digit revenue gains, while regulatory filings for rocatinlimab in eczema could add a further upside.

Amgen’s chairman and CEO, Robert A. Bradway, will present at the 2026 J.P. Morgan Healthcare Conference on January 12 at 3:45 p.m. PT. The live webcast, accessible via the company’s Investor Relations Events Calendar, will be archived for replay for at least 90 days. Investors will look for updates on pipeline milestones, including timing for phase 3 filings and potential launch plans, as well as management commentary on margin targets and capital allocation strategies for 2026.

In a strategic move to bolster its oncology pipeline, Amgen agreed to acquire Dark Blue Therapeutics in a deal valued at up to $840 million. The transaction grants Amgen global rights to DBT 3757, a preclinical degrader targeting acute myeloid leukemia and acute lymphoblastic leukemia, and complements its targeted protein degradation research. The acquisition is expected to close in H1 2026, with up to $200 million in upfront consideration and the remainder tied to clinical and regulatory milestones.

Amgen entered an exclusive license agreement with DISCO Pharmaceuticals for a novel cancer surfaceome target identified via DISCO’s proprietary mapping platform. Under the deal, DISCO is eligible to receive up to $618 million in total potential deal value plus tiered royalties on future sales. Amgen secures global rights to develop bispecific antibody-drug conjugates and T-cell engagers against the target, advancing its strategy in hard-to-treat tumors such as small cell lung cancer and microsatellite-stable colorectal cancer.